Forums » Starting Out » What is wrong with Cleveland?

What is wrong with Cleveland? 18 posts by 14 users

Bill A.

Real Estate Investor
springville, UT

Posted: 08/26/2008 at 11:10PM

I'm in on of those states that it is almost impossible to produce rentals that cash flow and my goal is to produce cash flowing properties. With that being said why would Cleveland be a good or bad place to start?

Thanks,
Bill

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Tom C.

Real Estate Investor
OH

812 posts

Posted: 08/27/2008 at 04:14AM

Cleveland is a big city. Rents change from block to block. What part of Cleveland are you talking about?

Bill A.

Real Estate Investor
springville, UT

16 posts

Posted: 08/27/2008 at 04:36PM

I called on some of the properties and he said the properties are located on the eastside of Cleveland. If I shot you a PM with some of the addresses maybe you could tell me more. I also did a street view from google to look up and down the street for trash, junked cars, signs of the ghetto and it from what I could see it looked pretty clean.
Is there better areas of Ohio that I should be looking for cash flowing properties?

How about some names of any good propety management companies in the area?

Thanks,Bill

Jon H.

Real Estate Investor
Denver, Colorado

Moderator

3988 posts

Posted: 08/27/2008 at 05:06PM

You should go there yourself and look around.

Bill A.

Real Estate Investor
springville, UT

16 posts

Posted: 08/27/2008 at 05:52PM

This is in the plans for the first week of October.

Just trying to get as much info as possible.

Steven G.

Developer
Hermitage, PA

32 posts

Posted: 08/27/2008 at 06:29PM

The Browns are there? :)

Garrett M.

Real Estate Investor
Cleveland, OH

7 posts

Posted: 08/28/2008 at 06:12PM

The Cleveland area was hit hard with this foreclosure fiasco, so it will probably be difficult to find many cash flowing areas.

Jon H.

Real Estate Investor
Denver, Colorado

Moderator

3988 posts

Posted: 08/28/2008 at 06:32PM

Really? I've found just the opposite. Area that have been slammed with foreclosures have properties at bargin prices. Lots of tenants from all the folks that have been turned out of their houses.

Joshua D.

BiggerPockets Founder
Denver, Colorado

Author

5564 posts

Posted: 08/28/2008 at 06:55PM

Jon - Garrett is just making fluff posts in order to post in the classifieds section. Nothing worth paying attention to.

Areas that are hit hard by foreclosures are great places to find cashflow properties.

Tom C.

Real Estate Investor
OH

812 posts

Posted: 09/25/2008 at 12:25PM

Sorry for missing this post. I hate that little check box on the notify.. Any way, when you say East side of Cleveland I picture war zone. I am sure there are good parts somewhere over there, just not sure where.

Kevin M.

Real Estate Consultant
new haven, Connecticut

27 posts

Posted: 09/25/2008 at 01:15PM

Cleveland is in the list some of my lenders send me not to send them properties being as it is in the "rust belt" . The automobile manufacturing business has been hit hard and that has really effected the economy up that way.

And on another note I know my fantasy QB is from Cleveland and he is stinking it up - hopefully he can turn it around vs cincy this week.

Robin V.

Real Estate Investor
Reading, PA

219 posts

Posted: 09/26/2008 at 03:56PM

Being from the Cleveland area and living there for nearly 30 years, the "rust belt" issue was over years and years ago. Most of the manufacturers were miles from the city and believe me, the employees are not tenants or those living in the city.

I agree with Jon you need to go and experience the area you are looking at.
Case in point, I just assigned a property in Philly only 3 blocks from $300K condos. I should have worn a flack jacket based on the neighborhood. Property comps out at approx $65K. You gotta go smell, see and taste an area. Okay maybe not taste but certainly experience it!!!

Robin

vegasrei

Real Estate Investor
Las Vegas, Nevada

10 posts

Posted: 09/26/2008 at 10:39PM

I'm not sure if its a good or bad place to start but you should check the job and population growth in the area. If its flat or declining then i would stay away.

Jeff F.

Real Estate Investor
Vancouver, Washington

207 posts

Posted: 09/30/2008 at 08:12PM

You will not be able to find any good rental properties in Cleveland. Drew Carey bought them all.

nationwidepi

Real Estate Investor
Santa Clarita, California

Author

1032 posts

Posted: 09/30/2008 at 08:50PM

???????????
Another fluff post?

Liz P.

Real Estate Investor
New York

12 posts

Posted: 10/03/2008 at 07:04PM

There are certain areas in Cleveland that are doing just fine, You really need to go out there or at least get acquainted with someone that is from that area. East Cleveland and Cleveland Heights are pretty good areas to start.

Matt S.

Real Estate Investor
Pickerington, OH

11 posts

Posted: 10/06/2008 at 06:15PM

I don't know about Cleveland, but down the road in Columbus there is a ton of opportunity in cash flowing rentals.

Shawn W.

Real Estate Investor
columbus, Ohio

7 posts

Posted: 10/06/2008 at 07:40PM

Columbus is a great market right now... Cheap deals, tons of tenants and tenant buyers and property values have held strong. I just saw that prop values have only gone down 0.1% over the past year in Columbus. I couldnt imagine Cleveland being that much different.

I have a lot of buyers who are hungry for deals in Cleveland.

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