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All Forum Posts by: Marc Ramsay

Marc Ramsay has started 28 posts and replied 281 times.

Post: How to find the bank contact for a Foreclosure

Marc Ramsay
Pro Member
Posted
  • Investor
  • Ojochal, Costa Rica
  • Posts 287
  • Votes 164

@Barrett Boone  I never got anywhere with it. After a few phone calls and no one wanting to talk to me, I gave up. Sorry...

Post: "What If" Section 8 Were No More

Marc Ramsay
Pro Member
Posted
  • Investor
  • Ojochal, Costa Rica
  • Posts 287
  • Votes 164

We had a recent annual inspection for an existing tenant (ie. the unit has been inspected several times in the past) and there were a few issues which we resolved quickly. One issue noted by the inspector was there was no drain pipe on the pressure relief vale on the small hot water tank under the kitchen sink. When we corrected the other issues we looked at the HW tank and the pipe was there; it just went up over the tank and into the drainage pipes behind the tank, instead of down the side of the tank which is more common. The catch here is that you actually have to bend over to see it.

Then the re-inspection date comes and we get another fail because the drain pipe on the pressure relief valve on the HW tank is apparently missing. Yes, same inspector. Apparently can't be bothered to crouch down and look at it. 2 failed inspections means the tenant loses their voucher, so after several emails, submitted photos, unanswered phone calls, and a lot of pestering, they agree to do another inspection and low and behold, the pipe is there! And it's been there for at least 10 years. I even had to fight to get the rent money they abated after the 2nd failed inspection even though t was obviously their fault.

Gotta love lazy, incompetent people....

Post: Section 8

Marc Ramsay
Pro Member
Posted
  • Investor
  • Ojochal, Costa Rica
  • Posts 287
  • Votes 164

Hi Edward;

Do a quick search on 'Section 8' in the forum and you'll see there are a bunch of past threads that deal with this question extensively. You will probably find what you're looking for really quickly.

I'm pro-S8 myself, but it's not without its issues. Also, S8 is managed at the county or sometimes state level, and they all have their individual rules and quirks. I deal with Cuyahoga County (CMHA) and they are currenlty really slow at getting rent offers out, so you end up holding the unit longer, unrented, than you probably would with a cash tenant.

Good luck!

Marc

Post: "What If" Section 8 Were No More

Marc Ramsay
Pro Member
Posted
  • Investor
  • Ojochal, Costa Rica
  • Posts 287
  • Votes 164

A quick example of when Section 8 inspections get STUPID! Have a look at the following screenshot of the inspection report. 

The outlet that the inspector failed us on was 6" from the ceiling in the laundry room! I didn't even know it was there! You can't even reach it without a ladder. It seems like the inspectors have to find something to justify their jobs sometimes.

I've vented now. Thank you for listening. :)

Post: Tenant Applicants say the dumbest things

Marc Ramsay
Pro Member
Posted
  • Investor
  • Ojochal, Costa Rica
  • Posts 287
  • Votes 164

A couple of days ago we received a call from a lady with a S8 voucher that sounded great but was hesitant to do a background check... once we coaxed the reason out of her, in an effort to save her and ourselves a trip and the background fee, she told us all about her recent eviction and felony drug charges from the 1990's until about 5 years ago. She swears up and down after telling us all this that she is a changed person... sorry, but after the first felony drug offense, it took another 15 years for it to sink in that you need to change your lifestyle?

Another younger girl called today and was so excited that she had a part time job and made between $900 - $1000/month. She didn't understand why we thought she may be over-extending her "affordability" by wanting a two bedroom at $625/month..

Post: Looking to connect with Cleveland area wholesalers

Marc Ramsay
Pro Member
Posted
  • Investor
  • Ojochal, Costa Rica
  • Posts 287
  • Votes 164

Here's a call out to all you wholeslers in the Cleveland, OH market. I'm in town for a few days and want to connect with you and see what you have on the go.

Thanks,

Marc

Post: 2014 real estate summit location

Marc Ramsay
Pro Member
Posted
  • Investor
  • Ojochal, Costa Rica
  • Posts 287
  • Votes 164

How about the beautiful Pacific Northwest? I'd be all over that!

Post: Tenant Applicants say the dumbest things

Marc Ramsay
Pro Member
Posted
  • Investor
  • Ojochal, Costa Rica
  • Posts 287
  • Votes 164

@Jason C. Having been on the receiving end of that issue I have a few ideas... :)

Post: "What If" Section 8 Were No More

Marc Ramsay
Pro Member
Posted
  • Investor
  • Ojochal, Costa Rica
  • Posts 287
  • Votes 164

I have found myself accepting more Section 8 vouchers lately as I'm finding them more financially stable than my cash tenants. It seems like a bit of an oxymoron, however, when a tenant is on the S8 program, if they lose their job their income decreases and their assistance increases. When my cash tenants lose their job they stop paying the rent and I end up having to evict. That and the S8 tenants have to follow a lot of rules in order to retain their voucher so they tend to be better tenants in some ways.

The only issue I have is the length of time it takes to get them into the units with the inspections, rent offers, then finally occupancy. I've had it take 6 to 8 weeks when things slow down at the local S8 office.

Post: Cleveland, OH (Gar?eld Heights Area)

Marc Ramsay
Pro Member
Posted
  • Investor
  • Ojochal, Costa Rica
  • Posts 287
  • Votes 164

@Kiran R. You may want to check out this discussion as well: Is garfield heights cleveland ohio a good market for rental properties