All Forum Posts by: Bob Collett

@Tyler D. If it is a two family, try to add some provision to the lease that requires tenants in each unit to pay a stipend such as $50 per month toward water.  I have only had one tenant refuse.  Know, that the courts will typically not enforce this debt in an eviction hearing... but the goal is to have the tenants take some responsibility.

If it is a SFR, make the tenants pay. If you are managing the property yourself, pay the water bill and post it to the tenant ledger. Or, you can have the water bill mailed directly to the house, and have the tenants pay. Then, all you have to do is go to your myclevelandwater account to make sure it got paid.

Best of luck

Tyler

I am a licensed property manager and I focus on the west side of cleveland. I actually grew up on Puritas.

Look forward to talking with you.

Bob

Often, you can get by with just replacing what is visible in the basement. This is not very expensive.  At the same time, you should have your electrician inspect the knob and tube in the attic, etc.  Sometimes it is also easy, and inexpensive to replace some or all of the 1st floor knob and tube circuits if they are easily accessible from the basement.  If you advise your insurance company that the house is knob and tube (and of course you should do so), then they will typically want to inspect the house and will make "mandatory" recommendations.  These are recommendations... that you must do if you want their insurance.

Disclaimer: I am not an in insurance, nor am I an expert in knob and tube wiring.

Bob

Be advised that it is increasingly difficult and/or expensive to insure a home with largely knob and tube. 

Bob

Your realtor gave 3 names. Take your realtor’s recommendation and pick one of them. 

Best of luck

Bob

My point is this: The rules are changing: Have your older rental property in Cuyahoga County tested by a certified lead inspector befor you buy.

Don’t be caught holding the “old maid”

Bob

@Mo Weis Currently when you sell a property, you must disclose if there are any known lead paint issues. 

Very soon, disclosure will not be enough. The owner of a rental property will be required to certify that the property is “lead safe”

Bob Collett

Check tax rates for both, and review POS requirements. Also check rental registration and rental inspection requirements for both. Check neighborhood crime rates for the specific neighborhoods.

Aside from an independent 3rd party inspection, I am urging all Cuyahoga County (investor) Buyers to get a lead safe inspection prior to purchase due to a rapidly changing environment.

Bob Collett

Bob

Every out of town investor tends to underestimate the cost of maintenance.

Bob

This proposed legislation is CLEVELAND specific. However, lead is an issue throughout the county.

The key is to be informed. If you are considering a purchase in cleveland, or the suburbs, have it tested for lead in anticipation of the new lead-sage ordinance.

The presence of lead issues could create an opportunity for an investor who already plans to replace windows and doors, install vinyl siding and paint the interior.

However, we also have to consider the downward pressure this legislation might have on overall values in the near term.

The county has some assistance available to make homes lead safe.

Best of luck

Bob