All Forum Posts by: Tony Hoffer

Very good questions @Ryan Zomorodi . Perhaps some of the more experienced folks from Cleveland have insight on this? @James Wise ?

Thanks Matt Motil , that's reassuring. I'm going to see what the insurance company says and go from there. If it can't be fully insured, I'm out. Anyone else have this issue when dealing with these smaller multi-family properties?

Thanks Matt Motil . This particular property is in Cleveland Heights. Do you know how easy/hard they've been to deal with? It's all a bit odd as the seller removed the stove right before the POS inspection which then illuminated this issue. With that said, the inspector had no issue with there being a 3rd unit. Not sure whether to bail, see what the bank/insurance co say, try to make it legal or ???

@Jaysen Medhurst  Thanks for that.  Interestingly enough, I just looked at the sellers insurance policy and it's actually for *2* units, not 3.  He's probably not covered if something were to happen with the 3rd unit tenant.  Tricky stuff..

@Matt Motil  Have you heard of anyone legally getting the city to change the 2-family status to 3-family?  I've also heard from someone that if there isn't a stove in the 3rd unit then the city is fine with it.  Have you heard that as well?

Hi BP folks..

I've been noticing in Cleveland quite a few Triplexes for sale but are on public record as being a *Duplex*.  It seems the city has looked the other way on many of these for years.

My questions are:

- Has anyone ever had to deal with the city on this issue during annual inspections, POS inspections, etc?

- Can they cite the owner and make them use the property only as a Duplex instead of a Triplex?

- Is it possible and worthwhile to legally make the Duplex a Triplex?

- Has anyone had an issue with banks or insurance as far as the public record stating one thing and the actual use another?

- Is this something to be concerned about or not?

Thanks!

Welcome to the neighborhood Barbara Phipps !!

Hi @James Wise.. Nice to meet you on BP.  I was actually in your offices a few months ago re: possible prop mgmt.  Loved your operation over there.  I ended up investing just outside of the areas you handle but I'll give you a shout if something changes.

Welcome Lance. .  I'm new/learning as well.  I decided to start with triplexes.

Hi BP peeps. .  Tony Hoffer here from Los Angeles!

About me... I'm a record producer based in Los Angeles. For the past year or so I'd been unhappy with how my stock investments had been performing and made the decision to focus on real-estate, specifically multi-family. I've done 2 SFH deals over the years and had great luck with them. I'm hoping to push my luck with buy & hold!

I've been learning *a lot* over the past several months here on BP with the forum, podcasts, webinars and several REI books. I loved the site so much I decided to go straight to 'Pro'. The BP community is awesome and one of a kind.

At the moment my focus has been in Cleveland where I'm wrapping up 2 multi-family deals which will give me 6 doors.  I'm hoping to add a large deal to my portfolio by the end of the year.

Thanks and see you around the forums..