ohio management: Do you understand condo living? Part 1: What is mine?
- 05/12/19 06:44 AM
So you are thinking about buying a condo, or you own one now? So what is yours? What is not yours? Condos generally have 3 parts or types of property: Unit, limited common area, and common area. Based on the type of area determines what is yours or not yours. Here is a short, basic explanation of each type: UNIT is all that stuff inside your unit that serves only your unit-thats the key! Electric lines that connect only to your unit-even if outside like outlets on your patio, would be yours! Attics, crawl spaces, doors, windows-generally belong to you. Kitchen cabinets, carpet, … (5 comments)
ohio management: Living in a condo: What's mine?
- 03/18/17 05:36 AM
Excellent question and highly misunderstood! You would need to read the Declarations and Bylaws, a copy you can get from the title company, county recorder, or seller. But basically, most condos follow the same rules (but not always):
Common Area is owned equally by everyone and managed by the Association. Normally, this is structural in nature and includes anything that serves multiple units at once. Examples would be roofs, parking lots, support beams and lumber that hold up roofs and walls, greenspace, trees, common landscaping, siding, shared utility lines that span more than one unit, sump pumps if it serves multiple units, … (9 comments)
ohio management: So when is it time to hire a property manager?
- 12/27/14 10:12 PM
You never wanted to be a landlord, it just happened. The market turned and the price you could sell your home for was way lower than you could stomach, so you decided to rent it. After all, how hard could it be-right? Put up a sign, show the property to a few people, have them write you a check each month. Right?
So after a few late night emergency repairs, a few "I lost my job so rent will be late" excuses, a few concerns about what the tenants are doing to my house, maybe it's time to … (2 comments)
ohio management: Business 101: What does your email address say about you?
- 12/25/11 11:21 PM
So one of the things that I do in my position is to hire new property managers to work with our firm so as you can imagine when we post a job we get tons of resumes. So I was sent one that appeared to be a pretty qualified person, had a nice resume, well written, no spelling errors (we'll save that for a later blog) and I was sending a reply email to set up a first telephone interview. As soon as I hit the "reply to" button I noticed her email address "onecrazymama@something.net" and I had to pause for … (8 comments)
ohio management: Can you be a successful residential property manager working 9-5?
- 12/18/11 03:15 AM
Here is the easy answer: Probably not! Why you say? Unlike commercial property management you need to be able to be flexible to when tenants and prospective tenants are available. Residential tenants normally are busy during the day, so the best time to show properties, inspect units, and gain access to property to perform inspections is normally weekends and evenings. Without being available after normal hours it is going to make your job a bit more difficult. Could you be successful working 9-5 in residential management? Maybe-but it will be more difficult. Best managers are available nights and weekends, at … (3 comments)
ohio management: Tenant Story of the Week: Ghosts? Now what?
- 12/09/11 11:33 PM
So now what? Ghosts! So I have a 2 family and unit 1 was vacating because they found somewhere else to live, and they did not get along with the tenants in unit 2. So the week they moved out the tenants in unit 2, 2 college men who shared a place called and said they wanted to move early because they were not getting along. I said that they needed to honor their lease. So about a week later one of them shot themselves in the apartment and committed suicide. Wait-it gets better! So a few weeks later I … (4 comments)
ohio management: Tenant story of the week!
- 12/06/11 09:16 PM
Got a new place in with an anxious owner who wants his places rented about 2 weeks ago, sound like most of yours? So ran a special, had someone take an app, look at the place, and love it! They like the special on the rent, and would like to be in this weekend since they want in before the holiday. Sounds plausible, and my client is in love with the idea, and she seems nice enough-good income, decent dress, decent car. So I pull her report. Nothing out of the ordinary shows until I hand run the eviction report, which … (4 comments)
ohio management: How do you screen tenants?
- 11/27/11 09:59 PM
It's probably the number 1 question I get asked all the time when I talk to new property owners venturing into real estate investing. So let me give you the "book" answer then my real answer! We look for 3 things in a tenant: 1. The ability to pay is very important. Our guideline is rent is not greater than 31-35% of their gross monthly income. The standard rule of thumb for many is income is 3 times rent. If their income is non-taxable income then we can give a little on this since we compute based on gross taxable income … (5 comments)
ohio management: Here's your free "Lifetime Membership" in Property Management
- 11/08/11 02:02 PM
So I got a flyer from my Allstate Inurance agent offering me a "free membership" in their Roadside Assistance program. Sounds like a pretty good deal since I don't have one of those, and you never know when you need a jump or have a flat tire. So I called my agent and they said they would sign me up and there was no charge unless you use it. If you have a flat they charge you when they get there! So I said "Excuse me?" I had a membership in a club that is free as long as i didn't … (0 comments)
So you are thinking about buying a condo, or you own one now? So what is yours? What is not yours? 
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