Discover the shifts in Ohio's real estate landscape through an examination of new legislation with me and the office goddess, Laura. We dive headfirst into the controversial tides of a Kentucky law that is sending ripples of change across Ohio, threatening to disrupt the wholesaling world as we know it. Could this be the end of wholesaling without a real estate license? We unravel the multifaceted debate, considering the safeguarding of vulnerable homeowners and the ethical quandaries of predatory practices in the industry. Moreover, we dissect the complexities of a divisive Ohio bill proposing fees on those with vast property portfolios, tackling the tough questions around its implications for entrepreneurs and the renters they serve.
Laura brings her invaluable insights as we also emphasize the critical steps involved in real estate transactions, such as home inspections and the verification of permits for newly renovated properties. Our discourse is seasoned with practical tips for navigating the Ohio property market, whether you're a veteran investor or simply interested in the ebb and flow of the industry's currents. Be sure to catch all our thought-provoking ideas and strategies by subscribing to our podcast on your favorite platform, and join the conversation on our social media channels. With each episode, we promise to keep you equipped with the knowledge and foresight to sail confidently through the ever-changing waters of real estate.
Home inspections can save homebuyers big; here’s just how much | Mortgage Rates, Mortgage News and Strategy : The Mortgage Reports
To learn more about Habitation Investigation, the Two-time Winner of the Best Home Inspection Company in the Midwest visit Home Inspection Columbus Ohio - Habitation Investigation (homeinspectionsinohio.com) Schedule online if you need a home inspection or related services.
If in need of a real estate agent definitely recommend checking the agents that have been guests on the podcast.
See some fun home inspection findings Habitation Investigation LLC (@habitationinvestigation) • Instagram photos and videos
For home buyers: What to expect from a home inspection. YT video for home buyers
If you would like to be a guest on the podcast contact us and let us know. You can visit Home (jimtroth.com) and go to the podcast page.
Discover the shifts in Ohio's real estate landscape through an examination of new legislation with me and the office goddess, Laura. We dive headfirst into the controversial tides of a Kentucky law that is sending ripples of change across Ohio, threatening to disrupt the wholesaling world as we know it. Could this be the end of wholesaling without a real estate license? We unravel the multifaceted debate, considering the safeguarding of vulnerable homeowners and the ethical quandaries of predatory practices in the industry. Moreover, we dissect the complexities of a divisive Ohio bill proposing fees on those with vast property portfolios, tackling the tough questions around its implications for entrepreneurs and the renters they serve.
Laura brings her invaluable insights as we also emphasize the critical steps involved in real estate transactions, such as home inspections and the verification of permits for newly renovated properties. Our discourse is seasoned with practical tips for navigating the Ohio property market, whether you're a veteran investor or simply interested in the ebb and flow of the industry's currents. Be sure to catch all our thought-provoking ideas and strategies by subscribing to our podcast on your favorite platform, and join the conversation on our social media channels. With each episode, we promise to keep you equipped with the knowledge and foresight to sail confidently through the ever-changing waters of real estate.
Home inspections can save homebuyers big; here’s just how much | Mortgage Rates, Mortgage News and Strategy : The Mortgage Reports
To learn more about Habitation Investigation, the Two-time Winner of the Best Home Inspection Company in the Midwest visit Home Inspection Columbus Ohio - Habitation Investigation (homeinspectionsinohio.com) Schedule online if you need a home inspection or related services.
If in need of a real estate agent definitely recommend checking the agents that have been guests on the podcast.
See some fun home inspection findings Habitation Investigation LLC (@habitationinvestigation) • Instagram photos and videos
For home buyers: What to expect from a home inspection. YT video for home buyers
If you would like to be a guest on the podcast contact us and let us know. You can visit Home (jimtroth.com) and go to the podcast page.
Welcome to the Standing Out in Ohio podcast, where we discuss topics, upcoming events, news and predictions with real estate professionals and entrepreneurs. Listen and learn what makes their companies and themselves stand out and gain advantages over the competition and gain market share. Subscribe for the latest news and discussion on what it takes to stand out from the crowd. Now here's your host, Jim.
Speaker 2:Hey everybody, welcome to the Standing Out in Ohio podcast. This is Jim, and with me is hey everybody, it's Laura. The office, goddess. So some legislation I think it's like a Legislation Legislation that came out and I got this from an investor group. They sent me an email about this stuff and I think we're going to talk about this because some of this stuff is Impactful to the real estate industry. It is definitely impactful for that and some of the things you're going to like, some things like maybe not so much. But first let's listen to this.
Speaker 2:Hi, laura Got an email. You'll listen to some legislation that's going on. Some of it they met with Kentucky, which sometimes here in Ohio they do a license for Kentucky and Ohio, but in Kentucky they have a law that passed that makes normal wholesaling activities illegal unless you have a real estate license, and that in Ohio is in committee. I know some agents like that because they don't like wholesaling. They basically do that and not have to have a real estate license, because it kind of circumvents that whole thing.
Speaker 3:Right.
Speaker 2:They get something in contract and they just sign that contract to somebody else.
Speaker 3:This would take care of that and it would end wholesaling. I know there are a lot of different thoughts about wholesaling and the fact that some people think it's predatory, so I bet that's the reason behind that.
Speaker 2:It does feel a little predatory because I think most time it happens somebody is in foreclosure or they're behind somehow, and I can see both sides of it.
Speaker 3:I can too. I can't catch up, there's no way.
Speaker 2:I need to move out of the state because I got some family I want to go to you. Come along the wholesaling. Hey, listen, let's make a deal. I will do that. I'll pay you this much Plus I'll give you maybe $5,000 extra so that you can travel and head out and give you money to for your travel expenses, things like that, to get out and that saves me from a foreclosure.
Speaker 2:The whole set of a heck of a deal and they made to sell something else. So I said they serve a purpose. But I do think it is not a bad idea. They have some kind of licensing, some kind of accountability and ethics that they go by.
Speaker 3:We know some wholesalers that we know that are good and that are ethical and try hard.
Speaker 2:Definitely nice people.
Speaker 3:I've seen no problem with them, but I'm sure there's others are pretty slimy Well how many of those flips that we've looked at that were utterly horrific, were done by wholesalers or wholesaler had a part in that. And if that's the case and that's part of what's going on that definitely needs to stop because some of those houses weren't safe.
Speaker 2:Oh yeah, they always get it inspected. I don't care what the deal is, always get it inspected.
Speaker 3:Oh, can I add another plugin on that one?
Speaker 2:Sure.
Speaker 3:If you know of a house that you are looking at that has been recently renovated or looks like it's been recently renovated, check out the county auditor's website and see whether or not there are any permits that have been pulled on that, because if there weren't and you purchased that house, you could be responsible for that.
Speaker 2:Yes, yes, but let's take the legislation. But that's something else, but we can talk about it another time. So in Ohio and committee it would be illegal to assign a contract without a real estate license. There's some of the vacant or any wholesaling and you can't assign it, so that those probably the same part of the same bill.
Speaker 3:That would make sense.
Speaker 2:This one here. It's in committee here in Ohio that anybody who owns over 50 single-family homes Homes has to pay $1,500 a year for each home over that 50. It's the home 51, 52, 53 to. Whatever, let's say whatever they own 100 different houses, 51 through 100. They got paid $1,500 per house, per house each year. I Think that kind of sucks, but I mean at what point does that even make it worth it?
Speaker 2:Well, here's what's gonna happen. The landlord is just gonna take that extra $15 $15 and put that on the rent. True, he is not gonna pay that off his own pocket, they're gonna that is my pack of rent.
Speaker 3:Pass that on people.
Speaker 2:So, yes, rents are go higher for those people who have large number of houses. Rets are gonna go up to pay for that plus, who is who's the government say that somebody can't be successful? It's somebody's doing who does a good job. They wash their numbers. They do a good job. Finally, these houses fixing them up and they're successful with with it. Why are they being punished for Going beyond a certain level of success? I do have problems with with that. I Can see both sides, but I have a problem with it.
Speaker 3:I so like for for small people, individuals, or you know, like you and I, we used to have rental properties. That, I think, is different than these large corporations that come in, and I mean, I can see your point.
Speaker 2:I really everybody's.
Speaker 3:Everybody supports the small guy until he gets big right, but I know, but when you like I can't remember what the statistic was, I think it was like 33% or something like that of houses in the Columbus market in like 22 we're sold to larger Corporations to become rental properties. Once they become rental properties, the likelihood of them coming back out and becoming a single family home for For Joe Schmoe who just married Susie Bell, that that's not gonna happen and it's getting more and more difficult For starter homes and for people starting off. Like you know, when you and I were younger, $100,000 to get into a nice little starter house and life was good. You're looking at upwards near 300,000 now, depending on the area, and people just can't afford that starting out You'll like this state.
Speaker 2:Bill 118 is aimed to increase home ownership ownership and what this is intended to offer a tax incentive for converting by selling a rental proper property over to an owner occupied.
Speaker 3:I do like that.
Speaker 2:So that gives incentive to do that, because you're rather loud. Once it's a rental it does not go back to single, to home ownership, not likely, not likely. So there is anything in the state bill that would give a tax credit if you sell it and goes back to Not being read out.
Speaker 3:So that's that's good, I like that. You like that one, I like that one.
Speaker 2:Now isn't everybody wins with that there are big ones with that one, except the state will think they're losing out. And then what they'll do? They'll increase rate somewhere else. So I bet I'm not surprised me they go hey, why don't we do this? It gives a tax incentive for people to become home owners again, these houses to go from rental property to home ownership. But let's do this if I may lose to me at Reynolds. We'll get more money from them. They're 51 and higher. What we'll get?
Speaker 2:more mice right, so that kind of they think they're gonna lose money, but they'll make it up, make it up in another law and what happens. People renting will pay for that.
Speaker 3:So that is very true is it can be.
Speaker 2:This is Washington state, so it doesn't apply to Ohio.
Speaker 3:However, what?
Speaker 2:one state does the others look at. Well, what this does they? They, it's a committee. Their law would prevent anyone, anybody, from buying or acquiring a single family home unless they're going to live in it.
Speaker 3:Oh, just flat out you can't not buy it, like no rental property at all.
Speaker 2:That would keep large corporations from buying the things. You cannot buy a house unless you're going to live in there.
Speaker 3:So I I don't agree with that but the workaround for that is you know your young couple and you want to maybe start getting into that, don't have any kids, or you're a single person. You buy this house, you live in it for whatever that period of time is in the law, and then, oh darn, I decided I wanted to move somewhere. Let me rent this and purchase the house I want to live in in the area I want to live in now that maybe and that maybe around.
Speaker 3:But large corporations aren't going to be able to do that, which makes me happier because Smaller people and smaller businesses will be able to.
Speaker 2:Yes, that's what happens, but there's always a way around it and the the tax system is actually set up to incentivize people doing things. That's why buying an owning real estate there's really good tax advantage to that you can write off A lot, a lot of depreciation.
Speaker 2:Do even the interior fixture. You can depreciate those a lot. People do not do that. You can appreciate a crap ton of stuff and not pay taxes or greatly reduced taxes. So anyway, I thought that was interesting, some of those things in committee or some laws that recently passed. There was a thing in Maine I don't know if it passed, not that it was a law that Everybody had the right to do a home inspection.
Speaker 3:No, massachusetts, massachusetts, massachusetts.
Speaker 2:And it was illegal for anybody To tell them they couldn't do the home inspector Look at ten thousand dollar fine for the seller and the agent. Yes, that went along with that.
Speaker 3:So that is interesting and in that law you had a 10 day period to get your home inspection Automatically in that law. Oh yeah, no, no, three day or seven day it was automatically 10 days, and the last I knew it was being looked at I get it past the house. Some was up in the senate, so I'll look and see if I can find that for an update for our next one.
Speaker 2:Yeah, we'll do research on that, because that's an interesting one.
Speaker 3:That is a very interesting I like that one, I do too, for obvious reasons.
Speaker 2:Well, there was a I don't know the exact percentage. Was it like 75 80 of people who bought a home during the what we'll say the dirt, during the pandemic, that when there's there's just bam bam, he got order, you got by the house and off an offer? There's like 75 80 percent regretted buying the house because they didn't get inspected.
Speaker 3:Right and they walked in and found like it was literally just a time for people to pawn off houses that they Didn't want to fix, that they didn't have the money to fix, and it was just a way to get rid of all that. Jack up the prices, get a bunch of money for it, and then you move out and this poor sap is left holding the bag on it and there are some studies.
Speaker 2:The other day I've read on on on facebook, so there's a link to a study where a home inspection Saved the buyer $14,000 or somehow. That was the average. Okay so I don't know why they would ever waive the inspection. I guess I can understand a point where you have to move in.
Speaker 3:You're out of. You're out of state, you're out of country.
Speaker 2:You need a place. You're desperate I mean, you're absolutely freaking desperate and that's the only way. Yes, but somebody needs to be responsible for the Well condition that that the seller didn't tell you about there should be. If there's no, here's a legislation for you. If there's no, home inspections are Not allowed for a purchase. The seller has to guarantee the condition of a house up to up to ten thousand dollars worth of expenses. You're gonna see, that should go away real quick.
Speaker 3:And what if it's over ten thousand? Like, how many times have we seen foundation issues that were covered up and they were told 40 grand to fix it?
Speaker 2:I don't know. Well, maybe up the first ten thousand dollars is no harm, anything beyond that. I'm like dude, you get a lot of use of your house.
Speaker 3:You should have known you should have put, so maybe that's what they'll do it Right now.
Speaker 2:That is not anything. A committee anywhere, that's just us being optimistic. Yeah, just listen to us. Yeah, this is how we're going things and starting new, new companies, right.
Speaker 3:Just sitting here chatting. Yes.
Speaker 2:So anyway, I think it's about it. You know we should talk in your future. What Micotoxins?
Speaker 3:Oh yes those.
Speaker 2:We've got some new stuff coming down the pike with that actually you know what micotoxins are, but we're gonna talk about that and, uh, that there's some, that's some really good, healthy, that's a healthy conversation right there to have. So yes. You want to serve people properly. So, anyway, that's about it. Everybody, have a great week or rest of the day whenever you're listening to this and, uh, take care. And then always have the home inspected and, if you're in Ohio, have a habitation investigation inspector for you.
Speaker 3:Yes, we've been voted best in the midwest two years in a row, because our staff is amazing because we're awesome.
Speaker 2:Well, we spent a lot of time doing systems. Yes, we did we the cost and improvement. I mean just last week. I'm doing improvements on it. It's like been 21 years I'm still doing improvements on things.
Speaker 3:I was doing stuff today.
Speaker 2:Yeah Well, there's things always change, yep.
Speaker 3:You want to make sure it comes out? Stay current.
Speaker 2:Yeah, let's just change this. You're writing another course for ce, for our agents. So Exciting stuff, exciting stuff, same. But so everybody take care. Bye, bye, bye.
Speaker 1:You've been listening to the standing out in Ohio podcast. Be sure to subscribe on spotify or google podcast to get new, fresh episodes. For more, please follow us on instagram, twitter and facebook, or visit the website of the best Ohio home inspection company at home inspections in ohio, or jim troughcom. That's j, I m OTH and click on podcast until next time. Learn and go do stuff.