All Forum Posts by: Michael Frabotta

@Ryan Fox thank you for all your help

@Ryan Fox great makes sense. Is it okay to finance the deal since I don't have enough cash to purchase?

Hi there!

I'm looking to purchase my first rental single family home but would like some advice. Is it smart to finance the purchase and then hope when it comes to refinancing down the road rates will be lower? My struggle is obtaining enough capital to purchase with cash. I would have cash for a down payment and renovations just not to purchase as well. I'm interested to hear anyone's thoughts. Btw I'm looking to purchase in the Cleveland area for what it's worth. Thank you.

@Bruce Woodruff General Contractors must have liability insurance and certain bond requirements met in order to pull New Construction permits. This is what is needed when we build in the Cleveland suburbs.

@Dan Marl I would push them to repour a portion of the driveway in front of the garage. I am a builder and their excuse is laughable. This was done wrong and they should be liable to fix it and make it look better than just grinding the concrete flat.

@Shane Ryan I do similar work as you and there definitely is value for you to work with them. I would stress to them that those properties would sell for a high dollar and fast if they were ready to build. Potential buyers rather have the land ready to build on then to worry about finding a contractor to do this work themselves especially since everyone is busy. I would feel these investors out and see what they think but again I see the value in you working with them. Good luck and don't let anyone put you down if your gut tells you to go for it!

What is a general rule of thumb for a decent CoC ROI for Single Family Homes? I know of the 1% rule for purchase prices but what is a good way to know how much to actually charge for rent? Does anyone recommended something to help with analyzing rental prices? Thanks.

@Wayne Brooks thanks for the information.

@Michael Noto thanks for the feedback and I will look into it for sure. One more thing, if I have a property such as a new construction SFH, once I have my license I could list it myself correct?

I am contractor who builds homes and sells but also I have some rental properties. I'm interested in obtaining my real estate license but what are the requirements to get one in Ohio? I've heard you must work for someone for a certain amount of time but my real agenda is to just obtain access to MLS and use for my own deals. I feel like the agents I've used in the past would not be on board with this. Also I do have some commercial rental properties and is there a different type of real estate license to be able to find those listing on the MLS as well? Any feedback or advice would be great? Thanks.