All Forum Posts by: James Bonsall

I have a 10 unit building in Cincinnati, OH under contract for 244,000, with the seller assuming 20% of the financing interest only (at 6%) for one year.  My business partner and I want to find a bank or credit union that will lend counting the 20% seller financing component as the down payment. 

Any advice for how to go about this? 

(My partner has a note receivable that will come due early next year and I have an inheritance that will appear next year, which is why we want to wait a year to pay the 20%). 

Welcome, Robert!  I hope you get into real estate investing yourself as a way to build wealth and deliver first-hand experience to your investor clients! 

I only buy properties with inherited tenants for simplicity sake, but I am reconsidering that route after having to evict somebody because the previous owner didn't screen and I stopped getting rent. (She had a precious eviction on her record.) If you do choose to evict, it's better to do it now than later. Best of luck!

Good luck, John! I am from Louisville but live in Cincinnati now with 12 units and 3 more under contract in that area. My wife and I will be investing in Louisville in 3-5 years so I look forward to hearing how you do.

I would listen to the Bigger Pockets podcast episode 109. It has some good conversations about Series LLCs. www.biggerpockets.com/show109 Good luck!

Jared, are you still planning on moving to Atlanta?  I remember hearing it on the bigger pockets podcast you did.  

Thank you everybody for the information!  I did end up contacting an eviction attorney and found a good one on the cheap.  Even though I filed the suit myself, my attorney was able to bail me out without the court noticing.  Next time though, I'll make sure everything goes through right by having the lawyer on the front end.

Thanks again!  

I agree with everything here.  You should be able to get a good idea seeing the common areas and a vacant unit or two.  Then, if the rest are really bad you can get out on the inspection period where you absolutely should be looking at every unit. 

Welcome to Real Estate Investing! I have a 12 unit building in Norwood but am craving additional multi-family deals. Anybody wholesaling in Cincinnati area please add me to your buyers list. Thanks! James Bonsall Co-owner, AJMB Properties City Council Member, Norwood, Ohio

Can I represent my LLC when evicting a resident in Hamilton County, Ohio? Thanks for your help.