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All Forum Posts by: Ben Skove

Ben Skove has started 28 posts and replied 288 times.

Post: Forbes say Millennials are going to have a tough time...

Ben SkovePosted
  • Cincinnati, OH
  • Posts 292
  • Votes 81

Those who are coming out of college with a mountain of debt and are facing a lackluster job market...it's going to be tougher for them.

Personally, I'm pushing my 13 year old into coursework that hopefully will get him at least a year's worth of college credit prior to matriculating. I'm also seeing how an additional year at community college rates prior to transferring up would affect overall tuition/credit/etc.

Higher ed is going to be going through some significant changes fairly soon, and it will be interesting to see how it plays out.

(Cue "What's the Matter With Kids Today?" from Bye Bye Birdie.)

Post: Just went to auction, most interesting one I've seen in awhile

Ben SkovePosted
  • Cincinnati, OH
  • Posts 292
  • Votes 81
Originally posted by @Jay Hinrichs:
@Mark Updegraff

Mark your story is the exact reason I went from one of the top 5 buyers of courthouse step properties in Portland Or. to being a Hard money lender.

last Auction I was at. opening bid 80k 40 year old 3 and 2 rancher. value 180k

15k rehab.. ended up selling at 140ish if memory serves.

The low bid is what brought out all the bidders.

on the West coast ( I know it varies in each market) you need to have Cashiers checks for the amount you want to bid. and you must qualify ( IE present them to the crier before the sale) he or she takes down your name and so on.

31 people qualified on that one house. so at a minimum there was 2.4 million in Cashiers checks chasing one deal that at the end of the day bid so high that if the winner was going to fix and flip a 10k profit would be about it.

It was at that point I decided I would take my marbles and rearrange them and start lending money to those that went to auction. That was 2002.

And it never got better here on the West Coast just way to much money. chasing far to many skinny deals. there are the occasional ones that will make a big hit.. But those are ones that are heavy remodels and value adds. Not just fix and flip and or when the market goes up 10% in 6 months anyone can make money then

Y'know, if I were a wholesaler, I'd show up at those auctions with a bunch of copies of whatever deals I had available to hand to those folks who didn't win....

Post: Accepting rent by Bitcoin

Ben SkovePosted
  • Cincinnati, OH
  • Posts 292
  • Votes 81
Originally posted by @Ryan Coon:
Bitcoin is certainly gaining in popularity, especially among young tech folks. Property owners should be indifferent to the currency that tenants pay in as long as they ultimately receive USD.

Given the volatility of bitcoin, this would be the only way that I'd accept it. I have enough worries without having to wonder whether or not the payment has dropped (or risen) by 20% before I'd converted it.

Post: Rehab Furniture Removal

Ben SkovePosted
  • Cincinnati, OH
  • Posts 292
  • Votes 81

And if it's broken, not easily salvageable, and not worth repairing - basically, junk - setting it out at the curb and posting it on the "free" section of craigslist usually makes it disappear. Honestly, around here, simply setting it at the curb is enough. It's amazing what people will take.

Post: The logistics of inspecting a winterized property

Ben SkovePosted
  • Cincinnati, OH
  • Posts 292
  • Votes 81

The bank turned on utilities for the REO I purchased without any charge or other grumbling. It wouldn't hurt to ask.

Post: Real answers from REO Dept

Ben SkovePosted
  • Cincinnati, OH
  • Posts 292
  • Votes 81

Originally posted by @Dev Horn:
I've noticed more banks in this area using AUCTION.COM to sell REO's.



I've noticed this as well. What's worse is that they'll let a REO sit on the market for ages, and after it becomes clear they won't get anything close to what they're asking for, they'll put it on auction.com with the reserve being the last listing price. Given that the buyer has to pay a buyer's premium on top of their bid price, I don't think the person who gets the house can be called the "winner".

Post: A lesson learned in court

Ben SkovePosted
  • Cincinnati, OH
  • Posts 292
  • Votes 81

@Jon Klaus I'm surprised about the patience, too. The magistrates I've seen at work don't hesitate to cut off a party who goes off on a tangent or isn't concise. They've seen it all...can't say that I envy their job!

Post: Inherited a tenant with fleas

Ben SkovePosted
  • Cincinnati, OH
  • Posts 292
  • Votes 81

Review your lease to see what recourse you have. While it may be a waste of time to bring the pest guy in only to be told that the infestation won't go away until the animals are treated/gone, it will give you the documentation you need to issue a cure or quit.

Given that frontline and other topical flea control meds for dogs are less than $40 for several months, it shouldn't be hard to abate if the tenants are willing. The fact that they haven't already pretty much speaks volumes.

I agree with Nicole about not wasting your time making accomodations - particularly given the fact that your feelings about the pets are pretty clear.

Post: Who do you think will win: Zillow, Trulia, or ????

Ben SkovePosted
  • Cincinnati, OH
  • Posts 292
  • Votes 81

While I primarily use Zillow, I find that Trulia and the realtor mobile app have their place. Personally, I hope they all continue to thrive - keeps the pressure on to innovate.

Post: So sick of paneling and wallpaper

Ben SkovePosted
  • Cincinnati, OH
  • Posts 292
  • Votes 81

Bedroom in a rehab had paneling that went up 8 feet, in a room with a 10 foot ceiling. Their solution? A drop ceiling, naturally.