Posted by Brian, WI on May 09, 2000 at 14:26:50:
Ben,
In Wisconsin, I’ve been able to use and old lien law, where the keeper of an Inn, Boarding or Lodging House can put a lien on, or take the property of the tenant or guest for non-payment of rent. That’s kind of been my eviction…“Here you are tentant, a copy of a law that states I can take your property if you haven’t paid your rent. You haven’t, so by noon tomorrow you can either pay up, move out piecefully and return the keys, or I’ll be here to take your property”. Really haven’t had any problems with this in the 5 years I’ve owned these buildings. Keep looking into your statute books, you may find something like that for Ohio.
I’m not sure where Franklin Ohio is in relation to you, but there is a lady there selling a 20 room rooming house. Without even knowing anything about it, I still think it’s a little pricey, but there is always room to deal. She is the one that has a book you can buy about running a rooming house. Type in “rooming houses” in Ask.com and it should come up.
Good luck
financing 15 unit rooming house - Posted by todd wetzelberger
Posted by todd wetzelberger on May 07, 2000 at 19:28:17:
can anyone point me to commercial lender/loan broker. a 15 unit rooming house came back on the market in new orleans and numbers look good. this is our first foray in the commercial lending arena. have only purchased up to 4 units prior to this. thanks
Re: financing 15 unit rooming house - Posted by Vic
Posted by Vic on May 08, 2000 at 23:00:23:
Todd,
Hi, I’m a re broker right here in N.O. I’ve been at it about 6 yrs & have yet to find a mtg. broker that I really, really like. Have talked to many, dealt with many & have not been totally satisfied with any yet. Many talk a good game, but finding ones that actually can get things done is a whole other matter.
If you find one, please let me know.
If you want the names of a couple that I think are half way decent, let me know. I’m not sure if this is a commercial deal or a residential one though.
Vic
Re: financing 15 unit rooming house - Posted by Brian, WI
Posted by Brian, WI on May 08, 2000 at 04:31:51:
Keep calling lenders!!! I bought 2 rooming houses last year as a package ($210,000). I found a lender after making a number of calls, and was able to use a home equity loan, a line of credit loan, and then finance the rest. NO MONEY DOWN, I do believe.
The first rooming house I bought 5 years ago was on a land contract. You might want to give that a try too.
Good luck
Brian, WI
Re: financing 15 unit rooming house - Posted by Ben in Ohio
Posted by Ben in Ohio on May 08, 2000 at 07:16:00:
I am contemplating opening a rooming house as an investment, specifically a sober living house for women. How do you like them, rooming houses in general, as investments?
Ben
Re: financing 15 unit rooming house - Posted by Brian, WI
Posted by Brian, WI on May 09, 2000 at 03:14:14:
Rooming houses in general are CASH COWS!!! They are more management intensive, but the cash flow makes up for that. Find a good manager to keep on sight and it makes things easier. If you can get one going for sober women, more power to you.
Good luck.
Re: financing 15 unit rooming house - Posted by Ben in Ohio
Posted by Ben in Ohio on May 09, 2000 at 06:52:12:
Brian-- what do you have in place for tenants not paying? Here in Cleveland we have to evict.