All Forum Posts by: Gregory Wilson

With the impending economic downturn, northern KY may be affected more than Cincinnati. This is an opportunity. Land contract is what would work best for you in that environment. A seller can keep his low interest loan and start receiving his equity from your land contract payments. Land contract emerged as the most attractive alternative financing in the last two recessions. Get a realtor who knows how they work and will scout them out for you when things slow down.

In NKY you can't beat Ft Thomas and Ft Mitchell. House in both are very safe. Avoid multi family properties in areas in Cov and Newport that you would not feel comfortable walking through at night, which is most everywhere there except up on the hills.

Cincinnati has multiple locations of Fast Track Auctions ("FTA"). FTA sells Amazon and Big Box returns. Mostly garbage. But, what they also sell is discontinued and misordered Lowes and Home Depot Merch.I have purchased over $200,000 of building materials from FTA.

The number one item they have (and only periodically) is bath and shower tile. Since one has to buy the whole lot or none at all (often) 512 sq. ft., and pick it up in three days, and in colors and sizes not picked by a homeowner, there is little or no bidding. It is not goofy crap. I'm talking about nice charcoal 2x2's and ivory, etc. and I have never paid more than $.25/ft for 2x1 and 2x2 foot tile which sells for $3-6 per ft at the Big Box.

The second thing they have in abundance are bathroom vanities. If you are renovating a bathroom we would be spending $500 for a vanity sink base. Only buy good condition or brand new. They can be wrecked.

The third thing they have are kitchen and bathroom sinks.

The fourth thing they have is engineered hardwood flooring.

Good luck!

www.BIDFTA.com

Lithium battery EV is a dead technology. The governments will prop it up for maybe as much as a decade but unless there is significant technological change it will be DOA. All investment in it will be lost and the government will drop it like a bag of dirt.  As far as infrastructure, the EV charging stations are also a crap investment. They are unprofitable, capital intensive and single purpose structures. There are only so many Putt Putt courses a city needs when the charging stations are abandoned. If one can make construction money by building the charging stations for investors there is a pile of money to be made until the private operators give up competing with government subsidized charging.

But, for the time being, smart money will buy a Tesla Plaid or a Model 3
which will soon be outlawed for its dangerous 0-60 times, but may
retain its configuration and become valuable. Anything else is garbage
and will be a disposable car at the end of its 10 year battery life or
whenever it gets i a minor accident.

The market is all messed up. The hype continues while the marketplace has cooled. Hence, the spectators think prices are going up when the flippers know they are going down.

Information disconnect.

With Cincinnati being the 15th highest foreclosure city in the US, perhaps the court system is the place to look. By the time a seller gets to a foreclosure sale he has had his realty check.

+ 1 for mechanics lien. You only have 60 days from the last day of work. If you are beyond that, see if the owner will let you in to adjust the system. That will restart the 60 days.

Mike's office is 90 feet from my front door. Great guy.

$3000 is completely reasonable. But, your first mistake is putting all those properties in your personal name. If something horrible happens (like your handy man who you have given the keys to all the properties rapes your female tenant (you didn't know he just got out of prison for rape) (no insurance coverage for you by the way because intentional torts are uninsurable) you will lose everything you own. Or, when the lawn boy goes to get lawnmower gas in his uninsured car and wrecks into someone on your business. Also no insurance.

Finally, the IRS Audit likelihood for a 1040 with 6 Schedule E properties is about 10 times as likely as a 1065 (with your spouse) or an S-Corp.

Then you can get a single K-1 and do your own tax with Turbo Tax.

Yea, this is always a problem with evictions. Same with divorce. If you are doing an eviction for $150 + filing fee, how many calls can you take and still make it worthwhile? One or less. I did an eviction docket decades ago and when you file a case the tenant calls screaming bloody murder and then she calls the owner. Then she calls the manager. Then she threatens to burn the place down. Then you get a call from Pro Seniors or Housing Opportunities Made Equal. All of those people call you about the case. Then your client's manager calls to ask you to reschedule because her daughter has soccer practice.

So you don't respond to the phone at all.

Best practice: Send over the application and lease, the 3 day notice, bullet points on how it was served, the other unpaid rent for the second count, a check for the fee and ask when to be in court.

If you have something substantive to talk to an eviction lawyer about you probably have already lost. Offer to pay the tenant $200 to be out by midnight tomorrow and never be seen again.