All Forum Posts by: Bob Collett

Mitchell,

Regardless of the size of the house, you are probably going to spend 2 or 3 times the cost of painting to side the house.  It might not increase the monthly rents... but it will certainly increase the value.  Moreover, unless you plan to paint every 5 to 8 years, you are going to run into issues of peeling paint.  You already have rotting wood.

As a property manager, I would recommend siding rather than scraping and painting.  Even after you scrape and paint... unless you take it down to the bare wood, its still going to look like crap.  Also, once it starts peeling, you are always at risk of paint chips testing positive for lead.  In a couple of years, the burden of proof falls to the owner to certified the rental to be lead safe.

Best of luck whichever way you go.

Bob

Brian

Nothing prevents tenant from running the water, kicking holes in walls and door, or other vandalism.

However, these things seldom happen as retribution.

More likely, a tenant fills up an inflatable pool every other day in the summer, or fails to report that the kitchen drain is leaking, or that the boyfriend beats her up every weekend and busting up the place, or that tenant lets a dog do his business on the carpet, or overflows the tub because they fell asleep.

While a good tenant will agree to a fair water policy; the court will typically throw out the policy in an eviction.

Keep in mind that you can get a leak notification from water department via “clear-reads” through the mycleveland water website.

Usually bad tenants are multi-dimensional... they tend to follow a pattern... low credit score, extension criminal background hits such as driving with suspended license, expired plates, drugs, panning the rent late, refusing to pay the water, violating trash pickup guidelines, police calls by the neighbors, no-show for service calls, removing smoke retractor batteries for the kids toys, not replacing burned out lightbulbs, not taking care of the yard (in a single family”, busting blinds and screens, etc. 

Good tenants are not going to do everything else right, then decide to run the water for a month.

It all starts with tenant screening. To get the best tenants, buy in good neighborhoods and make sure your house is well maintained and clean going in.

Bob

Parma, Cleveland 44111, 44135, Garfield Heights, Maple Heights and most of the other inner ring suburbs.

Have your agent use age as a search criteria.

Bonjour

Don’t even think about buying in Cleveland until you personally drive the neighborhoods during the day and also at night. 

Getting Rental applicants are no problem. Finding applicants with credit scores in the 600s and background checks that pass guidelines can be a challenge. 

If you are buying in an older Cleveland neighborhood, have the house tested for lead. Again... Have the house tested for “lead safe”. Cleveland has shifted the burden of proof to the rental owner! Most real estate agents still do not know the new lead sage rules.

Rule# 1: the lower the price, the greater the problems... with tenants, with maintenance, with the city and with the neighborhood, and with evictions. Even with good management, out of town rental real estate is NOT a passive investment.

The city is now planning to provide free legal assistance to tenants in eviction cases. Translate: Delay evictions. Example: I just had a non paying tenant file for a continuance... first time that this has happened to me.

Use a good buyers agent.

Get a 3rd party inspection.

Check the rental registration history and associated violations reports.

Good luck

Bob

Cleveland $325 - $350 for general inspection.

Consider certified lead safe inspection for unless home has been updated with new windows, new exterior doors, vinyl siding. (Due to pending legislation)

For houses that have been vacant for an extended time, camera the sanitary and storm sewer lines. 

Bob

Noah

The date of possession is always stipulated in a purchase agreement. However, things happen. There is a good chance your FHA lender will have last minute conditions that may or may not stall the closing. Also, the current owner, may have best intentions to move out on the scheduled day... but then have something come up that prevents him moving.

Do you live in the Cleveland area as your permanent residence, or are you an out-of-town guy?  What is your motivation for buying?  Have housing for a year of college, does not seem like a solid reason for buying a house.  Further, as a CWRU student, you will have plenty to keep you busy, without the stress of being a new owner of an investment property... which can be (will be) a lot of work.

If you intend to buy a multi-family near campus, I recommend doing it as soon as possible and well before you are ready to move in. Rent the place out, using a month-to-month lease for the unit that you plan to take for yourself.  This keeps your options open.  You will be able to store your stuff in the basement until you have everything figured out.

Best of luck.

Bob

You said above 480 and west of CLEVELAND. I assume you meant Noth of 480. I also assume you meant west side of CLEVELAND, not west of CLEVELAND. West of CLEVELAND would be Fairview Park... or Hopkins airport.

The difference is hugely significant with respect your questions. It would help to know which zip codes are in play.

Bob

@James Wise Great idea regarding removal of exterior spigots... however I just had a rental inspector in CLEVELAND proper give us a violation for exterior spigot. They say it is now required!

Let me know if you start seeing the same.

Bob C

Give the zipcode

In special cases it can go in the tenants name.

Bob