All Forum Posts by: Rob Strickland

Thanks for the reply Noam, I'll try giving the county a call.

Is anyone scouting for properties in Lake County OH and if so, what are you using to generate your list of properties to target?  I'm trying to locate a delinquent tax list on the counties website, but I'm not having any luck.  I've been utilizing the delinquent tax list that Cuyahoga County publishes to write letters and was hoping to implement a similar strategy for Lake County.  

I purchased a property back in early 2015 for 35k without financing. Since then I've spent roughly another 10k to perform the demo, put together drawings and for permitting. The property is currently in my name, but I want to partner up with a family member who has the funds to finance the rehab. My initial thought was to transfer the property into an LLC which would include myself and my family member and would establish the share of the profits in the operating agreement. The second thought was it would also provide a layer of protection for me during the rehab construction. However, I don't know what sort of tax repercussions this my have on me since I originally purchased the property in my own name and spent some of my own money on the property this past year. I don't intend to move any funds when transferring the title into the LLC since there wouldn't be any available until the property is actually sold. Any tax related input on this scenario would be greatly appreciated.

Thanks @Joshua Dorkin, I just downloaded some documents for USLegal.  

I was interested if anyone on bigger pockets uses a website as a source for legal documents and if so what sites they are using.  If I could get some direction as to what sites are a good source and what the costs may be for setting up an account I would appreciate it.  I'm specifically looking for a lending agreement for some private investors I'm lining up to complete financing on a flip.

Thanks,

Rob 

I'm in

There is a vacant home on my street that I've had my eye on for about the past 8 months, but up until recently I was unable to get a hold of the owner.  Then about a month ago, a friend of mine who used to work with the owner of the property informed me that the owner had contacted him and was ready to sell.  My friend also informed me that this particular individual had fallen on hard times a few years back and sense then has been very reclusive and hard to contact.  Long story short, I was able to get a hold of the individual and enter into a cash purchase agreement with him for his full asking price. 

The deal was then handed off to title and escrow which uncovered several outstanding liens on the property as well as two mortgages, none of which was disclosed by the seller when signing the purchase agreement even though my agent specifically asked him.  The title company was able to get all of the liens cleared however, it turns out the two mortgages were in the name of the sellers mother and he requested that the title company not contact her directly.  The mortgage issue caused the closing to be delayed once, but the seller informed the title company he would contact them to reschedule and have his mother present to sign a release on the mortgages at the closing.  

The closing was scheduled last Friday and I signed all the documents and handed over the cash to escrow, but later in the day I was informed that the seller had not returned any calls all week and did not schedule a time to close.  So now I'm concerned that the seller is having issues with getting these mortgages cleared and is trying to avoid closing as a result and I have no idea where to go from here.  So I'm reaching out to the bigger pockets community to see if anyone has some advice on what my next course of action should be.  It would be a major disappointment if I don't close on this deal because it is a great opportunity given the price and location.

Does Cleveland Heights let your tenant set up water, sewer and waste removal in their name or do you invoice them for this?  I believe Cleveland makes you put this in the owner's name.

Thanks Mike, looking forward to it.

I'm working on a rehab and addition to a rental property on the West Side of Cleveland in Tremont, but I'm having trouble finding a contractor to perform the carpentry work.  Scope includes some structural framing, roof framing, interior wall framing and drywall and finish wood installation including cabinetry.  Has anyone worked with a quality contractor in the area that they could refer me to?