All Forum Posts by: Erin K.

One other thing to keep in mind is that sometimes properties are winterized too late. We bought an REO and the bank had winterized it, but it had sat vacant and had frozen pipes before that. We accounted for that possibility before buying. When we had the water turned on the first time, we had a couple people in the house just in case there were lots of leaks (which there were). Pex has made plumbing repairs soooo much easier and less expensive than I understand used to be the case. Pretty easy thing to learn for DIYers too. Good luck!

The spouse has a dower interest in any property owned by their spouse - in Ohio at least, it is not limited to the homestead. I can take title to property in just my name, but if sell/convey the property later and I’m still married, my spouse has to sign the deed, releasing his dower interest. If a later transfer is done *without* the spouse’s signature releasing dower, there will be title issues that can be a real hassle.

If it’s a big loss as far as market value, can you turn it around to at least cash flow? The gross rents relative to what you paid would suggest that might work.

There’s just junk inside the building currently. It’s not for laundry - it’s a 3-4 unit apartment with (oddly) SEVEN laundry hookups in the basement (I think plan was to make additional apartments over the garage). I was thinking covered parking too but seems like such overkill with that crazy roof - snow and rain would blow right in with a roof so high. 🤔

From another equally confusing angle....

LOL - I'm waiting for some great explanation, but I think one probably doesn't exist.  Maybe it is just a half-finished something or other....

Anyone???  

My husband and I were out looking at investment properties all morning, as we are in the identification phase of a 1031.  We looked at a very nice brick apartment building. It has a nice, aluminum-sided, 3-car garage behind it and also this strange building.  Realtor had no idea what it was for and we couldn't come up with any logical explanation.  My husband hypothesized that they had leftover trusses and block from the garage and just stuck them here  - LOL.  Anyway, just wondered if anyone has ever seen anything like it and any idea what it was used for.  Realtor said current owner's dad built everything and the property has only ever been used as apartments (although it is zoned commercial we think.)   So....I am curious what it might have been intended for, and - more importantly - figuring out how to make money from it if we buy it!  :)   Prob a little storage unit I guess. 

Thoughts?

Isn't there a discount code from the last podcast too? 

Look to see if there is a sprinkler system in place - can have a big impact on insurance rates.