All Forum Posts by: Laurence K.

The following scenario is hypothetical.

Let's say a property was for sale for 50k and there was 5k owing in property taxes.

Can I just give the seller 45k at closing and make a payment plan with the county for the back taxes? Or do taxes have to be settled up to transfer title ?

If there was a mortgage involved could it be taken over "Subject to" ? Or do mortgage payments always escrow taxes and insurance.

If they're escrowed then I'd assume delinquent taxes also means delinquent mortgage ? Yes/No ?

Sorry if this sounds like a dumb question but I'm from out of country (Australia). Just looking for possible ways to buy in with the least amount of money down.

I'm an out of country landlord from Australia. I bought a property in Cleveland, Ohio on a turnkey basis, my offer was on the condition that the property was tenanted upon purchase.

The seller and his p/m placed a section 8 tenant in the house, I then signed the purchase docs and took title. I then signed an agency agreement with the property manager.

The property manager was holding the security deposit.

Fast forward several years and I received notification that the property management company was closing down. I immediately requested that the tenants security deposit be transferred to me. Despite numerous requests this was never done.

I have filed a complaint with the department of commerce against

1. The principal of the p/m company. The dept. advised that they will not be taking any further action against her, she never renewed her license.

2. The property manager that I had all my dealings with. The dept. advised that they are investigating him.

Since this happened I have been managing this property myself.

My question is , if and when this tenant moves out. What should happen regarding the refund of her security deposit ? Should I just accept it as part of the cost of doing business ?

I get the impression he's concerned that you're not taking the proper actions to mitigate the risk on the property. If you've bought with little or no money down, then he's the one who would lose if the pipes all froze and you walked away.

Maybe he understands the local conditions better than you do.

I use All County NEO, I've been with them now for about 18 months and am very happy with them.

I'd be interested to hear about your investment in Akron.

I use it for just one tenant at the moment and find it works great for me as an out of country landlord.

The most recent payment took nearly a week to come through their system but still hasn't hit my bank yet. I just figured it was some sort of bank to bank glitch, which it obviously is.

I'm born and bred in Australia, lived here for 56 years, and you've just taught me something new. 

Hmm, that's a tricky one. I really don't have any good advice for it.

I have a 7 plex and pay all utilities so it's not an issue for me.

Hopefully some of the more seasoned landlords will have some great ideas.

Yes, I agree about the scumbag part.

Modifying a property without permission is not allowed.

Let me tell you my experience with subletting.

I had a tenant, a 25 yo single male who was approved to rent out one of my apartments in Akron, Ohio. He was a good tenant who always paid his rent on time and never caused any problems. After 6 months into a 12 month lease he asked my p/m about the possibility of breaking his lease because he had to move back to Masachusetts, he was informed that if he had the property in  rent ready condition and allowed showings that once a qualified tenant was chosen to replace him that he would only be charged rent until the new tenants moved in and that he would get back his security deposit. Quite fair on my behalf I thought.

In his infinite wisdom instead of accepting my offer he decided to sublet, he didn't perform any background checks, credit checks or have any form of lease signed, in fact he did not even properly identify them. Needless to say they never paid him any rent, he covered it up the first month by paying rent himself, then when they never paid the second month he came clean to my p/m and admitted what he did. In the meantime the squatters had the locks changed and wont respond to any notices posted on the door. Then I had to start the eviction process against my original tenant, it has now just finished in court and the eviction has been granted, just waiting till Tuseday for the bailiff to throw their belongings onto the sidewalk. Luckily I have security cameras installed so I can keep a new he only on thing, unfortunately it looks like they're dealing drugs.

I put a 10 (soon to be 11) camera system in my multifamily property in Akron, Ohio.

I live in Australia so it's great for keeping an eye on things.

I covered all exits and common areas including the car park.

I bought it online from Security Camera Warehouse and installed it myself. Works great.

Hmmm, try the Hells Angels eviction department.