All Forum Posts by: Account Closed

Hello BP community!

My wife and I personally own a fourplex here in Dayton and we recently formed an LLC which we plan on selling our building to (our lender won't allow us to just deed it over since we took out an FHA mortgage initially on the place.) To do this we need to find a lender who is willing to lend to our LLC. We are fine with personally guaranteeing the loan, and we have enough funds to close.

Our issue is that the mortgage would only be around $45-50k. Does anyone know or has anyone had good experiences with any of the local credit unions that might be willing to provide us with a small conventional looking mortgage (20-30 years fixed rate) in the company's name, with us personally co-signing?

Thanks in advance!

Shayn

So far everyone has been giving some great advice.

My wife and I are also planning on retiring early through multifamily properties. We own a 4-plex here in Dayton that has gross rents of $1805/month. After PITI we have $1065 a month in cash flow. Now we save ALL of that cash flow right now, but in the future we reasonably believe about $500 a month will be needed for reserves for CAPEX and maintenance (also water and electric for the common space since it is a small apartment building). So our real profit per month is around $500. It's always better to err on the side of caution and overestimate a bit on CAPEX, repairs and maintenance, but over long periods of time it is fairly predictable.

Dayton has some great cap rates in certain areas, it's certainly one of the better markets I've closely researched.

It can seem easy but there will almost always be unexpected bumps in the road that you come across. Just be sure to leave yourselves enough margin for the hiccups!

Good Luck!

I do mean a 1 year lease. It turns out that no notice is needed in Ohio, if a renewal is not built into the lease it just expires. My leases state that they auto renew if no notice is given within 30 days from the tenant. It does not mention notice required by the landlord to not renew. It turns out in this situation 30 days notice must be given to the tenant if the landlord is the one who wishes to not renew the lease.

I know that in Ohio if it is a week to week lease you can end it with a 7 day notice and with a mtm lease you are required to give 30 days. I can't seem to find how much notice is required to end a fixed term lease. Long story short my wife and I bought a fourplex and we inherited 3 tenants. One of them has a fixed lease that ends on Sept. 30th 2016. In the lease it states that if no notice is given to the landlord or the tenant, it will auto renew on month to month. We don't want it to renew, in fact we would like this tenant out (for multiple small violations but nothing too serious). How much notice must we give to have the contract end on Sept. 30th? Also, if she is still on the premises on October 1st, how much notice is required for her to vacate before we can file an eviction for holding over her terms? Any advice would be greatly appreciated as we have not encountered this scenario before.