All Forum Posts by: Alex Stewart

All, I have a challenging situation that I would like some insight on from the community. I have a rental property I purchased in December 2017 that I rehabbed and rented out in March 2018. The property had been vacant for years and at some point the city had tagged it as effectively “condemned” until certain code violations were resolved. I made the repairs and rented the home out without knowing these issues were outstanding (I genuinely don’t remember seeing the tags on the door). Needless to say, the city posted a red tag notice on the door 10 days later and the tenant could no longer enter the home. I can honestly say that the home was safe and I would have no problem living there personally but the city is furious that permits weren’t pulled and this home seems to have had quite a history with the city (not in a good way). We are still in the process of resolving the issues by pulling permits and re-doing the work but its a lengthy process and will still be a couple more weeks until it is resolved. Finally, I get a lawsuit letter from the tenant’s attorney today claiming emotional distress, hardship, food costs, lodging, etc. to the tune of $30,000 even though they moved into a new home within a couple days of leaving my property. There are more details but I tried to summarize to make it an easier read. What would you folks do here besides the obvious of hiring an attorney? What do you think is a realistic outcome/resolution? Thanks to all for your input!!!

Priyanshu- We could go up to 1m for the right property.

I am on the hunt for a multi-family, commercial, or land deal in Columbus Ohio. The market seems to be pretty tight for these things currently, but if you know of anything, please message me!

Alex

I am on the hunt for a small apartment 8 units - 100 units or commercial building in Columbus OH or surrounding suburbs. I would also be interested in land if the right opportunity presented itself. Does anyone know of anything here in Columbus that is a decent deal at this point? Alex

I would also be interested in Columbus Multi/apartments if anyone knows of anything available! Message me. Alex

Check your inbox :)

Stephen, I am an experienced investor here in columbus and could help point you in the right direction. Message me. Alex

Robert Ellis Yes these are cash out refi's on cash flowing houses I've held for years and I have excellent credit. This is what made me scratch my head. The houses are in 43231 and 43081. Thanks in advance for any tips!

I have had two local bank lenders here in Columbus, Ohio that I've used several times in the past say they are no longer able to lend of SFR Homes. Is anyone else seeing challenges securing financing these days?

I have purchased several properties from the MLS, wholesalers, and auction sites, but have yet to pull the trigger on one from a Sheriff's Sale.

I am curious how folks get comfortable with the title issues without having to do a title search on every single property they are considering. I am in Columbus, Ohio and all winning bids require a significant deposit which makes me uncomfortable if I am unsure on title. 

Thank you in advance for your thoughts!