All Forum Posts by: John H.

I am "lawyered up" and I recommend anyone who is investing in such a risky business as real estate to have a lawyer on speed dial. I am amazed at how many landlords have rental property in their own name..... Looking through the tax rolls I am just utterly astonished... Some of them have been landlords for a very long time as well. I have often thought about researching how often they have been sued. I see many mistakes... things I would not do.

Anyway, I have spoken with my attorneys and each said to comply with the fire marshall's current wishes.... much better than fighting it. If I have to I'll empty out the building and have it torn down. Because like you said, I do not want the problems that would come along if someone got hurt in the building someway.

There was a huge fire in a local building a couple of years ago that killed several people, so the fire Marshall is more cautious... No one in that incidence went to jail.... that is rare in our state. I should have been doing the talking all along and not left it up to the PM. The fire Marshall is a fine Christian man who is simply concerned about the safety of the tenants.... I spoke with him and we worked out a plan.

He just wants the building to be safe, as do I... I was just concerned at first there was something else going on...

I talked to them myself and will comply with their wishes, they have the public's safety in mind. I am just looking forward to getting it done and ready to sell.

After all is said and done, it will be a very safe building to live in. Dealing with the bureaucrats is much better than dealing with lawsuits if something tragic were to happen.

If I can give any advice to anyone BEFORE they buy their first piece of real estate... it is to be friends with, married to, hire, or whatever, a competent attorney... one that you can speak with candidly.. Preferably a real estate attorney. I wish I would have spoken to mine before I came in here.... I basically was curious if anyone had any similar experiences, which no one has...

The next large building I have will be new construction. I am in the process of finding a location.... so once I sell the building I can start construction... At least I shouldn't have any significant problems for 15 or 20 years... enough time for the place to capitalize.... Old apartment buildings are not for me.. But I started young, I have the time to make mistakes.....

Wow, I have spent a lot of time in Portsmouth the past 2 or 3 years. My partner has several houses and tracts of land that he inherited several years ago... I have been up there salivating over what he could do with the places.. but noone ever listens to me, haha. If it wasn't such a drive for me, I would take them myself. Portsmouth is a nice town, something about it being so close to the river, etc. I actually have to go up there sometime soon and help mow grass. :( He had one place that I helped him rehab in Lucasville, it sold about 2 years ago.... Very nice area. You ever make it to Huntington?

I agree, I NEVER buy investment property in my own name.. it is just not good policy. When some paralegal is down at the courthouse looking to see if I own anything, nothing shows up... I don't want anyone knowing what I have and don't have. LLC's and other entity's are business tools, they do have their problems... but it is better than the alternatives.

I started to get interested in mobile homes after reading Lonnie's book... According to him, he advises not to pay over $5k for a mobile home to resell? Is this not the case anymore?

I've had an apt building for several years and am about burnt out on it as well.... Felt like i was constantly playing social worker before I hired a property manager.

But welcome to the forums David, you will learn a lot.

I have been interested in mobile home parks for quite some time.... maybe it is time to revisit the idea...

I agree and I have had much more success handling the situation myself in the past... however, I was out of town on business and they only gave a day's notice to come by (according to the PM) My attorney agrees not to play hardball... however, if they push it too far a lawsuit and injunction may be necessary, which I am willing to do if they become too aggressive and abuse their authority. I plan on selling the building after this "drama" has ended... Once I do I fully intend on filing multiple complaints on every person involved for limited access to due process.... but only after the situation subsides.

I truly believe they have abused their authority and caused me undo hardship. Other buildings in this county are not being held to the same standards as mine are even given the same circumstances. City officials need to be held accountable for their actions. Luckily this property has capitalized for me and I put all of the positive cash flow into paying down my mortgage... I was doing much better when I managed the building myself... however, I was being spread too thin as I grew. Now I am on the lookout for a property manager who actually knows what they are doing, which is a very difficult task. I guess I will continue to kiss all the arrogant bureaucrats' behinds until I sell.... Luckily it is the only property I have in this particular area.

I have a property manager for most of my properties now (which I highly recommend you work into your numbers before you invest) but I have done and do the open house method as well... I announce on my property listing website the time the open house will be.. I also have applications for them to fill out once they arrive. I do not waste my time calling them... Either they show up at the open house or they do not. The first qualified person with money gets the unit. I have had a lot of success using Craigs List to rent properties.. I have yet to use it to sell or flip, I will be working on that soon.

It is very true not to get an attitude with them... I never did, but I did challenge what they wanted me to do. My fear is that it will be a never ending list of demands.... It has taken entirely too long.... I am very upset over the whole thing... I have been on the PM's case and will be firing him when the dust settles if not before. The only problem is, he knows the situation in and out right now even though he is unacceptably slow.

I have learned several things from this entire ordeal... Apartment buildings are a different beast... I would much rather invest in single family homes, which I have done.