All Forum Posts by: Nick Bandiera

Hi, 

Has anyone had good experience with a Property Management company in Cleveland? Would love recommendations. 

Thanks, 

Greetings,

I've recently purchased my first duplex in Cleveland. While doing some work, my handyman unexpectedly stepped through the basement floor near a floor drain. Following this, I sought the expertise of a basement/drain specialist.

Findings:

1. They utilized cameras and detected obstructions at two locations: one in the basement and another in the driveway.
2. Their diagnosis suggests a broken clay tile pipe and have quoted an estimate of $11,000 for excavation and repair.

Concerns:

1. Unfortunately, they did not provide any video footage of their findings. I later learned that this had to be requested beforehand - a lesson learned for me.
2. Their availability is limited, with the next slot open a month away.
3. I have reservations about their reliability, especially after going through their less-than-stellar Yelp reviews.

I also consulted with an attorney regarding this. There was subtle language in the initial inspection report hinting at the need for a camera inspection upon closing (Rookie mistake). While it seems a legal recourse might not be viable, I'm hopeful that insurance might come into play.

I am reaching out to this community for advice or recommendations on someone who can schedule this work sooner. This is new territory for me, and any insights or referrals would be of immense help.

Thank you

Thanks,

Can we both have our own LLC and the property is deeded to both LLCs?

Hey all! 

My brother-in-law and I just locked down a duplex under contract and plan on closing at the end of the month. This will be his 4th property and my 1st! 

Before I spend money with an attorney, I was curious what my options are. He has an LLC and I do not. We secured the deal using a conventional loan in which we both want to be 50/50 equity partners. Here are the questions that I am trying to figure out.

1. Is it possible to have a JV agreement between his LLC and me as an individual for this property?

2. Should I open an LLC so we have both LLCs on the JV agreement? Can I do this without an attorney?

3. If we both have LLCs that we want on this property, is that allowed given that we are using a conventional loan for this deal? 

Thanks for the help, I am also looking for an attorney that works with investors but before I spend money on asking the above questions, I was hoping to get help from the forum. I read the new Real estate rookie partnerships book twice but still a little vague on how to handle this sitution. 

Nick

I am looking at a property that had property tax annually in 2022 at $702 when the property was bought for $63,000. It is being fixed and flipped and going for $210,000 now. How do I determine what the property tax will be?

My partner and I are looking at a triplex, we have an inspection report, we found cracks in the foundation in the report and need to know how severe this will be and what the cost would look like. We are working with a GC to quote us the TLC work needed from the report but want to make sure that structurally we don't have anything to be alarmed with. 

I am the owner of a condo located in downtown Columbus. My intention is to put it up for mid-term rentals (short term is not allowed), and I've heard that opting for corporate or executive housing can be a more lucrative approach for achieving better returns. Columbus has numerous corporate headquarters and is building an Intel. Given this, I'm seeking guidance on the most suitable platforms for listing my fully furnished property for mid term such as travel nurses or corporate housing. Any recommendations on platforms that specialize in assisting investors like myself, who are interested in offering their properties for corporate housing, would be greatly appreciated. Furthermore, I'd love any advice regarding pursuing this strategy effectively.

 The property is going for $309,000. This isn't a big deal but it would be my first deal. 

Hello everyone,

I have a friend who recently purchased a house in the Columbus area but is now looking to sell his condo located 15 miles north of his new residence. Due to his job and having a newborn baby, he is not interested in renting out the property and is facing difficulties in selling it. I am considering the possibility of assuming his loan, especially since it currently carries a low-interest rate of 2.8%. The condo's mortgage is also quite affordable, and similar units in his building are renting for much higher prices, indicating a potential positive cash flow. However, I would be a long-distance investor and not the primary resident. Fortunately, I have a partner who could step in as the primary resident, and we are thinking of going 50/50 on this venture.

I am seeking advice on whether this would be a feasible and advisable option. Any guidance or suggestions would be greatly appreciated.

Thank you all for your input.

 Really helpful and honest feedback Don. This all struck a nerve in terms of how I am thinking about a partnership ha.