All Forum Posts by: Patrick Kucera

My family will be going through some major life events this year (military retirement, relocation, new jobs) and wanted to ensure we're fully set up to protect our assets and leave a legacy to our children. We currently have 2 properties (1 SFH in FL and 1 TH in NJ) with a monthly + cash flow of around $1600/mo. Both have mortgages and I know the debt may be called upon creation of an LLC...something I'm going to look into possibly waiving. We will be moving to DE and purchasing our "retirement home" there. We have adequate insurance policies on each rental property as well as a $1M umbrella policy. We're looking into establishing a trust to hold all 3 homes to pass onto our 3 children, and also considering an LLC for the 2 rental properties. I've been reading a bit about both trust and LLC creation and looking for any guidance/recommendations for our situation. Thank you in advance for any perspectives!!

 I just searched and Florida has a Real Estate Recovery Fund, which looks similar to what you mentioned.  It requires a judgment against the licensee first then the inability to collect the funds from that licensee.  So it looks like a government insurance program to protect consumers.  Looks like I'll have to go to court if the support from the Florida Attorney Generals office doesn't work.  I'll see what happens but think I have a game plan going forward...thank you!

 I'll take a look into this and see who their insurance is through.  When I find out who it is, what do I need to do?  Do I file a claim with that insurance agency?  Thanks!

This past October my Property Manager (Century 21 Hill Minger Agency) notified me that they were closing and recommended another Century 21 agency to take over management of my property.  I reached out to the new agency and transferred everything over and asked that my $3400 remaining balance be transferred as well.  They informed be the previous Agency owner (Mr. Greg Hill) is the only one who could assist and the provided his contact information.  I have called, texted and emailed with no results.  I sent a certified letter to his home address (which USPS documented he signed for on Nov 28) asking for him to return my funds by Dec 15 or I would elevate the issue.  I contacted the Century 21 Corporate office and they said that since the agency is no longer an entity with them I would have to resolve the issue with the prior owner.  I also called the law firm who processed the tenant lease agreements and they informed me that they could no longer speak to me about that Agency (I think they may be retained for pending lawsuits?). I then looked up the bank which holds the Escrow accounts and it is no longer in operation.  I then sent a complaint to the Florida Attorney Generals office with supporting documentation.  I called the local police department's financial crimes unit and they said since the claim is less than $5000 it would be a civil (not criminal) matter and they said that I should contact an attorney.

My question:  Is anyone in this group (or someone you know) in the same situation with the Century 21 Hill Minger Agency?

If there are others out there in the same situation I'd like to talk about how you're proceeding and if there is a class action suit in the works.  I'm not sure what happened to the Hill Minger agency and just want them to return my funds.  Thank you!

Respectfully - Patrick

@Robert O'Keefe my property is in Mount Laurel in Burlington County. 

Good Morning BP!  I am looking for any recommendations on good property managers in New Jersey.  I'm military stationed overseas and I've had Long and Foster for about 3 years but want to see if there are better companies that anyone has had good experiences with.  As of now they take the 1st month's rent for a new tenant and 7%/mo there after and 25% on the lease anniversary if the tenant renews the lease.  I've had decent service from them but think there may be better companies.  Recommendations?

@Linda Hastings - Thank you for the recommendations!

@Christopher Evans - I'm in the same situation with researching notes to get into this type of investment. I too am looking for a potential JV in the future and have seen a lot of great advice in this forum. How did you locate a Notes conference to attend? I think that would be a great networking opportunity!

@Bob Malecki - Thank you for the recommendation.  I'm willing to learn about all my options to take advantage of my best choice.  Thank you for the offer to teach!

Patrick

@Patrick Desjardins - Thank you for the assessment and tip on the presentations.  I hope to learn more from them and get closer to my first Note!