All Forum Posts by: David Roe

I am the Owner no I don't need Help Selling it. 

 $125,000 

4/2 + walk up Attic and full basement plus 1 car detached garage.  

Rented at 1200 month tenant pays all utilities.  Rent can be pushed to 1400-1500 for this neighborhood.  Current lease is up Feb 2024

in 2019 we did a new roof, new windows, new flooring, new paint (inside), remodeled bathrooms and kitchen, outside porch floors were resealed/painted, new garage door, other misc repairs.  

It will need some window screens, and aluminum siding washed and painted and one room a tenant had two freezers in it and one thawed out and water damaged the Wood lament plank flooring.  aprox 300sq ft room ish...    

Tenant has been 10 days late three times but paid fees and got caught up.  He travels due to being a mover/laborer and is gone for 3-6 days at a time.  They have multiple kids but the walls and rooms look great considering, no damage do to having a large family.  Simple tasks the tenant does minor repairs if I or manager approves it(he does ask first).  

Could be Sec 8 ready for about $2,800.00 worth of items required due to their rules.

House sits on two lots.  House appraised for $105,000 in 2020 and should be able to appraise for 135-140k but do your own due diligence.

https://www.zillow.com/homes/1932-Auburn-Ave-Dayton,-OH-4540...

9377650207 

Text is best for me.  I don't normally get on here but once a week.  

Ok, so I found a whole sale deal, presented the deal to the lender and got a verbal/email approval. This was first week of Feb. Said their closing took 5-7 days. Made the offer on the house and went under contract with $4700 EMD. Feb 20 ish whole seller asked for more time due to seller wanted to get the tenants out of the home. I agreed to close March 31s. Appraisal takes for ever to get accomplished, once it was accomplished I hear nothing from lender until March 21st and he said appraiser put the zoning as a illegal. I went to zoning office and found the zoning was legal but non conforming. So Zoning wrote me a letter showing the home was still properly zoned. Lender claimed the letter wasn't enough and needed the appraiser to say the zoning was legal. Didn't get the corrected appraisal back until April 2nd and I missed my closing date due to it. Seller and wholesale signed their closing documents. on the 31st. As of April 12 lender still doesn't have a new closing date just keeps saying "we will close". Well now the seller says he's not selling the home and wants to keep it.

I went to another lender and they are ready to close Friday (took them 3 days). But now I don't know what to do. I hear that the seller still has to give me reasonable time to close the deal even though we are past closing. But I feel the lender has cost me my EMD by not funding.

I also feel the seller has to stand by his sale of the home reasonable time due to uncontrollable circumstances....

Also doesn't the wholesaler have to return the EMD?

Ok, so I found a whole sale deal, presented the deal to the lender and got a verbal approval. This was first week of Feb. Said their closing took 5-7 days. Made the offer on the house and went under contract with $4700 EMD. Feb 20 ish whole seller asked for more time due to seller wanted to get the tenants out of the home. I agreed to close March 31s. Appraisal takes for ever to get accomplished, once it was accomplished I hear nothing from lender until March 21st and he said appraiser put the zoning as a illegal. I went to zoning office and found the zoning was legal but non conforming. So Zoning wrote me a letter showing the home was still properly zoned. Lender claimed the letter wasn't enough and needed the appraiser to say the zoning was legal. Didn't get the corrected appraisal back until April 2nd and I missed my closing date due to it. Seller and wholesale signed their closing documents. on the 31st. As of April 12 lender still doesn't have a new closing date just keeps saying "we will close". Well now the seller says he's not selling the home and wants to keep it.

I went to another lender and they are ready to close Friday (took them 3 days). But now I don't know what to do. I hear that the seller still has to give me reasonable time to close the deal even though we are past closing. But I feel the lender has cost me my EMD by not funding.

Question. Are lenders responsible at all with EMD of an investor who received approval of funds, the deal was approved, closing was scheduled and the lender failed to fund by the closing date. Now the seller backed out along with keeping the EMD. Is there any recourse on the lender?

*** Anyone Who Owns:Ohio Short Stay Rentals, Corporate Housing, Short Term Leases, AirBNB, VRBO Etc…

HB 563

Ohio is working to protect property owner rights by eliminating a local governments ability to restrict (deny) homeowners from doing Short Term Rentals. You can read the Bill Here:https://ohiohouse.gov/legislat... you own one and not in a city that restricts STRs today, you may be fine but tomorrow you could lose your income. Call / Email / show up. Go to the above link, Email every district representative requesting they support HB 563.
You can also become a Proponent by writing a letter, tell your story how the STR you own has helped you. Explain the people you have hosted and the relationships you have experienced. Tell your story. Type it all up in letter head form with your contact information. Wet sign it and scan into your computer as a PDF. Then Contact Scott Wiggams office; Jordan Leatherwood (614) 466 1474 tell him you want to support HB 563 and he will share his email, you email them the letter. You can read(testify in person) or submit your letter as on paper only. The more support the better.
The free world stands by silent and wonders how long it will be before their own country will succumb. It was Edmund Burke in the 18th century who said “evil prevails when good men fail to act”.

Next question is where to find personal lenders. :). 

Do not use Copper Sulfate it will kill all the roots forever and is I believe in most states illegal to use.  So don't do it...  

As a buyer and you use a hard money loan to purchase and rehab a home the lender should issue a 1098 just as any other mortgage lender holding claim to the title correct?  Isn't it the Lean holder's responsibility issue 1098s on time?

And if you manually enter the data that can also complicate your taxes if you don't tell your CPA you entered those items into the system manually. other wise he would get it from the Stessa tax prep then from the requested HUD when doing your taxes.

I have been using Stessa, But I can't believe there's no place to enter your HUD into Stessa to show your purchasing expenses. It's great as a management tool but it won't track your purchase and or sale expenses and or income unless you manually enter them one at a time off the HUD when you buy or sell the home. Very disappointed.