All Forum Posts by: Adam Moore

https://www.austinmonitor.com/stories/2019/07/city-finds-almost-7000-unregistered-str-sites-with-enforcement-on-the-way/

I believe this is a trend that will continue throughout the country.  Too much tax money is being left on the table for municipalities to ignore short term rentals.  Make sure you account for these taxes and registration fees when analyzing your deals!

@Charlie Moore -- City of Urbana (small city, roughly 12,000 population, located in west-central Ohio.  Located equidistant (approximately) from Dayton and Columbus).

Disclaimer: I work for the City and am in charge of the code enforcement and zoning departments.  Our code section which allows us the ability to charge landowners, tenants, property management companies, etc. is listed below.

1339.02 PUBLIC NUISANCES PROHIBITED. (a) No owner, tenant or other person or legal entity in charge or possession of the property shall create, permit or allow a public nuisance to exist upon such property.

Check with your city's code enforcement department to see if they have a similar language, or suggest some other resolution to the issue.  Our job is to abate nuisances and protect the aesthetics and property values of properties within our city; we don't care who, what, or how a nuisance gets resolved, just that it gets taken care of.

HD Lifeproof

I second the vinyl plank vote.  It's waterproof, aesthetically pleasing, and will last a lot longer than carpet.  I put 1,250 sf of LVP down in my last rental.  It cleans easy, and I shouldn't have to replace it as often as carpet, so it lowers maintenance costs.  

Follow your gut. It sounds like you want to sell and move. Do that. Don't over-analyze. Your happiness is your greatest asset, and the ROI you should be focusing on.

Dalton, GA?  Just open another carpet manufacturing business.

Talk with a Lender first to see what financing options are available to you.  I would recommend a local portfolio bank.

Talk with a real estate agent to get a better feel for the market and its opportunities.  

Network with investors in the area.  Ask as many questions as you can.  Your goal should be to build a relationship and try to learn as much as possible and nothing more. 

Talk with the City or local municipality.  Reach out the Planning Dept. or Code Enforcement Dept.  Ask them about trends, areas to avoid,  neighborhoods to target, etc.

What @Joe Villeneuve said makes most sense to me.  Find out what the cost and life expectency of all your capital expenses will be and set aside enough money each year to cover those expenses when they happen.

or...

Use the equity in your home that you've accrued the previous 10-15 years and have your tenants pay it back down?

The first house we bought we had the seller take back a second mortgage on the 15% downpayment.  Used a personal loan from the local bank to fund our rehab.  Refinanced a year later and paid both of them off.

We are currently looking at a property to flip. Its a vacant home with the mortgage wrapped up into the current owners new home (didn't want to get rid of it originally for sentimental reasons). We are working with our local bank to split out the mortgage (purchase price) and then assume it (local bank allows mortgage assumptions). We will then ask the bank for a construction loan to fund the rehab based on the ARV.

Both of these cost very little money down.

Does your township have the ability to cite your tenant with a violation?  In the municipality that I work for, we often cite tenants or people in control of the property with nuisance violations.  Sometimes these end up in our municipal court system with them being charged with a fourth-degree misdemeanor.