Have done research and about to purchase

Cleveland, Ohio
Starting Out
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Have done research and about to purchase

Jean Marco Bendezu
Miami, FL · Member since 2026 · 2 posts · 2 votes

Hi All, I am a new investor living in FL and looking to buy in Cleveland based on the research I've done in the past few months. I'm looking to get into a multifamily property first focused on cash flow. I am curious to see if anyone can recommend a good property management company and GC. Thanks in advance.

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Diana KhanPro Member
Attorney · 10451 Mill Run Cir #755 Owings Mills, MD 21117 · Member since 2024 · 806 posts · 289 votes
7h
Quote from @Jean Marco Bendezu:

Hi All, I am a new investor living in FL and looking to buy in Cleveland based on the research I've done in the past few months. I'm looking to get into a multifamily property first focused on cash flow. I am curious to see if anyone can recommend a good property management company and GC. Thanks in advance.

@Jean Marco Bendezu, I don't have a Cleveland property manager or contractor I can personally recommend, but I agree with @Ryan Baker that having a reliable local team is especially important when you're investing from another state. I'd also make sure you're comfortable with how they'll communicate with you and handle decisions when you're not there.

In my experience working with previous clients as a real estate attorney and broker in Maryland, I've seen how helpful clear agreements can be when investors rely on other people to manage their properties. For example, knowing who can approve repairs, how expenses are handled, and what requires the owner's permission can prevent misunderstandings later.

I appreciate you sharing your plans, @Jean Marco Bendezu! It's great that you're thinking about building your team before making your first purchase. Working with investors on property transactions and contracts is a big part of what I do. Wishing you success with your first investment, and happy to stay connected!

[email protected]240-266-0291
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  • Ryan BakerBusiness Member
    Lender · Strongsville / Cleveland, OH · Member since 2026 · 168 posts · 45 votes
    8h

    Hey Jean Marco, welcome to Cleveland. I'm local and do lending, and I also have a construction and property management team here, so I deal with this exact setup a lot with out of state buyers.

    A few things I'd look at before you pick anyone: how fast they turn units, how they screen tenants, and whether the GC will send you photos and line item bids so you're not guessing from Miami. Which part of town is the building in? That changes a lot on rents and rehab costs.

    If you're still working out the financing on it too, happy to walk through it. Give me a call, my number's in my signature below.

    – Ryan

    [email protected]330-548-4430
    0Reply
    • Jean Marco Bendezu
      OP
      Miami, FL · Member since 2026 · 2 posts · 2 votes
      6h

      Thanks Ryan, very nice of you. I plan to get in touch with a few lenders as I get ready to make an offer, so will definitely reach out before that. Is there a website I can take a look at for you?

      0Reply
    • Ryan BakerBusiness Member
      Lender · Strongsville / Cleveland, OH · Member since 2026 · 168 posts · 45 votes
      5h
      Quote from @Jean Marco Bendezu:

      Thanks Ryan, very nice of you. I plan to get in touch with a few lenders as I get ready to make an offer, so will definitely reach out before that. Is there a website I can take a look at for you?

      Thanks Jean. BP doesn't allow links in the forums, but my info is in my signature below. Since you're talking to lenders before you make an offer, give me a call and I can walk you through DSCR versus conventional on a Cleveland multifamily, what you'd need to put down, and how the rents get counted. I can also get you connected with the local construction and property management side so the whole team is lined up before you close.

      – Ryan

      [email protected]330-548-4430
      0Reply
  • Diana KhanPro Member
    Attorney · 10451 Mill Run Cir #755 Owings Mills, MD 21117 · Member since 2024 · 806 posts · 289 votes
    7h
    Quote from @Jean Marco Bendezu:

    Hi All, I am a new investor living in FL and looking to buy in Cleveland based on the research I've done in the past few months. I'm looking to get into a multifamily property first focused on cash flow. I am curious to see if anyone can recommend a good property management company and GC. Thanks in advance.

    @Jean Marco Bendezu, I don't have a Cleveland property manager or contractor I can personally recommend, but I agree with @Ryan Baker that having a reliable local team is especially important when you're investing from another state. I'd also make sure you're comfortable with how they'll communicate with you and handle decisions when you're not there.

    In my experience working with previous clients as a real estate attorney and broker in Maryland, I've seen how helpful clear agreements can be when investors rely on other people to manage their properties. For example, knowing who can approve repairs, how expenses are handled, and what requires the owner's permission can prevent misunderstandings later.

    I appreciate you sharing your plans, @Jean Marco Bendezu! It's great that you're thinking about building your team before making your first purchase. Working with investors on property transactions and contracts is a big part of what I do. Wishing you success with your first investment, and happy to stay connected!

    [email protected]240-266-0291
    1Reply
  • Michael K GallagherBusiness Member
    Real Estate Agent · Columbus OH · Member since 2018 · 1k+ posts · 1k+ votes
    6h

    that's a solid market, you'll want to get in touch with someone that is familiar with the specific area you are targeting, not every manager will do every area, being in FL it is difficult but a solid investor agent again doing transactions in that specific area is a solid place to start.

    [email protected]614-362-2231
    0Reply
  • Dan Duenas
    Lender · Irvine, Orange County · Member since 2026 · 82 posts · 46 votes
    6h

    Jean — good market to start in. Cleveland cash-flows, but only if the financing is set up right, so sort that before you pick the PM.

    If you're buying this as a cash-flow multifamily, look at a DSCR loan first. It qualifies on the property's rent, not your personal income — no tax returns, no W-2s, no pay stubs. That's the whole point of it for an out-of-state first deal.

    Two things to know going in: DSCR maxes out at 85% LTV, so plan on at least 15% down, and run the numbers on the actual rents the PM is seeing in that neighborhood, not the listing rent. If the rent doesn't cover the payment, no PM or GC fixes it.

    Get the PM's lease history and rent comps before you close, and if you want a second set of eyes, happy to run your numbers — Dan

    0Reply
  • Min ZhangBusiness Member
    Real Estate Agent · Member since 2022 · 1k+ posts · 1k+ votes
    5h

    Hey Jean! Welcome to real estate investing! Cleveland has some interesting opportunities for multifamily investors focused on cash flow. I’d be happy to share what I’ve learned about the Cleveland market, including neighborhoods and rental opportunities. When looking for a property manager and GC, I’d recommend comparing a few options and checking references from other local investors before making a decision. Have you started looking at any properties yet?

    [email protected]614-412-2912
    Reafco.512 Reviews
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  • Harrison C.
    Member since 2017 · 107 posts · 57 votes
    4h

    @Jean Marco Bendezu a few things I'd check from Miami before you sign anything, because in Cleveland they change the numbers more than the property manager does.

    The City of Cleveland requires every rental to be registered, and a building from before 1978 needs a lead safe certificate before a tenant moves in. Most of the cheap two and three family houses there are older than that, so ask the seller whether the certificate is current and get a quote for the lead work if it isn't. Many of the inner ring suburbs also do a point of sale inspection, and the repairs it orders can land on the buyer, so ask your agent which city the address is actually in before you write an offer.

    On the manager, ask two or three of them to look at the listing before you buy, not after. A good one will tell you what each unit really rents for on that street, how long it sits empty, and which blocks they won't take. Their answer is free underwriting, and how fast and plainly they answer is a fair preview of how they'll treat you as an owner.

    One more option if the building is near University Circle or the Clinic: an up and down double with three bedrooms a side can sometimes be rented by the room to students and hospital staff for more than two whole unit leases. You pay the utilities and furnish it, and turnover is higher, so run it both ways before you pick.

    0Reply
  • Nicholas L.Pro Member
    Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
    3h

    @Jean Marco Bendezu

    you've done research... but have you been to Cleveland? there is no cash flow on LTRs right now and many new investors underestimate their expenses and overestimate their income. i'd proceed with caution.

    0Reply
  • Arman AhmedPro Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 974 votes
    3h
    Quote from @Jean Marco Bendezu:

    Hi All, I am a new investor living in FL and looking to buy in Cleveland based on the research I've done in the past few months. I'm looking to get into a multifamily property first focused on cash flow. I am curious to see if anyone can recommend a good property management company and GC. Thanks in advance.

    Hey Jean, multifamily is a solid place to start if cash flow is your main goal. Since you're investing from out of state, I'd make sure you have a dependable property manager and GC before closing. The Midwest has some great cash flow opportunities, but having the right local team makes all the difference. Happy to share some contacts and insights that could help you get started.

    [email protected]614-418-6081
    0Reply
  • Jimmy LieuBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2019 · 3k+ posts · 2k+ votes
    2h

    Welcome, Jean Marco, and good on you for doing months of research before buying a first multifamily from Miami. On the team question, I'd interview two or three property managers and ask each for the actual numbers: average days to turn a unit, how long units sit vacant, how they screen, and what they charge for maintenance markups. For the GC, ask for line-item bids and dated photos or video during the work, so you're never approving draws on trust alone. Get the PM and GC from separate sources if you can, so neither is grading its own homework.

    Since cash flow is your main goal, it's also worth running the same numbers on a second market before you commit. Columbus is one I'd compare against: a lot of deals there hit the 1% rule and cash flow after all expenses, with $20K-$30K of built-in equity on most, and multifamily entry starts around $200K. Landlord-friendly rules and evictions that wrap in about 30 days when uncontested help a lot when you're remote. Whichever market wins, verify the numbers on the specific building. Happy to connect and compare notes.

    [email protected]614-300-7535
    Jimmy Lieu, Red 1 Realty4.9124 Reviews
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  • Gregory AcsPro Member
    Lender · MD · Member since 2025 · 280 posts · 101 votes
    2h

    Cleveland can be worth exploring for multifamily cash flow, especially if you're comfortable investing out of state. I'd focus on finding a property manager who already handles similar buildings in your target neighborhoods and a GC who can provide detailed estimates before you close. Those two relationships can make a big difference in your actual returns. Have you narrowed down your purchase budget and the number of units you're targeting?

    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 13k+ posts · 9k+ votes
    2h

    We’re a Property Management Company (PMC) in Metro Detroit ONLY, with 25+ years of experience, and we’ve seen owners make the same mistakes, over & over again when looking to hire a PMC – which drives us nuts!.

    In our experience, the #1 mistake owners make is ASSUMING all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY.

    So, owners mistakenly think price is the only differentiator – and look for a PMC like they’d shop for groceries☹

    We encourage you to learn from the mistakes of others by reading posts here on BiggerPockets from owners that picked a PMC solely by price and regretted it.

    We recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.

    Check out NARPM.com, BP’s Property Manager Finder (), etc.

    Even if someone gives you a referral, do NOT make the mistake of assuming that just because a PMC met their expectations, they’ll meet your expectations. We all have our own expectations and what works for someone else, may not work for you.

    If you’re new to all of this, it's often a case of not doing enough research, as you don't know what you don't know!

    So, ask more questions!

    EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean? What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.? You’d be shocked by how little actual screening many PMC’s do!

    This also leads owners to ASSUME simpler is better when it comes to management contracts. 

    The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

    A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings. Why do you think purchase contracts are so long and have such small print?

    We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

    EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

    P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊

    [email protected]248-209-6824
    Logical Property Management4.9465 Reviews
    WebsiteView Page
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