Cleveland, OH · Member since 2018 · 2 posts · 0 votes
Hello,
I'm looking to buy my first home, a multi-family. I'm going to occupy for about a year and I want to make as much rental income on it as I can while feeling good about the neighborhood I'm staying in. My budget is probably about $100,000. Any suggestions on what would be the best neighborhood for me? Also any other advice is appreciated.
Where do you work? No point living on the other side of town if you have to commute 30-40min every day. That would be my suggestion. Find a neighborhood that's close to where you need to be daily
If you are handy you can fix it up as you live there. That is what I did. Lakewood has a lot of doubles, but $100k is low for that area unless you get a full gut.
That map is great. Much appreciated! I would be looking for a place that would be either in the A or B lists - so C+ or above.
I work in Little Italy so it would be great if I got a place within 20 minutes of there, but I would be willing to go a little further out.
I am not handy. I can deal with easier things like fixing a broken window or painting. I could get a rehab loan, but I'd like a place that's move in ready or very near move in ready.
Consider a 203K if the seller will accept the contract. That way you can renovate the property the way you want, update it if you need to with a roof or HVAC etc... and then get better rents for it when you move on to the next property as your empire grows.
if you need a referral for a good 203K lender, let me know. We don't do them at US Commercial, but refer them out to a reliable source.