All Forum Posts by: Trace P.

Hi everyone,

I'm evaluating a SFH in Columbus OH at the moment, everything looks ok except that this property isn't connected to city water (it is on well water, of which the pipe has broken). I called up the City of Columbus and provided them the address, they told me that there is a city line there so I would be able to connect up to city water. I was recommended to a few plumbers but they all said that I would have to be the owner of the property before I could request for a site survey for a quote. I wanted to know roughly how much it would cost so that I can factor that into my offer price, but the various plumbing companies weren't willing to give me a range, they probably don't wanna commit before seeing the place, stating that it depends how long the pipes need to be, how they need to seal up the connection to the well, etc.

I have no experience on this, hence was wondering if anyone here could share:
1) Is it a difficult job and how long would it take, roughly?
2) What is the typical range of costs for the plumbing work? I know this varies with a lot of things but I really just need a ballpark to factor into my estimations (e.g. $10k? $20k?) I already got the costs from the City side, so what's outstanding is the actual ground work. 
3) Any other lessons learnt or peculiarities to share regarding connecting up to city water?

Thanks!  

@Steven Wilson, thank you! I'll send you a PM.

@Zeke Liston, yes indeed there are great opportunities in Columbus, I see you are from reafco too, I have been engaging @Remington Lyman, great guy :) 

@Kerry Noble Jr I'll send you a PM, we are actually planning to move onto IN once we acquire a few more property in OH :)

@Luke Hadden, I've contacted you, great to know there are others from Singapore!

@Daniel Judge, thanks for vouching for us! That's really sweet of you! :)

To anyone out there - Feel free to contact me or reply to this thread, I hope we can all learn and grow together :)

Cheers,

Tracy

Hey @Charles Carillo

I'm from Singapore, currently investing in Columbus OH, and looking to expand in OH first (e.g. Lake County, Warren County, Lorain County...) But we are also looking at MI and IN to expand out of OH. What about you?

Hi everyone!

My partner and I are from Asia and we are into REI in the US. Being out-of-country, we face multiple challenges like not being able to drive-by to check out foreclosures, no "driving for dollars", no physical monitoring of maintenance work, not being able to sign mortgage loan forms without a notary (which is expensive), having no credit score and hence making it difficult to take any loans, checking the neighborhood out physically at different times of the day, etc... But over the past 2 years we have worked our way around multiple of these challenges and are open to share our stories. We are looking to connect with other out-of-country investors, for networking and sharing of lessons :) Feel free to leave a reply here or PM me! Stay safe everyone, no matter where you are in the world!

Cheers,
Trace

 Hi, were you able to find a good property manager in Akron? I'm looking for one too, and I couldn't find any on NARPM... thanks! Cheers!

Hi! Indeed, I called the county and had it clarified. Thanks! Turns out that the county works out a certain rate, multiple that by the total tax, to get the deductions.

Hi,

I am working my numbers to determine the ROI of some properties (SFH) that I've shortlisted to buy and hold for rental income. I checked the property taxes on the County Auditor website, and noted that there were "Reductions" for all properties of varying values. I have attached a picture. Can anyone explain to me how these property tax reductions are calculated? Thank you!

Regards,

Tracy 

Hi!

I am the sole owner of my LLC and want to apply for a business credit card to fund all my LLC purchases. I however do not have a credit score (I am not a US citizen and do not reside in the US), hence I plan to apply for a US secured credit card to start building my credit score. I would like to clarify - When I eventually apply for my business credit card, will the bank base its approval on my personal credit score, or on my LLC's credit score? My LLC doesn't have a credit score since it has no credit card yet... Sorry if the question is lame but there isn't such a thing as credit score from where I'm from! Thank you!

Cheers,

Tracy

Hi BP friends,

I have recently set up my single member LLC and opened a LLC bank account. I have questions with regards to funding my LLC Bank account. I have some cash in my personal bank account and some cash from my stock brokerage account. Can I wire/transfer funds from both my personal bank account AND my stock brokerage account and consider BOTH of them my CAPITAL CONTRIBUTION, or must I transfer the cash from my stock brokerage account into my personal bank account, AND THEN transfer it into the LLC Bank account?

I understand that I am suppose to consult an attorney but I would like to get a better grasp of the situation before shooting my attorney the questions.

Thank you!

Thanks everyone! To summarize (note that I'm a sole proprietor for my LLC):

1) I will use my LLC bank account for all business expenses to avoid any legal implications. This includes not just paying for the property and associated costs like home inspection and closing fee, but also overheads like hotel / air ticket / food for my business trips.

2) To top up money in my LLC bank account, the funds can come from anywhere, e.g. my husband or sister can transfer money into it.

Let me know if there are more comments, thanks! 😊