All Forum Posts by: Paul Sian

Roehr Insurance Agency or Rey Rivera with Allstate. 

Cincinnati Coin Laundry. 

While I have not dealt with it myself @Michael Hooper I have some knowledge as to how the process works.  To add a fifth unit you will need to get it approved from the building department.  The lack of a proper second means of egress will be the biggest problem for both getting approval to have it as a 5th unit and maybe even for insurance purposes (if there was ever a claim filed).

Depending on the layout and structure of the building you may want to look into adding larger windows that would allow for escape or another walkout point if possible.

Most of the activity happens in Southern Hamilton county area.  Both west and east sides.  You will also find more property managers in that area as well.  I am not as familiar with Butler and Warren but with the bulk of the population being closer to Cinci that is where more of the activity happens.  As you go further north into Dayton your options will increase as well. 

Welcome @Sarah Bojorquez  

There is also a helpful FB group entitled Greater Cincinnati Real Estate Investors that is a great place to meet and ask questions of local real estate investors.  Good luck and enjoy!

I would as well recommend getting something in writing.  While email is ok it is by no means worth anything if you have to take it to court. 

@Tomm Lipps where is the property located in Cincinnati?  If Cincinnati proper itself then you would have to goto Cincinnati Zoning and ask them about a change.  If in one of the townships or cities located within the Cincinnati area then their zoning departments will need to be consulted.  Whether they approve the use as multi family depends on the area it is located in.  If there are others already legally being used as multi in same area it should be easier to do.  

Paul

@Freddie Williams check out Stonegate Mortgage.  It has been at least a year since I spoke with them but they had no minimum loan amounts at the time I talked with them. 

@Joey Palmer

In Ohio land contracts (LC) are required to have certain language in the document in order to protect both the buyer and the seller.  I would not recommend one pulled off the internet unless it was reviewed by an Ohio real estate attorney.

I have not personally purchased property using a LC but would consider doing so myself in the future.  I have prepared LC documents for clients.

Seller is normally required to pay the mortgage while the LC is in effect.  A properly drawn up LC will protect the buyer's rights in the event the seller stops paying.  Ultimately though the buyer cannot stop the lender from foreclosing since the mortgage takes priority over the LC.

If you are buying the property via LC  then yes you should expect to do things as if you outright bought the property,

A big must in a LC is making sure the mortgage on the property does not have a Due On Sale clause.  If it does the very act of the seller signing a LC could cause the mortgage to be considered immediately due and the seller must pay all money to the mortgage lender right away or face foreclosure.  You will have to review the mortgage document itself to see if there is a Due on Sale clause.

Paul

@Garett Koehler sent you a colleague request.  Need some more info from you then can suggest some areas and properties.