All Forum Posts by: Tom Lipps

Thanks everyone for the feedback!

Hi BP!,

I'm buying my first duplex and am learning a lot as I go (despite all my prior research)! This particular property is a Short Sale in Cincinnati, OH and has about $2k (1 years' worth) of past due taxes on it.

My contract with the Seller reads, "At closing, Seller shall pay or credit on the purchase price (a.) all real estate taxes and essments, including penalties and interest, which became due and payable prior to closing...."

Seems pretty black and white to me that the Seller has to pay for these past due taxes... but any advice to ensure the seller follows through? Is this something I should be worried about? Or is it standard procedure and something that will be handled at closing?

On a simliar note, the current owner is MIA as far as I can tell, which has made the Short Sale drag on for some time... The current tenants did pay her a Security Deposit of $600 and last month's rent of $600.  Again my questions is, should I be concerned about the current landloard transferring these funds to me? If so, any advice that will help me ensure she transfers me these funds?

Can't thank you all enough for the feedback. It's helped me sleep much better at night!

Regards,

- Tom

 You guys are amazing! Thank you again for all the advice. Per David's comment, I decided I'd call around and it turns out David is correct. The Hamilton County Auditor has it as a Mult-Family, BUT the Zoning department had it listed as "Residential."  I was disheartened to hear this, but then she told me it has a "Nonconforming Card" which allows it to be used as a Multifamily.  This "Nonconforming Card" was approved in October of 1953 and allows the property to be used as a multi-family. She told me it would grandfathered in to my purchase.  I'm learning a lot on my first rental purchase!  :-)

 Well, I guess you never know!  :-)  

 Conventional loan, 25% down.

Hi BP Community!

Can't thank you all enough. I'm in the process of buying my first Duplex in Cincinnati, OH and I've had many questions and the BP community has already proven invaluable for helping me make smart decisions for my first purchase!

I'm married but all the loan approvals and everything  in general has been in my name only. My original plan was to have the house in my name only. Not that I'm worried about  divorce down the road or anything like that.

Any advice on the Pros and Cons of having your spouse on the deed vs only you signing?

Thanks everyone for the advice! Believe it or not, the Hamilton County Auditory website has ALREADY BEEN UPDATED to reflect s "Multi Family Dwelling"!  I'm absolutely dumbfounded that it was that easy to change (again, almost seems too good to be true). I'm moving forward with the deal. Thanks again!

 Hi Paul. It's in the Cheviot area (zip code 45211). I called the Hamilton County Auditor today, explained to them the situation, and they agreed to change it. This sounds too good to be true though... I'm not sure how comfortable I feel moving forward on the deal with only a verbal commitment. I'm going to call again tomorrow and ask for an email or to let me know when the change will be reflected on their website.

Thanks for the response. I don't see a "Feasibility Study" clause in the contract. But I do believe they listed the property zoning as multi family.

HI BP!

I have a duplex short sale in Cincinnati, OH that I've been working on buying for nearly 5 months now. At this point the contract is FINALLY signed and my Lender is about to do the appraisal. (I've already done my inspection). Things have been looking really good, and the end seemed to be near! (this is my first investment property).

However, today my lender informed me this "Duplex" is zoned as Single Family.

If I can't legally rent out both units, the deal's numbers no longer make sense and I would need to back out.

I'm not very familiar with zoning laws.. If this is zoned as a Single Family, do I have the ability to get it re-zoned to a Duplex? If so, do you know what steps I need to take to do so?

Thanks for any help!

 - Tom