Will Maple Heights come back?
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mapleman

Cleveland, OH

#61 Mar 27, 2012
Like I said, 2030. lol That's what the prices were at the peak. 2030 prices. But that's assume people fall for this housing hustle again. Kids are coming out with $40,000 student loans. Jobs come and go. People need to stay mobile. How can home prices rebound if people don't want to buy?

It's just funny. When people are renting, they have the ability to save up $20,000 for a down payment. As soon as they buy a home, they can't seem to save any money.
xxxrayted

Brook Park, OH

#62 Mar 27, 2012
Well for one, many leases are made out with the stipulation that you have rent increases of X every year. It's much easier to manage your finances that way. The furnace breaks, call the landlord. You have water on the floor, call the landlord. Roof leaking, call the landlord.

I don't have to tell you of the unforeseen expenses of home ownership. The one tenant who bought that house up the street from me found out after he moved. He stopped over three months after he moved into his home and complained how his payment went up because of taxes that were voted in the year before. As he lived there longer, his payment kept going up for one reason or another.
mapleman

Cleveland, OH

#63 Mar 28, 2012
Yes, but when was the last time you could raise you rent here in Maple Heights? You won't be able to do so for quite some time. You can't have higher rent when the property values are what they are.

Utilities be damned. When property prices are what they are, you get Cleveland like rent prices -- not Westlake.

I know people who haven't seen a rent increase since all this went down. I don't think they will see one anytime soon. It's a mess out here. It really is a renters market and will be for some time.
xxxrayted

Brook Park, OH

#64 Mar 28, 2012
Not according to reports. This year is supposed to have the most renters in the history of this country. Granted, Maple Heights may not be the first choice for many people, but before the housing bubble and the city harassment, I never had problems getting tenants. In fact, I don't have too much of a problem now, it's just getting the right people.

With the exception of a few times for tenants that have lived here for decades and had very low rent, I never increase rents here. In fact, I tell potential renters about that policy when they are considering the apartment. Mind you, I don't guarantee it. If a tenant is with me for ten years, it's likely at some point I will have to increase it at least once. But without a doubt, I don't have a scheduled raise.
mapleman

Cleveland, OH

#65 Mar 29, 2012
What reports? Everything I see states that it is a renters market. People are getting great deals renting. There are great move-in deals.

This is one of the best times to find a place to live whether you are renting or buying.
xxxrayted

Brook Park, OH

#66 Mar 29, 2012
I'm going by a report I heard on news radio a few months ago. Where they got that information from, I really don't have the site. But it only stands to reason. After all, new and used home sales are still way down. If people are not buying homes, then where are they living? They have to rent somewhere unless they are still staying with family.

These are changing times. When I was a kid out of school, you could get a good job and make great money. The auto industry was booming, UPS offered great opportunities if you could get in there. The Steel Mills were alive and pumping out steel.

Today, if you don't have a college education and an in-demand profession, chances are you are not going to make enough money to afford your own home. Granted, more people go to collage than they did when I was in school, but there are still a percentage of kids who don't.

Two of my tenants are just like that. They are young, uneducated, and take on lower paying jobs. They will be with me forever the way things look. They drive old cars, don't have credit or credit cards, but are always working to pay the bills they do have. None of my tenants have any kind of real money or promise to have money in the future. None of them have a profession. They are all general labor with the exception of one tenant who is disabled and on Social Security.

i believe the rental market will come back unless government once again interferes. It's government that screws landlords. If left alone, we would do just fine.
mapleman

Cleveland, OH

#67 Mar 29, 2012
I think you are not understanding me. I am saying the rental market is going strong; it doesn't have to come back. People are choosing to rent. It also helps that credit is tighter.

Obviously I'm not talking about cities like Maple Heights. They are putting the screws to landlords trying to keep trash out. But in most cases, things are going great for landlords/renters.

I don't know if it is true or not, but I heard Garfield no longer does that escrow thing that Maple does when you buy a home. Looks like rentals will pick up over there if that's true.
Doctor Smith

Akron, OH

#68 Mar 30, 2012
Steralize the mongrels, oh the pain oh the pain
xxxrayted

Brook Park, OH

#69 Mar 30, 2012
mapleman wrote:
I think you are not understanding me. I am saying the rental market is going strong; it doesn't have to come back. People are choosing to rent. It also helps that credit is tighter.
Obviously I'm not talking about cities like Maple Heights. They are putting the screws to landlords trying to keep trash out. But in most cases, things are going great for landlords/renters.
I don't know if it is true or not, but I heard Garfield no longer does that escrow thing that Maple does when you buy a home. Looks like rentals will pick up over there if that's true.
I don't know what that "escrow" thing is you're talking about. Perhaps you can explain.
mapleman

Cleveland, OH

#70 Mar 30, 2012
Say you need to do $15,000 of repairs on a house you want to buy. Currently, you need that $15,000 and an additional $15,000 for the city to "hold" while the repairs are done. Waiving that opens a lot more doors.

Like I said, I don't know if it is true or not. Maple doesn't seem to be changing anytime soon.

Garfield always seems more desperate than Maple. The red light cameras. Building developments on toxic dumps. Seems like something they would do trying to bring people in.
xxxrayted

Brook Park, OH

#71 Mar 31, 2012
Okay, I think I know what you're talking about now. When I purchased this place, I bought it under the condition my father and I would fix all the violations. So I had to pay an escrow only to the city. The city released the money to the contractors after the work was complete. The seller had estimates for the work needed to sell it to me, and that came to about $40,000. Since nearly my entire family is in the construction trade, he took that $40,000 off the purchase price, and my family did the work for next to nothing.

Much of it was stupid sht that you could do yourself. But you know what contractors charge for doing the most minimal thing. We explained that to the city, so they only set the escrow for the material needed to complete the work, and professional services such as the electrician and plumber.

Without knowing, I believe that Garfield is allowing new owners to buy fix-it-uppers instead of the homes being in A1 sellable condition. That is a good move.
mapleman

Cleveland, OH

#72 Mar 31, 2012
But that is what's keeping houses empty. People have to come up with a down payment, money for the city, and money for repairs.

Do we want slumlords(not landlords like yourself) buying up houses to rent them out to anyone? I think the escrow keeps slumlords out. Why deal with that crap when you can buy elsewhere?
xxxrayted

Brook Park, OH

#73 Mar 31, 2012
It's very simple: Empty apartments and houses are a tax loss. Because (as you pointed out) people are not buying homes due to the more stringent regulations, handy people purchase homes in Garfield and fix them up themselves. They are able to afford a home and do $20,000 worth of work for less than $5,000. Now they have a nice home they can live in.

This keeps Garfield homes off the Sheriff's auction. It's the Sheriff's auction that draws slumlords. When desperate homeowners finally get foreclosed on, that house goes to the Sheriff's auction where it is sold for a fraction of it's worth. If they can sell it outright to a serious home buyer willing to do the work, then it's a win-win for everybody. The homeowner may not get the price he desired, but it's better than losing the home and have it auctioned off.

I think you can remember the post somebody put up where they were considering a real deal on a home in Garfield, and wanted to know about the environment. That was a serious home owner applicant who wanted to take advantage of becoming a citizen of the city. Those are the type of people we want to draw in.
mapleman

Cleveland, OH

#74 Apr 1, 2012
But homes have been empty for so long around here. Some homeowners have been trying to sell for years. The escrow thing scares slumlords away, but I think serious homeowners are willing to deal with it(such as that person who asked about Garfield).

I think this just comes down to Garfield being so desperate for money. They put the red light issue on the ballot twice. They have city view. They are just desperate. Maple may be desperate, but they don't act like it.
xxxrayted

Brook Park, OH

#75 Apr 1, 2012
Right now Maple is in the hole for about a million dollars. They are working on trying to balance the budget. When Kasich got in, he quit doling out money to cities. Garfield was in trouble before Kasich came in, but even more trouble now.

Voters passed a levy for increase in taxes for the schools in Garfield. That should help them a bit. But Garfield had high taxes to begin with. I think high taxation is something people take into consideration when looking at what city they wish to live in.

There is no real chemistry to keep lowlifes out and draw in good people. I always believed safety is everything. That's why I'm grateful that Maple Heights is way down on crime compared to just a few years ago.
LoveMaple

Beachwood, OH

#76 Jan 7, 2013
Point of sale inspections are a good thing. But, the fact that it's almost impossible for an investor to buy a property in Maple Hts. is causing many homes to go vacant and home values to go down. The problem is the escrow program. Garfield Hts. has done away with that hurtle by doing a POS inspection and the giving the new owners/investors a set amount of time to bring the property up to code. Since getting rid of the escrow program, Garfield Hts. has seen a surge in home sales. Home salers are no longer forced to sell their homes at a deeply discounted price just to compensate for the exorbant escrow that the city once held on to until the work was done. Banks do not liketo deal with these programs, especially when it comes to owner occupants.
xxxrayted

Brook Park, OH

#77 Jan 8, 2013
LoveMaple wrote:
Point of sale inspections are a good thing. But, the fact that it's almost impossible for an investor to buy a property in Maple Hts. is causing many homes to go vacant and home values to go down. The problem is the escrow program. Garfield Hts. has done away with that hurtle by doing a POS inspection and the giving the new owners/investors a set amount of time to bring the property up to code. Since getting rid of the escrow program, Garfield Hts. has seen a surge in home sales. Home salers are no longer forced to sell their homes at a deeply discounted price just to compensate for the exorbant escrow that the city once held on to until the work was done. Banks do not liketo deal with these programs, especially when it comes to owner occupants.
Well what do you think these inspections do to us landlords? It makes our property worth less because investors would sooner buy rental property where there is less problems from the city. If you were going to spend $100,000 for a double in this area, would you choose to buy a double in a place like Maple Heights where there are all these inspections and hassles, or would you buy rental property in a city that leaves you the hell alone?

Many of us landlords only do this part-time. We have full time jobs and don't have the ability to keep taking off of work to file papers with the building department, taking off of work for these inspections, and then taking off of work again for re-inspections. Then when that's all done, you have to leave early from work to obtain the stupid occupancy permit from the city.

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