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All Forum Posts by: Steve Osowicz

Steve Osowicz has started 9 posts and replied 118 times.

Post: Choosing between two qualified tenants

Steve Osowicz
Agent
Posted
  • Real Estate Broker
  • Louisville, KY
  • Posts 121
  • Votes 91

Hey @Carrie Jel,

You must think of your rental property as a business, there is no room for 
"feeling guilty" in my opinion. You do what makes business sense and does not run afoul of the law. You are going to have a tough time if tenants are able to bully you, and if you are concerned about them damaging the property, you should ask your homeowners agent about a "vandalism rider" or some derivation thereof. In reading what you say, you might be someone that benefits from paying a property manager to be the "bad guy", while you collect a check. Second applicant is more qualified and given the information provided I don't see why you cannot go with the second applicant. 

Post: Louisville KY Portfolio for sale (Jefferson County)

Steve Osowicz
Agent
Posted
  • Real Estate Broker
  • Louisville, KY
  • Posts 121
  • Votes 91

11 Properties, 15 Units

Post: Louisville KY Portfolio for sale (Jefferson County)

Steve Osowicz
Agent
Posted
  • Real Estate Broker
  • Louisville, KY
  • Posts 121
  • Votes 91

The owner has advised that this is to be sold as a whole portfolio and will not be sold one at a time. Here is the information we have on the units from the owner. Please note these properties need work. This portfolio is marketed by Coldwell Banker Larry K Rogers Realty & Coldwell Banker Commercial Rogers Group 820 Main Street Shelbyville KY 40065. Steve Osowicz - 502-593-8818 or [email protected]

1. 3007 Duncan Street - Section 8 - Rent is $566

2. 1788 W Gaulbert - Unknown Rental Amount

3. 1791 W Gaulbert - Unknown Rental Amount

4. 1792 W Gaulbert - Unknown Rental Amount

5. 1794 W Gaulbert - $450

6. 723 Hazel

-Unit 1 - $295

-Unit 2 - $295

-Unit 3 - $275

-Unit 4 - $295

7. 1108 Longfield - $450

8. 718 S 22nd St

-Unit 1 - $220

-Unit 2 - $250

9. 108 N 35th St - $500

10. 531 N 44th St - $350

11. 1420 Clara - Vacant

Total Portfolio - $199,000.00

Post: In need of a vacant commercial lot in Louisville, Kentucky

Steve Osowicz
Agent
Posted
  • Real Estate Broker
  • Louisville, KY
  • Posts 121
  • Votes 91

Hey @Pavel Reyes Valdes,

What kind of price per acre is your client looking to spend? I know of some potential off-market land or an old suit factory that might fit those needs. 

Post: Nevada Corporate Headquarters

Steve Osowicz
Agent
Posted
  • Real Estate Broker
  • Louisville, KY
  • Posts 121
  • Votes 91

@Tim Speer Not sure about that company specifically, but I have created several LLC's in Kentucky through the Secretary of State & IRS (getting a EIN), doing it yourself costs around $40.00 I think the last one I set up was. I have an S-Corp as well that an attorney here in Kentucky set up and it was $500.00, even with these legal protections there is something called "piercing the corporate veil" that would allow a director/member/owner potentially liable. You should likely call up an attorney and just ask directly, S-Corp is a little more paperwork.

Post: Rent to Own or Lease/Purchase in Kentucky

Steve Osowicz
Agent
Posted
  • Real Estate Broker
  • Louisville, KY
  • Posts 121
  • Votes 91

@Mike Howard Absolutely check with your attorney first, but I would see about doing a down payment or option to buy just do not under any circumstance call that money a security or rent deposit as it will fall under the security deposit guidelines. So do not call it "rent to own" simply give the tenant the option to purchase at the end of the lease for the amount you are looking for (the "fee"). If they are able to buy, that amount would come off of the total purchase price, if they do not that amount is kept by you. This will need to be a separate agreement though, since even though you may have to evict the tenant, the option to purchase still stands (per the fee they paid). I am not an attorney and anything I am writing is simply my opinion, please check with your counsel. 

Post: Property Management: Licensing & Other Requirements

Steve Osowicz
Agent
Posted
  • Real Estate Broker
  • Louisville, KY
  • Posts 121
  • Votes 91

@Kevin Manz the terms for licensees is different for each state, so for example in Kentucky you must first be a licensed agent (sales associate), then you can become a broker with time and an exam. I am under the impression other states do not require you to be a sales associate, you are a broker after the requirements have been met. A Realtor is a member of an organization that adheres to additional standards of business. So, all Realtors must be licensed agents but not all (but most) licensed agents are Realtors. It is like a trade organization. 

Post: Property Management: Licensing & Other Requirements

Steve Osowicz
Agent
Posted
  • Real Estate Broker
  • Louisville, KY
  • Posts 121
  • Votes 91

@Deryk Kennedy like @Erik Hitzelberger says you must be licensed to manage rental property and collect a fee as compensation (in Kentucky), however that being said...you do not have to be licensed to work for a property manager as a W-2 employee. So if you really want to get your foot in the door, you could work for an apartment complex, let's say on the weekends or Saturdays, showing the units and other duties as assigned. Then you could work towards getting your license if you so desired. If you do go further and get your license you would have to operate under a broker for at least 2 years before you could get your broker's license and be completely solo. Again, this is Kentucky so I am not certain how close Indiana matches our laws and regs. 

Post: FHA loans

Steve Osowicz
Agent
Posted
  • Real Estate Broker
  • Louisville, KY
  • Posts 121
  • Votes 91

@Sean Seger there are no pre-payment penalties allowed on FHA loans. Taxes...that is a question depending on your circumstances.

Post: Rookie from Louisville, Kentucky

Steve Osowicz
Agent
Posted
  • Real Estate Broker
  • Louisville, KY
  • Posts 121
  • Votes 91

@Jeff McMahan Welcome, both Louisville, Lexington and in between are good for real estate depending on your goals. In KY -  Louisville Lexington and Frankfort are locally called the "Golden Triangle of Kentucky". One of the nice things about our area is that while increases in values as a percentage are lower than a coastal state, you also don't see the large swings in values and prices. 

Good Luck!