All Forum Posts by: Bob Okenwa

For duplexes, landlords are responsible for water and sewer. Tenants pay gas and electric. 

I've seen water and sewer be anywhere from $150-$750. The high numbers tend to come from unreported leaks.

@Vlad Kot

What you're looking for is a unicorn property. A home worth 100k-150k isn't  likely to net you $500/mo cash flow per door with only 20% down and an interest rate between 6-7%.

If you want a higher cash flow, you'll need to look at properties that need work (substantial) and can be value-add propositions. The housing stock is largely WW1-WW2 era so anything in pretty good shape is fetching top dollar right now.

Plumbing, windows, lead clearance (depending on the city) high taxes, point of sale inspections are all hindrances so do your homework accordingly. There are some pretty active Cleveland-area agents in this forum but I can recommend someone if you like.

Buyers. Whether it be investor or retail, most are tire-kickers and aren't ready to make a purchase but talk as if they are and end up wasting everyone's time.

There are limits as what you can charge for a deposit. 

In California, it's based on whether the unit is furnished. For unfurnished units, the landlord can't charge more than two months' worth of rent. For furnished rentals, the landlord can charge up to three month's rent for the security deposit. This is in addition to the first month's rent.

I'd double check with any other laws regarding pet rent/deposits and how that works.

@Mike Montanye

There should not be "big ticket" items on a turnkey home. Not sure how quick you are, but I'd run away as fast as I can from whatever you're thinking about buying.

I've seen 100 year old homes not have that kind of damage all in one report so for what you're looking at to be considered "turnkey" is an insult to the very definition of the word.

I've recently replaced a sewer line, I've done a roof, done electrical repairs, but not all on one property. And again, I'm talking about homes older than the both of us combined. 

Find something better and let this go. There's always another deal around the corner.

@Jacobo B.

I'm assuming the property is in Miami, but the website for the clerk of the court has information on what it would take for a property owner to redeem his/her property prior to or immediately following an auction. I'd call the court or search the auction site and get the case number and get in touch with the appropriate parties to find out exactly how much is due and how you can go about staving off the foreclosure. You may need to get a lawyer if you're not well-versed in foreclosure proceedings so you can ensure you follow the proper steps.

Property Redemption

To redeem your property, you must pay the full amount of the Final Judgment (plus interest, fees and costs) to the Clerk of the Courts. Payment must be made in the form of cash, or cashiers’ check, made payable to the Clerk of the Courts. You should contact the Clerk of the Courts Foreclosure Unit (see contact information on the front of this brochure) for a redemption certificate which will give you the correct amount you must pay to redeem your property.

After you have redeemed your property, you will receive a “Clerk’s Certificate of Satisfaction of Final Judgment of Foreclosure” which will be recorded in the Public Records at the County Recorder’s Office – 22 NW 1st Street, Miami, Florida, 33128, phone # (305) 275-1155. A fee is required to record this document.

Between what I've seen from Rentometer, BP rent estimator and what is actually listed for rent on Zillow, my numbers have been pretty spot on. 

@Tim Lyons

With your budget, Euclid, Old Brooklyn, Shaker Heights, Cleveland Heights, and University Heights are probably going to be your best bets. Anything ending in "Heights" is going to have a point of sale inspection and higher property taxes so be aware of that. 

Neighborhood grades will help get a feel for the city. Stay away from the cheapy duplexes. That's for more experienced investors who know how to handle that tenant base and I'm sure you don't want to live in some of the rougher areas either.

@Ponni Carlin

If the loans are not conventional (Fannie/Freddie), then I'd see what is in your loan documentation about making such a move or simply reach out and talk to the lender about what the policy is.

Here is some info that should help you out.

https://servicing-guide.fannie...

There are exemptions for LLC's. The section about LLC's states:

• The mortgage loan was purchased or securitized by Fannie Mae on or after June 1, 2016, and
• The LLC is controlled by the original borrower or the original borrower owns a majority interest in the LLC, and if the transfer results in a permitted change of occupancy type to an investment property, such change does not violate the security instrument (for example, the 12 month occupancy requirement for a principal residence).