All Forum Posts by: Evan R.

@James Wise

What did I post. http://www.biggerpockets.com/forums/52/topics/97701-3-day-notice-in-ohio

Tenant accused me of finding a reason to evict them(im thinking yeah, no kidding). These people have BIG issues.

My area is very pro-landlord so judge didnt give that or anything else they rambled about much weight.

It scared me though, what if i would have posted something that could have been used against me and cost me an eviction?

I dont use my full name in my profile. Google can be a problem. I posted a question on Ohio eviction law and my tenant brought up my post at the hearing. I won the eviction so no harm no foul but decided I wouldnt be using my full name on here anymore.

@Alan Russell I have included financing costs somewhat. I have several properties that are free and clear. So if i pull money out of one to buy another I dont think its fair to pin all the closing costs on the new property.

You will not be able to write off 100% of all "repair costs". Different types of repairs have different depreciation schedules. For example carpeting/flooring has a shorter depreciation schedule than a new roof. And some repairs, like a new faucet, door knob, and painting can be expensed. Of course this all depends on how aggressive you WANT to be and how aggressive your accountant will LET you be:)

@Bill Jacobsen I would hope to have it ready to rent by April 1st. Money from refi on other property would come in around April 1st as well.

@Tim Hoffman , My definition of "A" is very little if any crime, no vandalism, people pay their bills, working class, little to no section 8 around, people mow their lawn etc...

Purchase SFR in Piqua Ohio, located in an "A" neighborhood. I am a buy and hold investor.

Purchase price: $23,000

Repairs: $22,000

Total Investment: $45,000

ARV:$68,000

Gross Rent: $750/month

Tax: $900/yr

Insurance: $500/yr

Repairs/Maint: $1250/yr

Vacancy Cost: $1350/yr (I used 15% but probably closer to 9%)

After all is said and done I will have free cash flow of $415 per month and mortgage of $235/month. I will have $180/month in my pocket. I will borrow 100% as I will cash out a free and clear property on a 30yr at 4.75% fixed.

I would like to hear your opinions...

@Chris Winterhalter My day job is working for a crane rental company. We put tower cranes on hotel projects, 4-10 stories, that are built with pre-fab metal panels. Doing a Hampton Inn in Columbus right now for Brackett Builders. You can check us out at www.jcrane.com .