All Forum Posts by: Leon D.

Is this a joke?

@Andre Smith my first reaction would be to forget about the townhomes: the units themselves are too small, and there's the HOA to consider, which can (and will!) raise dues on you in addition to whatever by-law nonsense the board will see fit to impose.

Regarding the the first two: drop the HUD property. No need to deal with the HUD inspections if you can help it, and why buy a place that has a driveway (or any other known) problem? Since they're both good size, consider the "around the corner" place, though.

The last pair could be the way to go: old investor, looking to unload, means potentially good prices. Also, you'd have tenants in place, a bonus you shouldn't underestimate. The long leases are a mixed bag, since you don't have to find people for a while, but you have to eat the below market rent for longer than the standard year (you could get some of that back with the right purchase price though).

So, my two cents: the better of pair one, ignore all of two, take a good look at three.

Good luck.

You can certainly ask for POF before releasing any details, if nothing else by putting that in the marketing material you get rid of the dilettantes and lurkers (nothing wrong with that!). But even if they do give you a POF and seem to be serious buyers, that isn't necessarily going to stop them from wandering around the property... The POF just means that fewer people will do it.

My experience has been, a refi isn't realistic any sooner than six months from purchase, and a year is more likely. As for the amount you'd be able to pull out, you answered your own question.

@Chris M. You're logic is just a sliperay slope:  the widow gets a place but not the divorcee? The Korean immigrant does just because Korea and the US are allies? What if my grandfather served? Or my sister? You open yourself up to a million arguments and blurred lines, which will get you into trouble because they're all discretionary, and without a brightline rule to follow ("no shirts no shoes no service" applies to everyone equally, for example), your exposure can become great. 

In Ohio, the practice would get the landlord in trouble: 

"Ohio Revised Code

4112.02 Unlawful discriminatory practices.

It shall be an unlawful discriminatory practice:

[...]

(H) For any person to do any of the following:

(1) Refuse to sell, transfer, assign, rent, lease, sublease, or finance housing accommodations, refuse to negotiate for the sale or rental of housing accommodations, or otherwise deny or make unavailable housing accommodations because of race, color, religion, sex, military status, familial status, ancestry, disability, or national origin;"

Also New York Executive Law prohibits housing discrimination based on military status.

Again, occupation or military status may not be a Federally protected class, but that doesn't mean on the state level you won't run into problems. In short, it's generally bad policy to actively exclude tenants based solely on something that has nothing to do with their ability to be a good tenant.

@Chris Mason

@Chris Mason +1 internets for you. 

@Bill Tyler of course it would. Assuming that you're not developing this housing with gov't assistance (like a grant to provide housing for current or former military), then you're limiting housing to a certain profession of class of people. You can't do that any more than you could limit your tenants to just whites, or no Latinos, or just people that work at dry cleaners.

Excepting on-campus dormitories or those MFRs owned or actually managed by a university, there's no such thing as "college students only" housing. The off-campus building or development may market specifically to college students, or it may de facto have a very large percentage of college students, but if you as a middle-age single male (or you and your family) wanted to live around hundreds of college sophomores, they couldn't really stop you. Might look at you strangely, but they couldn't keep you from doing it.

Hey @Ben Leybovich, I thought Peter was the guy one robbed to play Paul, and it was Adam no one knew?

I think you about wrapped it up, though. Hopefully @Monique Rene Coates comes out of all this a bit wiser, even if a bit poorer.

Though I don't have the theological authority to offer my own opinion, here's a nice answer: http://www.gotquestions.org/money-debt.html