All Forum Posts by: Andrew Grimmett

 Perfect! I'll have to look into that and see how I could explain it to this seller in a way that makes it appealing to them. 

Thank you!

Hello all! :)

Someone I reached out to on an off market deal told me that they couldn't sell because they bought the property as a rental in the 70s and didn't want to pay the capital gains. 

I'm curious if this has come up with anyone else and what I can do to help the seller in the situation to get the deal? Am I able to help pay capital gains? Is there any creative ways the seller can get around this by selling to me? 

Sorry if these are dumb questions, but I guess I never know unless I ask!

Hey there everyone!

Super rookie here so be gentle...I am exploring the option for a possible rent-to-own situation. I have a property that I have rehabbed that is in a D level area that I would want to off load after a time anyways and was wanting to know how everyone goes about doing this.

Do you have a contract that says something like "you rent from me for 3 years and then pay 100k over remaining balance of my mortgage"?

Are there many pitfalls/cons for them?

is it harder to evict for non-payment of rent under this in Ohio?

I really am only holding the property until I'll get enough capital plus equity to upgrade to a better duplex in the future. Any advice would be helpful :)

 Wow. Lots of good thoughts here. Thank you. I somehow didn't even think about the due on sale clause. Putting myself in the title might be easier. 

Quote from @Bruce Woodruff:

Quote from @Andrew Grimmett:

Quote from @Bruce Woodruff:

Quote from @Jennifer Stevenson:

But I quickly learned that something that seems so simple and obvious is key.  Clear communication for the scope of work and EXACTLY what your expectations are vs what your contractor thought you wanted.  Ask for clarification on absolutely anything that you're not 100% clear on.

This^^^^^ ....The problems all arise from not having a crystal clear Scope Of Work. Everything should be in writing, down to the type and name of the kitchen cabinet handles, the tile name/brand/color, the texture of drywall,....everything that will be a part of this project must be in writing attached to the contract and signed by both parties. Write everything down.

This is a Tile Spec - 1 page of 4 of a project I did, you can see the detail....it may seem like overkill to some, but there are good reasons to go into this kind of detail.

 I really liked your spreadsheet and tried to mock it a bit with my own flare.

Thank you for the tip! 

 Great job! Everyone should do that!

 Thank you, sir!

If you have any other tips send them on over. Getting up to speed to be all grown up in real estate like you is going to take all the help I can get! :)

 I appreciate the advice. I probably need to get downtown to file. Just always seems to be put on the back burner. Not a great excuse, but the truth lol

Thanks again! :)

Quote from @Bruce Woodruff:

Quote from @Jennifer Stevenson:

But I quickly learned that something that seems so simple and obvious is key.  Clear communication for the scope of work and EXACTLY what your expectations are vs what your contractor thought you wanted.  Ask for clarification on absolutely anything that you're not 100% clear on.

This^^^^^ ....The problems all arise from not having a crystal clear Scope Of Work. Everything should be in writing, down to the type and name of the kitchen cabinet handles, the tile name/brand/color, the texture of drywall,....everything that will be a part of this project must be in writing attached to the contract and signed by both parties. Write everything down.

This is a Tile Spec - 1 page of 4 of a project I did, you can see the detail....it may seem like overkill to some, but there are good reasons to go into this kind of detail.

 I really liked your spreadsheet and tried to mock it a bit with my own flare.

Thank you for the tip! 

This is actually my Grandfather's property that I am trying to get him a monthly cashflow since he is now in an assisted living situation. He gave me the property (through a Quit Claim Deed) but his name is still on the mortgage (which I have now taken over payment for). It didn't feel right to take the income so I am giving it all to him. I put 35k of my own money to rehab the property and get it rental ready and opened up an LLC.

Really what I want to know is:

1. If this is legal for me to rent it out for him and handle all the money side of things? (he is fully in the loop and appreciative

2. What sort of issues could I have by taking over the mortgage and renting the property out with the lender

3. Can I write off any of these rehab expenses on my taxes?

4. If I have had a notary sign the Quit Claim Deed as well as my grandfather, is it a problem that I have not filed it yet or can I do that some time in the future? Is there a best way to handle that?

This is actually my Grandfather's property that I am trying to get him a monthly cashflow since he is now in an assisted living situation. He gave me the property (through a Quit Claim Deed) but his name is still on the mortgage (which I have now taken over payment for). It didn't feel right to take the income so I am giving it all to him, but have no idea about what is possible in this area. 

I am almost done with the rehab phase of my project. All in, it should cost me around 35k and the mortgage is 46k at 5.75% with a payment of around 645 and HELOC I used for repairs at around 350. I am going to attempt to rent this property in Hilltop for around 1450 a month (based on the rent estimator on this site). I know this may be a hard question, but I am hoping there is someone out there that is renting in Hilltop. Will 300 a month for maintenance/vacancy with 150 cash flow be okay for this property?


Any advice would be appreciated! :)

Thank you for all the advice everyone! I took a lot of the advice given and am almost done with the rehab phase of this project. All in, it should cost me around 35k and the mortgage is 45k at 5.75% with a payment of around 645 and HELOC I used for repairs at around 350. I am going to attempt to rent this property in Hilltop for around 1450 a month. I know this may be a hard question, but I am hoping there is someone out there that is renting in Hilltop. Will 300 a month for maintenance/vacancy with 150 cash flow be okay for this property?