Rental Property Investor · San Diego, CA · Member since 2020 · 9 posts · 3 votes
I’m very interested in starting to invest in a rental property in Cleveland, Ohio. I have zero experience with real estate or investments and I live out of state in California. Can anyone help guide me in the right direction? Who is the first person I should be talking to? I have ideas of what I’m looking for and neighborhoods I’m interested in, but no idea of how to execute!
Rental Property Investor · Irvine, CA · Member since 2017 · 29 posts · 22 votes
6y
@Brennan Hanrahan fly out to Ohio and make a list of people to meet and talk to. Drive to offices of real estate agents, property managers, and go to an investment club meeting (meeting people is important). Dont make any purchase yet - there may be better options than turnkey or if turnkey is what you want and it fits your goals then I'd suggest waiting a month or two to REALLY think about it and develop your criteria on what a cash flowing deal works for you.
While you're driving around to meet these agents and property managers, if you see any contractors working - stop by and introduce yourself and check out the work they're doing and ask questions about the cost and timeline for that rehab. Grab their card. Do this a lot to add to your database. Also, if you see any vacant properties - send them my way lol. Just kidding - write down the address and skip trace the owner and just call them up
Also, stay safe and watch your back. stay out of bad neighborhoods.
Equity Raiser and Turnkey Provider · Cleveland, OH · Member since 2016 · 4k+ posts · 1k+ votes
6y
Originally posted by @Account Closed:
I’m very interested in starting to invest in a rental property in Cleveland, Ohio. I have zero experience with real estate or investments and I live out of state in California. Can anyone help guide me in the right direction? Who is the first person I should be talking to? I have ideas of what I’m looking for and neighborhoods I’m interested in, but no idea of how to execute!
Thanks :)
Hello and welcome! Cleveland is a great place for RE investments! Best of luck to you.
Real Estate Agent · Miami, FL · Member since 2018 · 132 posts · 25 votes
6y
Hi @Account Closed ! I'm an out of state investor as well, message me and I can help guide you with more information! I just closed on a duplex and flip last year in Cleveland.
Property Manager · Cleveland, OH · Member since 2019 · 123 posts · 65 votes
6y
Originally posted by @Account Closed:
I’m very interested in starting to invest in a rental property in Cleveland, Ohio. I have zero experience with real estate or investments and I live out of state in California. Can anyone help guide me in the right direction? Who is the first person I should be talking to? I have ideas of what I’m looking for and neighborhoods I’m interested in, but no idea of how to execute!
Thanks :)
Welcome Brennan. You’ve come to the right place for real estate investing, there are many investors and brokers here with a wealth of knowledge and experience to offer about the business. Do not hesitate to ask any questions. I also recommend taking a look at the Cleveland Price & Neighborhood Map. Good luck!!
Specialist · Cleveland, OH · Member since 2018 · 1k+ posts · 666 votes
6y
@Account Closed are you cash I assume no. If I am correct you will have a very difficult time getting a good deal, or any at all. You are competing against close in a couple days as is vs appraisal, inspection and loan, 30- 60 days,
Rental Property Investor · Irvine, CA · Member since 2017 · 29 posts · 22 votes
6y
@Brennan Hanrahan fly out to Ohio and make a list of people to meet and talk to. Drive to offices of real estate agents, property managers, and go to an investment club meeting (meeting people is important). Dont make any purchase yet - there may be better options than turnkey or if turnkey is what you want and it fits your goals then I'd suggest waiting a month or two to REALLY think about it and develop your criteria on what a cash flowing deal works for you.
While you're driving around to meet these agents and property managers, if you see any contractors working - stop by and introduce yourself and check out the work they're doing and ask questions about the cost and timeline for that rehab. Grab their card. Do this a lot to add to your database. Also, if you see any vacant properties - send them my way lol. Just kidding - write down the address and skip trace the owner and just call them up
Also, stay safe and watch your back. stay out of bad neighborhoods.
Specialist · Cleveland, OH · Member since 2018 · 1k+ posts · 666 votes
6y
@Account Closed not really sure how else to write it . it makes perfect sense :) I ASKED if you are cash, Im assuming no. If I am correct, as I mentioned it will not be easy almost impossible to get a good deal
Specialist · Cleveland, OH · Member since 2018 · 1k+ posts · 666 votes
6y
@Peter Mac thats A LOT of work and time, stop by and talk with a contractor ?, Thats a great way to get suckered in and ripped off. It took me years and years to get good guys. I now have about 20 guys, and still replenish , plus admin staff. How many have you done in the cleveland markets ? Only a handful have been to Cleveland, let alone seen their property. Its all about your team, I can get as many props as I want :)
Specialist · Cleveland, OH · Member since 2019 · 11 posts · 5 votes
6y
@Brennan Hanrahan
Check out the area. Parma is a good spot. Also Berea is a college town that’s really fun and happeningish for cheaper. Our pricing is pretty crazy right now, but I know a lot of people making money here. I personally would avoid the north and east sides of the greater area. Not a fan of much north of the 480 e/w highway.
I have some friends who have suffered some pretty severe eviction issues in Garfield Heights. Check your tenants and I think you will be good. They got in trouble due to a landlord selling them on this terrible tenant.
Specialist · Cleveland, OH · Member since 2018 · 1k+ posts · 666 votes
6y
@Andrew Craft Parma how do you make 10% ++ net in that area, you dont pricing to high now. . Avoid the N and east side, hmm so you would not buy in N Collinwood, or West side ? ? GH we have done about 75 deals there my only regret is not keeping more . Evictions are part of the game, but you must screen properly. We put in 95% govt programs tenants .
Specialist · Cleveland, OH · Member since 2019 · 11 posts · 5 votes
6y
@Bob Prisco
I am not familiar with the far north and eastern sides. That’s awesome that you’ve been successful in Garfield. Everyone has a different risk tolerance and I am assuming someone who is just starting may not want to go into a rougher area. My idea is not investing in areas I personally wouldn’t live or wouldn’t feel safe with my wife walking around in the evening alone (as of now) this could of course change in the future if I was able to hire more out but as a beginner myself I wouldn’t want to be in those areas. If course north of 480 on the west side is $$$
Specialist · Cleveland, OH · Member since 2018 · 1k+ posts · 666 votes
6y
@Andrew Craft GH, rougher area,? you really need to learn the market. 3, 4 5 years ago you could have purchased all in for about 30 35k, with about 1k in rents, now double the pricing . I would not live in any of the areas we invest, parts of Euclid and CH yes, however yes you can walk around and be safe. Of course like all of america, common sense applies . Also its all about the team on the ground looking out for the out of state client.
Real Estate Agent · Orange County, CA · Member since 2016 · 207 posts · 111 votes
6y
Hi! Welcome to the world of real estate investments. The decision to invest is great and I think cleveland is a great choice. First though you need to make sure you consume all the possible real estate investing material you can. Listen to podcasts, read all the articles on this site, all the forums and questions cleveland related, so you at least have an understanding of whats going on and decent and non decent areas, what makes a good investment etc etc
Investing out of state isn't as scary as most people make it out to be but if you have no connections and no investment knowledge then it'll be a rough going and there are plenty of people that will take advantage of that so be careful.
Cleveland, OH · Member since 2020 · 5 posts · 2 votes
6y
@Brennan Hanrahan Hi! I am currently doing this in Cleveland (and originally from OC) I would be happy to send you my agent I’m working with who can guide you in the area.