All Forum Posts by: Alyssa ODell

@Kyle J. Thanks for the input. Our application does say that everything must be filled out. The section explaining criminal history wouldn’t be completed if someone didn’t have any though. So we just assumed they didn’t have a record because they didn’t explain anything. The alternative (and the learning point for us) is that either it’s filled with information or it has N/A written in it. We’ll ensure we enforce it this way in the future. We’re going to edit the documents as well now.

Do you think leaving the criminal “explanation” section blank is misrepresenting facts and thus doesn’t require a refund? We’re going to fix this for future applications just need to sort this out for now.

Any Ohio investors (we’re from Dayton) ever heard of this?

@Thomas S. Our question stems from the documents provided by BiggerPockets. We assumed they would not be receiving it back, but we were thrown off by BP providing that statement in their applications.

Hi everyone! We bought the BP’s tenant application for Ohio and we’ve run across a couple of questions regarding whether or not we should refund the $40 application fee. First question, why do the documents say the application fee will be refunded anyway? We’ve never heard of this. The stipulations (again provided by the BP’s Ohio forms), say it’ll be refunded unless they are accepted as tenants or if they lied/misrepresented facts on the application. We provided our qualification standards very clearly in the ad, but the form didn’t ask for a credit score or any of our other standards on the application (though now we’re changing it), and only gave space to checkmark evictions or bankruptcy and to explain any criminal history. They said no to those questions and left the criminal/background “explanation” section blank. We have a two applicants (husband and wife) and he has a criminal record, but he meets the income and credit minimums. She has a clean record but doesn’t meet the credit standards. Again these are our landlord standards and they are not listed on the application we got from BP. They left the criminal/background section blank. So do we consider this a misrepresentation of facts? Do we have grounds to not refund their application fee since it wasn’t disclosed? And why would we have to refund their application fee anyway? We can’t find any legal reason why it would need to be returned in Ohio’s landlord/tenant laws. What are your thoughts? Thanks! Alyssa

I totally agree with having a timeline. Its a way to make sure you stick to your goal so I wouldn’t let anyone force you to jump the gun before youre ready. If you’re going to purchase before the end of the year then commit to it and its fine to have a deadline. Exploring financing was the most time consuming for us. Use this time to figure that out (and have all your documents) and it’ll be smoother! Alyssa @Cassidy Farnsworth

Hi BP! Need some help here. We’re work on making an offer on a small multi family house. Our understanding 1-4 units are considered residential and comps are based on similar houses in the area. When we look up the zoning of the house it’s currently zoned as “apartments 1-19 units.” It’s a four plex and the garage is being rented out as storage to non-live-in tenants. Will this affect our loan and appraisal? We appreciate the advice!

Thanks for the input everyone! We have some boots on the ground via family and friends that we trust. I am definitely type A so I want to be as hands on as possible with driving everyone else crazy. Turn key is an option, and probably easier; however, were leaning more towards using the BRRRR method and David Green approach to investing from afar. I'll keep BP posted and I know I'll have more questions throughout the process. Thanks again!

Hi BP! 

We’re looking at a deal, the listed disclosure says there’s structural issues and after speaking to the neighbor they said that the “main support beam” was cut during a previous renovation. 

 We haven’t had an exact quote for the repair cost yet-our contractor is walking though next week- but my question is: if we do purchase this house and repair the structural issues what do we have to disclose on the resale and would having structural issues previously, even though it’s been fixed, affect the resale value negatively? We’ve run the numbers and think even worst case scenerio with the house we could turn a significant profit; however, our realtor is advising us to walk. He’s extremely knowledgeable with the area and comps but has limited work with investors so we want to listen to the numbers in addition to realtor advice. What are your thoughts? 

Thanks! 

Alyssa 

Two things here-

One it's a tricky situation with your finacee and until you're married and the property is legally shared I would avoid having her enter the apartment without you and the tenant being present. 

Second-to go along with that,  I would triple check your landlord laws and/or speak to an attorney before you, yourself, enter the apartment without the tenant there. Call me a negative Nancy, but if something goes wrong-say a break in and you were the last one to leave the apartment-who's insurance covers it-the tenants or yours?  That sort of thing. She sounds like a great tenant and I'm sure nothing bad will come from  you helping her out but you want to make sure you're protected. Also, it's a way to cut back on doing those extra things for her if you decide to..."I'm so sorry, my attorney advised that i can no longer enter the premises without you present unless of a dire emergency like fire/pipe bursting etc" that sounds way more professional than "my fiancee wont let me anymore"...and take it from a female...it'll sound better to your fiancee too.