All Forum Posts by: Taik Kim
Taik Kim has started 1 posts and replied 9 times.
Quote from @Denise Evans:
I can provide more detailed advice for you. A lot depends on the county, the type of property, and on the PM company. I'll connect with you so we can talk. I've helped other investors with the exact same problem, so you are not alone. For almost everybody in business, any business, their first deal is always the most expensive one and filled with the most mistakes. You grow from there.
Thank you Denise, how can I reach you?
Quote from @Adam Bartomeo:
I don't care where it is in the country 6 months is a long time. I did go through 2 evictions in NY (one in Queens and the other Upstate), one took 6 months and the other took 9 months. Both were due to our mistakes and should have been completed in 3 - 5 months. This is one of the toughest areas to evict in the country. In FL, if we have an eviction for 2 months it is one month too long. I would advise putting pressure on your "turnkey" provider.
The problem is, they are telling me based on the current situation, it will likely take 1 year or even longer! Would personally avoid investing here, hate to say.
Quote from @Denise Evans:
The statutes in Alabama provide for a speedy eviction process. The tenant can appeal but if they don't file a bond equal to the all the past due rent and other charges and legal fees, the landlord can proceed with the turnout. Most lawyers tell clients not to do that, just in case it turns out the eviction order was void for a technical reason, which means the landlord would be liable for damages for an illegal turnout. That's one problem with things taking a long time--tenant appeals.
Another reason that is encountered most often in Jefferson County is a lack of manpower for executing the turnout orders. Only Sheriff's deputies are allowed to execute turnout orders currently. You can win an eviction lawsuit, get a turnout order after 7 days from the court, but then a deputy can't schedule the turnout any earlier than 4-6 months in the future.
That's very helpful, since that is exactly what the tenant seems to be doing, filing an appeal and dragging this out. Thank you so much for offering to help. Not sure how to "connect"
Thanks for the advice Preston.
Not sure why they did not offer cash for keys and they have been in this business for a while so thought they would do what’s best.
Lessons learned.
Hi,
This is my first question on BP but I feel desperate.
I am new to investing and decided to go with a Turnkey company in Alabama to start my journey.
Purchase was in Dec 2024 and since then I have received one months rent in Jan and never received another.
Tennant is still “in process” of eviction with no end in sight.
Everything is being handled by the PM for the Turnkey company and though they answer my questions, they are not able to tell me when things will get sorted out.
My question is - Is this normal for it to take more than 6 months to evict a tenant? Is this the best way to handle it? Shouldn’t we have considered cash for keys? What would you do in my situation?
Thank you BP community for reading this.
God bless,
Josh
Just needed to stop and mention - you are not alone,bro. I invested with ODC as well in 2022, and was thinking the same thing after distributions stopped and negative outlooks were being disclosed. I did appreciate the transparency of ODC and Brandon and have heard from other sources that most multi family syndications did utterly poorly at that period. All we can do is hope that Brandon and the GPs make us whole again. Don’t think profiting is realistic at this point.
Good luck to your investing future!
Post: Anyone has invested with Open door capital? How was your experience?
- Posts 9
- Votes 9
Quote from @Madhan S.:
I have invested with Open door capital (Brandon Turner) in two different projects - Array at Austin and Cypress at Houston. Both of them have had poor results and stopped monthly distributions since June this year (they had projected 6% and 8% CoC). I am disappointed in their results due to poor NOI and I believe they didn't do a decent job in due diligence prior to purchase. Hope NOI and CoC will improve in the near term, until then avoid putting any new money.