Rental Property Investor · Phoenix/Lima, Arizona/OH · Member since 2012 · 4k+ posts · 4k+ votes
9y
Just wondering - do you want to make money, or not? haha
I talked to a friend literally 3 days ago. He said living in Chicago is becoming affordable. Apparently, since he's been in office Rahm Emanuel, in his infinite wisdom, has hiked taxes to a tune of 80%. At the same time, price inflation is here, according to my friend. Population decline of 6%-8% since 2,000, depending on how you count, is part and parcel with the above-mentioned. Last I checked, when playing REI it helps when A: there are people, and B: they can afford ****...
Cleveland is even worse at 16% population decline since 2,000. Think about this - 16 out of 100 people have chosen to get the hell out in the last 15 years, while you're thinking about going in...cause property is cheap hahaha
You can play in these markets, but you can't afford management, meaning you MUST BE LOCAL. If you are - OK. But, I would look at B Class property in either Columbus OH, or Indianapolis IN. Those are the only two markets in the midwest that I can recommend, and you still have to be very, very careful.
Toronto ON, Canada · Member since 2015 · 33 posts · 7 votes
9y
If I was comparing, I would dig into legal and tax aspects of the state. From all comments above, opportunities exist in both cities, but I'm sure you'll find advantages and disadvantages to legal and taxation aspects of investing. Especially as a landlord. Would love to hear inputs from lawyers and accountants...
Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
9y
@Account Closed I know those are both popular markets, but personally, neither would be my first choice. Property taxes are high in Chicago and it is an incredibly landlord unfriendly while Cleveland has virtually no population growth, low median income and high percent of people living at the poverty level. There are markets with much better economic and demographic factors. I like both Indianapolis and Kansas City.