All Forum Posts by: Phil Morgan

I would be running your NOI based on current rents to make sure you're not bleeding money until you get rents up. Renovations always take longer that you plan so I would make sure there is cash flow there while you're plan is working. The deal needs to make sense day 1 not just day 365 or day 730.

I am under contract for a 36 unit building and looking at all of my options.  The property has a current tax valuation of $861k and I am looking to purchase the place for nearly double that (it's actually a great price for the building trust me!).  Current taxes are $24k but once the schools get a hold of this sale they will want a reevaluation and the taxes could jump as high as $44,250.  I was thinking of trying to buy the entity the property is held in instead of the property so the property wouldn't be listed as transferring ownership.  Has anyone used this strategy before and if so was it successful?  I know some states require a reevaluation when an entity holding a property changes ownership but I am not sure if Ohio is one of those states.  Any advise would he greatly appreciated.  

And YES I know I will have to consult my attorney, I am just coming to you guys first to get an idea before I pay him for his input. 

wrong state brutha..... 

Please use the search, one of your answers is on the first page of the Cleveland forum. These questions have all been asked 100 times each. 

I know you can qualify a building as 55 and over as long as 80% or more of the tenants are over the age of 55.  It qualifies for that already.  I will have to contact Elyria building department and see what they have to say about it.  I have made friends over there so hopefully they go easy on me.

Do you have to do anything to to make a property 55 and over? Is it registered differently in the city?  I closed on an 8 unit building yesterday and everyone who lives there is 55 ad over. I have 1 vacant unit and want to designate the building as 55 and over so I can discriminate based on age went looking for a new tenant.  Do I just put up a plaque on the building saying it's so or do I need to do something with the local building department? does anyone have any experience with this?  The building is in Elyria.

Those are some tough areas to buy in right now. Prices are so crazy high that most deals don’t make any sense. Good luck!! 

Nice place!  That bathroom looks great. 

Looking to network with owners of apartment complexes in Amherst, Elyria, Lorain and Avon.  I haven't seen much on here from people in the Lorain county area so I figured I would start a post.  There are a lot of duplexes for sale, which I am buying as many as I can, but I am looking to purchase bigger properties.  Anyone on here working in these areas?

@Samantha Magina, just took a listen and sounds like she was taking over the sellers existing financing not having the seller hold the note. I resting strategy but not the one I was looking for.