All Forum Posts by: Jill F.

It seems like Cleveland is seeing a bit of a resurgence. Real estate prices are going up and some areas seem like they are gentrifying. All three of our children moved from Akron to the greater Cleveland area for jobs when they graduated from college (in the last 7 years). Lake Erie is a huge resource and the both the Cleveland Clinic and (case western) university hospitals are world class medical facilities. There is also Glenn Space Center. Competative national sports teams (and also the Browns).

 However, I do worry some about Akron (where I live and invest). Right now, downtown is pretty much the University however, the city is working on redevelopment plans and an artist community... I don't know much about the Toledo area.

Whooooeeeeee, I would love to be making enough money so that if someone didn't pay rent for 11 months I would not even notice. At this point I wouldn't even bother trying to get them to pay I'd just end a notice of non-renewal.

@Tereal Wilsonn

Well, here's the thing. I know it's a landlord fail but I hate going to court and it's expensive and most of the time I won't get my money back soooo I have twice, allowed inherited tenants to use the deposit as last month's rent without following through with an eviction. Once, they had given notice before I took over, they were moving out of the area, they called and made the request in advance. They came back, got their stuff, cleaned and left the place nice. The second time I sent a notice to vacate as soon as I purchased due to significant damage seen on inspections, I offered the deposit back hoping to get rid of them with a minimum hassle (they had relatives in the neighborhood). They showed me proof that they had another place and I took a chance and didn't evict. They left the place a mess but I knew that was going to be the case. In both cases it would have cost me more to go through with an eviction than it did to make a "bad" and risky deal. I have been lucky though, in both cases had they not left or had they trashed the place further, eviction would have worked out better.

Akron U. Some drama-- one OD. Some have trouble paying rent over holidays.  Some are more responsible than others. I wrote a VERY detailed late policy that allows me to be flexible but still get paid (mostly) in a timely manner. I enjoy dealing with kids (even the pita ones). They are less fussy than old folks.

I have 8 one bedrooms rented to college kids

2 side-by-side ranch duplexes ( large one bedrooms) with shared parking rented to older gentlemen.

both properties rent well.

@Art Maydan

I would be EXTREMELY surprised if a judge allowed you to discriminate against a family that had foster children. The fair housing law prohibits discrimination based on "family status"  I would figure that "children" included foster children, children under guardianship, adoptive children, step children, and biological children. I think you'd be on really shaky ground and I wouldn't do it. But I'm not a lawyer-- you might want to check with a local lawyer before you go down that path.

The fair housing act does not allow you to discriminate against families with children so you can't charge extra because they have kids. In Ohio, you can limit occupancy in the unit based on the number of bedrooms. 

I just read Fannie is about to change the rules on DTI, maybe this will help you,

https://therealdeal.com/2017/06/09/fannie-mae-taking-a-friendlier-approach-to-debts/

Did you have to quit-claim the house to an ex? Perhaps you could offer an incentive to get them to sell so the mortgage will get paid off?

My son works in Westlake and lives in Lakewood. When he first moved to the area, his co-workers said to look west of 117th street and properties get more desirable as you move west. He loves living there. It's a very walkable, young, hip, area. He is renting a place on the far west side of Lakewood just before Rocky River. Also, water is very expensive there at least compared to Akron where I live and invest and the city charges an annual landlord fee.

My drain company charges $90 for the first drain but sometimes they find other pipes clogged when snaking a drain so there could be extra costs. Extra costs would be itemized by the company I use.