All Forum Posts by: Ricardo Murph II

@Richard Eilenberger Thank you! The property I want is in Cleveland but I am also interested in Maple Heights which is part of the same auction. I would hate to be forced to fix an expensive POS item right away. 

@Richard Eilenberger Thank you for posting what you learned.  Congrats on your purchase! I have a house in my target area coming up for auction in Cleveland.  I came here to learn a little be more. 

Do you know how point of sale is handled?  Did you pay an auction premium like Auction.com or is the number you bid the final number plus recording fees? 

I used Chemical Bank as well on a cash out refi less than 50K.  I am struggling to find commercial lender for a mixed use property in Cleveland, Ohio under 50K. Please send me any commercial contacts. 

Welcome! Jump in there and start applying what you have learned. 

***Call Ricardo to see and purchase this gem 440-644-8066 ***

Hardwood floors throughout, newer siding. This one needs some TLC but could be the amazing investment you have been looking for. $8K to make it rent ready. Rents $700-800/month could be more with Section 8.

The rest of the details and pictures at this link: https://www.igottasellhouses.com/property/madison/

There is an old house that I have under contract. I am exploring my next move.  My contractor told me about loans for home improvement in Cleveland. Looked it up and found the Housing Enhancemet Loan Program and Hertage Home Program. Has anyone used these loans? They are only ~2% interest rate for 5-10 years. Is it worth the paper work?  Is it hard to get?  Is it restrictive on what the money can be used for? 

@Jack Morris welcome! You can add social media to your profile. You can also add an discription of who you are and what you are looking for. I will send you a PM.

Update for those that need closure.

After all the feedback it stopped being about the dog and was all about renovating, getting new tenants in before the winter hit and trying to reduce future headaches.  So got back in town on Monday. Ask a lawyer a few questions on Tuesday and gave the tenant a notice to vacate end of September on Wednesday August 29. 

Well Thursday it gets slightly complicated. While the property was being transferred the tenant sent September rent payment to the former owners.  He sent it on a Monday August 20th I found out August 21st when I told him were to send the check.  He sent a Money Order. I called the former owners they said they would write me a check. I was out of town for a week and when I got back I had a lot going on.  So Thursday August 30 the tenant calls the former owner and she gives him September rent back. They didn't call me till till after they did it.  

I call him that night and to tell him that September rent is due on the 1st.  He obviously angry. Saying I am putting him out on the street with his kids, he has invested money in the house..... on and on....His wife in the background saying a 30 days notice is illegal.  I let them know my lawyer says I am following the law.  He made it clear it wasn't giving me a dime. That I can use the deposit as September rent.  I explained deposits are not rent and If he wants to live in the house in September he owes September rent.  He did a lot of talking and I just kept repeating rent is due September 1st.   He finally got fed up and say he will be out the end of the month.  I asked which month. He said he will be out September 1st.   

Well I went by unit today and he did in fact leave. The unit is mostly empty except some furniture left there is junk in the garage and in the yard.  He left me all the keys.  So this worked out for me this time. I can renovate both units at the same time. His unit is in the worst shape. Two adults, three kids and three dogs in an 2/1 is hard on a place over 4 years.  

I have pest control already schedule for this week along with a contractor walk through. I need to get junk removal set up next. 

Thanks again everyone for your feedback. 

Wow @Mindy Jensen that was a great article. I walked away from that property. The owner (remainderman) was bitter and trying to figure out a way to cash out behind his sisters back. He actually inherited the property from his dad. Years later he gave it to his mom. The mom got sick and his twin sister with the help of other relatives convinced the mom to give her a life estate since she was living there. His sister inherited other property which she sold. It was an interesting learning experience for me crappy one for this dude.

@Thomas S. I appreciate your concern. I don't see a problem caring about other people. I know the original question centered around the dog but people have brought up good points. If the tenant moves out asap. I can get both units turned over and rented before the winter hits. This makes the most business sense and reduces the hassle long term because I can address the major problems with the property upfront. During renovations I can figure out if I need different insurance and talk to state farm.