Cleveland or Columbus?

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Cleveland or Columbus?

Ryan Cleary
Investor · Palm Beach County, FL · Member since 2019 · 370 posts · 330 votes

Out of state investor, looking to join either or both.  Your thoughts?!

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Brian Garlington
Realtor · Oakland, CA and a Real Estate Investor with Multi-Family Units and a Self Storage Facility · Member since 2016 · 2k+ posts · 2k+ votes
5y

So the tactic to get people to come to your marketplace is to throw insults and namecall a different marketplace Steven? When I lived in Columbus (Yes I was born there and go back to vist family about every other year) that's not how we rolled my man.

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  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    5y
    Originally posted by @Steven Westlake:

    @Ryan Cleary - we have both of those towns here In Texas, also Dayton and Urbana, without all that snow. Haha.

    Have a 3 unit in Bellefontaine, Ohio. ...., Invest where the numbers make sense

     Bellefontaine is great and growth there has exploded in the last 5 years

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  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    5y
    Originally posted by @Justin Schaefer:

    @Jonathan Styer just curious, are there any deals to be had there on on the MLS on small multifamily now? Thanks!

     Plenty if you're active and ready to move when something hits the market. The good deals go quick and its often a highest and best offer situation.

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  • Jonathan StyerBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2018 · 330 posts · 396 votes
    5y

    @Justin Schaefer Yes Robert is right, inventory in Columbus is low right now so most listings have multiple offers. It takes a savvy Realtor who knows the areas to get a good deal in this market but they are out there. 

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  • Account Closed
    Investor · Columbus, OH · Member since 2017 · 861 posts · 1k+ votes
    5y

    Mentioning Columbus on this forum is like blowing a hunting bugle to summon all the hunting dogs out of the woods (aka realtors)..   I say this playfully of course, hahah

    Columbus does still have good deals if you hunt, and the appreciation has been wild, I agree.  I feel like I'm strapped to a rocket sometimes. 
       

    11Reply
  • Steven Foster Wilson
    Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    5y
    Originally posted by @Account Closed:

    Mentioning Columbus on this forum is like blowing a hunting bugle to summon all the hunting dogs out of the woods (aka realtors)..   I say this playfully of course, hahah

    Columbus does still have good deals if you hunt, and the appreciation has been wild, I agree.  I feel like I'm strapped to a rocket sometimes. 
       

    Ha, Columbus has a cult following. If you simply mention or speak bad about it you are subject to the worst possible punishment. 

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  • Steven Foster Wilson
    Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    5y

    Here is all you need to know about Cleveland 

    Click this link to see Cleveland marketing video

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  • Daniel Volk
    Cleveland, OH · Member since 2019 · 38 posts · 17 votes
    5y

    Cleveland may have had a declining population for the last 60 years (we were one of the largest cities in the country in 1950), but for the first time since 1950, our population has not declined in recent years. When the 2020 census is officially reported, I believe we may actually see a population increase. It's fine if all the Columbus diehards stay in Columbus though. Less competition for me here in Cleveland.

    In other words, to say Cleveland properties won't appreciate is a misinformed statement.

    2Reply
  • Daniel Volk
    Cleveland, OH · Member since 2019 · 38 posts · 17 votes
    5y

    @Steven Wilson that video was made 11 years ago... shows how outdated your views are. Visit now and you'll see a world of difference which proves my previous point about appreciation.

    1Reply
  • Account Closed
    Investor · Cleveland, OH · Member since 2019 · 6 posts · 11 votes
    5y

    Where are all these people investing in Columbus that is so great? I might have to move back. I moved from Columbus/Pickerington to Cleveland specifically because of real estate in Cleveland. 


    For instance, I have a family member who paid $300,000 for a duplex four years ago in Grandview and is getting rents of $1300 per side or 10.4% cap rate. You will never get this deal in Grandview right now and this is an average deal in Cleveland. 

    I bought three duplexes in Lakewood which is the Cleveland equivalent to Grandview (young professionals/college grads) but 5 times the size that have a 11-14% cap rate. The problem is people forget that Cleveland is a much older city than Columbus with many families in the 1920s sharing houses with other families with causes a greater population density than in Columbus. I'd say there is at least double the number of duplexes and 1-4 unit properties in Cleveland than Columbus without question with similar rent rates. You also have many of these duplexes on the east side in Cleveland Heights, Shaker, etc and in working neighborhoods like Parma, Old Brooklyn, Garfield Heights etc. I guess if you want to go pay $670,000 for a triplex in Upper Arlington returning $1195, $1260 and $1195 that is up to you but I'm not seeing how you can make money in the Columbus market right now. 

    3Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Account Closed:

    Where are all these people investing in Columbus that is so great? I might have to move back. I moved from Columbus/Pickerington to Cleveland specifically because of real estate in Cleveland. 


    For instance, I have a family member who paid $300,000 for a duplex four years ago in Grandview and is getting rents of $1300 per side or 10.4% cap rate. You will never get this deal in Grandview right now and this is an average deal in Cleveland. 

    I bought three duplexes in Lakewood which is the Cleveland equivalent to Grandview (young professionals/college grads) but 5 times the size that have a 11-14% cap rate. The problem is people forget that Cleveland is a much older city than Columbus with many families in the 1920s sharing houses with other families with causes a greater population density than in Columbus. I'd say there is at least double the number of duplexes and 1-4 unit properties in Cleveland than Columbus without question with similar rent rates. You also have many of these duplexes on the east side in Cleveland Heights, Shaker, etc and in working neighborhoods like Parma, Old Brooklyn, Garfield Heights etc. I guess if you want to go pay $670,000 for a triplex in Upper Arlington returning $1195, $1260 and $1195 that is up to you but I'm not seeing how you can make money in the Columbus market right now. 

     You need to spend money to make money in Columbus. They just give it out for free in Cleveland.

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  • Jonathan StyerBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2018 · 330 posts · 396 votes
    5y

    @Dana Blair No one is buying multifamilies in Grandview and Upper Arlington right now for crazy cash flow. You buy there for steady and safe appreciation. There are other areas in Columbus which can give you cash flow and appreciation if you can find they deal. Southern Orchards, Old Oaks, Milo-Grogan, Franklinton, King Lincoln or if you want SFH, Whitehall or even Grove City can easily beat the 1% rule. It's the combination of appreciation and cash flow that make Columbus great in my opinion.

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  • Michael Argento
    Investor · Member since 2020 · 12 posts · 3 votes
    5y

    Cleveland & Columbus going at it again!!! lol

    0Reply
  • Joshua DawsonPro Member
    Real Estate Broker · Dublin, OH · Member since 2013 · 111 posts · 36 votes
    5y

    @Ryan Cleary

    Check out the Real Estate Rookie Podcast Episode 16. How to Pick Your Perfect Market. They compare Cleveland and Columbus throughout the entire episode.

    3Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Joshua Dawson:

    @Ryan Cleary

    Check out the Real Estate Rookie Podcast Episode 16. How to Pick Your Perfect Market. They compare Cleveland and Columbus throughout the entire episode.

     Great podcast! I never know how superior Columbus was to Cleveland

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  • Account Closed
    Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
    5y

    I think my strategy works in either Columbus or Cleveland, buy in the neighborhood with the prostitutes, and wait 10 years.

    3Reply
  • Zeke Liston
    Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
    5y

    Haha, always a fun time @Michael Argento!

    0Reply
  • Victor Vella
    Flipper/Rehabber · Cleveland, OH · Member since 2014 · 173 posts · 121 votes
    5y

    @Remington Lyman

    Agree on having the right team is everything.

    That being said to the cheerleaders of Columbus appreciation over CLE - I think it’s incredible to overlook appreciation in cleveland of

    Lakewood, Beachwood, Avon, Bay Village, tremont, Ohio city and more..... Euclid, Cleveland heights, Shaker, Willoughby have has some decent appreciation as well.

    Midwest affordability is back in style 🔥.

    3Reply
  • Ryan Cleary
    OP
    Investor · Palm Beach County, FL · Member since 2019 · 370 posts · 330 votes
    5y

    I know I have a lot of Columbus fans out here.  I love that market as well, However I think for my position, a start in Cleveland makes more sense to me right now.  Thanks for everyones contribution!

    3Reply
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