All Forum Posts by: Gary Neely

Thank you James

Thank you very much!

Hi Everyone,

I am a real estate agent and a beginning investor on the west side of Cleveland, Ohio and I am looking for a solid seller financing contract.  I was wondering if someone could direct me to the best one as I am looking to do my first seller financing deal?  

Thanks, 

Gary Neely
 

Hello Everyone,

I have a an interest in purchasing a property that has a separate outbuilding. The outbuilding was used by the current sellers as a place for some family members to live in for short term. It is basically studio size and I think I could get between $500-$700 in monthly rent if I purchased it. It is in a small town southwest of Cleveland, Ohio and I would live in the main property. I would rent out my current home, purchase this home and rent out the ADU. With all of that backstory, I am wondering what strategies, issues, or advantages you see in this as it would be my first investment other than my own home? Would I have to notify the city of it being rented out and if so, could I just say it that the area being rented out is an area in my home? I'm a little concerned they will either not allow it or make me change it to being considered a duplex. The home is situated on one acre. Thank you for your advice and input.

Hello Everyone,

I have a question for you experienced investors/house hackers concerning renting out a basement area and city ordinances. I am looking to purchase a property and rent out the one I'm currently living in. I would like to purchase a property that I can do some house hacking but I'm too old(irritable) to not have my own privacy :). So I was thinking of purchasing a place that has a kitchen, bath, and bedroom in the basement. I would stay in it for about two years because I can go VA for no money down, then rent out the top portion and purchase another place. I had it in my head that this was a good strategy to get started in RE investing but I'm finding that many of the cities that I would consider purchasing in, do not allow a basement to be rented out if the house is a single family home. So I'm wondering if anyone else has had this issue and if so, how did you overcome the issue? I have looked into duplexes, which I know would solve this, but there's not many in the areas that I would choose to purchase in and when there are, they go super quickly. Thank you for your advice and time.

Gary

Hello BP community.  This is my first forum post so please bear with me.  I am a realtor in the Cleveland area.  I mostly focus on the West and South sides of Cleveland but I've done deals in other areas. I have become a member of BP because I would like to focus on becoming a better agent for my investor clients and maybe become an investor myself.  I have become a habitual learner as I listen to BP podcasts regularly and have learned more since becoming a member then I had learned in RE classes. My questions pertain to what expectations you have for an agent.  I have had investors expect me to just send them properties and then narrow it down and run the numbers themselves and I have had investor clients expect me to run the numbers on each listing I send them.  The problem is, some of those investors don't have a specific area, type of property, etc. so it becomes extremely time consuming to do that.  So I'm looking to the BP community to help me with what makes, in your opinion, a good real estate agent and what your expectations of an agent are?  Thank you for your time.

I am interested as well!