What is wrong with Cleveland?

Question

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

Matt Stewart · Answer

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

Shawn Wollenberg · Answer

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.

Liz Purcell · Answer

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.

Will Barnard · Answer

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

Jeff Fairchild · Answer

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

Tony W · Answer

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.

Robin Vidovich · Answer

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

Kevin Mace · Answer

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.

Tom C · Answer

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.

Garrett May · Answer

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