All Forum Posts by: Deanna S.

So you filed a claim and now they are letting you go?  Yikes.  Let us know where you end up.  Thank you for all this helpful information. 

Thanks, Bob. Good idea on the $1k going in the rental emergency fund.   We all want to be successful and at the same time work with our responsible tenants so it is a win/win in light of short-term hardship.   Section 8 is something to consider but don't know how this affects a multifamily when one part is section 8 and other parts aren't?  We want our responsible tenants to keep on keeping on.  

We have a stable multifamily property with 3 units. Not section 8. 1 unit will be vacant in 2 weeks. PM has asked us to consider sec. 8 as there is someone interested.  We want good tenants, stability.  We also know the economy has tanked and Sec. 8 could bring stability provided they are good tenants.  Our multifamily would have one unit section 8 and 2 other floors not section 8.   3rd floor tenant has lost his job in light of COVID-19 so he may end up leaving.  2nd floor is stable from what we know.  

We don't have experience with section 8 at all and also section 8 and Cleveland Heights.   

Our understanding too is that Cuyahoga courts, in light of COVID-19, will not allow evictions so having a non section 8 that doesn't pay (i.e. loses their job) isn't what we want either.  

Appreciate thoughts and considerations.  Thanks, BP.

@Patsy Waldron, I, too, am a Cleveland investor and finding the right PM fit has not been easy.  I would like to share more of our experience and learn how yours was resolved.  Thank you for posting this, Patsy.  I'll send you a private message.

Hi, BP.  We were just told by an insurance agent yesterday that property insurance for rentals does not cover burst pipes due to freezing in Cleveland area.  Would appreciate input on that.  That was new to us.   Thanks, all!  

Thank you, @Stacey Mollinet.  I am so appreciative of this long response to my question about lessons learned.  Would you mind sharing the companies where it did not work out (e-mail is fine if that is more appropriate)?  Also, what type of communication do you expect from the PM and how often to they go to your properties to "check" on things?   Also, how long does it generally take to get new tenants placed and how long (i.e. weeks?) do you give a PM company to place them (per your agreement)?  Our property (a triplex) is rent ready and we are trying to reduce our holding costs.  But, we will wait for responsible tenants if we know the PM is doing everything they can to market it, interview, and show it.  Also, what signs have you learned that the PM IS doing their job and when do you start to get a gut check that maybe the PM isn't working out and representing your best interests?   Thank you!  

@Isca Harmatz, Thank you.   I would appreciate your recommendations. (apologies, I'm not sure how to IM you on BP).     @Stacey Mollinet, would you mind sharing any lessons learned, even offline?  We plan to scale up but this is our first property.  Thank you.

@Matt Kimple, 

@Pari Thiagasundaram @Michael McCarthy I'm late to this thread but am wondering if you have  a property management referral for the East side of Cleveland (Cleveland Heights)?     We are closing on a vacant rent ready triplex next week and appreciate your input (good/bad) on PMs on the East side of Cleveland.   Thank you!  

Anyone have a great PM experience on the East Side of Cleveland, specifically Cleveland Heights close to Little Italy University Circle area?  We are looking for referrals from owners (not the PM companies) before we finalize our decision this week.  Our triplex is empty and closing Feb. 1, in a great location, and we want a company who will find great tenants and who earns our trust.  I hope to return the favor next year when someone asks the same question on BP.   

Also, anyone have a great painter referral and basic handyman who works in Cleveland Heights?   Thank you!  

Hello, Bigger Pockets. If you could help this REI newbie, we would appreciate it. We are closing on our first investment property, a triplex in Cuyahoga County, Ohio. We do not know which is best for the title and if there is a tax difference and one provides better asset protection. Here are the options we are deciding between. Our closing date is in 13 days so we have to make this decision quickly. We do not have an LLC as of today. We can do that if that protects us. Our home is in our Revocable Family Trust. Right now, we do not have any other real estate in our Family Trust.

1) This is the option we are planning to do right now and this is what the title company is preparing. The property would also be insured under the trust.

Per our attorney, we would title the property as follows:

The X Family Revocable Trust dated (  ), and [husband's name] and [my name] , Trustees under the X Family Revocable Trust dated (  ), either of whom may act.

This would be a general warranty deed, as the survivorship is outlined in the trust.

2) This is the other option we can do.

We would have to have a RTODD prepared and filed. After the settlement, and the Deed for the purchase is recorded, then you would have the RTODD (revocable transfer on death deed) prepared, and it would be from you us (my husband and I) as individuals, and the named beneficiary would then be your Trust. 

Thank you so much!  I am so appreciative!