All Forum Posts by: Casey LaValle

Hi All, Hoping for a few opinions. I have a duplex in a very trendy and fast growing area on the west side of Cleveland (Gordon Square). I bought the place almost 5 years ago. This year I decided to update both units significantly. Adding all modern amenities, new flooring, paint, New lights, opened walls for an open feel, reconfigure the kitchen, installed a/c, dishwashers, laundry, etc. I am getting $1100 for my up unit and have a deposit collected for the down unit at $1000 a month. So $2100 total. Property has a second parcel with 2 car garage as well. I am in the middle of refinancing and the appraiser is saying my market rent is only $1700. Then is using this market rent as support for an appraisal of 162k. Another place with similar location and Conditon sold for 173k with no second lot or 2 car garage and rent was only $1750. They didn’t use a comp 2 short blocks away that sold for 175k with a more similar lot with a large garage. It needs completely gutted. One unit is vacant and the other with a long term tenant of 10 years was renting for $525 a month. Before rehabbing my property it was renting for $1500 a month and a well respected investment friendly realtor thought I could sell for around 160-165 before any updates. The other 2 comps used are in the wrong direction of the heart of this area. I am fine with them being used since they are not far either but they should be offset with properties slightly closer as well. These comps are renting lower, no garage or second lot(highly sought after from tenants in Cleveland of all places in the densely populated city), and worse location. I already disputed once and they did come up from an initial value of 155k to 162k. Any thoughts or suggestions are greatly appreciated. I planned to do some debt consolidation and buy another property or 2 with the cash from the refi. Cleveland refinance refi appraisal brrr

Jason Bott and Jessica Zolotorofe thank you both for your feedback. I sent the information to my insurance company and will see what they say. Depending on what they say, I will seek additional legal counsel. I will update as things progress. Thanks again.

Jessica Zolotorofe , not what I was hoping to hear.. Do you know if my insurance policy will step in and represent me on my behalf and cover the losses since the incident stems from an injury on the my property? I just got the letter today and haven't explored other possibilities yet.

I do have a policy that is for a tenanted property that is not owner occupied. I am not worried about the initial claim. I am worried about the lawsuit the management company is filing against me for any costs or losses they incur because they are also being sued.

Sorry, when I send homeowners in my descriptions that was interference to my homeowners insurance.

I am the homeowner who lives out of state and has a property management company manage the property.

Hi All, I am really hoping to see if anyone else has faced a similar situation and may be able to provide some guidance. I had a tenant that broke through a second story wooden deck railing at 2 am and fell to the street and had injuries last year. I turned the claim over to the insurance company and had not heard anything in 6 months. Today I received a letter in the mail in regards to a lawsuit against my property management company by the tenant. In the letter it references an indemnification clause in my agreement with the property management company that there is a cross claim against me for any legal fees and loss to the management company as a result of the lawsuit. I could go into details of the case but all I feel is necessary is that an excessive amount of force had to have been used to break the railing the way it did and the timing of the fall makes it very likely drinking was the cause. I have sent the documents to the insurance adjuster and will be contacting a lawyer. If anyone knows a good lawyer in Cleveland Ohio please let me know. Do you know if my homeowners will step in and represent me in this case as well? Any advice or suggestions would be much appreciated. Thanks in advance. Casey

Hi All, I am really hoping to see if anyone else has faced a similar situation and may be able to provide some guidance. I had a tenant that broke through a second story wooden deck railing at 2 am and fell to the street and had injuries last year. I turned the claim over to the insurance company and had not heard anything in 6 months. Today I received a letter in the mail in regards to a lawsuit against my property management company by the tenant. In the letter it references an indemnification clause in my agreement with the property management company that there is a cross claim against me for any legal fees and loss to the management company as a result of the lawsuit. I could go into details of the case but all I feel is necessary is that an excessive amount of force had to have been used to break the railing the way it did and the timing of the fall makes it very likely drinking was the cause. I have sent the documents to the insurance adjuster and will be contacting a lawyer. If anyone knows a good lawyer in Cleveland Ohio please let me know. Do you know if my homeowners will step in and represent me in this case as well? Any advice or suggestions would be much appreciated. Thanks in advance. Casey

@Chui O. i would have a hard time believing that mount lebanon would ever be a place people wouldn't want to live or rent. The convenience to everything, transportation, school district, and quality houses help make it desirable. It is an easy A area in my books and if you are near the mount lebo strip on Washington road and T I'd call it a high A. There is a decent amount of availability, but I see a lot get sold. Especially when a seller lists a place for a reasonable amount.

I will admit this is based on my intuition and just what I see around me. I am not a realtor, but any realtors that are reading do you have any market analysis or trends that would tell a more clear picture of the area?

Have you considered Mt. Lebanon at all? There always tend to be a couple duplex available around the 200k price and it is potentially the best school district around. Living in squirrel hill I assume you enjoy the convenience of a more urban setting which Mt. Lebonan offers. If you want a top notch and convenient area that has duplexes to live in and rent the other it's a great area. It's also an area that duplex are not uncommon but prices seem to stay very stable.