All Forum Posts by: Rick Turman

@Nick C. Thanks for the reply. I feel more at ease about the situation. I'll follow up with the outcome!

I am currently under contract to sell a SFR flip here in Ohio and the buyer is questioning the square footage. We purchased the home base off MLS listing and our previous Auditor site posted as 3600 sqft 5 bd 4.5 ba which compares to the listing. The county switched companies December 2021 and now have a new Auditor site which now shows 2500 sqft 4bd 4.5 bath.

Buyer paid for an appraiser to calculate sqft today and the contract is contingent on this due to the deacrepency.

We have a full basement downstairs with kitchen and the bedroom has a massive egress slider window with stairs to climb out. Can the basement be calculated into this gross living since the egress window Is there? We believe it was calculated initially so we'd like to understand how to get it added.

Aside from this, how do you go about getting the County Auditor to correct the survey done whichever way this goes?

What can we do so this deal still will still be in our favor? Thanks all and looking forward to everyone's feedback!

@Marc Rice

Appreciate the reference Marc! I'll give them a jingle just to see. I'm allocating about 30 to 35k for this work so I'm sure anyone would take it whomever is willing to work. Of course a lower quote would be appetizing but need an idea. Thanks again!

Looking for a reputable resource for Foundation Repair. I have a SFR in need of possible Footings to be replaced under a Master Bedroom wing of a home. There is a crawlspace directly under-that has visual stress cracks on the outside walls at each end and the walls appear starting to fall outward.

Thanks so much!  

@Brandon Sturgill,

Thanks for the prompt reply!  From what I understand, the Warranty Deed gives legal title and rights of the property in question.  As my Lender requested the Quit Claim, that is how I approached the request as I did not know enough about it given the current situation.  I also hesitated as I didn't know how it would affect a properties interest when already being under a lean from the bank and trying to transfer title and possible due-on-sale being activated. At this point, If the Note is called because of this transfer, that is a risk i'm willing to take as I can pay cash to pay off the note.  All of this came about prior to another duplex of mine taking 115 days to refi. Now that-that is behind me, I cam moving forward as quickly as I can.

Prior to the business, I had flipped two other properties as Portfolio loans through my Primary lender. It was after the sale of the second home that they couldn't continue doing those loans personally, but requested that they could provide 80/20 Loans commercially including purchase and reno under the business infiniately or until DTIR exceeded their threshold. After the Reno, we doubled our ARV. I went back to this lender to Cash Out refi into a personal loan which they denied due to seasoning, and stated they could Rate-Term Refi but not Cash Out.

With this being my new main approach at acquiring properties to rehab whether B&H or Flip, I made this my new system from obtaining Rentals by Purchasing and BRRRR in LLC. Eventually Transferring it to personal to Cash out Refi and lock in better Rate & Terms.

Sorry for the rant, just trying to explain my reasoning.  I'm sure there are other ways to approach this, but this seemed to be the best route to pursue.  

I appreciate the feedback, and would love if you could DM me with your contact's info as I would like to get this paperwork in by EOW if possible.  Thanks Brandon!

I am looking to Quit Claim a duplex to me personally that is currently owned in my business name and has a Commercial loan against it. My intentions were to complete the BRRRR with a Construction Loan in the Business name, then Quit Claim to me personally. My new lender will not allow the Cash out Refi unless it's in my personal name. I've already spoken to my Lawyer on filling out the proper paperwork, but his responses have been very minimal.

Aside from this, I'm hearing from others that it is just as easy to complete the Quit Claim on your own, have a Notary's seal of approval, and record it with the city.  

I am looking for any and all guidance to complete this on my own.  I reside in Ohio as i'm sure locality is key.  Thanks!

@Jovan Dinnall

Just received my birth docs. I'll be doing just this shortly. Stay strong and God speed!

@Cindy Craft,

I'm not sure you are getting the answer you are looking for.  I also reside here in Findlay, and no way are you going to get 2k in rent for 2bd 2ba house unless it is a 3000 sqft home in a well known development like Lakeview and or Somerset. 

SFR and Multi have ruled this area in rentals for years and that still holds the majority of market share. Median rents just outside of downtown range from 450 for a 1b 1ba to 650 for 2bd 1 ba. That is due to the tell tale investor not keeping up with market rents and following the pack. I was skeptical of these rents after recently renovating 2 duplexes within walking distance of Marathon. To test, I marketed them as Upscale/ Luxurious living at a fraction of the cost, and filled each unit (2bd1 ba) at 850-900 within a week of the listings.

Where i'm going with this is the new renters are most likely milenials in our area either graduating, doing internship from UF, or working in town, and commute from Toledo, Lima, and or Bowling Green. Previous renters are used to the old Laminate, worn down cabinets, etc at that price point. Add a little more to it, and now they feel they are a grade above and will pay that premium.

Now getting the Market Specifics and demographics out of the way, let's talk about your situation. I haven't seen that many STR here in this area. I thought about B&B myself prior to LTR and Flips, but didn't see the market for it just yet. However given the current circumstances we are in now, is forever changing the world.

Last I checked B&B there were 2-4 listings in the area and half were booked out.  The demand wasn't that high but you could be onto something now. Perhaps starting a new trend in the area.  

My suggestion prior to reaching out to HR is to DYOR off B&B.  Reach out to others on here that are doing B&B and or contact those SuperHosts off their listings and see what route they went.  Offer those on B&B a night stay in their home in return for their time.  I doubt they have TIN's and/or businesses as you can rent out your home, not be incorporated, and still benefit from those tax saavy write-offs.  

I hope this information finds you well,or triggers another idea that can slingshot you in the right direction.  Either way you go, good luck, and continue Crushing it

@Steve Morris,

Well said.  Just needed that voice in my head for assurance.  Thanks Steve!

@Oliver De Ausen,

A year later, how did this transaction go? Did you have any setbacks and or issues? I am looking to Quit Claim out of the LLC into my personal name so I can take advantage of the better rates now. I purchased a Duplex in the Business name so that I could get the construction loan to BRRRR the property. Now that I am completed, I can't get the 80/20 in the business name but have found a lender that will offer 80/20 (up to 85) in my area if I quit Claimed it. At this time i'm trying to see if this should be the way to go and or if I should have my lawyer just do the legwork for me as I do not have the time. Thoughts? Suggestions? Looking forward to the feedback!