All Forum Posts by: Dustin Faeth

Yes these are OSU students, and No I didn't have any of their parents co-sign on the lease....I will definitely do this on future leases for this property though to help protect myself from this happening again.

I own a 3 bedroom rental property on campus in Columbus, OH and have 3 guys signed to a 12 month lease that expires in July 2014. Monthly rent is $1200 ($400/tenant) and there was a falling out with one of the roommates and he decided he was going to move out in January and apparently the other 2 tenants said they would find a sub-leaser to fill his void for the remainder of the lease term. HOWEVER, they have still not found someone to sublease and if they don't have someone by Feb. 1 I am afraid they aren't going to be able to cover the full rent of $1200 and they have already threatened to just move out too if they can't find someone and can't afford the $1200.

I have never run into this issue before and it seems completely messed up to me that they think they can just walk away from a legally biding agreement that we all signed as a 12 month lease for $1200 per month. Any suggestions on how I should handle this? How can I stop the tenants from just walking away from the lease, moving out, and not paying me anymore rent even though they signed a lease until July?

Really need some help on this one so let me know what you would do in my situation! Thanks

Dustin

thank you all for your suggestions, this definitely gets me going in the right direction! I appreciate the support.

BP,

I looked at a great duplex in Columbus, OH today that is currently vacant...the last tenant had to be evicted and when he moved out, he trashed the place and wrote the words "Bed Bugs" on every single wall in the whole place. It's obvious he was angry and thought the place had bed bugs that the out-of-state owner wouldn't acknowledge. I am interested in possibly buying this duplex, but how do I know for sure if it is infested with bed bugs or not? Is there a test to find out? Really don't want to buy it and then run into that expense and issue right away if there's a way I can find out before I decide to buy it. Any thoughts or ideas are appreciated!

Hello BP,

We have come across a unique opportunity to rehab a commercial location in a great area of Columbus, OH that is an ideal location for a dentist office or optometrist...the location is already zoned commercial medical and is located at near a busy intersection in the prominent area of Upper Arlington.

We WILL HAVE AN END BUYER (dentist, optometrist, etc.) lined up before purchasing the building to ensure the security of the private lenders funds, and will build out this office to their preference and design. We have consulted with a design-build contractor that specializes in dentist office build-outs and the equipment needed to furnish the facility, and he has many dentist contacts to approach as potential end buyers for this property.

Below are the numbers we are looking at on this project:

Purchase Price: $250K

Build-Out/Rehab Cost: $150K (or less)

Dentist Equipment Cost: $140K

Total Investment: $540K

Estimated Sell Price: $800K +

Please send me a private message here if you are interested in this unique opportunity, and we can discuss in more detail. Thanks!!

Hi Josh, I am a local investor here in Columbus as well, so welcome to the group! Will be attending the COREE group tomorrow if I can make it there on time so might see you there if you attend. Take care and good luck!

We just went into contract on a great home in Columbus, Ohio that we will be rehabbing, and currently seeking private lender(s) to help fund the deal in exchange for a solid return on their investment. Below is the MLS link to the property and you can click on the main photo in the link for additional property pics (right click on link below and choose option to open)

MLS Listing

Here are the raw numbers:

Thanks for all the feedback...based on the dollar amount in question and the time, expense, and hassle it will take to fight this contractor on this, I think the smart move is to just settle with him and sign the final lien waiver and move on...I'll take it as a learning experience.

We are finishing up a rehab project right now and the contractor that was doing the work was doing a horrible job, taking too long and causing a lot of issues, so I decided to fire him this past Friday and cut my losses.

I haven't paid him his final draw yet and based on the quality of work (or lack there of) and he was already at his time deadline based on our contract and had at least a third of the scope of work still unfinished or needing redone because of how bad the finish work was.

I tried to negotiate a final amount for us to agree upon to part ways and have the contractor sign the final lien waiver, but he is requesting more than what I think he deserves and he is threatening to file a mechanics lien against our property if I don't give him what he wants.

Any thoughts or suggestions on what my rights are and how I should handle this???

Great Advice...thanks for the response Bill!