CLEVELAND - Investor looking for Market Info

3 Replies

Hi there -

I am an NYC based first time buyer / investor along with my fiance. We are looking into the Cleveland Market to purchase a Multifamily unit.

Looking to hear your opinions on the rental market scene in Cleveland, if you'd advise jumping into it or avoiding? Also those of you who are familiar with the market, I'd love to hear from you regarding what you have invested in / where / with whom /any advise you can give would be greatly appreciated! 

Looking forward to hearing your thoughts.

Hi Regina! I have been investing in Cleveland for years. I've gathered a ton of information on investing in the Cleveland area, and would be happy to share it with you if you are interested. It includes, among other things, a comprehensive map of the Cleveland area, grading each area from A+ down to F, using a consistent, objective and transparent methodology using publicly available data. Feel free to drop me a private message.

A few areas that could be good for getting starting with multifamily in the Cleveland area would be Euclid, Lakewood, Cleveland Heights, Parma or Garfield Heights (these are all suburbs not actually in the city of Cleveland). Could also consider some Cleveland neighborhoods with a 'C' grade, such as some parts of Old Brooklyn or North Collinwood.

Originally posted by @Regina E.:

Hi there -

I am an NYC based first time buyer / investor along with my fiance. We are looking into the Cleveland Market to purchase a Multifamily unit.

Looking to hear your opinions on the rental market scene in Cleveland, if you'd advise jumping into it or avoiding? Also those of you who are familiar with the market, I'd love to hear from you regarding what you have invested in / where / with whom /any advise you can give would be greatly appreciated! 

Looking forward to hearing your thoughts.

1st thing to note is that Cleveland isn't really any different then any other popular rental market. You live in NYC, it's expensive so you like others look to places like Cleveland, Kansas City, Birmingham, Memphis, Indianapolis, Detroit etc.....Why because they are all fairly cheap with high rent to price ratios. Makes sense. As for which market you should buy a handful of houses you are really splitting hairs. More or less you'll get a similar experience in any of these markets.

What you should really be focusing on is where IN each of these markets you buy and WHO in each of these markets is out there to assist you in building your portfolio. You need property management. So make sure you've got a slew of property manager's to choose from in each of the markets if you don't like how the 1st one you pick operates. Above all though it's location. It's the neighborhood that determines how the investment goes. When investors get hosed it's when they think they are buying something low risk that is actually high risk. For Cleveland itself I created The Ultimate Guide to Grading Cleveland Neighborhoods to assist investors in their due diligence here in Cleveland. If you liked that one stay tuned as I am going to publish a few more for other markets in the coming months. If you see any other markets that stand out to you let me know.

@Regina E. Hi Regina-what price point are you looking? There’s good opportunities for value add on some properties in those areas mentioned above and loads of turnkey for “top dollar” here. Problem is you can quickly get into undesirable areas much quicker than you find in larger cities.

If you’re analyzing deals on the west side of Cleveland happy to give input what you can expect!