All Forum Posts by: Gregory Wilson

I think the analyses above are correct on getting these little properties to cash flow. It just can't be done today. And, speculation in the Cincinnati market is not a great idea since we have not YET experienced any serious rollback of prices and the market is becoming saturated with apartment newly available.

I think you have to get into the larger properties (16+) to find the B class properties with positive cash flow and those are typically hidden by pocket listings. So boots on the ground helps a lot. 

Quote looks ok to me.

There are three or four lawyers in Hamilton County that have a regular eviction docket. Only choose one of them. If your attorney makes a special trip just to do your case and sits and waits while the regular guys get first hearings you will pay through the nose.

Dave Donnett

Mike Haas

Forest Heis

PS: Hamilton County strictly enforces the rule that if the property is in an LLC or the eviction is brought in the name of a management company, a lwyer must appear. If the property is in your name, you can show up and ask the seven (not six or eight) eviction questions and out they go.

I would start with student housing in Oxford. I think the dorm rate at Miami is about $10,000/ year double occupancy. That means you are competing against a $20,000/ apt that is what 300 sq ft?

Quote from @Amy Denzler:

Hi there Bigger Pockets, I am looking for a recommendation for a real estate attorney in Ohio. Any recommendations would be much appreciated! Thank you!

Amy, for this matter (the deceased seller I assume) you need a Cincinnati lawyer with both real estate and some probate skills. I think that would be Mike Fletcher at Griffen Fletcher and Herndon.

Quote from @Yusuf Ransome:

Hello, I am looking to renovate my grandma's house. It was built in 1944, there are 2 bedrooms 1 bathroom. Three floors, an attic, basement, and main area. I am thinking about turning the house into place that can accommodate home health care. I am seeking recommendations from anyone who can share experience with this type of job and or contractors who may be able to do this. Can anyone please share things like permit info or other issues we need to consider. Thank you

Zoning may be a problem, but building codes for home health care facilities will stop you in your tracks. Its a residence. If it is well located make it a short term rental. If not a flip house.

Quote from @Verna Littleton:

I agree with Jay. There is no obligation to honor your contract since the owner is deceased.  It will have to go through probate etc.  I would suggest you be very patient with the surviving family since they don't have to honor the contract.  I would just be nice and let them know you are still very interested in the home since you have invested money and time. Good luck! 

In Ohio, just like the deceased hospital bill and his mortgage payment, the contract is an obligation of the deceased and it become an obligation of his estate. The purchaser may have to present that claim in case the executor does not have actual knowledge of the contract, but you are mistaken about unenforceability.

Commercial agents have additional incentives to do "pocket listings" in order to increase the likelihood of avoiding a co-op commission. And, if you hook up with a buyers agent he will know nothing more than you can find on Loopnet beyond his own pocket listings. There is no incentive to share commercial listings with brokers in another agency if they are not listed on Loopnet. For properties listed in MLS, the buyers agent can do a lot of legwork and use MLS's brokers only tools and the listing agent will already expect a co-op commission to be paid.

For the bottom of the commercial market, properties not deemed worthy of Loopnet, a lot of driving around, using Cagis or similar GIS databases to get owners' name and addresses, and putting notes and business cards in doors is an alternative to Loopnet (I don't know about Crexi). Even if there is no sign and tenants are present, a poorly maintained exterior is a good sign that a building might be buyable. Years ago I came across a multifamily where the owner was not able to ready the property for market and thought it could not be sold until repairs which she could not do had been made. I bought it as is.

The rental market is still strong in Cincinnati, especially at the upper tiers. Something is not working. Time to get more eyes on your ads and presentation.

Quote from @Don Konipol:

Quote from @Gregory Wilson:

Quote from @Don Konipol:

Quote from @Gregory Wilson:

Lenders are not permitted to disclose loan terms conditions or even borrowers names until the loan is in foreclosure. Even then most refuse and refer you to heir lawyers. Appraisers and inspectors are not bound. 

This is just plain incorrect. . . . Second, if the above were true no loans would ever get sold in the secondary market. . . . 

 When a loan is sold to a new servicer, the original lender can share borrower information to facilitate a smooth transition. This information sharing is allowed under the Gramm-Leach-Bliley Act (GLBA) with the following considerations:

Necessity: The information shared should be limited to what's necessary for the new servicer to handle the loan effectively.
Borrower contact information (name, address, phone number, email)
Loan details (account number, loan amount, outstanding balance, interest rate, payment history)
Copies of loan documents

Borrower Notice: The original lender should notify the borrower about the transfer and the information being shared with the new servicer. This notification should be clear, concise, and explain the borrower's rights regarding their information.

New Servicer's Privacy Practices: The new servicer should also provide the borrower with their own privacy notice outlining how they collect, use, and share borrower information.

The OP is discussing purchasing a COMMERCIAL property. The regulations you’re quoting from apply only to CONSUMER PURPOSE LOANS, not commercial loans.

 The Graham Leach Act defines its scope to extend to protection to individuals as opposed to "financial institutions."  Maybe they disclose this stuff in Texas but the OP is looking here in Ohio.