All Forum Posts by: Josh Thomas

That's a great idea Arman about sending a letter via certified mail, thanks for your suggestion, I will try that.
We've already asked the Tenant and they don't have any CMHA contacts or a dedicated case manager. 
The problem asking the tenant to do anything is that I have a new property manager they are current with so far this year, so I don't have any leverage get them to go into the office or anything.

I'm writing to find out if anyone on here has had to deal with Cleveland's Housing Authority (CMHA) department where they 'took back' rent they already paid out?
In my case I had a property manager collect 2 years worth of rent from them (over $10k). Then I had that building transferred to a new property manger. Now my old property manager is telling me that CMHA took back all the rent they already collected and that they can not reach anyone from CMHA over the phone. I checked with my current PM and evidently that tenant doesn't have a case manager or anything, but they are receiving regular payments for the time it's been under their management. 
So I'm scratching my head what to do here, any ideas?

I'm in the same situation where I would like to make sure my LLC is set up with privacy, not only for being sued but also so that the city doesn't personally find me responsible for code violations.

Check out some of the asset protection webinars from Anderson Advisors. They give you just enough information to realize you probably need a professional to set them up.

If you search for WY LLC holding on here you'll find a bunch more info.

Hello BP, I have an old duplex in Cleveland with about 5 pages of code violations. This happened because I was evicting a tenant for non-payment and they called code enforcement. Some violations will be very pricey to resolve. For example:
- Each occupant shall have ready access to all fused breakers protecting the wires that supply that occupancy.
- Obtain electrical permit for unapproved work at electrical panels

The breakers are in the basement with no way for the second floor tenant to access them, without of course knocking on the door and asking the downstairs neighbor for access. The breakers were updated from the original without a permit so there is no ability to "grandfather" in the situation.

My question is what might happen if I never resolve this? I know it will be an issue if sell, but what if I never sell and just keep it as a rental? Will the inspector or the courts eventually come after me and press criminal charges? Couldn't I just move the building deed out of my personal name and into an a private Ohio LLC owned by a WY holding LLC and then be free of personal liability?

Does anyone have experience dealing with a similar situation? 

FYI Cleveland's lead paint policy has changed, you no longer need to pass one in order to evict a tenant. 

5% seems like a great rate to me. I suppose the answer depends on if you are still comfortable with the cash flow. 

I'm finding that traditional multifamily investment loan rates have skyrocketed and are steadily increasing by the day. In December last year I picked up multiple loans in Ohio at 4.25%, whereas my rate today is 5.95%. ARM and 15 year options aren't much better than the 30 year fixed. I have a feeling it will keep going higher for the long term based on fed speak.

I have 800+ score and finding that traditional multifamily investment loan rates have skyrocketed and are steadily increasing by the day. In December last year I picked up multiple loans in Ohio at 4.25%, whereas my rate today is 5.95%. ARM and 15 year options aren't much better than the 30 year fixed. So 6.3% isn't that far off, depending on your area.

Search for "google sheets loan payoff calculator template" to help you compare rates.

Need more info. What area? 

If buying, earlier is better so you can get the maximum pro-rated rent credited. Generally I like the 6th since in most leases rent is not 'late' until after the 5th. I've had a title company tell me they can't pro-rate rent that hasn't been collected yet.

If selling it would seem that the later in the month is better so less rent is debited.

@Imran Ahmed I was looking at a 54-unit apartment building in the middle of nowhere Texas. The building looked great and the numbers were off the charts after a year's worth of work to get it stabilized. I was a little hesitant since the town had population trending downwards, but before I had time to put an offer together it was already under contract. Guess I need to move faster next time.