If you consider only the fact we bought used furniture, we didn't get a great deal. Used furniture, linens, dishes, and such don't normally sell for much and used mattresses don't generally exist.

OTOH, trying to find that much used furniture would take a very long time and we'd end up buying new - which we did at the Lake House. If we did that it would cost a whole lot more and we probably would not end up with furniture of the same quality.

Never mind the fact I never want to assemble another house full of flat pack furniture ever again!

OH real estate is cheaper than other places we've lived, even along the lake and even considering the property tax. Huron is particularly affordable because it's pretty much a resort town - there's very little work available in the area. It's 50 miles from Cleveland and 60 miles from Toledo - fine for a vacation but a long commute for work every day.

Huron does have a few advantages as far as being a vacation place. There's a nice harbor with a shallow (walkable shallow) boat basin where people anchor their boats close together and swim etc. It's not far from Cedar Point, which is very popular.

It's also close to Sports Force which is a big tournament facility. We're told a lot of the rentals are for visiting sports teams. The nightly rate starts looking pretty reasonable you compare it to hotel rentals for a whole team.

Short term rentals aren't allowed unless you have a permit, and the waiting list for permits is fairly long. This house has a permit already in place and we have verified that it is transferable.

Nice score, Steve!

The interior is trés eggshell white, but that doesn't bother me.

looks great - just needs more pictures on the wall... ;-)

quote:

Originally posted by Steve Miller:

quote:

Originally posted by Pique:

Are you using a service to clean and maintain the property?

Yes, and they also handle bookings, taxes and such. We did it ourselves for a few months and it a lot of work, especially the laundry. I still do most maintenance and repairs but they have people for that as well.

We're thinking of renting, though perhaps not as an airbnb. I'm wondering - in your experience, have you had tenants/renters who have kind of trashed the place?

Some of the tenants in the apartments were messy and one tenant beat their unit up pretty bad, but overall we had pretty good luck.

We haven’t had any trouble at the AirBnbs at all.

Thanks, good to know.

quote:

Originally posted by Nina:

quote:

Originally posted by Steve Miller:

quote:

Originally posted by Pique:

Are you using a service to clean and maintain the property?

Yes, and they also handle bookings, taxes and such. We did it ourselves for a few months and it a lot of work, especially the laundry. I still do most maintenance and repairs but they have people for that as well.

We're thinking of renting, though perhaps not as an airbnb. I'm wondering - in your experience, have you had tenants/renters who have kind of trashed the place?

Nina,
I rented out my home in Missoula for six years. Five different tenants. All but one was a nightmare. The last one was certified crazy--and she was vouched for by the management company I ended up hiring. Maybe it depends on your location but I did not appreciate not being seen as a human being simply because I was a landlord--which seems to be the attitude of most renters.

I found a great managment company, but still needed to be hands on and involved because they made decisions I would not have made, and chose tenants who were a problem. I had better luck when I managed it myself.

The one couple who were really great to deal with were respectful, clean, paid rent on time, and we had lovely conversations about music--they were both music teachers. Unfortunately even they caused issues--in an attempt to be helpful they tore out all my carefully selected native plants that I had nurtured for 20 years. They thought they were "dead" or "weeds". My gardens were never the same again.

I think if you are close by and can keep an eye on things, if you are a good judge of character, and if you have a decent sized emergency fund for unexpected disasters, still tread with care. The legal aspects alone can be a minefield. I was so grateful for my managment company's attorney. And the risk of a tenant becoming a non-paying squatter is real.

So it looks like a happening deal! Lots of moving parts but nothing so far that looks like it will cause the deal to fall apart.

The units in Mesa are sold, all cash and for some 10% more than I thought we’d get. Subject to inspection, but I told the buyer every little thing wrong there and he offered anyway. It helps that he’s running out of time on his 1031 exchange and knows full well changing course at this point could cost him many thousands of dollars. Inspection is Saturday.

The house we are buying is sided in wood, of all things. Must be the only house in Ohio that isn’t either brick or vinyl. Some of it has rotted, and the rear stairs are shot, but I had a guy look at the work and the cost if fixing the problems isn’t a deal breaker.

Here we go!

quote:

And the risk of a tenant becoming a non-paying squatter is real.

I owned the apartment units in CA for nearly 20 years and had only one tenant stop paying rent and refusing to move. The eviction attorney was going to cost $5K and I stood to lose another $3K in rent. Yikes!

What I did was go to the bank and get $1000 in $20s. It made quite an impressive pile! I went over there on a Monday, flashed the money roll and told him it was all his if he was gone by Sunday night, including the garage. If he didn’t vacate the garage it was going to be $100 per day.

He was gone by Sunday but didn’t empty the garage until the following Friday. I got him out of there for $500.

We just learned that the last storm blew some shingles off of the roof of the house we’re buying. I’m not surprised - that roof is shot and I planned to replace it next year.

Turns out the seller filed a claim with her insurance company and they’re paying for a whole new roof! It should be installed before we close escrow.

Yahoo!

Well that's unexpected good news!



I wondered if you were going to sell the Mesa property once your son had moved away from the area. Lots of stuff going on but also appears it's going smoothly!

quote:

Originally posted by Steve Miller:

quote:

And the risk of a tenant becoming a non-paying squatter is real.

What I did was go to the bank and get $1000 in $20s. It made quite an impressive pile! I went over there on a Monday, flashed the money roll and told him it was all his if he was gone by Sunday night, including the garage. If he didn’t vacate the garage it was going to be $100 per day.

He was gone by Sunday but didn’t empty the garage until the following Friday. I got him out of there for $500.

Brilliant!

quote:

Originally posted by Steve Miller:

quote:

And the risk of a tenant becoming a non-paying squatter is real.

I owned the apartment units in CA for nearly 20 years and had only one tenant stop paying rent and refusing to move. The eviction attorney was going to cost $5K and I stood to lose another $3K in rent. Yikes!

What I did was go to the bank and get $1000 in $20s. It made quite an impressive pile! I went over there on a Monday, flashed the money roll and told him it was all his if he was gone by Sunday night, including the garage. If he didn’t vacate the garage it was going to be $100 per day.

He was gone by Sunday but didn’t empty the garage until the following Friday. I got him out of there for $500.

Very smart move.