All Forum Posts by: Richard Bonisa

@Brandon Turner Ha, I know this is old.  I need a great handyman/contractor.  Did he move to Indy what happened?  

@Account Closed Slow down a little.  If its $8700 I'd be scared.  Course, I don't know an address or area.  And you might not want to post that publicly in here.  Might get the vultures coming after you.  There have been some posts about that lately.  

• You want to purchase in an area or asset class that suits you.  
• Depending on if you are using cash or conventional finance - this can determine some of your options as far as who you buy from.  **Might not want to post that here.  
• You may or may not need a good connection to handymen or contractors - be careful.  
• You might need a good agent to help pull numbers, provide some local info, and just help keep it real.  I'm a broker, but I am not soliciting your business.  I just like to discuss best practices and help others from getting caught in the grinder.  

I just wrote a blog on due diligence.  Might want to check it out.  Due Diligence is the key!

I've been around the block more than a few times!! LOL.  I'm not selling anything. Just here to say - "be wary of those who are".  

Best, Best Wishes!!

Hi @Cheney Haight.  There are some great players, and of course some "not so great" players. 

Reality is that things have slowed for the holiday.  Things normally do slow at this time through those colder months.  You may be able to get a good deal right now in Indianapolis.  I actually just checked a few wholesale websites and looks like there is little moving.  2 or 3 companies have had the same inventory for 60 days plus - maybe there is something "wrong" with some of those properties.  LOL. 

I'm fairly plugged in to the purchase side, the rehab side, and the PM side, so feel free.  Be happy to share my experiences with the market, local players and companies. 

BRRRR can be tough - have to drill down those rehab costs, and the class of asset is going to be huge - what is going on in the neighborhood, etc. The refi is so important.

You might check out my latest blog post.  Not that it's the best thing ever, but it's about thinking about due diligence on those you meet and who you choose to work with.  Due Diligence is the key!

Looks like you are a developer, so I'm not telling you anything you don't know.  In terms of being market specific - just be careful, get good numbers.  You know how comps and rehab numbers can be - just depends on how they are presented.  

Best wishes!!

Good point.  You've probably seen the contracts on these things with his clients.  Did he have a lot of fine print and "I'm not responsible" clauses?  I'm just not aware of how these contracts were structured, what rehab contracts or agreements were in place.  I don't know how their standard deals were structured.  

I had talked to quite a few of his clients.  The issues were mainly about the class of property purchased and a lot about the idea that they paid for a rehab and no rehab ever took place, some cases minimal and with zero or false reporting and documentation on what was going on. 

You know what - we should all just watch your video again!  Think I will do that tonite.

The sad thing on this is - I will just bet somewhere there is extremely limited liability.  Probably buried somewhere deep in the fine print.  I've seen companies built on that premise before.  Of course, there's some good business sense in there when it's done that way, so in terms of that - it's a good protection.  Problem with it is - it significantly reduces the responsibility to perform.  It also severely reduces client ability to go after a company if they have received erroneous information. 

I also believe in communication and free speech, so I'm really hoping this lawsuit has no teeth.  Like I've said before, who wants to work with someone that goes out in public and threatens litigation, or likes to use the threat of litigation as a scare tactic.  IMO, I would bypass working with those like Mr. Morris who are suit happy. 

Keep us informed.  I'd be happy to share whatever I have. 

Many good points made here.  I totally agree.  

@James Wise Great work!  This is unreal!  Why would any investor want to work with a person or entity that was so litigious?  Crazy.  I've followed your work.  You are doing a great service!

@Gilbert Chan find a broker that will work with you.  That's step 1.  Get familiar with the areas.  You probably need someone or a group to get into to help you verify areas and values.   Best wishes!!

@Matthew Schroeder You make some great points here!