All Forum Posts by: Wanda S.

I purchased something from the bookstore mid December and all I have is tracking that indicates it departed a shipping facility in Butner NC on 12.28, which was 10 days after purchase.  I've contacted support and nothing this week.

How do I know whether it has really been shipped?

Rod, this is a 506C offering.  Here is my response to your questions in bold below.

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You mentioned you are doing a 506(c) offering. That is the point of a 506(c). You don't have to go through your own rolodex. You advertise to the crowd. However, there are strict compliance regulations for a 506(c). You sure you aren't doing a 506(b)?

Have you already had an attorney create the PPM you need for your offering?  Yes securities attorney has been used and the PPM is complete

Are you going through a broker/dealer, which is required for a 506(c)?My company as the issuer can work this directly with investors.  There is no requirement for a broker/dealer.   

Do you have a way of researching and verifying your investors are accredited, which is mandated by law for a 506(c)?In a 506(c) offering, the issuer or broker-dealer has to verify the accreditation status of the investor. Accreditation is achieved by either proving the investor has a net worth of $1,000,000 not including primary residence; by proving that the investor has made $200,000 a year over the past 2 years, with a reasonable prediction to make that again this year; or by a letter of accreditation by a CPA, attorney, or other professional.  We also point our investors to verifyinvestor.com

Do you have a portal?  Yes the portal is coming online as we speak - www.ReNEXTFund.com

I don't understand how you can be doing a 506(c) based upon your post.  Unsure what you mean.  It is a 506C and we are following the letter of the law.

I have a short runway to close on one of two properties under contract and would love to hear others suggestions.  In he past I have purchased all of my currently owned multi-family properties using my own funds.  Now that I'm branching out to purchase larger units and need the equity support of other investors, I have found out that engaging Investors and creating an investor list is a daunting task.  While I have many colleagues, family and friends it has not been easy finding equity investors for my 506C offering.  I now know starting earlier in the process would have been the right thing to do but I waited.  I would love to hear what others have done to find investors.  

Send them a notice about the condition of the property and odors you witnessed.  Remember this is your property and if you let it linger and things continue...you will have a nice mess to cleanup at lease end.  Consider adding an addendum to  your property lease that says you will perform quarterly checks on the property rather than the casual drive-by.   Schedule your checks with a 24 hour notice.  That way you are not trying to figure out what kind of tenants are in your property.  Of course the previous owner did not say anything because he/she probably wanted them gone and were glad you were taking them off their hands.

 I would also limit the number of pets allowed in your property or do not accept pets.  Pets can destroy your property and if you smelled the animals just walking in, imagine what it will take to get that smell out of the house after a year and before you can lease it again (to someone without pets) or sell it.   

If it is close to home you may want to try running it yourself before looking for a management company.  This gives you a good idea of exactly what it takes to support the apartments the way YOU want them ran and gives you a good idea of the types of expenses you may expect to see on the property.  I have a smaller number units about 45 minutes away from my home and I run them successfully.  The key is ensuring you run them like a business and have a way for tenants to request service in their units and also ensure they have clarity on what things they are responsible for (e.g. air conditioner filters, light bulbs, etc.).  I wanted to management my own smaller units, especially for the first year or two.  After continuing to watch other properties in the same area for rent and seeing how they are/are not maintained by the owners or the management company, I also now know what you can do to have a better chance of getting and retaining the good tenants.    You should take what Vi K. said above, but also ask anyone you are considering hiring a few more questions. Understand and know how many apartments they currently manage and in what areas; Ask  them about their vacancies to understand  if their rate is currently in line with the local market; Ask for a sample of the lease used; Also ask them how often they perform property inspections.  One of the biggest things the younger tenants look for also is convenience in paying their rent. So ask how the tenants can pay rent as being able to pay electronically is a huge deal.  If you go with another company also knock on their door at random times and ask for the latest Income & Expense report.  Make them sit down and go over it with you line by line.  Best of luck with your new units.