All Forum Posts by: Cameron Green

1. • If the seller mentioned that the HUD loans have no interest or monthly payments, this might be accurate for certain specialized HUD programs or subsidies. However, this is less common for standard FHA loans. You should verify this with official HUD documentation or through a HUD-approved lender.
2. Term Until 2051:
   • The mention of the loan term extending to 2051 or until the property is sold or refinanced suggests these could be loans with a long-term structure or special conditions. HUD loans sometimes have specific conditions related to repayment or subsidies that might affect how they are handled.
3. Balance and Unpaid Amounts:
   • The discrepancy you mentioned between the mortgage statement and the HUD loan amounts might indicate deferred principal or accumulated balance under specific conditions of the HUD program. This might be due to subsidy or assistance programs where payments are deferred or not required under certain circumstances.

1. Verify Loan Terms:
   • Contact the lender or servicer handling the HUD loans to get a clear understanding of the terms, especially regarding interest, payments, and any special conditions tied to these loans.
2. Consult a Real Estate Attorney
   • Given the complexity of dealing with multiple HUD loans and the potential implications for your "subject to" deal, consulting a real estate attorney or a knowledgeable real estate professional is highly recommended. They can help ensure that you fully understand the terms, any potential risks, and the implications for your investment.

Hi Fred,

To be fully approved, you need to register the property specifically as a short-term rental in addition to the regular rental registration. This step ensures compliance with local regulations.

From my experience, when I had an STR in Cleveland, I only did the regular rental registration, so make sure you complete both registrations to avoid any issues.

Cleveland is a popular spot for STRs, especially for visitors coming for sporting events and medical purposes. University Circle is a solid area, and homes in the Edgewater neighborhood are also desirable. Currently, Tremont and Ohio City are top destinations due to their walkability to shops and restaurants.

Keep in mind that if you get approval, you can't have more than 15% of STRs in a building. Also, for advertising, you must follow the rule of no more than 2 people per bedroom plus 2 additional guests on couches.

If you need more information or help with the registration process, just let me know—I’d be glad to assist!

Best,

Hi Cosette,

I’m sorry to hear about the difficulties you’re facing with your property manager. Navigating these challenges can definitely be stressful, especially when you’re new to owning rentals. Here’s a structured approach to help you resolve the situation:

1. Document Everything

First and foremost, keep a detailed record of all communications with your property manager. This includes emails, texts, and any written correspondence. This documentation will be important if you need to escalate the situation or seek legal advice.

2. Formal Request for Lease and Documents

Draft a formal written request for the lease, invoices, and portal access. Make sure to:

• Specify the items you need (e.g., lease agreement, invoices from March and May, link to the new portal).
• Set a clear deadline for when you need these items.
• Send this request via email and certified mail to ensure it’s received and documented.

3. Seek Legal Advice

If your property manager does not comply with your request, consider consulting with a real estate attorney. They can provide guidance on your legal rights and help you draft a formal demand letter if necessary.

4. Replace the Property Manager

Since you’re replacing the property manager, start by:

• Finding New Property Managers: Look for local property management companies with good reviews and credentials. Online platforms and local real estate investment groups can be great resources for recommendations.
• Interviewing Candidates: When you find potential property managers, interview them to ensure they meet your expectations and can handle both property management and contracting oversight.

Thomasina, I have a MTR property I have in Cleveland, just across the border from Cleveland Heights. Depending on the exact location of your duplex, this could be an ideal opportunity to rent by the room, particularly given the area's demand from hospital systems and Case Western Reserve University students who are always on the lookout for housing. Sadly classes just started an our students just moved in. 

While finding a property manager might be a challenge, house hacking could be a viable option. With the right tools and a bit of hands-on management, you could effectively manage the property yourself and cater to this steady stream of potential tenants. I'm also getting into property management specifically in Cleveland, Cleveland Hts, and University Hts and am open to doing it 

If you’re interested or have any questions about how this could fit into your plans, please let me know. I’d be happy to discuss this further, just inbox me if you need help!

Best

sent you a PM!

Sent you some!

Sent you a PM with some contacts I have. 

Hi Brenden,

I grew up and still live in Cleveland, OH. I have three rental properties currently, and am also a real estate agent. I would love to connect with you and share some insight to investing in the Cleveland area. I think there is tremendous potential to continue to invest and grow in this area! 

Hi Jerome, I'm a RE Agent, as well as own and manage three rental properties in the Cleveland area. If you're ever interested in connecting let me know!

Hi All, 

I have acquired a few properties over the last year and added a LLC. I'm looking for a good CPA in the Cleveland area that is reputable and affordable to do my personal taxes and for my real estate. I have 3 properties and a LLC. I will continue to grow throughout the years and hope to find someone I enjoy to work with. Does anyone have and suggestions and what is the average cost for a CPA?

Thank you for the suggestions and advise on this matter.