All Forum Posts by: Brandon Styles

Hello BP. I'm looking for some advice and help. I have a tenet who I have not heard from in about 3 weeks. This tenant owes me now 2 months worth of rent. I've tried calling and texting this tenant but I have not received any replies or responses. A few days ago I put a pay or quit notice on his door. Today I went back to the apartment to check up on things and I noticed that the pay or quit notice that I put on a door had been removed so I know someone has been there inside but I do not know if it was him or maybe a friend of his that has access to the apartment. Since I have not heard from this tenant in 3 weeks and he owes 2 months worth of rent, I'm considering his actions abandonment of the unit. What I want to know now is what's the path I take when dealing with a tenant who appears to have abandoned the unit? By the way, I'm in Ohio, so I know Ohio tenant laws may be different than other states.

@Paul Sian - Yes, can you please PM me with those contractors' numbers? Greatly appreciate it!

@Grant Rothenburger - I just purchased a ticket to this month's mastermind meeting. I'll see you there.

Thank you to both of you for replying to my thread.

I'm an investor/landlord/rehabber in Cincinnati, OH. I've been doing most of my rehabs by myself, however, I'm starting to get too many projects and now I need to start giving out the work to some good contractors. I've been looking for a few to start using here in Cincinnati, with no luck... 

I was wondering if anyone out there in BP had some recommendations for Cincy contractors, and if so, could you share some of those names/contact info with me?

I looked through the BP forums, but didn't see any recommendations and I noticed most threads went cold with on responses. I'm hoping this thread can stay warm enough to get a few recommendations.

Thanks!

@Brandon Hicks I read your stuff on LC's. Man you're creative! I'm learning that LC's are awesome, but finding sellers who are doing them can be challenging.

@Ben W. that LC you did with that seller was solid. How did you find the "tired" investor and property?

UPDATE:

As for the property I was trying to get under LC 3 months ago, well my original offer of $20k wasn't good enough so I couldn't make the deal happen. I was a bit bummed out about it (I had a chip on my shoulder for about a week because I thought I was so close). I decided to save up more money and keep an eye on the property just in case. Last month the property went pending with another buyer so I figured I lost out on the building, however, that deal fell through.

A few weeks ago I got a call from the seller's agent asking if I was still looking for a multi-unit and that the property was back on the market. I told him I was still interested in the building but all I had was $25k to put down and I still wanted to do a LC. He told me that the $25k probably wouldn't be strong enough but if I wanted to make an offer he would submit it to the seller. I told him I would submit an offer if I could come up with more than $25k. Another week goes by and I notice the property's list price drop from $375,000 to $359,000. A few days later I get a call from the seller's agent telling me that the seller is willing to accept my $25k. So I submit my offer and it was accepted. Closing is on 6/1. I'm not sure how it happened but the planets were aligned or something because I for sure knew I had missed out on this building. I had to put $5k more down but now I'm getting the building $15k cheaper (under the same LC terms I set out originally). 

Side note - During the last 3 months I was working on getting my OH real estate license. I just got licensed last week, so now I'll be my own agent on all my deals. Which will allow me to start being more creative on my deals (offering up my portion of the agent commission as part of a down payment) and make more money by cutting out the middle man.     

@Brandon Hicks - Thanks for the advice! At least I have a better idea on what angle I need to approach. Before I didn't know what to do.

@Brandon Hicks You're correct! The seller's realtor is a residential one, and a fairly new one at that. This is also the realtor's first land contract.

I've been REI since last June. Bought a 4-plex then. I just purchased a duplex in the beginning of this month, and now I have this potential 12 unit I'm trying to close. This is my first land contract, but I've been reading up on all the information I could find about them on BP and the internet.

I'm dealing with his agent. I told the agent I would see what I can do. I just hope this pre-approval report won't be a deal breaker if I can't get it. I'll take your advice and approach some local portfolio lenders here in Cincinnati and see what happens.

Hello BP,

I'm in the middle of trying to close a deal on an 12 unit apartment building ($375,000). I'll be doing a land contract with the seller. I have a verbal commitment from the seller on the terms on the terms of the land contract which are:

Purchase price - $375,000

Down payment- $20,000

Amortized at 6.5% for 20 yrs with a balloon payment in 5 years.

Which will leave a balloon payment of $306,488.48

However, before the seller will sign the contract, he wants me to go through a pre-approval process and obtain a report from a lender.

My question is, can anyone recommend some lenders that I can go through a pre-approval process and obtain a report in order to give the seller so I can close this deal?   

Hello BP,

I'm in the process of working on a deal for a 11 unit apartment building. I'll be doing a land contract with the seller. The actual negotiations will be happening this Saturday. Since this will be my first land contract (if the deal goes through), I've been doing a lot of research on the various aspect of the transaction for both the buyer and seller. What I've come to understand is there are 8 main components to a land contract:

Purchase Agreement

Land Contract

Land Contract Memorandum

Closing Statement

Disclosure Statement

Deed

ID Statement

Amortization Schedule

Is there anything else I should familiarize myself with? For those who have purchased property via land contract, is there anything advice you can give me or advice you wish you would have known on your first land contract deal?

Also, should I start looking in to commercial lenders now to see what I would need to do in order to have a smooth refinancing when the time comes? 

Thanks much BP community for checking out my post and commenting (well, if you comment :))

Hello BP'ers! 

I have a problem.  I have a tenant in my 4 unit apartment building that's leaving the front communal door open. Whoever is doing it is leaving the front door mat in between the front door. 

What can I do to stop this from happening? I want to leave a note/notice in the hallway and give each tenant a letter addressing the issue but I don't know what/how to say it. Also what else can/should I do besides writing a notice? Should I put up a security camera to show that I'm serious? Should I put some sort of alarm on the front door that goes off after x amount of minutes? Any and all advice is greatly appreciated! 

@Monelle Smith

I was unaware of the USPS demographics tool. I will look into it as well. Thanks!