Hi Donald.. I am an agent with Remax Traditions. I do have a large multi-family on Normandy in Shaker Hts available. It is currently listed at $99,000. It does have a finished 3rd floor with 2 additional bedrooms and a 2nd full bath, a part of the 2nd floor unit. I can be reached any time at 216-337-9787 for more info.... more
It all comes down to being informed and doing your due diligence. Before going the "rent to own" route, have you exhausted your other options? Do you have a family member that could cosign for you? Have you tried to execute a financial plan that would allow you to buy a home through conventional financing (maybe after a few years time)? This plan should include a strategy to improve your credit and save enough for 20% the price of the home.
Houses in the Cleveland area are at record lows. Although they may very well begin to rise, it will most likely be a slow process. 20% down on many nice homes is around 12-18k. I don't know your financial situation, but by living frugally and cutting discretionary expenses you may be able to save this amount quicker than you think.
A few strategic improvements in a kitchen can make a world of difference. If done right, you CAN make good on the investment through resale or rental. I recommend doing a little analysis on your own: how much are you looking to sell your house for? how much are similar houses selling for? how much cash do you have to spend on improvements? how long can you afford to keep your house on the market?
Realtors have a place, to be sure, but I'm sure you can answer all of those questions yourself. At the very least, going through the process will put you in an informed position, and when searching for a realtor you will have a better sense of who is going to be the most helpful for you. Remember, it is ultimately your financial health you are dealing with, and no one cares about it as much as you do.... more