All Forum Posts by: Andrew Foster

 Thank you very much for the feedback!

 Hey Bob thank you for the reply! So the first property fell through after I got the inspector in there. He flew a drone and saw that there was more roof work than I felt comfortable taking on, ontop of some code violations in one of the units and exposed knob and tube wiring in the attic space.  

I do currently have another property under contract.  I am waiting to have my PM and Agent do a walk through (he does pretty thorough videos for me as I am an out of state investor). Here is what I do know so far.

Property is a Triplex with 2 units currently rented ou CMHA. 3rd Unit Vacant, renovated and rent ready. Rent rolls show rents are up to date. 1 unit had lapse in payment for one month. This was evidently due to a refrigerator that needed to be replaced to stay in compliance for CHMA. The tenant wasnt allowing delivery and replacement for some reason. Which caused a lapse in compliance. It ended up getting sorted out and the rent got issued through the CHMA, but there WAS a delay. The leases look to expire, one at the end of this month, and one the end of next month. So I am currently looking to see if they are getting renewed, and if the CHMA will be renewed as well.  I do have copies of the leases, Rent rolls and the P&L Sheets. When my Agent and PM do the walkthrough, I plan on having my Agent give the tenants an Estoppel Agreement to fill out so I can attempt to have full transparency of the leasing situation. As far as Lead Cert, I don't have that answered yet, I would assume doubtful from just my little experience of a majority of the properties in Cleveland that ive seen on the market.

I appreciate any and all feedback!

Thank you for the information! As far as documenting everything properly, could you elaborate a bit more? I just want to make sure I have all T's crossed and I's dotted. 

@Pat Aboukhaled @Noah Wright

Thank you very much for the prompt replies guys. The information have been extremely helpful and will definitely help guide me in the right direction!

Hey guys,

So I have an offer accepted, I'm looking to close in 30 days on a multi-family in the Cleveland area. I'm curious on how to go about paying the down payment so that I will not potentially trigger a "due on sale clause", when I transfer the Deed to my LLC. I still plan on personally guaranteeing the loan to secure it. Should I have the funds come out of my LLCs account for payment or is it fine paying the down payment out of my personal account then once the property is paid for, transfer the Deed to the LLC. The LLC would collect rental payments in a business account and make the monthly payments on the mortgage operating like it should. (but mortgage would be under my name still). I've been told to "Wait a few months before transferring the Deed". In advance I'm sure people will ask why I would have it under an LLC for my first property, of course liability protection but the main reason is Taxes, I'm not trying to have the added income from the property be on my personal tax returns. I appreciate any and all input!

Hi everyone! I'm an out of state investor currently submitting offers in the Lorain/Cleveland Ohio area and am in need of a PM company that is investor friendly, experienced, communicative, and has a wealth of contacts to be able to handle issues that may arise with property or tenants if and when that occurs.  I appreciate the knowledge and support this forum has as always thank you guys!

Thank you Uri!

I will look into them, really appreciate it!

Hey guys!

I'm looking at some multi families in Cleveland area, I was wondering if anyone had any good experiences with an investor friendly PM company in the Cleveland Ohio area.  If so please send them my way I will be sure to drop your name when I when I do business with them! 

Hello everybody,

I'm a new investor and looking to invest in an out-of-state market. I've gotten all my key contacts set up in my target market, and I've been talking to an Agent (referral from a friend who wants to invest in this area...not from BP) as well as sent a Google Sheets with the properties of interest to said Agent. When I asked for APODs for the identified properties I was given a confused response (Red Flag), and had to explain what I meant.  So I have yet to receive an APOD (over a week later) but I keep getting updates for properties from the Agent. I also received an unsolicited list of single families from the Agent which I could care less about (I'm looking for Multi Families as expressed initially with the Agent), and was told that the Agent will setting up appointments for my "listed properties" but I have not received any APODs, I don't feel I have enough information to crunch numbers ahead of time and further prioritize my list, I have 2 days until I fly to the area of interest. I'm debating on canceling my flight, and coming out in start of June (Month later). I have another Agent identified (One from BP) but they're too busy to meet me on this potential trip (I didn't want to try to book two Agents initially and end up having to choose one and mess with the others persons time). I would have to make a decision today (it could be too late at this point) to try to get my trip refunded or at least re booked for next month. Should I stay or should I go now? 

Hi guys I'm looking for an investor-friendly attorney to work with in the Cleveland Ohio area. I own an out of state LLC and will be in need of a registered agent as well to file for Foreign Entity Business Registration. I appreciate any and all recommendations as well as feeedback.