All Forum Posts by: Michael Lauther

Steve, thanks for the link, and Bryan thanks for the input. I will ask for a much lower cap on repairs, and Tod , this is a low end property but too far away for me to manage. also its in an IRA and needs to be passive. Thanks to all

I found a property manager for my Dyton OH property, Does anyone have any experience with CitiMark Properties, LLC . they are in several markets . are there any contract details i should consider, it is a one year contract and they will automatically fix any maintenance problem up to $250 without prior authority. is this something that should be negotiated? It would not take too long before the profits are eaten up. What is your experience?

I am considering Section 8 for a rental in Dayton OH, this is a 2 bedroom 1 bath SFH in a working class area, some home ownership in the area but large percent rentals of similar homes. Does anyone have experience with Sec 8 in this area and how do we determine what this property woiuld qualify for and I understand Section 8 would require an inspection. how long does it take to get inspected and what do they look for.??

Based on my experience with Chase they will not accept a family trust as purchaser in a short sale.

ok now i really feel stupid. the title of the post says 4 plex. i need to get more sleep.

Are there 2 or 4 units here?? Jon's calculation of the cap rate is what I know as a cap rate and has nothing to do with financing of the property. It looks like what Anson's investor is looking for is a 13%+ Cash on cash return. I thought cap rate was the Net operating income / after repair cost. If there is only 2 units the cap rate is only 4.4% using a 50% of rent expense factor.

Tom C. thanks for your insight into Ohio real estate. What part of Ohio are you active in?
I guess i am in for an interesting experience In Montgomery county.

Bradz: Is this unit for a property in your area, Cincinnati. I was interested to know if a unit like this is viable for very cold winters and how cost effective is it in your area. I have seen heat pumps work well for milder climates but have not done well for very cold winters.

Josh: My suggestion is to leave the post or record the post on a special forum with all the facts we uncovered. When a member needs to perform due diligence they could refer to this forum. Dishonest people often appear to be charming individuals with the the most compelling story. It is a service to all members if we can help them recognize the scams we uncover on and off the site.

In a short sale in NY, you are buying the property from the owner and the bank agrees to take less than they are owed. In a sale on the courthouse steps you are buying the property from the bank who has foreclosed. Banks will often consider an offer for a short sale with documentation of a down payment and a letter from a lender indicating they are willing to lend based on the credit of the buyer but will need documentation and of course subject to title search, appraisal, etc. I am not sure about what they would require on foreclosure or for a bank owned property.