All Forum Posts by: Timothy Murphy III

@Terrence Allen Kinchen

Notices of Default, on what exactly? Land contracts have a requirement that a notice of default is sent to the defaulting party, but it wouldn't necessarily be recorded. In a technical sense of the word, even a tenant who fails to pay rent is in default of their lease contract and the 3 day eviction notice would also, technically speaking, be considered a notice of default, though I've never heard of this being recorded. In some cases, prior to starting a foreclosure case some notices will be recorded, though you can find foreclosure info on the court's public dockets once a case has been filed.

If you can be a little more specific I might be able to give you better answers.

@Arun Thakur

I'm obviously partial to Cleveland, Ohio, but can't speak intelligently about the other markets. If you have questions about the Cleveland market, PM me.

@Tim Greenfield

It'll depend on how the property is plumbed. I've heard of the submetering being cheap and easy, and I've also heard of it being involved and expensive. Just depends on the house.

If you don't submeter, by law you cannot bill the tenants for actual usage (or prorate the bill over the number of units), but you can build a flat fee into the rental amount.

@Mike Rosso

Welcome to BP.

@Jacob Hinojos

Welcome to BP.

@Paul Contreras

Post or PM me the address if you'd like a local's take on the deal.

@Jeff Martin

If the LLC isn't formed in the state where it's buying property, you need to register the foreign (out of state) LLC with the state where you'll be buying. I can't speak to other states, but at least in Ohio it's a fairly simple process.

@Ryan Evans

Brilliant. Keep picking up those cash flow properties. A lot of your fellow millennial hipster friends are hanging out in your investment area. A few months ago I was in the coffee shop over there on Waterloo and they were talking about the director's influence on the Harry Potter movies. I had to check the map on my phone to make sure I was still in Collinwood. :P

In the Cleveland market, those are almost always C or D caliber neighborhoods within City of Cleveland. Occasionally you can find something in a B caliber suburb for that but they'll typically be off market properties so you'll need to get  a little lucky. 

@Andres Giraldo

You easily can hit those cap rates in B (or even A) caliber areas of the Cleveland, Ohio market. For $250k cash with no loan you could probably acquire a small (5-8 units) apartment building.