All Forum Posts by: Brian Garlington

You will need to give a 60 day notice if you want them to leave. 

Are they way way way below market rent or just a little? If it isn’t that much then  just raise the rent gradually each year until they are caught up to market rate.

If they are Section8 tenants then you are NOT subject to be limited to rent control laws generally.

Gross rent in those areas will be pretty good. However,...net positive cashflow....not as much compared to the East Bay. Your forst step should be to get pre-approved with a lender. @Chris Mason can help you out with that.

You will find that if you are trying to do a 1031 Exchange into a Syndication under a certain amount then it will be problematic and most syndications will want that amount to be pretty high.

Now you see why I do everything I can to put Section 8 tenants in all my rentals whether it's in Cleveland, Ohio or Oakland, Ca .............70% to 100% of the rent gets paid like clockwork every single month. On the rare occasion that the tenant does not pay their 1% to 29% (portion) of their rent I am still getting my money. In 2008 and 2009 I had my fair share of cash tenants that passed background checks that for some reason got creative in why they could not come up with rent money.....yet they would be bragging on MySpace (Anyone remember that?) about ski trips they were on or being out in Las Vegas for the weekend. I vowed never again to let that happen. 

No right or wrong answer here. The seller may feel good being able to boast to their friends that they sold the property at a certain price...........

Renting out per room? In Cleveland? Please do not do this. It is a very, very bad idea.

Ouch.........44102 in general is a very....."risky" area my man. I hope this works out for you.

I have a very reliable handman as well as someone else that is a GC that can help you out on this.

You should be very careful trying to do this as a first time OOS. It is best to gain some experience doing this locally where you are.....after that then you should try buying a foreclosure OOS.

You don't need a Cleveland specific tax person for this. You need a tax expert that owns rental properties themselves and understands how you can optimize what you are trying to do. I've been using @Bill Hampton for years.