All Forum Posts by: Andrew Foster

Unit Photos

Hi Matthew,

I apprecaite the promp response. This turnover was from a tennant that I inherited. Who did not renew their lease 5 months after I purchased the property and tookover. The eviction is also a tenant that I inerited who stopped paying the second mother I took over, paid half a month then stopped paying. We tried doing a payment plan, they agreed and didnt hold up to their agreement and decided to take this to court which was a whole process in itself. I will say the unit that was vacant and that my PM placed a tenant in has been great so far, they also got the "turnover" unit occupied in two weeks for more rent than the previous was paying. Im not justifying anything Im jsut trying to paint a clear picture of the situation.

I too feel the price is steep. But i have a bout 30+ photos of the unit that needed the work, and Im wondering if I should post those to maybe add some more context. But I do see your a point. If they can just have each unit turnover yearly, it would be great profit for them. This is what Im concerned about, and why I am posting. Thanks again though for the quick reply!

Hello guys and gals,

So I have to had to turnover one unit so far in my Triplex, and about to have to turn over a second ( from evitction a whole separate post ).  I am curious as to how much a unit turnover should cost, and what that includes. My PM charged me 3,500.00 to turn over a 1 bedroom unit. And another 400.00 plus to clean the unit after. The former tenant, let the fridge kind a mess, Ice in the freezer, the bathroom was gross, and left some clothes hangars and small effects behind. I can attach phots that my PM took. As well as photos that the PM took after the vendor "turned the unit over" They facilitate the vendors, I have no idea who they are and have asked for itemized receipts twice so far and have not received them. I feel like this price is pretty steep. But this being my first rental property and a tenant that I "inherited" (same with the eviction) I have a second unit that will need to be turned over after going through the eviction. So any and all advice will be greetly apprecaited!

Hello Guy and Gals,

Im looking for some one to either fix or replace a basic storm door at my property in Cleveland. My PMs guy quoted me a pretty high price (or what I thought, pretty much with any maintenance) . If any one has any one to recommend for this please I would appreciate any and all information.

 Thank you very much for the feedback!

 Hey Bob thank you for the reply! So the first property fell through after I got the inspector in there. He flew a drone and saw that there was more roof work than I felt comfortable taking on, ontop of some code violations in one of the units and exposed knob and tube wiring in the attic space.  

I do currently have another property under contract.  I am waiting to have my PM and Agent do a walk through (he does pretty thorough videos for me as I am an out of state investor). Here is what I do know so far.

Property is a Triplex with 2 units currently rented ou CMHA. 3rd Unit Vacant, renovated and rent ready. Rent rolls show rents are up to date. 1 unit had lapse in payment for one month. This was evidently due to a refrigerator that needed to be replaced to stay in compliance for CHMA. The tenant wasnt allowing delivery and replacement for some reason. Which caused a lapse in compliance. It ended up getting sorted out and the rent got issued through the CHMA, but there WAS a delay. The leases look to expire, one at the end of this month, and one the end of next month. So I am currently looking to see if they are getting renewed, and if the CHMA will be renewed as well.  I do have copies of the leases, Rent rolls and the P&L Sheets. When my Agent and PM do the walkthrough, I plan on having my Agent give the tenants an Estoppel Agreement to fill out so I can attempt to have full transparency of the leasing situation. As far as Lead Cert, I don't have that answered yet, I would assume doubtful from just my little experience of a majority of the properties in Cleveland that ive seen on the market.

I appreciate any and all feedback!

Thank you for the information! As far as documenting everything properly, could you elaborate a bit more? I just want to make sure I have all T's crossed and I's dotted. 

@Mike Fingleton @Noah Wright

Thank you very much for the prompt replies guys. The information have been extremely helpful and will definitely help guide me in the right direction!

Hey guys,

So I have an offer accepted, I'm looking to close in 30 days on a multi-family in the Cleveland area. I'm curious on how to go about paying the down payment so that I will not potentially trigger a "due on sale clause", when I transfer the Deed to my LLC. I still plan on personally guaranteeing the loan to secure it. Should I have the funds come out of my LLCs account for payment or is it fine paying the down payment out of my personal account then once the property is paid for, transfer the Deed to the LLC. The LLC would collect rental payments in a business account and make the monthly payments on the mortgage operating like it should. (but mortgage would be under my name still). I've been told to "Wait a few months before transferring the Deed". In advance I'm sure people will ask why I would have it under an LLC for my first property, of course liability protection but the main reason is Taxes, I'm not trying to have the added income from the property be on my personal tax returns. I appreciate any and all input!