All Forum Posts by: Kyle Tom

Thanks for the info Kyle! I originally was'nt looking to purchase in Columbus but I might have to start looking into this market and change directions. If I did a BRRRR in Columbus I would have to use a Hard Money lender. I dont know how the competition is over there. I know in Cleveland there are a lot of cash purchasers that can offer way above asking. My original post was more on the lines of purchasing a duplex first or hometown condo first. I have been looking into Rental Income Offsets that lenders use to help qualify for a primary residence. If the numbers are right I could possibly use rental income to help me qualify for a condo in my home town. Then eventually turn that into a rental as well. Still looking into my options!

whats the best c class living area code in Ohio running into a lot of bad neighborhood 

I am considering adding some properties to my rental portfolio.  From time to time, I run across a property for sale with significant recent unpermitted work.  I am curious about other's thoughts on this.  I do like the peace of mind that comes with the knowledge that the work has gone through the official permitting process, as this significantly improves the odds that is was done correctly and will not be a problem later.

I am wondering if it is a good idea or a bad idea to purchase a property with significant recent unpermitted work if I can get it for enough of a discount to have all the work inspected, fixed if necessary, and perhaps retroactively permitted.  I recognize that there are difficulties inspecting things that are behind drywall and the like.  With plumbing, I am of the thought that I can get a pretty good feel for the quality of the work by looking at what I can see, and then fix anything that shows up later.  

With electrical, I would suspect that the safest way to go would be to pull permits and do a whole house rewire, even if the wiring looks new.  I suspect it might be allowed for me to reuse most of the boxes, outlets, switches, and lights, but would likely have to replace all the wire that was pulled behind walls as well as the main panel.  

I am interested in feedback concerning legal aspects, insurance aspects, financial aspects, and anything else one might happen to have, and any idea for how to use the unpermitted work as a negotiating point on price.  

I am considering adding some properties to my rental portfolio.  From time to time, I run across a property for sale with significant recent unpermitted work.  I am curious about other's thoughts on this.  I do like the peace of mind that comes with the knowledge that the work has gone through the official permitting process, as this significantly improves the odds that is was done correctly and will not be a problem later.

I am wondering if it is a good idea or a bad idea to purchase a property with significant recent unpermitted work if I can get it for enough of a discount to have all the work inspected, fixed if necessary, and perhaps retroactively permitted.  I recognize that there are difficulties inspecting things that are behind drywall and the like.  With plumbing, I am of the thought that I can get a pretty good feel for the quality of the work by looking at what I can see, and then fix anything that shows up later.  

With electrical, I would suspect that the safest way to go would be to pull permits and do a whole house rewire, even if the wiring looks new.  I suspect it might be allowed for me to reuse most of the boxes, outlets, switches, and lights, but would likely have to replace all the wire that was pulled behind walls as well as the main panel.  

I am interested in feedback concerning legal aspects, insurance aspects, financial aspects, and anything else one might happen to have, and any idea for how to use the unpermitted work as a negotiating point on price. 

You need to get the Sec 8 owner/manager transfer document filled out. As part of closing you should have gotten the Sec. 8 contact info, if not, reach out to the tenant and found out what office/worker they are with.  Contact that person and get the transfer documents filled out and in to them yesterday.

You need everything submitted prior to the 1st or you will be chasing the old owner for Sept. funds.  

Time is of the essence here.  Takes 2-3 months for us when we do this to transfer but the first check always has back rent.  

Hello, I inherited a tenant in a new duplex, the tenant is current sectioned 8. Their lease is in the old owners name. I had my attorney look at the lease he said the lease is good until January 2022 and that since we are the successor an interest to the landlord under the lease we don't have to change anything. Silly question though , how do we set it up so we get the rental income? Should that be a property management issue or attorney issue?   

Reaching out to all the investors in Ohio! Not currently satisfied with the homeowners insurance company I'm with right now so I've been researching alternatives. I did submit a proposal request to National Real Estate Insurance Group (BP recommended) but I definitely want to do my research before making a decision. Does anyone have recommendations? 

BP family on the Delmarva Peninsula,

Would you enjoy a morning cup o' joe and socializing with people who share your passions and goals? If so, mark your calendar for a meetup on Saturday, Sep 4.

What: Informal Meetup

Where: Governor's Cafe (144 Kings Hwy SW, Dover, DE 19901)

Backup Location: Starbucks (30 N Dupont Hwy #4, Dover, DE 19901)

When: Sat, Sep 4. 0900-1100

Dress Code: Casual Wear

RSVP: Please send me a message if you plan to attend so I can give the venue an accurate head count.

COVID-19 precautions: With the uncertainty surrounding the Delta variant and in order to respect our gracious venue, please plan to bring a mask (just in case).

Come meet local investors and share each other's passions, experience, and perhaps make some life-long connections in the process. All are welcome, regardless of experience level.

I can't wait to meet all of you,

Jake

About me: I am an Air Force pilot with the desire to create long-term passive income through real estate. My partner and I are closing on our first duplex in Columbus, OH this month. I am passionate about real estate and hope to share some of my limited but valuable experience as well as learn from your experience.

Keywords: Dover, Camden, Milford, Smyrna, Middletown, Wilmington, Lewes, Rehoboth Beach