Property Manager · Cleveland, OH · Member since 2015 · 699 posts · 799 votes
Recently signed up for PRO membership to get more serious about my investing.
I got started about 15 months ago after being hypnotized by Grant Cardone, and somehow convinced my wife to buy a 3-family house. After kicking out the bad tenants (one of whom was running a hair salon out of the apartment) I was able to do some minor cosmetic upgrade myself and increased all the rents 50%. It has been a great experience and I'm excited to take the next step.
I am currently in the market for another multi-family, preferably on the West side of Cleveland. I am also considering partnering with a friend on either another multi-family or a flip.
My personal goal is to acquire 40 units by the end of 2025, starting with 5 this year.
Thanks to everyone who contributes to this awesome resource.
Real Estate Agent · Willoughby, OH · Member since 2014 · 560 posts · 690 votes
9y
Funny how identical our goals are. I am currently looking for a 3 or 4 unit, but on the east side. Just like @James Wise eluded too, I just got my license in December so that I can pounce on something when it pops up. Welcome to the site!
Real Estate Agent · Willoughby, OH · Member since 2014 · 560 posts · 690 votes
9y
You must become an agent first. After 2 or 3 years (cant remember which at the moment), some business courses, and the test, you can become a broker. Im sure James can explain more since he is one.
Real Estate Agent · Willoughby, OH · Member since 2014 · 560 posts · 690 votes
9y
Requirements for an Ohio Real Estate Broker’s License
The applicant must hold an active salesperson license for two (2) of the last five (5) years and comply with the following requirements:
If licensed prior to 1/01/1972, no further education is due
If licensed from 1/02/72 to 1/03/84, you must have taken the required 120 hours
(courses #1 - 4 listed below)
• If licensed on or after 1/03/84, you must have taken courses #1 - 8 listed below and possess a minimum of two years of post-secondary education (#9), or the equivalent hours of sixty (60) semester or ninety (90) quarter hours.
Education Requirements
1. Ohio Real Estate Law (40 hours)
2. Ohio Real Estate Principles & Practices (40 hours)
3. Real Estate Appraisal (20 hours)
4. Real Estate Finance (20 hours)
5. A Financial Management course
6. A Human Resources or Personnel Management course
7. An Applied Business Economics course
8. A Business Law course
9. A minimum of two years of post-secondary education, or equivalent hours of (60) sixty semester or (90) ninety quarter hours. Courses #5 – 8 may be included in your postsecondary education
Experience Requirements – 20 transactions
The Division calculates the transactions to ensure the applicant meets a total of twenty by using the following formulas:
Listing agent in the sale of property owned by another = ½ transaction
Selling agent in the sale of property owned by another = ½ transaction
Listing agent in the lease of commercial or industrial real estate owned by another for a term of at least one year = ½ transaction
Procuring agent in the lease of commercial or industrial real estate owned by another for a term of at least one year = ½ transaction
Listing and /or procuring agent in the lease of four residential real estate properties owned by another for a term of at least one-year = 1 transaction
Real Estate Agent · Willoughby, OH · Member since 2014 · 560 posts · 690 votes
9y
I did the classes at Lakeland community college in Kirtland. Mid January to mid May, Tues-Thurs, 3 hrs per night. Many local folks go to hondros as well.