All Forum Posts by: Kristopher Hanks

@Davis Sessums Welcome and good luck with your future investments. 

@Christopher Anello Welcome and good luck with your future investments. 

@Zachary Barton Welcome and good luck with your future investments. 

No problem

@Patsy Waldron What I have discovered in my limited experience in that market is, truth be told, POS protects the community from getting new buyers in to clean up the properties and make the area nice again. I have had to walk from deals. I can not justify putting $15,000 and in some cases $30,000 into an escrow account with 0 interest for up to a year. I wanted a house in Shaker Heights and I had to walk away from it because of this. The cities that have the requirement need to rethink this, in my very humble opinion. 

@Katherine Robbins I am NOT a lawyer so I will not give advice on this topic, but I will tell you that I have a Living Trust for may different reasons and my trust owns about 76% of my Corporation's stock. This is the way I feel comfortable with doing business. That way I know exactly where my assets are going if I were to die, or become incapacitated. My medical care is outlined in it and it specifically states who will speak for me when I am unconscious. The people that are listed as successor trustees all have copies of the trust paper work and can immediately act on my behalf without any outside interference. None of my assets including my business will go through a probate process. The successor trustees simply take the paper work to the bank and brokerages and submit all the required forms to take over the accounts and the Corporation. They are not expensive to set up and even if you do not have a lot of assets now you may in the future and you can put them in the name of the trust.    

@Grant Wieczorek @Jeff Filali is correct. I just moved in a section 8 tenant over the weekend in Cuyahoga County, Cleveland. All in costs including renovations, closing costs and some realtor commisions, 5 bed house cost me $34,000. I get $1,000 per month in rent approved by CMHA. CMHA pays $700 per month, and the tenant pays $300. If the tenant damages the property with intent, vandalism, that tenant will lose their voucher and be kicked out of the program. There are a lot of stipulations when dealing with section 8, but the people in the program go through a lottery system to get approved for the program. If they really need the assistance the last thing they want to do is lose their voucher. In my opinion I believe you will have less chance of a section 8 tenant damaging your property intentionally. @Michelle B. is also correct in her statement. 

@Stan Taylor Welcome and good luck with your future investments. 

@Sara Makar I am investing on the east side. It seems like most want to stay away from the east side so if that is the case it limits my competition. I have three projects right now. Plan on keeping them as rentals. Have a section 8 tenant moving into one of them this weekend. 

@Nathaniel Cherubini Welcome and good luck with investing.