All Forum Posts by: Ben Skove

There's a dead-end private street behind my rental house. As in the hypothetical Steve Babiak has mentioned, the city here requires any private street be brought up to city standards before they take the "gift". You can't just hand over a pot-holed cow path to them and expect that they'll make it into smooth blacktop. Sadly, in the case here, it means that the road continues to deteriorate, with "patches" of gravel dumped in when it gets too bad.

Daniel H. It is odd that it's a through street...I've never seen that happen in any of the cities or states I've lived in before! Bill's right, it may give you leverage.

I have been dreaming about the private street by me. The houses on it, like the street, are in terrible shape. On the other hand, I could purchase a fair number of the houses and turn the place into a mini gated community.... :)

Something to keep in mind in regards to trying to encourage ethical behavior in the RE community is that many laws and regulations that seem unfair and onerous came about when government finally stepped in to address shady or unethical behavior. Given that they typically address problems in a very broad way, it's in our interest to self-police.

Hi Andy, sorry about your situation! Evictions usually don't show up on a credit report unless you win a judgement.

On the flip side, when I do my own background check on a tenant with the county clerk's records all of their cases come up, even those that were dismissed. While the potential tenant may have a good reason why they had to go to court, I see it as a huge red flag if a former landlord had to go to the trouble and expense of filing against them. So even if you don't get the satisfaction of having it show up on their credit report, it will make it harder for them to rent from reputable landlords.

Corrosion will happen regardless of whether it's gas or electric, so it's worth doing it for both.

Also, my understanding is that since the gas heater's burners are at the bottom, the sediment can act as an insulator, reducing efficiency (although there are varying opinions on this.)

Prior to flushing the tank, you should test the TPR valve. If your tank has an anode rod, it's worth checking it as well - it's front-line protection against corrosion.

Zillow's algorithms don't take into account whether or not it's occupied - it just uses public data for square footage, tax history, etc. According to their site:

So what they're giving is the ARV by their estimate. Of course, their estimate is sometimes (often?) wildly off.

In the area I work in, neither occupied nor vacant/distressed properties comp for anything near what Zillow says. Like Ryan says, use recent sales to do your comps.

Joe Delia There's a lot of opportunities, although the recent upswing has brought in more money chasing fewer deals. Same as most places, I'm sure.

Al Williamson I like the focus on belongingness - meet those needs while assuaging the fears. I'll read up on DVP and see if I can break down that resistance.

Matt Stoker I'm always happy to talk to knowledgeable people!

Brandon Turner I agree with you - Al is a great resource, and I appreciate you providing him with the opportunity to share.

Al Williamson I hope to get to the point where I can switch strategies...I still feel pretty swamped by the nitty-gritty of getting everyone on board. I'm trying to build on the relationships already present, because I have definitely sensed resistance to someone trying to come in and impose a solution. I've approached some neighbors by saying, "What problems do you see in the neighborhood, and what do you think we can do to solve them?" I like what Eisenhower said: "Leadership is the art of getting someone else to do something you want done because he wants to do it. "

I am curious - and this is probably something for another post - about whether you get push back on concerns about gentrification as the neighborhood improves?

Joe Delia I'm working on the edges of Avondale.

Thanks, Jenkins Ramon and Will Barnard - I've been lurking for a while, and have appreciated learning from your experiences and knowledge.

I thought it was time that I rearranged the cart and horse, given that I jumped into the forums without properly introducing myself!

My name is Ben and I live and invest in Cincinnati. It turns out that I started on Al Williamson's strategy of neighborhood improvement before I knew about his experience - I wish I'd known about BP earlier! I've appreciated the knowledge he and everyone else have had to share.

My strategy is focusing on a nearby neighborhood (five minute walk) which is transitional between A-B class and C-D class. I purchased a REO SFR there, rehabbed it myself, and have it rented with a very good (so far) tenant at a 20% cap rate. I'm working hard to connect with the neighbors, address the blight, find some great investment opportunities, and be a force for good. Doing well by doing good, as they say!

My goals are to improve the neighborhood (which indirectly improves my own), build up enough cash flow to support continuing investment, and have some very modest property appreciation.

Thanks for providing this great resource!

Sorry Ned, I was typing too quickly - that was meant to read "the county treasurer informed me that properties with tax liens can be bought from the owner up until the Sheriff's sale." In other words, even after the foreclosure has been decided by the court in favor of the lien holder, the property is still fair game until the actual Sheriff's sale.

The trusts are those used for estate planning (and property holding), and as I investigate it further are almost certainly between family members.

Your advice in regards to a local tax sale attorney is spot on, I know. Hopefully I can go into it knowing enough of the basics to hold up my side of the conversation. Thanks, and it's good to know that there's opportunity!

As I understand it, the problem with certain FP panels & breakers is that they can fail to trip: http://inspectapedia.com/fpe/FPESummary.htm

I had a FP in the SFR I bought...replacing it, as well as adding a new meter base, mast, and ground rod was $2,000. I probably could have had it done cheaper, but I trusted this guy to do excellent work.