All Forum Posts by: Stone Teran

I'm working on buying a short sale apt building. The seller's bank picked a title company as part of them signing off on the deal and now my hard money lender told me that they always pick the title company. Me and the seller don't care; we just want the deal done. In this type of situation, which party typically gets the right to pick the title company?

There are WAY too many so-called experts selling pure hype to newbies for outrageous prices in this industry.  Run away.

 Yup, i understand but you should know the process inside and out so you don't buy a building that is condemned by the city a month after you buy it.

Assuming you're the sole owner of the LLC, the tax liability just passes through to you so it has no effect on what you pay. The biggest pro in my opinion is that it can shield your personal assets from most lawsuits and the biggest con in my opinion is that you represent yourself in an eviction; an attorney will have to, at least in Ohio.

I purchased an apartment building recently and was presented with a listing of security deposits that the seller had accounted for.  They were single deposits.  After the closing, I am finding out that several tenants had double deposits and the lease/receipt documentation supports their claims.  The seller claims that I signed the settlement agreement and therefore he doesn't have to pay me a dime.  Who's right?

 I never heard this before.  I HATE Satellite dishes and their lazy installers.  Maybe like one poster said, have a clause that they can add one for a fee.  A $400 fee haha.

 Cincinnati doesn't publicize the process either.  We do, however, have a website where you can look up city orders by address.  That website will show if an order has progressed into "ordered vacant" status, condemned status or the final "nuisance" status.  I once almost bought a building that was close to being deemed a nuisance.  5 months later, the city demolished it.

Perhaps find a property that is far along in the process and call the city inspector assigned to that property.  He'll probably be willing to talk to you about the building and shed some light on the process.

 My advice is to first learn how the condemnation process works in your town and then to learn how aggressive they are in knocking troubled buildings down.

I once paid $50 to a crackhead for her keys and had her sign a paper.  She then kept hanging around the building so I called the police.  The police didn't want to see her homeless so they made me let her back into her empty apt.  I never saw the $50 again.  You really need ironclad documentation if you do this.

 I want to continuing managing my properties long term, although I've had to outsource more and more pieces as I grow.