All Forum Posts by: Account Closed

Thank you for the response Bryan. I did a CMA and noticed how overpriced it was. The cleveland market has not doubled in 4 years.

Hello BiggerPockets!

I wanted to reach out for some help about a potential red flag.  I found a home in my target area (Ohio), it is just way overpriced.  It is priced at 157k and was recently bought in 2012 for 70k.  I contacted the Realtor and asked what improvements have been made, and if the current month-to-month tenants are able to move out by time of possession (I dont want to inherent tenants).  The Realtor said there have been no improvements and the owner will not "evict" the current tenants, the new owner will have to.  If a proper contract is in place, the owner should have the opportunity to not renew the monthly lease?  The Realtor said she would be happy to show any offer (If I did, it would be very low).  But is it worth to write an offer and state in an addedum that the property must be vacant of tenants and all possessions?  Or is it safer to stay away from a potential good deal because of the inherited tenants?

I appreciate any help!  Thanks.

Thank you all for the helpful feedback!

Hello,

I went to see a duplex in Cleveland ohio today and it was very nice. I spoke with the agent and she said the seller is having a little trouble with the downstairs tenant, but they will be moving out soon. I will be purchasing FHA so I will need to live in one side and can't rent out both. The upstairs unit is occupied.

Would anyone stay clear of this property because of the bad tenant possibly not moving out. I know you can write it in the contract to have them out, otherwise it is null and void.  

I would like the whole property vacant because I have tenants who would move into the other unit.

Any advice is helpful. Thank you!

Wow. Thank you both for the fast and very helpful responses!!  I will take a look at all of the guides.

Hello,

Does anyone know a good book/guide that breaks down the steps to take when renting to a tennant?  I'm looking for something that guides you from what documents need to be signed before handing over keys.  As well as, steps when qualifying a tennant.

Thank you for the advice everyone! I will be moving out there sometime in the next month, still not sure which city though.  You are right Mike, the duplex prices are quite a bit higher than in the suburbs of Cleveland.  My main goal was to buy a property and keep it for the long run as I would already have equity built up in the home already.  

Hello,

I am new investor but have been looking for deals for a couple months. My job is currently moving me out to Utah, from Cleveland, and I will be there for about a year.  My question is should I rent in Utah or buy a duplex and house hack the home?  I have a tough time paying rent to someone else. If I rent, I can pay cash for the year but it would leave me with little to invest if I wanted to purchase one back in Cleveland.