All Forum Posts by: Bob Collett

If they email inquiry, then email some brief questions... I ask for Monthly income, number of people in household, approximate credit score, pets, have you ever been evicted. You can ask how long on current job and reason for moving.

You can send them your written requirements, to avoid possible fair housing violations.

If they call, you can do this all on the phone.

Rule of thumb is to follow up using the same technology as prospect uses. If they give a phone number, then call them.

About 3 in 3 appointments will be no show. It is always appropriate to confirm day before and day of appointment.

Good luck

@Mateus Vakuda - You can take the classes online, but most Cleveland people attend classes at Hondros. They offer day, evening and even intense weekend classes.  You only need to complete 4 courses.  Once you complete the classes, then you can sit for the exam.  I always recommend that people take the "cram" course online to prepare for the test.

Once you are ready to take the test, you will need to find a sponsor.  Almost any brokerage will "sponsor" you.  That simply means that they will let you work for them on a commission basis, and pay them monthly fees.  There are some brokers that hang out on Bigger Pockets that will be happy to sponsor you and have you work for them. Find someone who will mentor you and teach you the investment side of the business if that is what you are going for.

I need agents that join my team to be full time, but I can recommend some brokers to you when you get to that point who might be better suited to a part time agent. KW is know for extensive training programs.  

Best of luck.

@Yiftach Ilyov... be sure to check with the city before you spend any money. There may or may not be restrictions.

Bob

@Brandon Metz

Hey... go buy a pad of column paper. Just list your incomes and your expenses each month. Nothing more is needed. Your accountant would probably be just as happy with the shoebox method... throw all the receipts for income and expenses into a shoebox.

As @Andrea Hauserman suggested, open a checking account and use it Exclusively and only for expenses and incomes related to this property.

And don’t forget to buy a 2 part receipt book for rents. If you pay a handyman cash, use a receipt pad for that also.

Simple, low tech.

Good luck

Hi

It sounds like you are successfully marketing and selling other people's properties as FSBO via Zillow... or are you buying them and then selling them?

It is often possible to generate long term cash flow in Cleveland and many of the surrounding suburbs.  These areas do not appreciate as much as the higher end suburbs, if at all.  The main consideration is the cost of maintenance, because so many out of state or out of country investors think maintenance is optional.  This leads to bad tenants, and problems with the city in which the property is located. There is an inverse relationship between the price of property acquisition and the amount of problems you will have. Just as important as finding a good property, is protecting your investment with a good property manager.  Integrity is the key thing to look for in a property manager.

For example, it is illegal to provide property management services in Ohio unless you are a licensed real estate agent.  Each person who shows properties, markets properties, collects rents, signs leases and generally provides property management must be licensed.  I don't want to call out any specific individuals, but you should check with the division at the link provided if you care about such things; https://elicense3.com.ohio.gov/Lookup/LicenseLookup.aspx  enter the persons last name, first initial and Ohio as the state.  If they are not listed, then they are not licensed. Beware.

In general, Parma is probably the most trouble free from your list.  Detroit Shoreway can work out well, but it can be street by street and there is a lot of police cars rolling around the area after dark. Lakewood tends to be a great rental area.  Also consider West Park (44111) west of W 140 is best, but W 117 to W 140 will give better cash flow. Puritas Longmead  (44135) is similar to 44111, but best to avoid the area around 130 and Bellaire. You can also find better cash flow in Old Brooklyn (44109). The east side cities you mention are all a pain in the butt to work with due to picky rental inspections and high property taxes.

Best of luck.

Does not us usually take so long. Call and ask for status.

bob

Even Cleveland proper requires rental registrar permit. ($35 per unit, soon to be $75 per unit). Most everyone requires a rental inspection.

The problem is that many cities are out of control and some very picky in their demands. The cities with high property tax, high crime and other problems tend to be mor problematic with their inspections. it’s as if they want to fix their problems on the backs of the investors.

Give the west side a second look.

bob

@Lior Golan

Ok. Just wanted to have you clarify since “foreclosure agent” is not a thing. I would always recommend that you find a “buyers agent to represent you, because listing agent in a bank owned property exclusively represents the bank.

Foreclosures are sold via county sheriff sale. No agent involved.

The cities you reference all have high property tax rates. They require investors to register rental properties annually. They require out of town owners to have an agent (not to be confused with real estate agent). Find out if the city requires both interior and exterior inspections annually or at what frequency.

I recommend all buyers get a lead safe inspection prior to purchase because the burden of proving “lead safe” is shifting to the rental owner.

Bob