All Forum Posts by: Michael Klinger

Thanks @Andrew Hargreave. Very goood info.

I have another contender: Key Bank. They have confirmed they do what I need. Anyone have any input on Key?

Thanks @Aaron Klatt. Reasons for physical branches include the preference of my property management to do a stack of rent check deposits at a teller, the need to handle occasional cash and cash transactions and laundry coin. And the ability to go into a branch for the occasional problem not solvable online or on the phone (as I have run into). However I'd imagine that a bank that doesn't have branches, must have a way to solve anything without having them. 

Hopefully not too off topic? I'll try to avoid asking "where does a multi-family investor buy a set of toe nail clippers?"

But... I need a new bank where I can open up a pile of business cehcking accounts to operate Cincy properties.

In my dream world, that would be a bank that has branches in Cincy, Southern California and the South Coast of Massachusets. But no such thing exists. In some research the closest match is Chase.

The big hitches missing with what I have is emergencies that can only be solved at a local branch, and the ability to move money online from one business bank account to another at different bank. Wells Fargo does this for my other business accounts, but no Branches in Cincy or Mass. So that doesn't work.

I currently have a lot of banks, but related to Cincy I have mortgages at LCNB and operating accounts at U.S. Bank. To get a lower mortgage rate, LCNB requires to keep a checking account with them and then the payments must flow through that account. But they don't offer online transfers to business accounts at another bank. And otherwise that account serves me no purpose.

U.S. Bank was supposed to have this feature, but after going in circles, it turned out to be not true for a business account. Instead they have a third party system through Viewpost that either wants to draft a paper check and then mail it to my office in CA (which doesn't help me one bit), or can do an electronic xfer that TAKES 6 BUSINESS DAYS. Since cash flow has been tight and can't plan that far ahead, right now, the workaround to save the 6 business days  (which is often 8 real dasy) is for my management company to email me a check draft that I deposit to LCNB with mobile. This can be done in minutes instead of 6 business days, but it takes up the time of my management company and the premise of it all is really annoying.

So. Long story short. What about Chase? Can I move money online out of chase to a business account of my own? Certanily, I could call customer service and ask, but that's what I did before opening the U.S. Bank accounts and they were wrong. Plus their minimum balance to not get fee-d is little high.

Also US bank has now twice locked me out of my online for no reason whatsoever and one time they said the only way to fix it was to go to a branch. When I said I was in Massachusets, she said they had branches in (Western) Pennsylvania. When I pointed it that the nearest branch was a 10 hour drive, it didn't phase the customer service person in the slightest. I did find a sneaky workaround and didn't drive 10 hours to reset my online password.

Sigh...

All of my Multi-family is in Cincinnati. 64 units across three properties. Not as many Cincinnati fans in this thread. I've heard the "per door" metric used. Its not my go-to way to describe things. Its fine, I can adapt. We are on the back end of a stablition period since taking ownership in January, but using the "per door" method, I'm expecting an average of $140 per door on 2/3 of it starting next month and a few more months for the remaining 1/3 to also get to $140 per door. I would be happy with an overall average of $140 a door, that would land me exactly where I anticipated, using other metrics. Just taking a bit longer than I planned for to get there.

And I genuinely like the city. I don't live there, but I like it. Wearing my Cincy tee right now. And WKRP was my fav show growing up, so it was all meant to be.

Thanks @Paul Sweetman

Also excellent and the "elevator pitch" answer that really boils it down.

Also, I we have to coordinate our phone call.

Great. Thanks.

Excellent. Thanks

Okay, one follow up question for @Adam Walter then I'll give it a rest... 

My management companies handle this, but nevertheless I'd like to hear a third opinion:

How does one monitor move-out in these in-between cases? If the tenant isn't cooperating or communicating, you would have to enter the apartment to determine if they have moved out. What's the process for that in the context of an eviction. What constitutes a move out for a tenant facing an eviciton but not communicating? If they've appeared to move out but left a few things behind is that a move-out? If they moved out and left only a pair of shoe laces is that a move out?

In a couple of my evictions, management indicated that the tenants pro-actively moved out ahead of the eviction, but the eviction was still run though the process and formalities.

Thanks

Thanks Very Much @Adam Walter

Yours is both an excellent reply that at the same time provides an intelligent answer in the same way I would have (If I had the answer), and is a great example of how more replies could be more beneficial here.

It has restored my confidence that there is a point to being on this site. Too often the replies are derivative, or don't indicate that the respondent has actually read the question, or knows the answer or simply regurgitates someone else's reply. "Like so-and-so said" is pretty much useless.

Too often the replies are stinky and rather than being snarky, I hold silent. Now a breath of fresh air. Thanks.

Who can boil down the speediest eviction scenario in Cincinnati (Hamilton County, Ohio)?

I am in my 6th month of owning three multi-family properties in Cincinnati (64 units total). Due to distance in the area, 1/3 of the units are with one management company and 2/3 with another. I inherited tenants on three differently worded leases, all a little different based on property and previous owners.

A handful of evictions have been needed on both ends. All of these were handled as per the management company and with their preferred procedure/attorney, etc.

What I am curious about is if someone can boil down the speediest (AKA -- most aggressive) eviction that could be put in place that will fly with the county court and the law. I have a slightly different interpretation from each management company and I've also seen this guide on the county site linked below. I'm not saying that I would always handle it this way, just want to get clear on fastest possible scenario if ever needed.

https://courtclerk.org/self-help-resources/landlor...

Mainly in the "confusion" of the ownership changes, In retrospect the response to non-paying tenants that need to go has been too slow and I want to rectify that in the future, by making sure we are moving as quickly as the law will allow and in the confines of the leases already in place.