All Forum Posts by: Dustin Li

you'll be fine you aren't the first person to get an eviction in columbus. get an attorney and sell and get a property in a better area. what zip code is it in?

43206, no really looking to sell the property as I would like to build more equity and it has good cashflow.

0 Votes

Columbus, Ohio

Hi folks,
RE investor here, going through first time eviction process in Columbus OH (first time ever). Property is managed by a PM, I live out of state. Most of my properties are near me in a tenant friendly location where buying investment properties have become insanely expensive. Tenant had a notice to vacate after 4 day grace period and lawyer submitted eviction to court last week (they are only late for July). I am waiting for a court date. I had a long conversation with my PM last week stating, I would like this to be resolved asap (either payment or quick turnover). Tenant is communicating with the PM, but has yet to secure assistance. Tenant is in middle of the lease and has paid on time until this month.

As someone who has never been through this process any advice? My PM is communicating with me, but is there anything specific i should ask them to do? Should I come in for the court date? What should I expect from this process?

2 Votes

Columbus, Ohio

Looks like certain permits were not closed via city inspection and seller has agreed to address it. Contract ammended to extend the closing. I am not taking this at face value and booked tickets to fly into columbus on wednesday. Will be here til close in (previously was only going to visit couple days for close). Looking further into this, and will pull everything from the city to make sure everything resolved. if not, i am walking.

0 Votes

Columbus, Ohio

Quote from @Chris Seveney:

Quote from @Dustin Li:

Out of state investor here, first time investing in the Columbus market. I am currently under contract for a property that was recently renovated. Inspection checked out without major issues. I had someone on the ground drive by the place couple days ago. It seems City of Columbus put a red sign in the front stating the property was unsafe to occupy and that should only be entered for repairs or demolition (I assume this means the property is condemned). Obviously I immediately called my local agent (who is great), and they followed up with the seller agent who is looking into this. I am going to strategize with my agent this week but wanted to seek advice here. I am not experienced in this unique situation, nor am I experienced dealing with the City of Columbus:

1) Advice on what to do in this situation? Next steps and ensuring if i do close that the city has actually rescinded the condemn notice and it isn't the seller removing the sign.

2) How efficient is City of Columbus? I am debating extending closing to allow seller to resolve this or just walking away from the deal.

3) Any speculation as to what the issue might be to result in this?

4) Should I notify my lender and other members of my team? (Currently only my agent knows).

Did you not do a home inspection on the property? Did you also get verification from the seller that all work was permitted and signed off?

Yes to both, Home inspection came clean and disclosures from seller indicated no violations or usage of the home other than intended.

0 Votes

Columbus, Ohio

Quote from @Travis Timmons:

I realize that you are emotionally invested, but don't be afraid to walk away. There are a lot of risk factors stacking up here.

1. First time investing in Columbus - you don't have a team yet. As much as you may think that you do, you do not have a team until they have completed work for you. They have not built trust with good work; you have not paid them on time for completed work. It's new, and you're some random out of town investor that has no relational equity or history. That is especially the case if you have not met them in person.

2. I invest out of state as well. It works. It's great. One also has to recognize that it adds an additional element of risk. You don't know the city, can't drive by the property, can't call a trusted, old friend or neighbor who is an electrician, contractor, etc. that has seen this sort of issue before. I'm a fan of a boring, base hit deal on your first property in a new market. It allows you to establish a team in a low stakes situation.

3. You can walk and get your earnest money back. The place was red tagged. If you are not 100%, absolutely, completely sure that you have a full and complete grasp of the situation, you need to walk away. Reassurance from someone that makes money if you close on this house does not count.

Thank you, this is sage advice. First time out of state investor too, own a couple properties in my backyard.

1 Vote

Columbus, Ohio

Quote from @Bob Stevens:

Quote from @Dustin Li:

1) Advice on what to do in this situation? Next steps and ensuring if i do close that the city has actually rescinded the condemn notice and it isn't the seller removing the sign.

2) How efficient is City of Columbus? I am debating extending closing to allow seller to resolve this or just walking away from the deal.

3) Any speculation as to what the issue might be to result in this?

4) Should I notify my lender and other members of my team? (Currently only my agent knows).

This is what I am 99% certain happen. The property was vacant for years. Then someone bought it, renovated it withOUT pulling any permits. All the city wants is their money. If if if renovated property all you need to do is have your team pull all permits, fill out paperwork, and probably ( like Cleveland) submit drawings of each room ( totally dumb) If you are just relying on your realtor, that is a big mistake. If you do not have a team ( NO your realtor is not part of your team) GC, and PM , do not even think about buying. I have posted 100x DO NOTHING without team in place. Who walked this for you, your realtor? I have done 100s and 100s and 100s of deals in OH never using a realtor. PLEASE get a team in place before you clos

Good luck

Thank you, this is good advice. I do have a PM and GC in place, holding a call with them today to discuss the situation.

1 Vote

Columbus, Ohio

Quote from @Account Closed:

Quote from @Dustin Li:

1) Advice on what to do in this situation? Next steps and ensuring if i do close that the city has actually rescinded the condemn notice and it isn't the seller removing the sign.

2) How efficient is City of Columbus? I am debating extending closing to allow seller to resolve this or just walking away from the deal.

3) Any speculation as to what the issue might be to result in this?

4) Should I notify my lender and other members of my team? (Currently only my agent knows).

Let your local agent do what you hired them to do. It may be as simple as the flipper didn't pull permits and the property needs a city inspection. What until you hear from your agent as to their report and recommendation.
I'd definitely report the setback to anyone who deserves to know, team, lender, etc. They've invested in you and they deserve the straight scoop. Always get in front of a problem, let your people know and let them know you are on top of it.

This is great, appreciate the response!

0 Votes

Columbus, Ohio

1) Advice on what to do in this situation? Next steps and ensuring if i do close that the city has actually rescinded the condemn notice and it isn't the seller removing the sign.

2) How efficient is City of Columbus? I am debating extending closing to allow seller to resolve this or just walking away from the deal.

3) Any speculation as to what the issue might be to result in this?

4) Should I notify my lender and other members of my team? (Currently only my agent knows).

3 Votes

Columbus, Ohio

All Forum Posts by: Dustin Li

Dustin Li has started 2 posts and replied 8 times.

Post: Advice on first time Eviction in Columbus.

Post: Advice on first time Eviction in Columbus.

Post: About to close on a property, was just notified the city has condemned it.

Post: About to close on a property, was just notified the city has condemned it.

Post: About to close on a property, was just notified the city has condemned it.

Post: About to close on a property, was just notified the city has condemned it.

Post: About to close on a property, was just notified the city has condemned it.

Post: About to close on a property, was just notified the city has condemned it.