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All Forum Posts by: Andrew Grimmett

Andrew Grimmett has started 4 posts and replied 9 times.

Post: Rent to own in Ohio

Andrew GrimmettPosted
  • Posts 9
  • Votes 4

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 :)

Post: Grandfathers Property I want to Rent

Andrew GrimmettPosted
  • Posts 9
  • Votes 4
Quote from @Ron S.:

You own the property but anything can happen between the time you executed the quitclaim and recorded it. If someone jumped in front of you, well, there's that. Not recording doesn't make it not legit but, you'll need to record to protect yourself.

Once you do record, be prepared for the due on sale clause if there is a lien on it. If you are his guardian or somehow legally representing his interests as his successor, you may be able to avoid the due on sale provision in the note. Note, you don't "Take over" the mortgage typically, you just pay as the successor once you legitimately establish yourself as the successor (Will, Trust, Court Order). Short of that, he transferred the property in violation of the promissory not so, the lender could accelerate the loan and declare the full balance due and payable.

If your grandfather and notary didn't sign the quitclaim, you don't have one so, umm...have them sign it and record it. Better yet, have him just add you to title so you don't trigger the due on sale clause.

Just my Humble Opinion.


 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. 

Post: Need help with Contractors

Andrew GrimmettPosted
  • Posts 9
  • Votes 4
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! :)

Post: Grandfathers Property I want to Rent

Andrew GrimmettPosted
  • Posts 9
  • Votes 4
Quote from @Chris Seveney:

@Andrew Grimmett

Technically you do not own the property because you did not record the deed - so my guess is you cannot write off any expenses on it since you don’t own it.

You probably want to talk to an attorney about this - as also if something were to happen to your grandfather and there are other family members they could contest the quit claim deed - but this will have tax and legal consequences so you should seek those two specialists for this specific situation


 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! :)

Post: Need help with Contractors

Andrew GrimmettPosted
  • Posts 9
  • Votes 4
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! 

Post: Grandfathers Property I want to Rent

Andrew GrimmettPosted
  • Posts 9
  • Votes 4

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! :)

Post: Need help with Contractors

Andrew GrimmettPosted
  • Posts 9
  • Votes 4

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?

Post: Need help with Contractors

Andrew GrimmettPosted
  • Posts 9
  • Votes 4

Hey everyone.

Super new here so be gentle..... I recently got this house for 47k and am looking at getting it cleaned out and rehabbed to rent. There obviously were some squatters living here and am leaning towards a company I have talked to to clean it out and clean the floors and walls. Then I know it has got to have rodents and bugs in the property that will need taken care of ASAP once the place is cleared out. I got this house at such a discounted rate because of the shape that it is in and because it was a friend who I am trying to help out. My plan is to make it rentable and really just give him the profit minus vacancy and my expenses from the HELOC I am taking to make the repairs. The house is a 3 bed 1 bath 1200sq ft house on a concrete slab (no basement) and a detached 2 car oversized garage. I have attached some pictures for reference but they are pretty gross so be warned.



I really am new to all of this and really only got into it now to help someone out. I'll take any advice I can get on contractors and and best practices on getting this project done.

Thank you