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All Forum Posts by: B R

B R has started 7 posts and replied 30 times.

Post: ->Advice Needed About 1st Deal I Found, PLEASE HELP ;)

B RPosted
  • SFR Investor
  • Cleveland, OH
  • Posts 30
  • Votes 3

Figure out how to lock in the deal with the seller while finding a buyer that has a decent down payment and can make the monthly payment who goes in and qualifies to live in the park. YOU are not going to live there are you? Why should you have to qualify as an investor?

Post: Buying a house with Girlfriend

B RPosted
  • SFR Investor
  • Cleveland, OH
  • Posts 30
  • Votes 3

This is a mistake, don't do it! I'm always amazed at the financial decisions couples make. You are not married, and morals aside, you are putting your financial future in jeopardy.

I have heard this story from many "women" I work with and it 99% ends badly. But we were so in love, we didn't listen to anyone else...we wanted a house together but then we broke up. Home ownership is a real commitment that dating couples are usually not ready for.

Becky

Post: Having a Hard Time With Park Managers Allowing Me To Invest...

B RPosted
  • SFR Investor
  • Cleveland, OH
  • Posts 30
  • Votes 3

I am also having trouble finding a park in the Cleveland vicinity that is willing to work with investors. I have not done a deal yet and am working on educating myself and my husband, so I was surprised to hear that the first park I called did not allow "non-owner occupied" units (so far, about a dozen called and emailed, and none allow this category of ownership). I am not giving up, however, and plan to keep looking around. Lots of nice parks in the area, mostly on the small side, and once you get about 20 miles outside the city there are quite a few. Just have to find that first one!

Post: Taxes, forms, paperwork

B RPosted
  • SFR Investor
  • Cleveland, OH
  • Posts 30
  • Votes 3

Thanks Jim, for your reply. I would appreciate an email of your forms, but can't send you a private message since we are not set up as colleagues at BP. However, you can use [email protected] if you are still willing. I did look at the website you suggested and will study more on that. Thanks again for your information!

Rachel, I am also continuing my education by reading your excellent blog. Your advice to find a mentor is spot-on, so I will be looking for a northeast ohio MH investor. Our local REIA groups seem to be fizzling, and the one meeting we tried to attend, we were the only ones that showed! The two Lonnie books I read talked a lot about deals and not much about details and how-to's: like, once I find a deal, what papers need to be completed; what assurance do I have that a MH can stay in the park, what roadblocks will I find at the BMV when I go to register a title, etc., etc.

I am ready to drive for dollars, though and thanks for the inspiration!

Post: Taxes, forms, paperwork

B RPosted
  • SFR Investor
  • Cleveland, OH
  • Posts 30
  • Votes 3

I am reading Lonnie's books and am very excited to get started with deals. A few questions:

Should I set up a separate LLC for mobile home investing/financing? I already have one for the SFH that we rent out.

The Scruggs books do not mention tax implications. Will there be sales tax every time these things are sold? Does the DMV collect the tax? How do I report the interest received from my notes? Any pertinent tax books you can recommend?

I have several sources of landlording forms online and in books: Pay Rent or Quit, Key Deposit forms, etc., are there some sources of MH investment forms?

Do you go to the DMV each time you sell a MH and do the title work? Does the buyer go along?

And finally (for now!), when you create a note, does it have to be recorded with the county, or is it private?

Thanks for any tips you can give!

Becky

Post: Section 8 taking too long--opt out?

B RPosted
  • SFR Investor
  • Cleveland, OH
  • Posts 30
  • Votes 3

I am not happy with the amount of time the Section 8 start up is going to take, and frankly do not think our sfh will pass after reading The Section 8 Bible, volumes 1 and 2. There is a leak in the basement with all this rain and we have a couple of tricky old windows.

I turned in the prospective tenants packet yesterday and will have to wait until after 7/8/09 for the inpection.

What's the easiest way to opt out of this? I haven't signed a lease or HAP agreement. What are the consequences? I have four other applications here that came in today along with money for credit checks and I would like to find the most qualified out of these.

I told the Section 8 tenant from the beginning that we had never been thru the HQS inspection and didn't know whether we'd pass, but she was willing to give it a try and really likes the house. Now I think we both wasted our time.

Am I being slimy? Help me out Mike.

Becky

Post: First City Inspection

B RPosted
  • SFR Investor
  • Cleveland, OH
  • Posts 30
  • Votes 3

Our For Rent sign drew a city inspector like a beacon. He charged us $100 and said he would be inspecting the outside of the property. He had been watching the house for over a year while it was foreclosed and abandoned by the bank. (it's in a suburb of Cleveland)

After spending mass quantities to update the HVAC and electrical, paint, throw in some used kitchen appliances, replace 3 windows and remove a 70ft oak tree, this idiot comes along to add thousands more. He says we need to repair the sidewalks, driveway, paint the aluminum siding, reseed the lawn and do something about the patch of mulch from the tree. I called and told him there was no way we could afford to do all that and he said to call back in August. Like I will have more money in August? Looking around at the neighborhood, which we also live in, there is cracked cement, messed up grass, and many ground out tree stumps that are no different from this rental.

I made the mulch into a landscape feature by digging up plants from around the yard and installing them there. My husband put down some grass seed in the bare spots. I'm sure we spent way too much time and effort, but I wanted to mollify the guy so he will show mercy.

What could we have done differently? The for rent sign, beacon though it was, has brought a lot of interest, so I would hate to have to rely only on the internet for our next property.

Becky

Post: Where to keep security deposits

B RPosted
  • SFR Investor
  • Cleveland, OH
  • Posts 30
  • Votes 3

I have read it's better to charge more than a month's rent as a deposit, to avoid "keep the deposit as my last month's rent" issue. I have waded thru Ohio's landlord/tenant law and haven't found the answer to how much I can charge as a deposit. Any comments or suggestions? Does anyone charge a separate "cleaning fee" or a higher deposit, and what has been your experience with it?

Post: How to keep the appliances?

B RPosted
  • SFR Investor
  • Cleveland, OH
  • Posts 30
  • Votes 3

Mike:

Thanks for your advice regarding NTN. Now my concern is what happens when the cheap stove/fridge breaks down? Does your lease state that the items are there only for the convenience of the tenant and you are not responsible for repairs? We are remodeling a foreclosed house which will look real nice when it's done, so new appliances would add to the appeal; however, I need to keep reminding myself that I am not the one who'll be living there. This is our first rental property, if you couldn't tell.

Thanks again,
Becky in OH

Post: screening!!!

B RPosted
  • SFR Investor
  • Cleveland, OH
  • Posts 30
  • Votes 3

Mike:

NTN has 2 options: NTN DecisionPoint and Criminal Reports, and a more advanced service with "credit history, criminal backgrounds and tenant performance reports, as well as certify employment and residency." Which one do you use?

Becky in Ohio