All Forum Posts by: Account Closed

Hey BP, 

I am looking at a purchase a 24 unit building - It is brand new build, it's a 29,000 square foot facility. I am getting it for a good price. Originally created to be an assisted living facility, the team member that was going to be the administrator of this sadly passed away. The builder is currently now selling this as a distressed asset. I have it under contract, and am in my due diligence period at this time. I am seeking to convert this to 55+ senior living as it has the amenities, would be considered an A property, and is in an area that has a waiting list of highly qualified tenants and senior citizens. 

Does anyone know specific laws regarding 55 up only? Or restrictions, or standards that I need to consider? Or can I put property management into place with the posted signage and advertisements that this is a 55+ senior living facility? Any insight into this, and rules in Ohio would be greatly appreciated. We're looking to close by weeks end. 

@Mark Welp, the conversation did not come up. We just pursued the LOC with the entity as an LLC. They didn't raise any concerns about this, at least not to me. I think on the commercial side of things, we just assumed it would be in place as an LLC.

I would say as a caveat, that the properties held in this regard were in a stand alone LLC for clarification.

@Garrett May I found these locally at Hancock Federal Credit Union in Findlay, Ohio. I think you need to be a resident of Hancock county for them though, or an adjacent county. My other lender that has facilitated this was Standing Stone Bank in Lancaster, Ohio. If you need help with contact information for the right person, DM me and I will help where I can. 

@Elenis Camargo I have RELOC's against some of my properties in my RE portfolio. I had to drive across the state to find one of the lenders, the other two I found in local credit unions in which I had to join. It took me approaching about 12 different credit unions and banks before finding the LOC products that met my needs. I wish you the best in finding them in Florida. I know they exist (at least in Ohio) but took some persistence. You've got this!

We have a few projects that are coming to maturity, and have been stabilized after tenant replacement and extensive rehab, and my team and I are enjoying the cash flow now after all major repairs and such have been completed. We have our monthly, quarterly, and annual cosmetic and functional updates that we complete at our properties, but I am wondering what it is that some of you do to maintain the look, functionality and overall good feel of your properties once stabilized. Most of our portfolio is multi-family investments if that helps in clarification. 

@Gregg Heminger Ah it's a small world! I grew up in Findlay, but we moved to Tiffin a few years ago for some family here, and to be closer to our investment portfolio. Not a bad town at all! Here's hoping us Tiffin familiar investors keep rocking it! Also, thank you for your service sir! 

@Mindy Jensen, that's pretty much how I felt. After checking with Ohio Revised Code and the landlord tenant law for the state I really couldn't find anything in relation to laws about it. My lawyer just suggested having a policy in place and dated / in writing in case it ever comes to light later on. I just am trying to avoid any legal action. At the moment I feel the policy I put into place is adequate. I just wanted to check if anyone else had dealt with this before or had ideas on the situation. 

Very good point on what a meter actually does too haha.

Not a bad idea, I suppose. I realeased another memo today on a policy update. I am hoping that the show of response on my end would limit retaliation legally from his end, not that I am in the wrong, but just to avoid the headache.