All Forum Posts by: Mike Ferrante

@James Wise, he was either showing a unit or looking at a new purchase, I'm not sure which. And he's still buying down there, after getting shot. 

 One of my clients just got shot in the back of the head earlier this year in that area. he survived with the bullet went through his neck and severed one of his vocal cords 

 sent you a message. Feel free to reach out to me for more info. I have a lender who might help, but it seems I can't post phone numbers or emails here now.

Hi @Anne Whalen and @Tom Ott, I just wanted to chime in to clear a couple things up. First, it is becoming more common for agents to have minimum commissions. When you think about it, it makes complete sense. If a buyer is looking at an REO property, and the seller is only offering $400-500 commission (which is now fairly common), you're asking an agent to do a lot of work and take on liability for the transaction for a few dollars. At $500, the agent has to split with their broker, let's just say 70/30 (could be 50/50 with some brokerages). That leaves $350. Presumably the agent is looking at more than one house for that buyer, so there is overhead, gas, mileage, office expenses. Let's just call that $50 per transaction. Plus we agents pay about $1200 per year just to be Realtors. If your agent is doing 20 deals a year, that's $60/transaction. We're at $240 now. Now factor in the agent's time and liability. Have you ever heard of a Realtor taking on a sale, which could take 5-10 hours and some amount of liability, for $240? We certainly won't do it. Our minimum commission is typically $2000. If the seller is only paying $500, we ask the buyer to make up the difference, in this case, $1500.

If your agent isn't doing this, my guess is that they won't be in the business very long....

Inventory is drying up here in northeast Ohio.  I'm seeing multiple offers on almost everything I'm writing on, both for myself an clients.  You have to be geared up to move quickly once you identify homes.  I'd suggest working with an experienced agent, of course.

Likewise, your after rehab value estimates are key.  Again, I'd suggest assembling your team with that in mind.  Message me if I can help.

Hi Sean Webb, are you licensed in Ohio as a real estate agent?  I'm not seeing your name as a licensed agent anywhere.  Or do you have a broker who acts on your behalf?  Just wondering.

Top Century 21 agent in Ohio, #7 in the US in number of transactions. We have a team that covers all of northeast Ohio, for buyers and sellers.

 Hi Tatyana, if those areas are B's, I wonder what C's and D's are!?!  Most agents don't want to be accused of "steering" clients, so they are reluctant to give opinions.  Jim Wise, who posts here regularly, has a great blog that grades areas.  Or get opinions from other BP users.  I can tell you that I enjoy my rentals in Bedford much more than I enjoy my 10 Cleveland units, though! 

I would say the key is to assemble your team BEFORE you invest.  A great manager is key; and you'll want a Realtor; and probably a contractor, unless your manager does that.  Let me know if you want any referrals....

Hi Tatyana, Collinwood is pretty far from Harvard.  But I would say the neighborhoods are pretty comparable.  Collinwood used to be an old Italian neighborhood!  We still go there to buy grapes and juice to make wine!  But overall, it has become fairly rough.  There are some nicer areas of Cleveland, but also some worse ones.  When you talk about Harvard, if you go further, such as east of Lee Rd, that's a pretty interesting area.  Again, it is all about your appetite for risk vs the return you seek!  Regardless of what you do, I highly recommend you connect with a skilled real estate agent to help with your purchase!