What is wrong with Cleveland?

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

Edited: 06/26/2010 at 05:46AM

Tom C

Real Estate Investor · Ohio

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Aug 26 '08, 05:14 PM

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

Edited: 06/26/2010 at 05:46AM

Bill Axford

Real Estate Investor · springville, UT

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Aug 27 '08, 05:36 AM

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

Edited: 06/26/2010 at 05:46AM

Jon Holdman

Real Estate Investor · Wheat Ridge, Colorado

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Aug 27 '08, 06:06 AM

You should go there yourself and look around.

Edited: 06/26/2010 at 05:46AM

Jon Holdman, Flying Phoenix LLC

Bill Axford

Real Estate Investor · springville, UT

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Aug 27 '08, 06:52 AM

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

Just trying to get as much info as possible.

Edited: 06/26/2010 at 05:46AM

Steven Grabowski

Developer · Hermitage, PA

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Aug 27 '08, 07:29 AM

The Browns are there? :)

Edited: 06/26/2010 at 05:46AM

Garrett May

Surveyor · Cleveland, OH

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Aug 28 '08, 07:12 AM

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

Edited: 06/26/2010 at 05:47AM

Jon Holdman

Real Estate Investor · Wheat Ridge, Colorado

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Aug 28 '08, 07:32 AM

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.

Edited: 06/26/2010 at 05:47AM

Jon Holdman, Flying Phoenix LLC

Joshua Dorkin

BiggerPockets Founder · Denver, Colorado

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Aug 28 '08, 07:55 AM

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.

Edited: 06/26/2010 at 05:47AM

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Tom C

Real Estate Investor · Ohio

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Sep 25 '08, 01:25 AM

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.

Edited: 06/26/2010 at 05:59AM

Kevin Mace

Real Estate Consultant · new haven, Connecticut

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Sep 25 '08, 02:15 AM

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.

Edited: 06/26/2010 at 06:00AM

Robin Vidovich

Real Estate Investor · Reading, Pennsylvania

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Sep 26 '08, 04:56 AM

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

Edited: 06/26/2010 at 06:00AM

Tony W

Real Estate Investor · Las Vegas, Nevada

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Sep 26 '08, 11:39 AM

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.

Edited: 06/26/2010 at 06:00AM

Jeff Fairchild

Real Estate Investor · Vancouver, Washington

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Sep 30 '08, 09:12 AM

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

Edited: 06/26/2010 at 06:02AM

Will Barnard

Rehabber · Santa Clarita, California

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Sep 30 '08, 09:50 AM

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

Edited: 06/26/2010 at 06:02AM

Will Barnard, Barnard Enterprises, Inc.
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Liz Purcell

Inspector · Brooklyn, New York

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Oct 03 '08, 08:04 AM

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.

Edited: 06/26/2010 at 06:03AM

Matt Stewart

Real Estate Investor · Pickerington, Ohio

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Oct 06 '08, 07:15 AM

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

Edited: 06/26/2010 at 06:04AM

Shawn Wollenberg

Real Estate Investor · columbus, Ohio

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Oct 06 '08, 08:40 AM

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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