All Forum Posts by: Tom Kuhen

In regards to this law, how does it work for leases that exceed 6 months, but not quite a year? Is it broken down and prorated to a per diem type of situation? Also, if the tenant is renting for more than one year, should they receive the interest at the end of each year, or give it to them in a one-lump sum?

Thanks in advance!

Hi Cary Ferguson Jr I hope I can provide some insight here and sorry in advance that it's all over. I'm relatively young and lived in Lakewood for over 10 years, and did most of my schooling and graduated through LSD. Lakewood is a beautiful up-and-coming neighborhood. I'm sure as you know, everything is within walking distance, and it's a very big food/bar scene, but not in a negative way. It's a great community, and tons of first-time home owners are settling there to raise families. The school districts don't rate statistically with the best of Ohio (although Rocky River is ranked very high and just minutes away if that's what you're aiming for) but they're still great. All that being said, there are a couple areas that I would suggest you don't invest in based on the information you provided. The east end of Lakewood along 117th, and the south-east side of Lakewood along Lakewood Heights Blvd. Both areas border Cleveland and if you're house hacking and are wanting a better option for your potential buyer/renter, I'd stay away from those areas. There are a couple brand new elementary schools being built, along with the new high school, so that's a huge plus for Lakewood. My opinion is to stay generally north of Madison, and west of Bunts. I kind of went on a ramble, and I'm sure I could go on more, so if you'd like any additional information, feel free to message me and I'd be more than willing to help. Best wishes! Tom Kuhen

Welcome @Keenan Gladd-Brown to Bigger Pockets,

      Fellow newbie here just wishing you the best of luck and offering some advice that helped me so far. I've been listening/ reading BP content for just over two months now, and yes, the forums are a great place to see many viewpoints from many people, but the podcasts are also phenomenal. I find myself driving a couple hours a day, and even when I'm not driving, I'll plug headphones in and listen to another one or two episodes. You'll have to put up with some cheesy humor from @Joshua Dorkin and @Brandon Turner , but it helps to lighten the more serious content. The guests have so much information to offer, and each one is an expert in their field, so you know that they can be trusted. Also, the Ultimate Beginner's Guide To Real Estate Investing (a free BP digital-book) is a good stepping stone if you don't know much about RE. Your local REIA meetings are great for local networking as well, or if you don't have a REIA near you, you can most likely find other RE meetings via Meetup, BP, etc. Explore all of the tabs and sub-categories one at a time on here, it's a lot to take on all at once, browse forums, read blogs, interact with anyone you can. I hope I was of some help.

Best of luck,

Tom Kuhen

Hello fellow BP members,

Potential Cleveland investor here, and I've been reading loads of blogs and forums on BP and attending various local meetings, in hopes of finding a starting point that suits me, and I may have potentially found one. It's a HUD home that was rented to a family member of mine about 2 years ago. I frequently visited, so I know the layout of the house, and most of the work that would need to go into it. I've looked through the blogs on here to gather some information about HUD homes, but as the clock counts down, I'd like some other insight (that's where you come in).

A few questions (trust me there are way more):

1. Any particular advantages/ disadvantages to HUD homes?

2. How flexible is the price?

3. If I buy as owner occupant, how long do I need to stay before I can rehab/resell?

4. Can you clarify how the FHA standards work?

5. Do I have to do a 203k loan, or can I use a HML?

I think that this would be a great first property to rehabilitate, I'm familiar with the area, it's close by, and I'm very familiar with the property. The comps in the area look promising and have sold recently for approximately the same price (which would be a good thing for this house). I'd love to talk to someone who could answer some questions for me, walk me through the HUD process, or discuss the property in more detail.

I will eagerly await any response, thank you in advance,

Tom Kuhen

Thank you all for the warm welcomes. I've been listening to some podcasts (Flipping Junkie and BP), and doing some light reading in my spare time. Does anyone have suggestions on other podcasts or books that have been beneficial? I've also heard a little bit about Smart Start University in Independence and I'm interested in getting more information about that if anyone has input on that. I'm open to just about any bit of information/ help anyone has to offer.

Thank you in advance!

Hello,

My name is Tom, and I am interested in buying, rehabilitating, then selling residential homes in the Cleveland, Ohio area. I have limited knowledge of any aspect of real estate, but I have 3 years of various remodeling jobs for multiple investors / flippers. I'm eager to learn more, and I'm hoping this is a good place to start!