Fresh off the July 4th holiday weekend, Robby and Chase tackle a few topics Ohio Fast Track Passes, including updates on the multi-family deal in Chicago, lessons learned from recent deals, and some great interviews for upcoming episodes.

To start things off, Robby talks about how he finally got a solid property manager lined up for the apartment complex in Chicago. He’s starting to renovate units and evict tenants through cash for keys and other methods, when he ponders whether there is a document tenants can sign so you don’t have to go through eviction through the court system?

With an eviction, you get the judgment and possession order from the court and the sheriff enforces it. Robby would like to potentially sidestep this by getting the tenant to sign a possession order themselves that you could take to the sheriff to enforce without having to go through the court. Is this something that they could create or has been created? Sounds like a great opportunity to learn something new.

However, once again, Robby’s biggest challenge is separating the business and the personal aspect. He is frustrated because these tenants have no care in the world that he is trying to make this complex better and they think it’s ok to want to go on living in it for free. It goes hand in hand with last week’s topic where a borrower has come on hard times, but over the last 4 or 5 or 6 years, they have saved 0 dollars and 0 cents when they have been making 0 mortgage or rent payments. Unless you were truly unemployed during that time, this speaks to a bigger issue about the general population not having the financial education or financial IQ that they need to successfully get through their later years in life.

This leads Robby to explain the number 1 biggest takeaway he had from his personal Gary, Indiana deal is that as soon as you make contact with a borrower and they want to talk numbers - Don’t let your attorney handle it directly! It’s not their money and they can’t negotiate from a position of knowing the back end numbers so it makes more sense to get the borrower’s contact info and discuss it with them directly. The 2nd takeaway and first rule of negotiation is that you always let the other party make the first offer and Robby’s self-reflection reveals the fact that he should have gotten the borrower on the Gary, Indiana deal to give their offer first so he could see what they thought was a reasonable payment plan to maintain their home.

Chase then brings up something he heard on NPR about a study gauging a nationwide sentiment of Wall Street where the age group of 18 to 24 and 45 and 64 had very little trust in Wall Street compared to a little more trust from other demographics. One lady was quoted saying “the good stuff doesn’t really affect me, but the bad stuff could affect the entire nation." Basically saying, I don’t get to participate in the good, but when things go south, everyone has to participate in that.  It’s interesting to contemplate when talking about our Nation’s financial education & savings to hear quotes like this from the general public.

Finally, Chase brings up the Fast Track foreclosure bill in Ohio that they mentioned a couple episodes ago. As of last week, Ohio lawmakers have passed a law specifically targeting abandoned “zombie” properties to hasten up the foreclosure process. Quoting Robert Klein , “Ohio has now put itself ahead of the national curve in fighting community blight. Outdated foreclosure laws are one of the primary causes of blight in communities across the country and Ohio is one of the few states that is doing anything about it.” A new law will now supposedly go into effect in 90 days, but Chase & Robby are very bullish on it going into effect that quickly. Once complete, though, this should speed up the foreclosure process to as little as 6 months on vacant and abandoned properties. They are hopeful for the potential good this will do for their businesses & discuss potential future ramifications. Supposedly, a few people in Congress are going to keep their eyes on this as well to see how it pans out to determine whether it should be implemented across the country.

That’s it for this week and be sure to keep a watch out for the next few new episodes as there are some very interesting guests coming down the line! You’ll have to wait to find out who, though!

If you have any questions for us or comments send them our way at [email protected].

Listen to this week’s show and learn:

• A Potential Consent To Judgment For Renters
• How The Nation Feels About Wall Street
• Why Financial Education Matters For Our Borrowers
• An Update On The Gary, Indiana Deal
• Ohio Has Officially Past Legislation For Fast Track
• The Two Big Takeaways From Dealing With Attorneys And Borrowers

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Thanks for listening to our show! We’ll be back next Wednesday morning.

Cheers,

Chase & Robby