All Forum Posts by: Paul Sian

Zee,

If you like please PM me your email address and I can set you up with a property search through my website.  Basically will email you all current properties available for sale as well as new properties as they come up for sale.  Check out the properties available and just walk the streets to get a feel of locations and what is around. 

Paul

Zee,

Directly on the banks are apartments owned by large developers only available for rent.  They are currently not selling any apartments in the banks area.  If you go north of 3rd street in Downtown Cinci you can find places for sale.  In the future they may decide to sell apartments as condos but there is no definite plan for that now.

Paul

What is short notice?  For occupied homes there is still notice to the occupants that could delay a short notice visit.  Regardless. I live in Anderson and can get you in to homes in Oakley or surrounding areas. I am licensed in real estate in OH and KY as well am an OH attorney. 

Michael,

The building I own has one Excel tenant and a couple of Talbert House tenants. The rents come in around the first of the month and they are pretty good at working to keep both tenants and landlords happy.  Feel free to PM me if you would like to chat further about their programs. 

Paul

Split wise whatever you and your father in law are comfortable with is best.  Depending on the hourly rate and amount of work it could work out better for you that way. 

I would recommend holding the property in an LLC. If turning the property into a rental then a properly run LLC will protect your personal assets from lawsuits and liability. Even on the rehab side if you can keep the property in an LLC is better for the same reason. The protections are there for those who set them up properly and manage them accordingly. Those who set it and don't do things like have a separate bank account, EIN and more can run into issues with courts saying it was not proeperly set up.

I have a deal with a friend where I front the funds to buy the property and he will do all the work like carpentry, carpet flooring etc. Things where we might need a pro we would hire out and I would pay.  My agreement with him is to pay half of profits after all expenses have been taken care of. 

Even though they are your in laws I would recommend some sort of LLC and operating agreement. One for each of you. An easy excuse to any hesitation is it is for tax purposes.

Is it currently zoned as a two family?

Is it currently rented out or a vacant rehab?

Zoning is a big issue and if a rehab then the work may need to be permitted depending on what exactly is being done.  Need more details. 

Ronnie,

Narrow down your needs/wants then start asking questions. There are plenty of knowledgeable and helpful people in the forum willing to help. 

Paul

is it completely detached?  What area?    Does it have proper permits to operate as a dwelling?  Depending on the city and location of the building in relation to the main home it may or may not be allowed.  

Check with local zoning or building office to see what rules they have in place for such a building. If it cannot be sold as a dwelling then may need to call it something else when marketing. 

Sorry to hear you got scammed and thanks for sharing your tale.