All Forum Posts by: James Wise

If your main reason for obtaining the RE licence is for personal use on you and your uncle's investment transactions I would definatly shop around and find a broker that will charge per transaction and nothing monthly. It's not hard to find one who will work that way. Remember when they tell you what the split is, everything is negotiable.

You should look into your local RE laws to find out for sure if your friend is liable or not.

Im going to go with yes she is on the hook for the entire length of the lease and her refusal to sign it doesnt matter.

I am not familar with Texas RE laws (I hear they are pretty landlord friendly tho) but in ohio if the lease is under a year the tenant is not required to sign the lease. (although almost everyone does) Taking possession of the unit and paying rent is considered acceptance of the terms in the lease.

BJ

Have you already talked with a lender about this plan? Unless you currently have a great debt to income ratio you may have a hard time getting approved for this loan. Usually what I see is the Lender is going to want 25% down and since it's your first deal you do not have any rental income on a previous w2 so you'll need to qualify for the loan without using any of the rental income towards your Debt to Income ratio.

generally with an "owner occupy" only situation the property must be your primary residence for 1yr.

craig where in NEO do you invest in? The market out here is great for duplex cash flow. You dont even need to be in I for 110k. Area's such as Parma you can be all in on a duplex for about 50k and bring in 1300/month in rent.

alright fellow property owners. Recently I had soms tenants in a duplex who were having some disagreements over dog poop Pickup in the shared yard. I encouraged them to come to an agreement on their own. Long story short it ended with the police being called to the home because one tenant left a "present" outside the others door one night.

So it got me thinking. What is your most ridiculous tenant dispute? Most ridiculous reason for a police visit to the property?

I'm in Cleveland & Aways looking for new business relationships.

[email protected]

Yes you can keep the deposit to offset costs of remaining rent owed to you. Yo0 may also go after her for the rest of the rent. Check state Law b/c they are different but alot of the time you can not collect double rent. So if you get someone in there to replace her and you only had it vacant for 2 months you can use the deposit to cover however much of those 2 months it covers and go after the remainder of those 2 but you can not collect for the remaining 5 months.

some people have unrealistic ideas on how much they can rent a particular unit. But generally if your looking at enough ads and calling enough for rent signs you can get a pretty solid understanding of what market demand has dictated the rent range to be.

Hello all.

My name is James. I curently work as a Realtor. I own/manage some multi unit properties on the West side of Cleveland. I am always looking to grow my business & buy a new one as soon as the funds become available. (arn't we all?) I have been observing the site for a month or so now and am really impressed with the amount of knowledge and willingness everyone has to give out some advice to those in need.