This is taking sprukierism to a new level

Real estate wise,

If this Fortis is this complicated then a formal complaint to the DRE should shut his doors.. If in fact he is doing anything beyond the laws of the great state of Georgia.

Again for everyone benefits one must be  LICENSED REAL BROKER in GA to SELL real estate they do not personaly own or to manage properties they do not own.

At TWH we own all of ours so we just self manage.

JLH

Have her call a free legal aid hot line for tenants. Most every city has them certainly atlanta

Karina,

Just because a US attorney bless 's you does not mean it would stand up to the RE commission.. You may have an action against the attorney for E and O.. But if the state thinks your selling real estate without a license it does not matter what your attorney said.

Many attorneys lose cases when the RE commission or the State attorney general decides to look into a certain business practice.. Be that as it may, as I stated its better than the alternative which is the out and out crooks that I have seen totally abuse their poor Ozzie and GB  buyers and cause them untold financial hardship stress etc.

Everyone has a different threshold of financial loss… One mortgage broker I knew in SF lost 50k on  deal it was his clients money. the client was distraught walked in to his office shot and killed him on the spot.

Another very sad story happened to me personally, I bought a foreclosure in Oregon,, I went over to serve the eviction papers the hold over owner would not leave.. We had to have the sheriff show up to evict him.

Sheriff knocks on the door it just opens.. There on the front table is a letter the guys wallet etc. We are standing in the doorway me and one of my Female RE agents… Sheriff turns to us and says get back in your car. He knew what was going on.

In the back yard there was the poor guy he had committed suicide over losing the house. Took me a long time to get over that one. To think you could buy a foreclosure and it ended up with someone taking their life. 

Usually the people that lose the homes take it out on the home IE vandalism etc etc.. And I had a few other Attempted Suicides. Wife never told the hubby they lost the house I show up and they are just shocked that they no longer own the home and the wife hid it from them..These are usually gambling drug or alcohol related.

There is more to this whole foreclosure mess we find ourselves in… And humanity is humanity.  You throw in all the trama of losing a home then all the crooks that come in and take advantage of the investors.. it can be a crappy business from that stand point.

But here we are buying 10 plus of these each month.. What I like now though is that most of these 95% are vacant in the earlier years of my foreclosure buying days. 90 through 2006.. You had far more holdover tenants. Now a days it takes the banks years to actually foreclose the owner has lived for 2 to 4 years  for free and I think that softens the blow.

As for TWH  anyone is free to go to our website it clearly defines what we do… We own the asset bring the investor in as the bank.. Investor gets paid a NET return and we split equity.. pretty simple really and the least risky by far of the turn key models.  Once any turn key operator sells a house its off his plate and on to the next persons.. If the house has an issue its on the new owner just like if we have an issue its on TWH not the investor they are the bank.. Its far better to be the bank than to borrow from them… WE like it.. Can't keep up with demand.. And majority of our business is referral at this point or clients coming back for more.. My clients are more cash flow orientated and really do not want to own rentals per se.. Most of them have rentals  or do but do not want to deal with the 3 TTTs anymore or have to go back and forth with the PM… They just like getting their check from us every month on the 15th and never worrying… About any of the ownership issues. At the end of the day I am dead certain that our program will return more Net profit to the average rental property owner than the DIY especially anyone who is out of area be it country or across the US Just the travel cost to come and look at your properites unless you own 10 or so will chew up half a years cash flow… Majority of my investors are CA OR WA and TX.

WE have had exactly 2 Investors view their properties in person. 1 before they bought and Penny from Lodi California just went and looked at the 2 she has with us in Atlanta 2 in Birmingham and1 in Jackson.  And since our PM is our partner and a co owner of the asset she gets to look at the home with a fellow owner not just a for hire PM.

Ok my B day today off and running.. My wife is selling a house today I am going to go as wing man.. I go do that every couple months.. our market is red hot here in Portland for first time buyers and move up.. We have little to no sales to investors. Investors rarely buy sfr's they only buy multi. She sold a 4 plex last month that need a ton of work for 320k  its gross rents were 2400  a month. and the buyers one a realtor the other a contractor were tickled they got such a good deal.

But here in Oregon you have 99% occupancy and Pm is much more like what your used to in OZ people pay on time with auto drafts and leave the houses or apartments pretty decent. I would say half of the tenants in the Southeast would never qualify to rent anything here in Oregon,, Not good enough credit scores.

JLH

Respondent,

this is the soup de jour, response that I have seen from marketing companies.. ( WE DID NOT DO IT ITS THE PROPERTY MANAGERS FAULT)

Good luck with that one.. I bet in your marketing presentations you go on about how you source the BEST PROPERTY MANAGERS IN THE WORLD blah blah blah,, when in fact you just turn them over and hope for the best.

In this case it did not happen in some cases clients are fine

that is my take on this

Sah,

Sounds better than those getting totally screwed by spuiekers.

My only comment is that if for some reason someone makes a complaint to the RE commission your going to have an issue.

I had many turn key guys that were clients of mine that I made loans to their customers over the years who did the exact same thing as you ( claim they were not RE agents) recieve Cease and Desist letters and fines from the states they were working in.

Now if you buy these properties your self and then on sell them thats totally legal.

JLH

Is the property running as Expected ?

If you already own it a good PM can help you with the above.

MGCdavis

WI is correct on these very cheap apartments… These are only suitable for investors that do this for a living and work and live in the community.. these are all low end be it black white hispanic,, this is the lowest common denomenator in tenant pool i the US… Extremely hard to manage and turn over is a given…Neighborhoods are ghetto war zone type.

by and large…

tread with extreme caution with these types of property.

SAturday,

There can certainly be liabilities on title at foreclosure sales.. and that is were the wheat is cut from the chaff.. Amateurs get stuck with the lemons those that have been in the bizz know how to research title ahead of the auction.

yes you get hold over tenants and you have to deal with them

And for sure you can get trashed units.. Foreclosure buying is highly risky but can be highly rewarding as well.

YOur right on the mark with your comments.

I can't comment on the merrits,

However can comment on the legalities of buying motel units.

Unless these are condo's or I think  you call them Strata's  ( at least the canadians call them that)

there is no way you can own a single motel room.

You can invest in a company that owns the motel.. Or and LLC or corporation or whathave you but you can NOT get a deed to a single motel room, Not legal and not possible.

If you consider one of these deals besure to have a GOOD US attorney look at it for  you.

I have seen a few of these pitched on the Over seas markets to people that just do not understand US land use laws.

One I saw the property was not even built yet… Not deed  NO dice  in my mind.