All Forum Posts by: Jill F.

When I want to do a low ball offer, it's usually because there are significant repairs need, or I have graded the neighborhood lower than the seller. This seems to usually happen on properties that have been sitting (or will be sitting). Priced right multi units sell quickly around here. Usually I'll ask my agent to write it up if she thinks it's worthwhile or to do an oral offer and see if there is enough interest to bother with a written offer. The agent I work with works hard, she is ethical and she is a decent negotiator. Her advice has saved me money. I've purchased 21 units in nine properties in the last 8 months.

@Jay Hinrichs Thank you! I didn't know about using the '?' to get the list of names

@Dan Bryskin  Let's not forget that the majority of rental assistance recipients are either elderly, disabled, or WORKING at low income jobs.

http://www.cbpp.org/research/most-rental-assistance-recipients-work-are-elderly-or-have-disabilities

my 2cents

Different people grade areas very differently. I'm from Akron. I don't think we have any truly "war zone" neighborhoods here but I've seen people comment that they wouldn't buy anywhere in the city. In Akron's poor neighborhoods, conditions can vary greatly from block to block. Some neighborhoods that were hit with the worst of the meth epidemic, look pretty sad where so much of the housing stock has been boarded up and/or demolished but as the population has thinned, I don't feel they are especially unsafe anymore. Do your own grading. For someone with some construction skills, $20,000, a $10,000 credit line at home depot, and a truckload of energy, you could get started in Akron.

Some people confuse black neighborhood and bad neighborhood. 

Good tenants appreciate a landlord who maintains their properties well and screens out trouble makers.

New landlords with limited funds should play it safe and only accept tenants that have an adequate (3 x rent) and either stable or easily replaceable source of income. 

I looked at a property today, the tenant was scraping by on SSI, selling handmade crafts on the internet, and selling plasma. (In Akron, you can make $350/month selling plasma). Some people might call this tenant a "welfare queen" but I think she showed grit and ingenuity dealing with a difficult situation.  I probably wouldn't have rented to her but she's been there paying rent for four years; She's demonstrated that she can do it. If I buy the property I sure wouldn't kick her out.

@Anish Tolia I thought that "Evicted" which looked at evictions from both the landlord and tenant points of view was a very interesting read. My main take away from the book was to make sure my tenants have sufficient income for the property. In almost every eviction described in the book, the landlord rented to a tenant without adequate income. Tobin and Sherrena were both what I would consider "slumlords."

Unless you already have a buyer lined up, it's probably worth it to list the business with a business broker since they'll already have contacts that may interested in purchasing the business.

Hi Tiffany,

I have always wanted to do one of those split systems. If you go that route please let us know how it works out. Have you already tried having the carpet cleaned real well?

Good Luck,

Jill

The courts in Ohio have been mixed on upholding late fees particularly when charged daily. I charge a flat $40 late fee in my low rent properties. If a tenant notifies me on or before the first that they will pay on or before the 6th, I discount the late fee 50%. I quit or pay on the seventh day of the month. For tenants that cannot pay in full by the sixth, I will allow them to make partial payment as long as they pay enough to stay current. If they make arrangements in advance and then do what they say I discount the late fee 50% ($20)

I've had good luck with rustoleum cabinet transformations. The urethane topcoat is more durable than paint. 

Tell her they are broken and you are replacing them with coin op machines which should work much better.

I put plush carpet tiles in bedrooms