All Forum Posts by: Gordon Starr

"prior customer reviews of clients who liked him, and preferable one who he had a problem with and how it was resolved.

Once I started doing my due diligence on him"

Just sounding the contrarian note, here. It sounds like you were working him over pretty intensely, Bradley. You are an attorney, as such, a specialist in causing people problems, by nature a litigious individual. And you want to be put in touch with someone who already had problems with this turnkey business? These businesses are not known for their customer service anyway. Why should he trust YOU at this point? Are you going to be the nightmare client that constantly has questions, issues, and sues you over the slightest misstep? 

Give me a shout at 937-245-0276, message, or e-mail. I would love to hear from someone who would bid 50. That would be a steal and I would let it go if that is the high bid!  Buy it now for 67!

I am presently taking bids with no reserve, cash terms, and a minimum of 50,  a buy it now price of 67. I am currently offering open bidding to end Thursday march 29 and the house will be available for viewing till then! We are seeking a 3 yr lease with a face value of 30 to begin on April 1.

Buy this beautiful 3/1.5 bedroom single family house in the up and coming 45405 zip code of Dayton, Ohio. The taxes have been challenged and reduced to 70$/month making this property particularly strong in cash flow and value priced. The house has been tastefully rehabbed and detailed in regards the curb appeal. We expect to have the property rented by closing day and management is in place with a local PM that is highly recommended by BP members. All the mechanicals are in good shape and the asking price includes a brand new roof. See the photos on Zillow:

https://www.zillow.com/homes/for_rent/house,mobile...

This thread could be instructive to someone contemplating buying at foreclosure auctions. Several members have pointed out the risks and pitfalls of buying there and some ways to mitigate those risks.

Major risks are:

1. unacceptable, but unseen damage

2. title defects, leans, and second mortgages convey to you

3. entering the property risks in legal issues and getting attacked

4. bidding gets out of hand running prices up near mls values

Strategies to reduce risk:

1. Set aside extra contingency money to cover the unforeseen

2. Talk with neighbors and find out about the property and occupancy

3. Search the tax and title prior to the auction

4. Stay clear of the sheriff's auction unless you are an experienced investor

In this case, the sheriff's auction was packed as I have never seen it and the bidding on my interest went way over my predetermined limit. The mob auction may be a trend in Dayton, Ohio as more and more investors descend on the place seeking dirt cheap properties.

The thread title question is one you should run past your lawyer first. In Dayton, the houses belong to the sheriff at the point of auction. You buy them from him and you need his permission to pick the lock or kick in the door. Unless you are pretty well connected as I am you aren't likely to get it. My Lawyer is a former mayor and I help the city planners on the question of which of Dayton's thousands of abandoned properties need demolition. They, like most cities, are sick of these abandoned properties and want them in the hands of owner occupants, investors, or torn down!

The sheriff's auction is the second riskiest way to buy a building, in my view. The first is to REAP real estate acquisition program. I have worked both programs. They are less risky here than most places because our county does first rate title work. The sheriff returns your deposit if you are unable to obtain a title insurance commitment.

In this case, the recorder website shows only the first mortgage - a 40 year mortgage that was in place since 1988. The bank is owed just 14k and that is way less than the place is worth if the inside is anything like the outside. The neighbor is saying the place is good!

Very astute observations ms beadle, I can see why they elected you President. It appears the foreclosure cleared the title as best it can. Also, I am looking for the occupant in hopes of gaining entry legally. 

New intelligence! I have been hanging out there and learned from a neighbor that the place is partially occupied and the previous owner was "always there fixing things". This fits with what I've seen from the outside and further suggests I buy. Still, I want to go in. Its a wild itch I get around auction time. I THINK the law is about like this: Breaking in is a felony in Ohio. Using a lockpick is less of a crime and if you cause no trouble or damage - you are only on the hook for having the lockpick which is illegal equipment. If the door is open.?. Its not and I am not sure of the law there..

There is a property in this Friday's county sheriff's sale that looks really desirable from the outside. The street, neighborhood, due diligence all suggest I buy it. But, our good sheriff says you are to stop at peeking in the windows and not go inside! Seems like a good way to get shot, peeping in like that. Besides, I already did that, and you can't see much of anything. In the past, there would have been no way I would buy without first going inside. Now, I am less sure. What would you do?

@Carlos Rovira

What are you looking for - fully rehabbed properties with screened tenants and management in place? With the prevailing prices in Dayton proper, it doesn't pay to sell such properties. That may change. I see two relatively pricey 2/1 bungalows advertised on Zillow over near Linden heights for 825 and 895 per month. If people are actually getting those rents, it changes everything. There is no real reason why Dayton should have the lowest prices in the known universe (outside of Detroit).