All Forum Posts by: Gregory Wilson

The market is all messed up. The hype continues while the marketplace has cooled. Hence, the spectators think prices are going up when the flippers know they are going down.

Information disconnect.

With Cincinnati being the 15th highest foreclosure city in the US, perhaps the court system is the place to look. By the time a seller gets to a foreclosure sale he has had his realty check.

+ 1 for mechanics lien. You only have 60 days from the last day of work. If you are beyond that, see if the owner will let you in to adjust the system. That will restart the 60 days.

Mike's office is 90 feet from my front door. Great guy.

$3000 is completely reasonable. But, your first mistake is putting all those properties in your personal name. If something horrible happens (like your handy man who you have given the keys to all the properties rapes your female tenant (you didn't know he just got out of prison for rape) (no insurance coverage for you by the way because intentional torts are uninsurable) you will lose everything you own. Or, when the lawn boy goes to get lawnmower gas in his uninsured car and wrecks into someone on your business. Also no insurance.

Finally, the IRS Audit likelihood for a 1040 with 6 Schedule E properties is about 10 times as likely as a 1065 (with your spouse) or an S-Corp.

Then you can get a single K-1 and do your own tax with Turbo Tax.

Quote from @Michael Klinger:

Thanks. Yes, all of mine are in LLCs, and I was aware of that limitation. Hopefully you pointing it out, will help someone else reading this thread some day.

Of the three you listed, one of them was involved in my evictions, back when I still had management companies and I was not thrilled with communication. But I will check out the other two names.

Yea, this is always a problem with evictions. Same with divorce. If you are doing an eviction for $150 + filing fee, how many calls can you take and still make it worthwhile? One or less. I did an eviction docket decades ago and when you file a case the tenant calls screaming bloody murder and then she calls the owner. Then she calls the manager. Then she threatens to burn the place down. Then you get a call from Pro Seniors or Housing Opportunities Made Equal. All of those people call you about the case. Then your client's manager calls to ask you to reschedule because her daughter has soccer practice.

So you don't respond to the phone at all.

Best practice: Send over the application and lease, the 3 day notice, bullet points on how it was served, the other unpaid rent for the second count, a check for the fee and ask when to be in court.

If you have something substantive to talk to an eviction lawyer about you probably have already lost. Offer to pay the tenant $200 to be out by midnight tomorrow and never be seen again.

I think the analyses above are correct on getting these little properties to cash flow. It just can't be done today. And, speculation in the Cincinnati market is not a great idea since we have not YET experienced any serious rollback of prices and the market is becoming saturated with apartment newly available.

I think you have to get into the larger properties (16+) to find the B class properties with positive cash flow and those are typically hidden by pocket listings. So boots on the ground helps a lot. 

Quote looks ok to me.

There are three or four lawyers in Hamilton County that have a regular eviction docket. Only choose one of them. If your attorney makes a special trip just to do your case and sits and waits while the regular guys get first hearings you will pay through the nose.

Dave Donnett

Mike Haas

Forest Heis

PS: Hamilton County strictly enforces the rule that if the property is in an LLC or the eviction is brought in the name of a management company, a lwyer must appear. If the property is in your name, you can show up and ask the seven (not six or eight) eviction questions and out they go.

I would start with student housing in Oxford. I think the dorm rate at Miami is about $10,000/ year double occupancy. That means you are competing against a $20,000/ apt that is what 300 sq ft?

Quote from @Amy Denzler:

Hi there Bigger Pockets, I am looking for a recommendation for a real estate attorney in Ohio. Any recommendations would be much appreciated! Thank you!

Amy, for this matter (the deceased seller I assume) you need a Cincinnati lawyer with both real estate and some probate skills. I think that would be Mike Fletcher at Griffen Fletcher and Herndon.