All Forum Posts by: A.R. Coningsby

Hi All,

I am about to have a property under contract in Huntington, WV. It is an off market property that does need some relatively minimal rehab, and since I am not in the immediate area, I am looking for some recommendations for trustworthy home inspectors and contractors. Particularly, a thorough home inspector that is familiar in dealing with out of state buyers.

After I handle the rehab, I will also need a great agent that can quickly get the property sold for me.

Any and all legal advice would also be very much appreciated as again I am not from the area and know that different regions have some funny laws out there.

Thanks in advance.

I recently found an off market SFH that I have under contract. I will be needing private money for the deal which i can secure via family member and they would like to be 50/50 partners. I however, am looking for some thing more beneficial to me as I found the deal, costed everything out, and have extensive leg work in order to finally get it under contract.

It would be a 48K purchase price with about 20 -25k in rehab materials needed, then about 85k ARV. I will be doing every bit of rehab along with everything else involved. The family member who agreed to lend me the rehab money and purchase money lives across the country and will be only be contributing financially.

Is there a better agreement that will work better in my favor, considering I have done and will continue to do all the sweat equity? any examples would be very appreciated.

Originally posted by @Aimee Parker:

Hi A.R!

Maybe I can help.  It would depend on several things, such as if his land contract was recorded.  I would suggest it be a typical closing, where the lien holder of the land contract (original property owner) be paid their remaining $20K, and proceeds then to your Seller.  My title company services all of Ohio, and we have a legal team on staff.  This might be an ideal situation as Wayne stated to have an attorney assist with this.  You definitely need to have the title search done, to protect your investment.  I am not sure that you need to have the land contract transferred to you first, etc etc.  I think that may be an unnecessary step and expense.  Reach out to me if you want to discuss further, I'm happy to offer what I can to help! 

I just took a look online at the Cuyahoga County fiscal recorder. It looks like it was transferred from 1 LLC, to the now current property owners LLC via quit claim deed about 2 years ago. I am not seeing anything else recorded regarding the Land contract between the original property owner and my seller that i have been in contact with.

Aimee I would like to speak to you more about this along with the cost of services you can provide. What is the best contact phone number for you and/or your company?

Thanks in advance.

Im in talks with a seller to buy an off market property in NE Ohio with my goal being to rehab and flip. He is currently on a land contract in which he owes about 20k on, and he is asking 55k for the property. I am still putting numbers together to create an offer as there is fair amount of rehab needed on the house. i have not seen the contract sell is on. Called couple title companies and they were not able to provide any useful info.

In order for me to acquire this property, how would i go about doing this? I imagine the land contract has to be taking care of first, and the 20k owed be paid off beforehand?

Any and all advice would be appreciated. Thanks

Yes i agree about your contractor statement. 

I do however have written agreements in the form of dated e-mail threads between both myself and my Partner that he can also attest to being legitimate. Can you shed more insight on the relevances of the written agreement?

Don't have a lot of knowledge regarding filing taxes but last year I partnered with a family member on a deal I found in Northeast Ohio, close to where my new Job was. It is a duplex, 2 buildings one lot, long time section 8 tenant paying above market rent in back unit, with vacant front unit. The deal with my partner was that I live free utilities and rent for 5 months while I simultaneously do the rehab on the Unit I'm living in. My partner paid for all the materials/tools. I received no equity position but i wanted to get my feet wet in rehabbing.

My question is, are there any tax benefits I have as a no equity partner in which I did all the rehab work on a property, while my partner has let me live for free last year?

Is it on percentage basis, like 25% exempt? Or is it for the entire property on the single parcel?

There are 4 parcels apart of 1 sale in Ohio that I am currently looking at with seller fInancing. One 2 story building and the other parcels are paved parking lots. There are 2 retail spaces on on the first floor zoned retail, the 2nd floor is a 2 bedroom residential Ill owner occupy. I have been to the building dept and all suroundIng parcel’s zoning is ok for drive up self storage. I'm looking at putting drive up self storage lockers on the available 20k sqft available. Any advice would be appreciated THANKS.

I am looking for some info on how the homestead exemption tax works when owner occupying a 2-4 unit in Cleveland, OH. Despite only occupying 1 of the potential 4 units, am I still entitled to homestead exemption for the whole property? Any and all tips appreciated.

Yes, look into FHA 203k loan product.