All Forum Posts by: Robin Cox

Hi Peeps!  

We currently invest in C class neighborhoods, cash flowing well.  Close by is a nice revitalization area that we would love to jump into before the prices go up.  Parts of the area are still depressed.  The house I'm looking at is 45k, needs so much work that I'm probably going to offer 25k.  Anyway, I'm just checking the other houses in the area to see how much they've sold for and low and behold the city owns 9 of the 14 houses and 2 empty lots in one block!  One block!  

I have no idea what this means.  So I'm asking you who've been around awhile.  Is this a good thing or bad thing?  I'm thinking good because seriously there's a new outdoor amphitheater, Brew House, community center/splash park being constructed 1-2 blocks over, and this road ends at the river.  I think it's a no brainer to put some money here but I wonder if the city is just waiting and trying to buy up everything so they can tear it all down and make a fill-in-the-blank-whatever and then I'm stuck with a rental across the street from this ____?____ thing. 

Thoughts? 

Welcome Jay!  We're about 4 hours east of you just north of Cincinnati.  We do buy and hold.  Good Luck!

We are all email. We pre screen inquiries with:

Have you ever filed bankruptcy?

Have you ever been evicted?

What is the household income?

how many ppl will be living there?

Do you have pets?

If they pass all these questions then they are invited to a showing. During which point they can fill out an application and pay the background check fee.  Saves time on both sides and only serious ppl respond and show.

@Nick Brubaker regarding renters insurance and liability.

Our insurance company does not exclude any breeds.  He said, "just make sure it doesn't have a viscous history of any bites."  (Not sure how to confirm that!)  He also said they need to have renters insurance and make it 300k as it's only slightly more expensive than 100k, that way the renter is liable for any bites to others.  

As far as damage to the house goes if you had several hundred dollars in damage due to the dog the pet fee and security deposit should cover that.  If the damage goes beyond that then it's on you or you can bill her for it.  

My understanding is that renter's insurance covers their items and gets you off the hook if someone falls on the property that they are renting, or if they negligently left a pot on the stove and the kitchen burned - their fault, their insurance not you.  If lightning strikes the house it's on you for the house and their renters insurance would replace their possessions.  

that looks pretty much like our requirements as well.  We have a 1-year minimum, everything else is the same.  We are also in a C neighborhood and get over 100 emails requesting more information.  When I respond with the pre-screen questions that number goes way down - to about 20.  And then the number of people that reply back that they will actually come to the group showing is even less.  

We have great houses in not so great areas and offer rent just below or at market value.  This makes it a competition for the people who want to live here.  The best candidate will win and I've had them offer more deposit, longer lease as well.  All you can do is screen really well. 

Our current tenants have 2 dogs!  However she is a vet tech and they pay $25/month/pet and all has been well.  They too had 750 credit rating and made 4 times the rent.  It's hard for people to believe that hardworking people with good credit scores want to rent in these areas but for some they have grown up here and it's normal.  They really do exist people!   

 @Nick Brubaker, pull the trigger.  Do the "pet interview", like @Susan H. said.  that seems really wise.  

Ok.  So I'll ask for several months bank statements with the deposit amounts evident.  

I agree you can't get fired from retirement!  And he said to my husband, "Buddy, I'll stay here till I die"...  Well that's comforting. LOL.

@Andy D.  LOL. No poodles but he does have a Yorkie!  

Hi everyone!

quick question about verifying a retired persons income.  He lists $5700 and states "retired".  How do I verify that?  I assume some is SS.  He's retired after 30 years at a paper mill so some may be from that as well.  Maybe I need more information from him but will the SS administration give that info out?  I am running a background/credit check but haven't gotten a response yet.  

Any info would be helpful. We are new at this as this is only our second house.

Thanks for the welcome everyone!

@Theresa White I did PM you.

@Paul Timmins is a certified mortgage planner the same as a Mortgage broker? We are looking to refi  these 2 houses and thought we had to wait 6 months but I just read that is old info.  There is Delayed Financing now and we don't have to wait so we would like to refi asap and free up our cash again. 

@Geoffrey 

@Geoffrey Schaeffer LOL.  Yep that's us!  

Hello all!  My Husband and I have been wanting to invest in RE for some time now but have just pulled the trigger this year!  We are interested in Buy and Hold investing.  The area we are currently investing in is a lower working class neighborhood in Hamilton Ohio.  The houses are the $30-40K; the kind that Josh can't believe actually exist, lol.  

We are getting closer to retirement and would like to speed that up a little with some passive income.  Our beginning goal is to buy and hold about 10 houses over the next 5 years to replace our income.  We currently have one that is rented out and is cash flowing well and we are currently rehabbing the second and hope to have it rented by Aug 1.  

We've been listening to as many podcasts that we can, visiting our local REIA and reading books. We have lots of questions about financing, DIY, and general REI. We're looking forward to meeting some of you and being a member of this great community!