All Forum Posts by: Phong Bui

 Yeah, im not arguing for or against the business case. Simply providing information pertaining to legalities.

Savannah, other comments are right, albeit probably hard to sift through verbiage for the relevant comments related to your question.

ADU in Linden might be on the horizon. Check out these links:

Here, here, and here

But these aren't helpful as you are looking at options for unpermitted work, so don't expect leniency in not only approval for something the city is merely trying out, but also something that was already completed without any permit approvals whatsoever.

My advice is to skip this deal. Juice is not worth the squeeze.

Without knowing all of your numbers, I would be more inclined to do a 75% refi @ 7.5% and then shovel the cashflow to pay off the HELOC. I don't imagine a variable rate HELOC has an interest that much higher than 7.5% at the moment.

Hi Chris, shoot me a PM

Unfortunately part of the business. Been through 2 evictions myself. In both cases the tenant used free legal aid, and in both cases they were advised to request a 1 week continuance to "prepare for legal aid" or something. Nevermind the fact that they received the court notice for their appearance date weeks in advance and had those weeks to prepare. Nevermind that I show up to court prepared and will need to show up yet again the following week. The judge invariably grants the 1 week continuance, but does mention they are granting 1 and only 1 continuance thankfully.

Different judges and laws apply of course, but I have come to consider a cost of business and a lesson to be much more thorough in my tenant screening.

Hi Ly, 

Curious why you are interested in northeast columbus specifically? And also Akron/Canton? These areas are very different from each other.

I am no expert by any means, but would be interested in connecting. I'll actually be visiting the bay next week for a few days.

All solid points that is not fully understood by many when they think an LLC is some magic solution for all of their needs. I think it's due to a widespread rhetoric of anonymity and liability protection without actually explaining the nuances of each.

Hopefully your comment can be viewed by many.

 Definitely not a fan of blanket statements like these. $100 net on a large deal may not be enough to cover a large unexpected expense, or a prolonged vacancy. I know you mention other metrics in other comments, but this comment alone can lead many inexperienced investors down the wrong path with bad investing fundamentals. You cant guarantee 20% coc return in 10 years and neither is coc return a good metric for long investment decisions.

Ed's caution, although maybe a little too wary, is still very valid to encourage new investors to do their own due diligence, especially given current conditions. I'm bullish on columbus still, but you cannot ignore the fact that there are a lot of impacting this market. Still lots of instability and that can be very risky for investors in the short term and result in them never being able to realize the long term gains. Buy and hold strategy doesn't work if you can't hold it long enough.

I hear you on 3d tech, I would like to see implementation of micro-apartments and an official direction for adu here in columbus as well.

Unfortunately I'm not too much a fan of how the smart city grant was handled in regards to transportation tech, so I don't have much faith in the city handling new ideas to address population density/growth.

 It definitely sounds like a good idea for diversification and creative use of the property. As a wedding venue though, the fundamental business model changes to an event site to cater towards the client demand. More often that would mean having amenities like tables/chairs, av hookups, lighting, etc to accommodate wedding functions. Of course that would probably depend on the type of weddings you decide to accommodate, but offering a bare bones facility that puts the responsibility decorations and material all on the client seems like it will severely limit your potential clients. I think licenses required for having food/beverages/alcohol served on the premise, even if not directly supplied by you, will also need to be considered.

If you proceed, you might also consider allowing other events as well, such as corporate retreats/functions. I attended a company "gala" out in galloway a few years back that I think would match what your idea would provide.

Side note, I used to walk past your campus properties all the time. I really like how they turned out!