All Forum Posts by: Johnathan Norman

Honestly my answer in the past was no i don't. Mostly because section 8 requires extra effort (inspections, rules, etc..) and with that extra work comes cost. To be best of my knowledge you can not pass that extra cost on to the tenants. Also my experience with local government in Cleveland has not been great.

I really have no opinion on the quality of section 8 tenants. However, if a law required a landlord to accept vouchers, that feels like a massive overreach. So I'm glad that's not the case. 

I was told a law passed that now requires this although i'm unable to find a reference to it. Anyone know if this is true? 

The Holton-Wise legal team managed to get the fine dropped a bit but I still had to pay it, plus legal fees. I sold the property on the corner lot to avoid running into this issue again. 

I had a loan with them that has been in default and it should be paid off by now. They shut down the phone line and so far haven't responded to emails. I'm really curious how many of their loans went into default , i know of 3 other deals plus mine.

To my surprise they are not as easy to find as i expected. Figured these would be fairly standard.

So I've been on a note shopping spree but all of my notes were purchased through exchanges. I now have a deal directly from another investor but what is purchase process like when working directly with someone?  Do i need to hire an escrow service or something similiar? 

I have a note and the borrower is owed 2 years back taxes and is 5+ months behind on payments.  Just had them transferred to my servicer (Madison Management) and I paid the taxes to get things current.  The servicer has the info and added the information to the system. 

Last month the borrower made a small payment and the servicer applied that amount to the loan principle minus some interest.   I was under the impression the borrower had to pay off the amount owed for the taxes I paid first, before being able to make loan payments. Is that not the case? bit surprised here. 

Ok final update. I almost hired a lawyer but Holton-Wise said they would handle it for me.  I have to admit I was a bit worried because I assumed they would just have @James Wise go to the court dressed like Atticus Finch and he would argue the case. Fortunately they have lawyers and worked things out so that i only had to pay $100 bucks.  So thanks to those guys for resolving this one for me.

I'm sure the trash thing will be a problem however, the duplex is on a corner lot so ensuring the trash is not visible is not simple. I could update the lease to state tenants are responsible for any fines from the city but in a multi-family unit determining who is at fault will not be easy. 

They do and lately they have been targeting LLC's. Its certainly disappointing , I like to think of myself as someone who is making a contribution to the city. I pay taxes not only on time but early, not only do i have a professional PM service but i have a 3rd party service check my properties as well.

My hope is that this issue is a one time thing and maybe I just got an inspector who was having a really bad day. If however this continues I'll certainly liquidate my assets and go elsewhere.  I work a 9-5 at a fortune 500 company, I can't risk "Public nuisance" on my record just for an investment. 

In the meantime my court date is in a week and we will see how things play out.  I am hoping more rational minds will prevail. 

maybe instead of paying the fine just do the time which i'm guessing is 1 night in jail

come out of Cuyahoga county jail as a hardened landlord with a rep on the streets. 

people will say "poor guy just wanted to build wealth and have passive income... now look at him"