All Forum Posts by: John Lenhart

Huntington may not be a bad choice. They are a much larger bank and has the size to handle an out of state lender bettef

This is nickel and dime stuff but everything counts. 

1) could you contract with the cable company to get a kickback for tenants who sign up with them

2) could you sell renters insurance to your tenants and get a small kickback

3) if your electric is deregulated, you could get a small kickback from the electric company for choosing which plan the tenants use.

A lot of this may be regulated by the state you are in so not sure if it will work. Also, it is di-minimus income but easy to do once it is in place

Union Savings Bank has a good Cincinnati presence.

I like Republic Bank. Watch Hill Bank is another good one who will lend in that area. Wright Pat Credit Union is also good I hear.

I am not sure if they will work with you if you are an out of footprint borrower, especially from California though.

We refinanced our storage portfolio this year with a 10 year fixed investment with a life insurance company. 10 years is the longest they seem to fix for. This is a decent time frame and you will be protected to some interest rate rises in the future because you will pay down a decent amount of principal over that time frame. 

As far as a longer term rate lock, I don't know anyone, however, there are products out there that offer a rate ceiling on the reset. For example, we have one loan through a local bank out there that was originally a 4.5% rate that resets every 5 years for 20 years but at no time can the rate rise more than 2% during each 5 year period and would have a ceiling at around 10% (which it could not hit until the last 5 years of the loan) This is a decent product that will protect you from a huge rate spike over a 20 year period.

David - I will pm you. I know a couple of developers loosely in the Cincy area who may be able to answer some of your questions on storage development. We own a few facilities locally ourselves but have not yet done a conversion yet 

one thing you may consider doing is staggering your leases when you take over. For example, make half of them sign the lease the first month and the other half in Month two. This way, you won’t risk the whole building moving out all at once and you can assess what things look like after the first half receives their new leases

some of the neighboring counties have different rules but in general I will add that it will take about 3-4 weeks from the initial filing to get them out. There are slightly different rules for set outs in other jurisdictions in the CIncinnati area though. For example, in Clermont County you don’t need the sheriff to be there if is no breach of the peace.o

The hearing only determines whether you get to evict. If you want damages it requires you to return to court a couple weeks later for a damages hearing. Like Adam says, this is almost a waste of time given the fact the tenant is often judgment proof, but sometimes there is something to recover (rare circumstances unless you have class A tenants)

Fortunately, as a whole Ohio is pretty reasonable as far as the eviction process goes and it does not take too long in the grand scheme of things. However, as Adam said, we try and avoid going to court as often as possible as using other methods to get the tenant to leave sooner

I like inheriting tenants on short term leases. It gives you greater flexibility from the start. Also, if you live in an area that is easy to rent and you have an active tenant pool, it is easy to fill them.

If you are in a college town and rent to students, a longer term lease may be better. Not sure if you are renting to DePauw students or if it is market rate apartments, but for the most part, we like having tenants on shorter term leases when taking over a property.

some of the neighboring counties have different rules but in general I will add that it will take about 3-4 weeks from the initial filing to get them out. There are slightly different rules for set outs in other jurisdictions in the CIncinnati area though. For example, in Clermont County you don’t need the sheriff to be there if is no breach of the peace.

The hearing only determines whether you get to evict. If you want damages it requires you to return to court a couple weeks later for a damages hearing. Like Adam says, this is almost a waste of time given the fact the tenant is often judgment proof, but sometimes there is something to recover (rare circumstances unless you have class A tenants)

Fortunately, as a whole Ohio is pretty reasonable as far as the eviction process goes and it does not take too long in the grand scheme of things. However, as Adam said, we try and avoid going to court as often as possible as using other methods to get the tenant to leave sooner

@Melissa N. 

Delhi Township is not in the city of Cincinnati. That is why it is not on the neighborhood report. THat report only contains city neighborhoods.