All Forum Posts by: Kevin Cenna

OH Attorney General has been targeting wholesalers in OH. $x0,000's in fines. Google is also your friend on this one :)

@Chris Eaker  Judging by your question that the investor pay for a 20% downpayment, I'm going to guess you are new to MF.  If you are asking these other groups to invest in you & your deal when you are a newbie, you should expect to use the first deal as a "prove it" deal & get a lower % of the split.  I would second Nick's suggestion that it be an 80/20 split (you get the 20) because you are new to MF.

I would suggest reading as many books about MF as possible - The ABC's of MF investing by Ken McElroy, Complete Guide to Apartment Buildings by Wiley - and listening to podcasts.  Joe Fairless and Michael Blank are great MF resources with a ton of knowledge.  

If you haven't already, listen to Michaels Blank's episode 16 to understand how the banks will look at you the investor and the criteria they use to determine if they will lend.  His guest Charles Wentworth talks about lending 70% and needing personal assurance from the lead investor, who is on your team with MF experience, etc.

Michael Blank's deal syndication analyzer also helps crunch the numbers so you can see all the splits, relevant metrics, etc.

Happy investing!

David, Based on all the info you shared, why not send a certified letter that states the facts? She hasn't paid per the lease, is past due, you are within your rights to evict, you will begin the process immediately. No need to call and wonder what you will say, just state the facts in a letter and cover yourself. It's your business and you need to run it like a business.

Thank you Sue!

@Larry Watson, @Justin R., @Account Closed, @Brian Wojcik  Thank you all for your advice.  The situation apparently isn't as cut & dried as I was led to believe initially and there's a good chance my friend will follow up with a lawyer.

As of today, the landlord did provide a refund of approximately 75% of the security deposit, but it didn't arrive until 22 days after the move-out date.  They provided an itemized list of deductions, but they are possibly bogus charges.  Also the date that Day 1 & the subsequent 21 day window are somewhat in question.  What isn't in question is that my friend requested in writing (and was denied) a pre-move out walk through.  

There were some other shady things that happened that aren't worth getting into that might lead to legal action.

Thank you to everyone that weighed in on this topic.  It was very encouraging to see that the BP community weighs in on both (all?) sides of RE education.  Yet another reason BP is a great resource!

Thank you for the feedback everyone.  I've passed along the collective advice to my friend.  

I'll send an update once this gets resolved.

Hi all,

A friend of mine moved out of their apartment in the San Diego area and moved into another apartment across town.  The landlord was given plenty of prior notice (over 30 days early).  The unit was already in good condition and my friend spent a full day cleaning & then took pictures of the unit prior to move-out.  

They requested the landlord do a walk-through of the unit prior to turning over the keys and was denied.  They then started receiving notice of (IMO) unusual feedback - that the security deposit would not be refunded in full because there was dust on top of the washer - stuff that just doesn't sound legit.  Now, despite several requests to have the deposit returned, they have received neither a refund nor an itemized list of expenses.  Tomorrow will be 22 days from move-out and the landlord has become non-responsive and there is no expectation that the landlord will suddenly become responsive or return the deposit.  

Does anyone have a recommendation for A) how to handle the landlord, or B) legal representation that specializes in tenant's rights?

Thanks in advance!

Kevin

@Maua A. Getting to Yes is the best place to start (also available on Audible).  Two others that I've found helpful are Negotiation Genius by Deepak Malhotra and Bargaining for Advantage by G. Richard Shell.

Lots of good suggestions here. Don't forget to check social media too. It's incredible what people will post & she may do something like post her new location. It's a long shot though....

Welcome @John Ashworth !  

As many of the respondents on this thread are from CLE, I figured I would pay it forward a bit.  I moved from CLE about 3 years ago and hired a handyman / contractor to help fix up my house before selling it.  He did such a good job on our kitchen & 2 baths that my MIL & SIL both hired him to do their kitchen, laundry & 2 baths.  My dad then hired him to finish the basement w/ carpet, drop ceiling, build a bathroom (plumbing rough-in was existing) and bedroom.  Great work, fair price.  All the work was on the east side.

So if anyone's looking for a contractor/handyman in the CLE area, PM me for contact info.

Cheers!

Kevin Cenna