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All Forum Posts by: Sam W.

Sam W. has started 1 posts and replied 236 times.

Post: troubling question

Sam W.Posted
  • Investor
  • Northeast, OH
  • Posts 239
  • Votes 106

I would also be interested in an attorney's opinion on whether you really are separating personal from business if you transfer a property to an LLC that still has a personal mortgage attached to it. Seems the corporate veil is pierced right from the beginning. Again, would be interested in a professional's opinion.

Post: Very high insurance costs ($400/month) ! Any ideas ?

Sam W.Posted
  • Investor
  • Northeast, OH
  • Posts 239
  • Votes 106

Tarun Kapoor Foremost offers ACV. They actually "cap" the ACV based on a metric they use. I'm sure there are other companies as well.

Post: General Foreclosure/Auction question

Sam W.Posted
  • Investor
  • Northeast, OH
  • Posts 239
  • Votes 106

While a "winner" at auction in my county has 30 days to make full payment, the challenge comes in finding a lender who will lend on a property they can't appraise on the inside (since access is not granted until the deed is received).

In my county, delinquent tax auctions and foreclosure auctions are held at the same time. In the foreclosure auction your biggest competition is the mortgage holder, so it really could be a sucker's bet. In my county, 95%+ of the winning bids are by the banks.

The delinquent tax auctions are another matter. Very good deals there - but sometimes a waste of time when you find out the homeowner of the only property you were interested in paid the back taxes that morning. And the tax auctions are last so you have to sit through 60+ foreclosure auctions before they get to what you are interested in. Luckily, most of them go for the minimum bit (2/3 of appraised value) since few people want to get in a bidding war with the banks.

Every once in a while (like this past week), a bank's rep (usually a lawyer) won't show up and you can snatch a good property for the opening bid.

Post: What is required to get rid of cigarette smoke odor, staining, etc?

Sam W.Posted
  • Investor
  • Northeast, OH
  • Posts 239
  • Votes 106

Have never tried an ozone generator, but agree with @Steve M (James Vermillion's repost). B-I-N Shellac-Based Primer (Zinnser Brand) is absolutely the best...Like many here on BP, I've fixed up some disasters (pet odor, smoke odor, and some odors that I still can't identify). The B-I-N Shellac is great and has never failed me.

You need to ensure good ventilation when you are applying it because it's pretty strong (it's shellac after all), but the fumes dissipate in about 30 minutes. Works on floors, walls and ceilings.

Post: General Foreclosure/Auction question

Sam W.Posted
  • Investor
  • Northeast, OH
  • Posts 239
  • Votes 106

Angel Perez That's why its strange when I watch that TV show "House Wars" (or "House Battle"...can't remember the exact name). The guys in Arizona who buy homes at auction in the morning and then get the keys and enter it later in the afternoon. Nothing remotely like that here. Usually here you don't take possession for 2-3 months...sometimes even 4 months.

Post: General Foreclosure/Auction question

Sam W.Posted
  • Investor
  • Northeast, OH
  • Posts 239
  • Votes 106

In my county, 10% of appraised value is due at the time of the sale with the balance due within 30 days of sale confirmation.

Post: Hello from Akron/Canton, OH

Sam W.Posted
  • Investor
  • Northeast, OH
  • Posts 239
  • Votes 106

Hey Cheryl H. I'm down the road in Medina County. I'm not an expert by any means, but feel free to ask if you need anything.

Post: How to fix my mistake and get the money that is owed to me?

Sam W.Posted
  • Investor
  • Northeast, OH
  • Posts 239
  • Votes 106

Shane Rawlings First...thanks for serving.

It has happened to us all and can be a bit discouraging. Chalk it up as a lesson and drive on.

Stay safe.

Post: Are stackable washer/dryers any good?

Sam W.Posted
  • Investor
  • Northeast, OH
  • Posts 239
  • Votes 106

I have three of them in three rental units. Good service after about 3 years now. Purchased through a local used appliance store.

Some of the 27 inch units hold just about as much as a regular duty top-loader and will provide enough capacity for a family of 4. The 24 inch units don't have great capacity and are best suited for a 1 bedroom unit.

If you get washers/dryers that are too small, tenants will overload them routinely and shorten the life of the appliances. Of course, if you don't have enough room for the larger 27 inch stackables then you will have to go with the smaller unit.

Post: Fix the 1 car garage or Build a 2 car garage?

Sam W.Posted
  • Investor
  • Northeast, OH
  • Posts 239
  • Votes 106

Christopher Boggs In Wadsworth I am able to ask about $650-725 for a clean/comfortable 1200 sq ft 3/1.5. Certainly there are homes renting for less, but this is about the top-end for this home here.

John Chapman While garages are not necessarily deal killers, this is Northeast Ohio - very chilly and a lot of lake effect snow. Homes with garages will rent much faster than homes without (at least in my area) - even if the price is higher because of the garage.

Also, tough to compare costs of repairs in Texas to costs in NE Ohio. I would imagine costs are less in Texas - having lived in El Paso and Killeen I know it was possible to get work done fairly cheaply. Not impossible to do in my area, but tougher.