Rental Property Investor · DC MD VA · Member since 2021 · 47 posts · 27 votes
I've been looking into the Holton-Wise way of doing things as an OOS investor in Cleveland and I have to say it is quite attractive.
I would rather sacrifice some cash flow now as a high income earner then to deal with being a landlord and the nuances that come with investing out of state.
Anybody have opinions on either market for a newb OOS investor?
You need to study the neighborhoods of the city you are going to invest in. There are many nuances between different zip codes and even different streets. Just picking one city or the other at the macro level is not the correct question to be asking. But since you asked .. Toledo.
Both markets have many opportunities. Akron area also has many great opportunities. My biggest advice is make sure you thoroughly vet anyone you partner with or work with, especially when you have to have complete trust investing at a distance. Always check out and investigate multiple options.
You need to study the neighborhoods of the city you are going to invest in. There are many nuances between different zip codes and even different streets. Just picking one city or the other at the macro level is not the correct question to be asking. But since you asked .. Toledo.
Cleveland is a great market to invest in. There's still really good cash flow and I've seen some good appreciation over the last few years. It's just important to find an experienced realtor who specializes in investment real estate and knows the nuances of the neighborhoods and a solid property manager and you'll be in business!
I've been looking into the Holton-Wise way of doing things as an OOS investor in Cleveland and I have to say it is quite attractive.
I would rather sacrifice some cash flow now as a high income earner then to deal with being a landlord and the nuances that come with investing out of state.
Anybody have opinions on either market for a newb OOS investor?
What are you goals and what results would you consider as making one of the two cities being better than the other?
In your second sentence are you saying in other words, you're willing to spend some of your cash flow to pay for a property manager so you can invest out of state?
I recently looked in both markets and currently negotiating a property in Toledo. I'm no expert on either area and have relied heavily on realtors and property managers from the area for input regarding neighborhoods in addition to other statistical data. One thing that stuck out to me for both area is taxes. Make sure you're going to the assessor's website and seeing what the taxes are for a property your'e considering. Some neighborhoods are substantially higher than others.
Honestly, they're both very comparable from my experience. I'd honestly narrow it down to whichever one you will have better connections in and are more confident in you team in since you are an out of state investor.
So I grew up in Cleveland, currently live in Cleveland and am also a lender in Cleveland. Most house purchases are yielding 20+% cash on cash return. Message me if you have any questions. I have contacts with real estate agents, title companies, insurance agents and anything else you might need