All Forum Posts by: John Lenhart

Put up a fence with an electric gate. Put in a few lights and add some security cameras and you can run it remote. 

Those are a tough Combination of states to get the same firm To do all the work. Not too many synergies with Ohio, Texas and S.C. 

I can get you a few names for Ohio if you know what region in Ohio they are in

Definitely speak to a real estate attorney. The question is what are your actual damages and how much is it worth spending in legal fees in hopes of recovering those damages?

Specific performance is tough to get and even so, chances are you may likely be able to sell to someone else before the case would be decided. 

The language of the contract will determine a lot of this. Fortunately it is a commercial deal instead of residential which can help. 
a consult with a real estate attorney who handles this can give you a good amount of information to determine your cost benefit analysis

We took over a property about 2 years back and have been working on raising to market. We did not necessarily rip the band aid off but we pushed aggressive rent increases. 
we staggered them over a 3-4 month period where we hit 1/4 of the tenants each month. This way, if there was an unexpected spike in vacancy we could toggle back a bit to keep revenues from dipping. It did not happen, but it is an approach to use in case you are worried about a large loss in tenants

Multi market is still tight. 
if you are looking to cash flow, it is going to be a challenge in Hyde park, Oakley or mt lookout right now. Those are the top neighborhoods so they go for a premium and rent easy. 

you can still make it cash flow if your down payment is large enough, but that is a challenge for a lot of people. 

have you thought about some other emerging suburbs like Norwood, pleasant ridge, mt Washington. You could also find some value still in Silverton and Madisonville but those areas are greatly improving. 

 Not a fan of student housing right now and it has nothing to do with Covid 19. We are going to be seeing a generational change in the next few years and the number of college aged students is going to drop significantly. There is going to be a 20% drop in enrollment for a lot of colleges just with that alone.  The millennial generation is the largest generation to go to college. Gen Z will be the significantly smaller. 

@Evan Polaski There is certainly construction of that size in all markets. Go downtown and look at some of the building conversions down there. There are projects in the 20-50 unit variety going on there now. I dont know much about ground up construction of that size, but you will see a bunch of office, mixed use building conversions in the inner ring and even OTR. Look at what Model is doing or Urban Sites downtown. Most of what they do is that size in scale from what I understand. One of the projects that come to mind recently was the BOE Building in downtown that was recently converted to about 30 apartments. 

If you go to the burbs, you may find a developer sitting on a small piece of land who can develop a small project but it would likely be an infill project and can be developed cheaply. I think you are seeing some of this around the universities in the area which are still fairly urban. 

Smaller amenities that do not require a ton of maint are not a bad thing. I have seen a number of 50-60 unit complexes with smaller playground equipment or picnic areas. A picnic area is easy and tenants do use that. 

also in unit amenities can always be justified. Upgrading units to add new appliances, washer dryer hook ups, other smart technology can go a long way too

 Right now we are not there just yet in Ohio, but probably is coming soon. some of the larger counties in our area have shut down evictions but other counties still operate. The Chief Justice of the Ohio Supreme Court said that she was leaving this up to local decision makers on whether to shut and she was not going to delay evictions.

FWIW, I do not think Trump issued a no eviction order. It was a no eviction order or at least the no eviction order could only really apply to Federal Housing typically Section 8 or HUD units.

The majority of housing is market rate and therefore regulated by the state. The president does not have the power to stop those evictions. This is done by your local jurisdiction. So how they respond to the matter is how the eviction will be handled. Now many cities and states have paused evictions (New York for example) but many have not. As long as your state courthouse remains open, you can likely still get an eviction. For what it is worth, we have an eviction scheduled for next week and the court is still open. So long as things don't drastically change there, then this eviction will go forward.