All Forum Posts by: Robert Ellis

I have a property under contract  to be sold with code violations that's in the courts and the Judge is preventing me from selling the property. I'm trying to understand how can the Judge do this when the city (Toledo, OH) auctions off properties with code violations, and on the demo list to the public all of the time and in most cases does not release the information and put the responsibility on the buyer to do their due diligence. The buyer is aware in my case and has shown proof of funds to buy the property and do the work but the Judge still denied the transaction. What makes this case even more so strange is that I acquired the property for a annual city auction and haven't had ownership of the property a full year yet. I'm trying my best to understand this and see what's my options.... any input is greatly appreciated!

Hey guys! Just stumbled on the podcast last week and am about 15 episodes in so far. As the forums are frequently mentioned, I thought I'd throw my situation out there and see what peoples' thoughts are.

I'm 27 years old and living in Columbus, Ohio. At 22 I started a company that ended up very successful and I sold it in 2015. Since then, I've been enjoying the fruits of my labor but I want to take some of my payout (that comes to be in monthly installments), and start putting it into real estate. I'll have $4,000 a month that I can invest starting next month, but at the moment I have little liquid capital. My thought is to save this money and buy a rental property every 6 months for the next 2 1/2-3 years (at which time the payments run out), and then use the income from those 5-6 properties to keep expanding every year or so.

Are there any improvements I can make to this plan to either make it more realistic or more efficient? I have a great head of numbers, fiddling with spreadsheets is a big hobby of mine, business is a serious game that I'm seriously addicted to, and I could sell snow to an Eskimo. I will say, though, that I don't like cold-calling sales and I'm looking to develop a stable backbone to my financial life. 

In my opinion, Grant Cardone is a snake oil salesman.  His "educational" materials that I ordered were completely worthless (for me), and just hype to sell more stuff.  

Hello everyone,

We are getting ready to start investing in real estate out of state...primarily buy and hold SFRs and small multi-families. My husband and I are partnering up with 2 friends (another married couple). We are located in Long Beach/Cerritos in California. We all work full time jobs and our main goal is to make passive income.

We were initially going to start an LLC, but our tax guy advised us not to and after reading more about it on BP it, we're leading more into just creating a regular partnership. Any thoughts on this and can you guys refer us to any real estate CPA and lawyers we can talk to to lead us to the right decision?

Also, because of our situation and goals, we are really interested going through a turnkey property company to get started. Has anyone done business with OutYard Invest? If so, how was your experience? And does anyone have a company they would suggest? 

Thanks so much in advance! We're new to this and would really appreciate any comment/advice/referrals. 

@Eric Sturdivant NC is a tax deed state so you won't have tax lien sales. You can find the state statutes for the tax deed sales here:

http://law.justia.com/codes/north-carolina/2005/chapter_105/gs_105-374.html

In general - All tax sales are by competitive bid. There is a 10 day upset period after the sale. During that period anyone can trigger a resale by bidding the greater of 5% or $750. Sales are about 4 times a year. Counties can sometimes have additional sales for surplus properties that nobody has purchased in the past but be careful, there is probably a reason they weren't purchased.

Information for Wake County Tax Deed auctions: http://www.wakegov.com/tax/realestate/foreclosures/pages/default.aspx

Information for Franklin County Tax Deed auctions: http://www.co.franklin.wa.us/treasurer/foreclosure_sales.html

It's best to start close to you. If you really want to start in Tax Liens instead of deeds, then pick a state and an area that you know well or visit often. You need to know the area so you don't buy liens on "junk" properties.

@Tom Ott , I might have misunderstandings. Is Columbus annexation changes every year? (I'm not convinced that it is as this is not how Census data is calculated). I believe the same region that was considered as Columbus 20 years ago is the same Columbus today. If this is not true, please correct me. 

It does not matter if Columbus annexation happens to be a bigger region than Cleveland. I am not looking for the overall population. I am only looking at growth/decline. 

Hi All,

I'm looking at an early 1900s property in the Columbus area that would need a full rehab being sold AS-IS. I'd be doing a lot of the work on it myself or with the help of knowledgable family and friends, but hoping to get an "expert" opinion before I buy so that I don't get myself in over my head. Hoping to have someone walk the property with me and help me get a better overall picture of what is needed and any particularly concerning problem areas. Not sure if this would be the domain of a home inspector or general contractor, but would need to be someone familiar with distressed properties.

Anyone interested or have a suggestion on a trustworthy person to contact?

Thanks in advance!

Dan

@Erin K.  Here is a link to another post on neighborhood rankings in Columbus:  https://www.biggerpockets.com/forums/577/topics/312730-a-b-c-d-areas-in-columbus-oh

Hello,

Looking for recommendations for property management companies in the Columbus area.  Properties vary from $500-1500 in monthly rent per unit.

Thanks

 @robert ellis (sorry, the damn name tagging doesn't work very well on this site) let's talk about opportunities in Columbus. I'm looking at Gatlinburg at the moment but I keep hearing Columbus mentioned as a good location. Drop me an email. Thanks.