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February 19, 2024 15 mins

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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.

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Episode Transcript

Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Welcome to the Standing Out in Ohio podcast,
where we discuss topics,upcoming events, news and
predictions with real estateprofessionals and entrepreneurs.
Listen and learn what makestheir companies and themselves
stand out and gain advantagesover the competition and gain
market share.
Subscribe for the latest newsand discussion on what it takes

(00:23):
to stand out from the crowd.
Now here's your host, Jim.

Speaker 2 (00:31):
Hey everybody, welcome to the Standing Out in
Ohio podcast.
This is Jim, and with me is heyeverybody, it's Laura.
The office, goddess.
So some legislation I thinkit's like a Legislation
Legislation that came out and Igot this from an investor group.
They sent me an email aboutthis stuff and I think we're

(00:52):
going to talk about this becausesome of this stuff is Impactful
to the real estate industry.
It is definitely impactful forthat and some of the things
you're going to like, somethings like maybe not so much.
But first let's listen to this.

(01:31):
Hi, laura Got an email.
You'll listen to somelegislation that's going on.
Some of it they met withKentucky, which sometimes here
in Ohio they do a license forKentucky and Ohio, but in
Kentucky they have a law thatpassed that makes normal

(01:53):
wholesaling activities illegalunless you have a real estate
license, and that in Ohio is incommittee.
I know some agents like thatbecause they don't like
wholesaling.
They basically do that and nothave to have a real estate
license, because it kind ofcircumvents that whole thing.

Speaker 3 (02:13):
Right.

Speaker 2 (02:15):
They get something in contract and they just sign
that contract to somebody else.

Speaker 3 (02:19):
This would take care of that and it would end
wholesaling.
I know there are a lot ofdifferent thoughts about
wholesaling and the fact thatsome people think it's predatory
, so I bet that's the reasonbehind that.

Speaker 2 (02:32):
It does feel a little predatory because I think most
time it happens somebody is inforeclosure or they're behind
somehow, and I can see bothsides of it.

Speaker 3 (02:43):
I can too.
I can't catch up, there's noway.

Speaker 2 (02:48):
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 PlusI'll give you maybe $5,000 extra
so that you can travel and headout and give you money to for
your travel expenses, thingslike that, to get out and that

(03:11):
saves me from a foreclosure.
The whole set of a heck of adeal and they made to sell
something else.
So I said they serve a purpose.
But I do think it is not a badidea.
They have some kind oflicensing, some kind of
accountability and ethics thatthey go by.

Speaker 3 (03:31):
We know some wholesalers that we know that
are good and that are ethicaland try hard.

Speaker 2 (03:36):
Definitely nice people.

Speaker 3 (03:37):
I've seen no problem with them, but I'm sure there's
others are pretty slimy Well howmany of those flips that we've
looked at that were utterlyhorrific, were done by
wholesalers or wholesaler had apart in that.
And if that's the case andthat's part of what's going on
that definitely needs to stopbecause some of those houses

(03:58):
weren't safe.

Speaker 2 (03:59):
Oh yeah, they always get it inspected.
I don't care what the deal is,always get it inspected.

Speaker 3 (04:06):
Oh, can I add another plugin on that one?

Speaker 2 (04:07):
Sure.

Speaker 3 (04:09):
If you know of a house that you are looking at
that has been recently renovatedor looks like it's been
recently renovated, check outthe county auditor's website and
see whether or not there areany permits that have been
pulled on that, because if thereweren't and you purchased that
house, you could be responsiblefor that.

Speaker 2 (04:31):
Yes, yes, but let's take the legislation.
But that's something else, butwe can talk about it another
time.
So in Ohio and committee itwould be illegal to assign a
contract without a real estatelicense.
There's some of the vacant orany wholesaling and you can't
assign it, so that thoseprobably the same part of the
same bill.

Speaker 3 (04:51):
That would make sense .

Speaker 2 (04:52):
This one here.
It's in committee here in Ohiothat anybody who owns over 50
single-family homes Homes has topay $1,500 a year for each home
over that 50.
It's the home 51, 52, 53 to.
Whatever, let's say whateverthey own 100 different houses,

(05:16):
51 through 100.
They got paid $1,500 per house,per house each year.
I Think that kind of sucks, butI mean at what point does that
even make it worth it?
Well, here's what's gonna happen.
The landlord is just gonna takethat extra $15 $15 and put that

(05:36):
on the rent.
True, he is not gonna pay thatoff his own pocket, they're
gonna that is my pack of rent.

Speaker 3 (05:41):
Pass that on people.

Speaker 2 (05:43):
So, yes, rents are go higher for those people who
have large number of houses.
Rets are gonna go up to pay forthat plus, who is who's the
government say that somebodycan't be successful?
It's somebody's doing who doesa good job.
They wash their numbers.
They do a good job.
Finally, these houses fixingthem up and they're successful

(06:05):
with with it.
Why are they being punished forGoing beyond a certain level of
success?
I do have problems with withthat.
I Can see both sides, but Ihave a problem with it.

Speaker 3 (06:17):
I so like for for small people, individuals, or
you know, like you and I, weused to have rental properties.
That, I think, is differentthan these large corporations
that come in, and I mean, I cansee your point.

Speaker 2 (06:33):
I really everybody's.

Speaker 3 (06:34):
Everybody supports the small guy until he gets big
right, but I know, but when youlike I can't remember what the
statistic was, I think it waslike 33% or something like that
of houses in the Columbus marketin like 22 we're sold to larger
Corporations to become rentalproperties.

(06:56):
Once they become rentalproperties, the likelihood of
them coming back out andbecoming a single family home
for For Joe Schmoe who justmarried Susie Bell, that that's
not gonna happen and it'sgetting more and more difficult
For starter homes and for peoplestarting off.
Like you know, when you and Iwere younger, $100,000 to get

(07:19):
into a nice little starter houseand life was good.
You're looking at upwards near300,000 now, depending on the
area, and people just can'tafford that starting out You'll
like this state.

Speaker 2 (07:30):
Bill 118 is aimed to increase home ownership
ownership and what this isintended to offer a tax
incentive for converting byselling a rental proper property
over to an owner occupied.

Speaker 3 (07:46):
I do like that.

Speaker 2 (07:47):
So that gives incentive to do that, because
you're rather loud.
Once it's a rental it does notgo back to single, to home
ownership, not likely, notlikely.
So there is anything in thestate bill that would give a tax
credit if you sell it and goesback to Not being read out.

Speaker 3 (08:08):
So that's that's good , I like that.
You like that one, I like thatone.

Speaker 2 (08:14):
Now isn't everybody wins with that there are big
ones with that one, except thestate will think they're losing
out.
And then what they'll do?
They'll increase rate somewhereelse.
So I bet I'm not surprised methey go hey, why don't we do
this?
It gives a tax incentive forpeople to become home owners
again, these houses to go fromrental property to home

(08:36):
ownership.
But let's do this if I may loseto me at Reynolds.
We'll get more money from them.
They're 51 and higher.
What we'll get?
more mice right, so that kind ofthey 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 forthat.

Speaker 3 (08:55):
So that is very true is it can be.

Speaker 2 (08:57):
This is Washington state, so it doesn't apply to
Ohio.

Speaker 3 (09:01):
However, what?

Speaker 2 (09:02):
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 homeunless they're going to live in
it.

Speaker 3 (09:16):
Oh, just flat out you can't not buy it, like no
rental property at all.

Speaker 2 (09:20):
That would keep large corporations from buying the
things.
You cannot buy a house unlessyou're going to live in there.

Speaker 3 (09:26):
So I I don't agree with that but the workaround for
that is you know your youngcouple and you want to maybe
start getting into that, don'thave any kids, or you're a
single person.
You buy this house, you live init for whatever that period of
time is in the law, and then, ohdarn, I decided I wanted to

(09:48):
move somewhere.
Let me rent this and purchasethe house I want to live in in
the area I want to live in nowthat maybe and that maybe around
.
But large corporations aren'tgoing to be able to do that,
which makes me happier becauseSmaller people and smaller
businesses will be able to.

Speaker 2 (10:05):
Yes, that's what happens, but there's always a
way around it and the the taxsystem is actually set up to
incentivize people doing things.
That's why buying an owningreal estate there's really good
tax advantage to that you canwrite off A lot, a lot of
depreciation.
Do even the interior fixture.
You can depreciate those a lot.
People do not do that.

(10:26):
You can appreciate a crap tonof stuff and not pay taxes or
greatly reduced taxes.
So anyway, I thought that wasinteresting, some of those
things in committee or some lawsthat recently passed.
There was a thing in Maine Idon't know if it passed, not
that it was a law that Everybodyhad the right to do a home

(10:48):
inspection.

Speaker 3 (10:49):
No, massachusetts, massachusetts, massachusetts.

Speaker 2 (10:52):
And it was illegal for anybody To tell them they
couldn't do the home inspectorLook at ten thousand dollar fine
for the seller and the agent.
Yes, that went along with that.

Speaker 3 (11:02):
So that is interesting and in that law you
had a 10 day period to get yourhome inspection Automatically in
that law.
Oh yeah, no, no, three day orseven day it was automatically
10 days, and the last I knew itwas being looked at I get it
past the house.
Some was up in the senate, soI'll look and see if I can find

(11:23):
that for an update for our nextone.

Speaker 2 (11:24):
Yeah, we'll do research on that, because that's
an interesting one.

Speaker 3 (11:26):
That is a very interesting I like that one, I
do too, for obvious reasons.

Speaker 2 (11:30):
Well, there was a I don't know the exact percentage.
Was it like 75 80 of people whobought a home during the what
we'll say the dirt, during thepandemic, that when there's
there's just bam bam, he gotorder, you got by the house and
off an offer?
There's like 75 80 percentregretted buying the house
because they didn't getinspected.

Speaker 3 (11:52):
Right and they walked in and found like it was
literally just a time for peopleto pawn off houses that they
Didn't want to fix, that theydidn't have the money to fix,
and it was just a way to get ridof all that.
Jack up the prices, get a bunchof money for it, and then you
move out and this poor sap isleft holding the bag on it and

(12:12):
there are some studies.

Speaker 2 (12:13):
The other day I've read on on on facebook, so
there's a link to a study wherea home inspection Saved the
buyer $14,000 or somehow.
That was the average.
Okay so I don't know why theywould ever waive the inspection.

(12:33):
I guess I can understand apoint where you have to move in.

Speaker 3 (12:37):
You're out of.
You're out of state, you're outof country.

Speaker 2 (12:40):
You need a place.
You're desperate I mean, you'reabsolutely freaking desperate
and that's the only way.
Yes, but somebody needs to beresponsible for the Well
condition that that the sellerdidn't tell you about there
should be.
If there's no, here's alegislation for you.
If there's no, home inspectionsare Not allowed for a purchase.

(13:05):
The seller has to guarantee thecondition of a house up to up
to ten thousand dollars worth ofexpenses.
You're gonna see, that shouldgo away real quick.

Speaker 3 (13:15):
And what if it's over ten thousand?
Like, how many times have weseen foundation issues that were
covered up and they were told40 grand to fix it?

Speaker 2 (13:25):
I don't know.
Well, maybe up the first tenthousand dollars is no harm,
anything beyond that.
I'm like dude, you get a lot ofuse of your house.

Speaker 3 (13:32):
You should have known you should have put, so maybe
that's what they'll do it Rightnow.

Speaker 2 (13:37):
That is not anything.
A committee anywhere, that'sjust us being optimistic.
Yeah, just listen to us.
Yeah, this is how we're goingthings and starting new, new
companies, right.

Speaker 3 (13:49):
Just sitting here chatting.
Yes.

Speaker 2 (13:50):
So anyway, I think it's about it.
You know we should talk in yourfuture.
What Micotoxins?

Speaker 3 (13:56):
Oh yes those.

Speaker 2 (13:58):
We've got some new stuff coming down the pike with
that actually you know whatmicotoxins are, but we're gonna
talk about that and, uh, thatthere's some, that's some really
good, healthy, that's a healthyconversation right there to
have.
So yes.
You want to serve peopleproperly.
So, anyway, that's about it.
Everybody, have a great week orrest of the day whenever you're

(14:19):
listening to this and, uh, takecare.
And then always have the homeinspected and, if you're in Ohio
, have a habitationinvestigation inspector for you.

Speaker 3 (14:28):
Yes, we've been voted best in the midwest two years
in a row, because our staff isamazing because we're awesome.

Speaker 2 (14:34):
Well, we spent a lot of time doing systems.
Yes, we did we the cost andimprovement.
I mean just last week.
I'm doing improvements on it.
It's like been 21 years I'mstill doing improvements on
things.

Speaker 3 (14:44):
I was doing stuff today.

Speaker 2 (14:45):
Yeah Well, there's things always change, yep.

Speaker 3 (14:48):
You want to make sure it comes out?
Stay current.

Speaker 2 (14:50):
Yeah, let's just change this.
You're writing another coursefor ce, for our agents.
So Exciting stuff, excitingstuff, same.
But so everybody take care.
Bye, bye, bye.

Speaker 1 (15:04):
You've been listening to the standing out in Ohio
podcast.
Be sure to subscribe on spotifyor google podcast to get new,
fresh episodes.
For more, please follow us oninstagram, twitter and facebook,
or visit the website of thebest Ohio home inspection
company at home inspections inohio, or jim troughcom.

(15:25):
That's j, I m OTH and click onpodcast until next time.
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