All Forum Posts by: Lori Williams

Quote from @Joe Homs:

@Jenny Perron how much is the appreciation in Kentucky?  

Housing in Kentucky

The median home cost in Kentucky is $165,900. Home appreciation the last 10 years has been 51.7%. Home Appreciation in Kentucky is up 10.8%.

Housing in California

The median home cost in California is $684,800. Home appreciation the last 10 years has been 120.1%. Home Appreciation in California is up 18.8%.

I will stay here.

Good Investing...

 That makes sense if you are buying to resell.

If you are buying to hold and collect passive income, I get better monthly returns in OH. MUCH better than LA.

Quote from @Becca F.:

@Joe Homs

I'm guessing Kentucky and Ohio are landlord friendly? Sorry for my rambling lol

 I can't speak for KY, but OH is landlord friendly

My stepson buys in LA.

We buy in Youngstown, OH.

We bought and rehabbed 3 properties for 301k (out of pocket was 80k), our gross rents are 5k per month, our net rents are around 3k per month.

He bought a triplex for 1.2M, he had to put 240k down (almost as much as we paid total for our properties and rehab, and 3x the amount out of pocket), and his net rents were less than our 3k per mo.

For what he paid in CA, he could have purchased 4x the amount in Youngstown, and had a net monthly income of 12k (and his properties after rehab would have been a class B+ rather than a class C- like his are in CA)

CA may be better if one wants to flip, for sure. But if you want buy and hold and long term income, OH can absolutely blow CA away. So it depends on what type of investing ppl want to do.

Argh, did you get one of my previous tenants? :)

My lease says guests cannot stay more than 7 consecutive days or more than 14 days per year. And that if they move someone in, they are not considered a tenant. And only the people named on the lease can live in the house.

I don't know what it is with these women that they'd even date someone who couldn't pass a background check or credit check, but they do. However, if they can't pass an application process, they aren't the kind of person I want in my property. Also, chances are real good they are unemployed (or unattachable), so if they cause damage, they aren't going to pay for it.

The last one was there 30 days with a smart*** unemployed bf who thought he had the standing to tell me what to do and sent my plumber away when he only had about 30 min more of work to do, cost me an additional svc call. That night I told her the situation wasn't working for me and she needed to leave. And she did.

The current tenant has her bf, ex husband, or something living there, and I'm not happy. The application absolutely says all adults living in the home must submit an application, and no one can live there but those listed on the lease. The only reason I'm not giving her the boot, tbh, is I raised the rent 300.00 between the last and the current, I don't really want to look for a tenant at this time of year in OH, and she's paying 3 mortgages with her rent. So I act like I don't know, and as long as they are taking care of the place and don't give me any grief, I'm looking the other way for now. But that's out of sheer fiscal necessity atm.

On another note, she wants to rent one of my other properties that's larger, and I'm not renting it to her because I don't trust her. 

Make sure your lease lists the number of consecutive an annual days they can have overnight guests (daytime is none of your business unless they are causing disturbances in the neighborhood or damaging the property), make sure it lists the individuals permitted to live there, etc.

On this renter, you can tell her you know he's staying there, he's not on the lease, and him living there is a violation of the lease. Depending on what your lease actually says, this may or may not work in getting her out or at least getting him out.

Quote from @Michael Zack:

When someone responds to a rental ad and asks if section 8 is accepted, what's the best way to say no to avoid discrimination?

 One of the easiest ways is to price your rental out of the range of section 8 (though they will still ask and either try to negotiate it down OR try to get a lease knowing full well they cannot pay the difference between section 8 and the retail rent)

In Ohio, I basically tell them we are not approved for Section 8, but are open to it. The truth is I always get multiple applicants who are better qualified, so I haven't actually had to turn anyone down. I let them fill out an application, and I select the most qualified applicant.

Quote from @Genny Li:

I can’t even imagine the horrors that are being done to intact historic homes to bring them into Section 8 compliance in MA in a financially sane way. Peeing paint on the exterior of a second story window. Sure, if the home has no integrity, just have all the original trim ripped off and cover it with vinyl. But if it does....  It makes me sick. I’ve seen enough mangled cornices in Baltimore’s brick row houses. That would be 10000x worse to be forced to do it to any house. 

:((((((

I work strictly with historical homes (except for one). I refuse to do anything with my properties that gets the gov't involved at all. That way I can fix what I need to, and leave as much original as possible. It's not up to anyone who isn't paying my bills to decide what I can or cannot or must do to my property.

You're taking a big (and often fun) step. Congratulations :)

First, never tell people in a public post how much you have to spend. And there are some nefarious actors (and a lot of good people, but the nefarious ones make it risky)

I invest in Youngstown, and don't know Canton well. But you need to know the area you're investing in fairly well or have a partner who does. You should look for an area that is appreciating well. One that is revitalizing steadily can be a good bet. And of course, it should be in an area that people want to live in.

Then you have to decide if you are going to rent Section 8, average renters or higher end renters.

If you have any questions about whatever, feel free to message me.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $40,000
Cash invested: $80,000

Historical duplex, 3050 sq ft, each unit 1500 sq ft, 2 bdrm, 1 bath, K, DR, LR, dedicated Office. Rent 1200.00 per unit.

Pic shows freshly painted front doors, and a peek of the 15 Japanese box hedges and 7 red rose bushes just planted. Still some more work to do!

How did you find this deal and how did you negotiate it?

MLS, realtor

How did you finance this deal?

cash, private loan

How did you add value to the deal?

High end ceiling to floor rehab

Lessons learned? Challenges?

Old houses are an adventure that requires extra funding for the unknown issues that aren't seen until the work begins

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $78,000
Cash invested: $60,000

SFH, ranch, 4 bdrms, 1.5 baths, rents for 1850.00/mo

How did you find this deal and how did you negotiate it?

MLS, agent

How did you finance this deal?

20% down and financed, then refinanced

How did you add value to the deal?

Roof to floor rehab

Investment Info:

Single-family residence buy & hold investment in Garden City.

Purchase price: $23,000
Cash invested: $60,000

SFH, 3 bdrm, 1 bath

How did you find this deal and how did you negotiate it?

MLS, realtor

How did you finance this deal?

Cash, refi

How did you add value to the deal?

Roof to floor rehab