All Forum Posts by: Robert Calabro

1) When it comes to disclosures, you'll need proof. In Columbus OH, the disclosure says "Do you know of" and in order to win a legal case you would have to prove that they had knowledge of the issue. That means you would need to find some sort of documented evidence. This would probably be challenging. Start by determining if you have any actual evidence before pursuing it legally. 

2) Does the home inspector warranty their work? Some inspection companies provide warranty coverage to help cover items they miss. I'd check that and possibly check on their qualifications. Seems odd that they would miss such important items. 

3) I'm not an attorney and I only have experience in Ohio, so take my advice with a grain of salt. Best of luck!

@Remington Lyman thank you, that would be much appreciated!

@Kirana Rao what company do you use for sub metering? It's difficult to find a company that will do small multi-family. I'm in the Columbus OH market. TIA. 

@Jacob Stokes - it sounds to me that you and your agent may just be misunderstanding each other. It’s certainly possibly that cash may not matter if the price gap is large enough. Too many variables to unpack on that one, but I’d suggest you have a more in-depth conversation with he/she about offer strategies.

To address the part of your question about inspection dollar amounts. That can be a very gray area. If I’m understanding you correctly, you plan to cap the amount of repairs you would ask for. You may say you won’t request any repairs costing less than a certain amount, but who’s decides those costs? Also, is it an aggregate amount or an amount per repair? I think this type of clause can get very complicated and convoluted. Be careful using it. You may even consult an attorney about writing that type of clause... or you might stick with inspection without remedy or no inspection at all.

If I misunderstood your reasoning behind the inspection thing, then my apologies. Feel free to message me if you’d like to unpack this question more. I’m both and agent and investor so I see both sides of it.

@Bryce Efaw - I don’t have any college students specifically, but I do manage an office with many investor/agents. Lot of them have other full time jobs. I’d be happy to answer any questions for you or give you my perspective on it. Feel free to message me directly. Best of luck!

@Erik Montenegro - addressing the question about long term vs short term rental. There are many variables that would Impact your decision, but you should consider how hands on you want to be. Short term will require much more time. Make sure you can find a good reliable cleaning service at a predictable cost. That is something that can eat into your profits. Plus cost to furnish and decorate need to be factored in. I’ve done both, feel free to message me with more specifics questions.

Best of luck,

It's your decision, since it's your money (or loan) so your agent needs to do as directed by you. That being said, making a lowball offer is not ALWAYS the best strategy to get the best price. Is there are reason behind his reluctancy? Sounds like you need to discuss a negotiation strategy and if you're not on the same page you can always look for a new agent. Also, in most markets, the tax assessed values have very little to do with the actual fair market value. Sounds like a good opportunity, so hopefully you can make it work. Apologies if any of this was already said in previous comments. 

It's your decision, since it's your money (or loan) so your agent needs to do as directed by you. That being said, making a lowball offer is not ALWAYS the best strategy to get the best price. Is there are reason behind his reluctancy? Sounds like you need to discuss a negotiation strategy and if you're not on the same page you can always look for a new agent. Also, in most markets, the tax assessed values have very little to do with the actual fair market value. Sounds like a good opportunity, so hopefully you can make it work. Apologies if any of this was already said in previous comments. 

@Padric Lynch

I was told by my tax person that I could write off cash payments of $600 or less without issuing a 1099. The tax rules maybe different for your area or your situation, so definitely check with a qualified tax accountant.

You might consider offering to pay for the materials directly and only pay the contractor for labor to lower your overall cash payment to him/her. Then you can write off the materials and labor separately.

Thanks for all the advice! I'll look into a few of these lender recommendations. @George C. I will send you a message as well!