All Forum Posts by: Austin Johnston

Update on this, the issue was reported in the point of sale inspection with the previous owner, but not transferred into the disclosure. @Russell Brazil does that change your input on that?

Fello investors, looking for some insight/guidance. In September 2024, I purchased an investment property and the tenants immediately began reporting water leakage through the basement walls (seepage). Nowhere in the property disclosure, nor the inspection did it note water intrusion issues. 

To diagnose the issue, I had two companies come out to advise the remedy. Both companies noted the issue was not acute and had been occuring for years. 
 

The LLC i purchased it from acquired the home in June 2024 and had flipped it. The LLC purchased the home from an individual who had owned the property since 2014. I feel it's possible the LLC was unaware of the water intrusion, but the previous owner of 10 years (who lived in the home) most certainly was aware of it.

Question: If the 2014-2024 owner failed to disclose the water intrusion can they still be liable as they didnt disclose it when they sold the property to the LLC? Which ultimately created a chain of events, leading me to not be notified?

Appreciate the responses.

Does anyone have any Lease Addendums they'd be willing to share? Drugs/Smoking/etc.

No, I haven't received a referral specifically for an attorney at this time. I wanted to knock out the agreement first.

@Remington Lyman Yes, I'll be self-managing. Otherwise, I'd be all about having the management company handling the documentation. Going to give turbo-tenant a go and see how it works out, work case I'll make an audible. 

I'm an out-of-state investor from Austin, TX, and about a week away from closing on a single-family home in Cleveland Heights. Can I pick some brains out there on solidifying lease paperwork in Ohio? I haven't been able to pin down a good lease example for Ohio, and with the abundance of experienced investors out there I was hoping someone might be able to lend a hand. I appreciate ya'lls time and anything you're willing to provide.

Ultimately, I've seen the eforms online and have obtained some leasing documents from the realtor, but I'm more interested in seeing/hearing what some of you have added to your lease based upon positive or negative experiences you've had as well as gaps you've noticed that leave the landlord vulnerable.

Austin

I looked into Re/Max they do seem squared away. I'm more interested in just getting good tenants in the property and then doing my own managing. I assume most use theirs long-term?

@Steve Dowding & @Brian M. , thank you for the recommendation; I'll look into them. 

In the process of closing on my first property in Ohio as an out-of-state investor. Any reccomendations on a property management company?