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All Forum Posts by: Account Closed

Account Closed has started 3 posts and replied 100 times.

Post: New REO - Not on MLS - Perfect Rental or Flip

Account ClosedPosted
  • Canton, OH
  • Posts 118
  • Votes 63

Interested, what is the purchase price?  Please send more info to [email protected]

Post: Publicly SHAMING an evicted former Tenant? Do it or not?

Account ClosedPosted
  • Canton, OH
  • Posts 118
  • Votes 63

I evicted a military person too, and took him to court.  I told my story and when it was time for him to tell him he said two words, "All true."  I was shocked as I expected some kind of sympathy act.  That should have been my first sign that I was screwed.  I won in court and started garnishment proceedings.  What I learned was I could not collect because the military will NOT garnish a military member, they are protected.  So no wonder why he was so smug in his confession.  I hope you don't run into the same problem I had collecting, it truly adds insult to injury.

With that being said, if you felt the need to post on this forum and ask whether you should do this or not, that means that in your conscience mind you know that shaming him is the wrong thing to do. 

1.  Don't lower yourself to his standards.

2.  If he sues you for defamation of character, I very much doubt the judge would be impressed by your actions.  Why compound the problem?

3.  Be thankful that you have only been taken once.  It goes with the territory.  

4.  I purchase everything used, but in nice condition for my rentals (except the roof).  That way if something gets destroyed, the impact is not as great.  I would leave the showpieces for flip houses. No one will appreciate the high end finishes as much as you do, unless they are buying them.

5.  Remember, anything you post on FB is permanent, whether you delete it or not.  

 I recommend you think of the medical arena and evaluate it this way.  When you get a deep cut, do you think picking at it is going to heal it?  What do we usually do in this situation?  We try to mend it with either stitches, medicine, or bandages, in an attempt to make it heal so it'll go away.  Picking at it and making it fester will only hurt you further and it could lead to scars.  Same goes for this situation.  I recommend you mend your wounds and move on. ;-)

Post: Looking for Advice from Experienced Landlords

Account ClosedPosted
  • Canton, OH
  • Posts 118
  • Votes 63

@Josh Stack Thank you very much, for everything!  I ordered the book! ;-)

Post: Rental Insurance Question

Account ClosedPosted
  • Canton, OH
  • Posts 118
  • Votes 63

I am in the process of attempting to purchase my first multi-family dwelling.  It is a triplex.  When I called my insurance company, State Farm, to check out insurance rates so I can run the numbers, I was told anything over a duplex they consider commercial.  

They quoted me a duplex price, and a tri-plex price and it was almost an $80 difference per month for the exact same insurance rates.  Grrrrr....My first reaction was what a crock of crap, but my second reaction was to wonder if this is an industry norm.  Does every insurance company classify 3 and above as commercial or just State Farm?  

Where do you have your insurance through and what are their guidelines on this?  Also, what numbers do you use to know whether you are adequately covered, but not over covered?  

Thank you for your time and help!

Post: Looking for Advice from Experienced Landlords

Account ClosedPosted
  • Canton, OH
  • Posts 118
  • Votes 63

Hi all,

I am seeking information on how to set up bank accounts for rental properties.  I have opened a separate account for my first rental property, but I'm not sure if I should open up a second account to deposit the Cap Exp, Maintenance, and vacancies savings for that rental or what is the best way to do this.  

My fear is the money will get spent if it is all in one general account; I want to do this right so when surprises happen, I am financially prepared.  

Also, do you open different accounts for each rental property you buy, or do you deposit it all in one account?  I imagine the fees could eat you alive with multiple accounts, but being I am totally new at this, I'm not sure what is the best method.

Thank you for your time, knowledge and advice in advance.  I also welcome connection requests.

Lisa

Post: Central Cleveland Duplex over 20% CAP

Account ClosedPosted
  • Canton, OH
  • Posts 118
  • Votes 63

Please send info a d any pics to [email protected]

Post: My First Flip! With Numbers and Photos!

Account ClosedPosted
  • Canton, OH
  • Posts 118
  • Votes 63

Great job.  Love the twinkly lights everywhere, and that bathroom floor is stunning.  I love looking at pics, I hope you get what you deserve out of it because I know how much work they are when you do the work yourself!  Isn't it a great feeling to list it?  I love driving by one we have rehabbed and knowing that we did that!  However, I'm getting old so my next one will involve a lot of professional contractors.  :-)

Post: SFR in Parma. A Area. 3bed/2bath. Cosmetic update required.

Account ClosedPosted
  • Canton, OH
  • Posts 118
  • Votes 63

What is a yearly debt service?

Post: OH/PA PORTFOLIO LENDER: 1-4 FAM AND COMMERCIAL INVESTMENT PROPS

Account ClosedPosted
  • Canton, OH
  • Posts 118
  • Votes 63

@jameszettelmeyer  please email me more info, I am in Canton amd would like to set up a time for hubby and I to come speak with you. [email protected]

Lisa Kovac

Post: Using business credit cards to fund buy and hold. Help?

Account ClosedPosted
  • Canton, OH
  • Posts 118
  • Votes 63

I have heard of this too, and I have heard varying results.  I would be concerned about what it would do to my credit by having multiple credit cards all at once.   Credit is so important in this business.

I will be interested to see what others say in response to your question.