All Forum Posts by: Jim Gordon

An executor or executrix is named in the will. When someone is intestate the state is the executor and all parties must abide by the decision of the state.

You can not have your Fedederal taxes wiped out by bankruptcy.

LeJon jawsette's idea is a violation of of the law in Ohio. You would be performing an act regulated by the State of Ohio.

Edith you owe the rent to your landlord per your lease agreement. Just because he fell behind on his payments is no reason for you not to live up to your legal agreement. Now with you not paying the rent he has had no income on the property to pay his mortgage. You are one of the reasons that he is in forclosure.
By the way you say that you can not bring your rent current because you no longer have the money. Why didn't you place the money in escrow with the court?
You might have helped save the property that you are living in if you had made your payments on time.

The lender can not just add escrow payments to the loan they have to live by the contract also. That said there are escalation clauses in the note. Keeping current on property taxes is one of the most common because the county can sell the property and the lender is left out in the cold.
If they are paying at the end of the month instead of at the first they are already running late in the eyes of the lender.
By the way there is no wrath involved just plain old sense. If the people are falling later on their payments and they can not pay the taxes on the property how much longer until they can not pay on the note.
If they are a OO they should try to get a loan mod to save the property. They can call the lender themselves. Beware of loan mod boiler rooms that charge an upfront fee.

Everlasting check your independant contractor contract with your broker. You may be fine with not taking a commission but your broker contract may call for a split on all your transactions.

What do your leases say about rent increases? When they due for renewal you can increase the monthly rental but be prepared for some vacancies. Work your numbers and see how much you will have to pass on to your tenants.

Congratulations on your "new" home. You will not run into anything until the property is on the historic registry or in a historic district. Then they only worry about what is done on the outside not the inside.

By the way when I went to paint the outside of a property that I own built in 1881 I found out if I wanted to change colors I had to submit a application with the PMS color number of the paint that I wanted to use.

To much work for me so I made subtle changes to the colors to make it more in keeping with the period.

Unless you want the prestge of owning a home on the registry keep it as it is and you wont have to jump through hoops every time you want to do something outside.

Andy there are some good properties out there and some that just bleed money.
My first question is if the current owner has identified the problem with his properties-- High vacancy and low average rent why is he not willing to correct the problem and make the quarter million a year off the property.

This is screaming remodel and repair.

People are not willing to rent the property at a below market rate for some reason so tread carfully as this could be a money pit.

If the tenants did not give written notice of move out they are still the occupants of the unit until the end of the lease. A Judge will not interpet that moving out is the same as giving a formal 30 day written notice.

Not legal advice just what I have seen in my area.