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Geoffrey Paugam
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  • Investor
  • West Chester, PA
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Out of state Investing

Geoffrey Paugam
Pro Member
  • Investor
  • West Chester, PA
Posted Apr 15 2024, 09:08

The numbers look too good in Ohio to pass up! I’m interested in Cleveland, Akron, Canton. Can anyone share their thoughts! Cleveland is number 1, does anyone have experience there! Thank you! 

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Replied Apr 16 2024, 10:16
Quote from @Bob Stevens:
Quote from @Rhianna Cultrona:

I'm newish in Akron and looking to move into Cle or Cbus. The big thing is having a team on the ground in those markets. Especially Cle where the neighborhoods vary by street. I'm currently trying to make contacts so let me know if you find anyone you love?


 I live on the beach in FL and do deals all the time in Cleveland, 

I’d love any tips you’re willing to share! 

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Bob Stevens
Pro Member
  • Real Estate Consultant
  • Cleveland
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Bob Stevens
Pro Member
  • Real Estate Consultant
  • Cleveland
Replied Apr 16 2024, 10:28
Quote from @Rhianna Cultrona:
Quote from @Bob Stevens:
Quote from @Rhianna Cultrona:

I'm newish in Akron and looking to move into Cle or Cbus. The big thing is having a team on the ground in those markets. Especially Cle where the neighborhoods vary by street. I'm currently trying to make contacts so let me know if you find anyone you love?


 I live on the beach in FL and do deals all the time in Cleveland, 

I’d love any tips you’re willing to share! 

All you need is a team, :) Well and money LOL, 

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Replied Apr 16 2024, 10:45
Quote from @Bob Stevens:
Quote from @Rhianna Cultrona:
Quote from @Bob Stevens:
Quote from @Rhianna Cultrona:

I'm newish in Akron and looking to move into Cle or Cbus. The big thing is having a team on the ground in those markets. Especially Cle where the neighborhoods vary by street. I'm currently trying to make contacts so let me know if you find anyone you love?


 I live on the beach in FL and do deals all the time in Cleveland, 

I’d love any tips you’re willing to share! 

All you need is a team, :) Well and money LOL, 

Lol, money I have, the team is the roadblock. Im assuming start with a PM? Akron was easier because we have family in the agent/investor business so we had lots of trusted referrals. 

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Andrew Syrios
Pro Member
  • Residential Real Estate Investor
  • Kansas City, MO
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Andrew Syrios
Pro Member
  • Residential Real Estate Investor
  • Kansas City, MO
ModeratorReplied Apr 16 2024, 11:04

Be careful about "numbers [that] look to good" especially in rust belt markets. There are lots of really rundown areas in places like Cleveland, Akron and Canton where the numbers look great on paper but that's the only place they'll look great. In many such areas, the operating expenses will always outpace income unless you're an expert on such areas and renting to low income, which it's almost impossible to be when investing out of state. 

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David Mueller
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David Mueller
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Replied Apr 16 2024, 11:07
Quote from @Jimmy Lieu:
Quote from @Geoffrey Paugam:

The numbers look too good in Ohio to pass up! I’m interested in Cleveland, Akron, Canton. Can anyone share their thoughts! Cleveland is number 1, does anyone have experience there! Thank you! 

Hi Geoffrey, I'd recommend that you also look into Columbus. I like Columbus Ohio because I see it being one of the biggest metropolitan cities in the next 10-20 years, all signs are pointing here! Population is growing aggressively and jobs are moving here especially with major employers like Intel, Google, Amazon, Nationwide, etc. On top of that, you have one of the biggest and best universities in the world here with Ohio State University. The cost of living is extremely low compared to other cities and you can still many many positive cash flowing and 1% deals here. On top of that, you get great appreciation and very landlord friendly laws. Tons of investors are buying Columbus up! As an investor and agent here, let me know if you have any questions or want to connect


 Hi Jimmy, have you dealt with section 8 in Columbus? If so, would you recommend? 

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Geoffrey Paugam
Pro Member
  • Investor
  • West Chester, PA
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36
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Geoffrey Paugam
Pro Member
  • Investor
  • West Chester, PA
Replied Apr 16 2024, 11:17

Thank you !

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Bob Stevens
Pro Member
  • Real Estate Consultant
  • Cleveland
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Bob Stevens
Pro Member
  • Real Estate Consultant
  • Cleveland
Replied Apr 16 2024, 11:20
Quote from @Rhianna Cultrona:
Quote from @Bob Stevens:
Quote from @Rhianna Cultrona:
Quote from @Bob Stevens:
Quote from @Rhianna Cultrona:

I'm newish in Akron and looking to move into Cle or Cbus. The big thing is having a team on the ground in those markets. Especially Cle where the neighborhoods vary by street. I'm currently trying to make contacts so let me know if you find anyone you love?


 I live on the beach in FL and do deals all the time in Cleveland, 

I’d love any tips you’re willing to share! 

All you need is a team, :) Well and money LOL, 

Lol, money I have, the team is the roadblock. Im assuming start with a PM? Akron was easier because we have family in the agent/investor business so we had lots of trusted referrals. 

 No not PM, you need someone that has deals, realtors do NOT have them Also you need to be cash about 100k. I just got two more today sent to me. My guys are walking them today. I will give an offer today and if accepted will close in a week or so. Best part, again, I'm in FL 

Good luck 

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Dave Skow
  • Lender
  • Seattle, WA
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Dave Skow
  • Lender
  • Seattle, WA
Replied Apr 16 2024, 14:11

@Geoffrey Paugam- agreed ...if you are  needing to use financing to purchase - make sure to have a full loan pre approval in place  before searching / offering for a new place .  Beware that if the loan amount you need is very low  ( sub  70K ) -  there are many lenders that cant/ wont be able to do the loan .  Also  beware that  paying a large loan fee  may affect the lenders  ability to do the loan.

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Vikram Singh
  • Investor
  • Sacramento, CA
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57
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Vikram Singh
  • Investor
  • Sacramento, CA
Replied Apr 16 2024, 21:36

I'm also new to this market but interested in learning more about the area. 

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Geoffrey Paugam
Pro Member
  • Investor
  • West Chester, PA
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36
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Geoffrey Paugam
Pro Member
  • Investor
  • West Chester, PA
Replied Apr 17 2024, 03:01
Quote from @Dave Skow:

@Geoffrey Paugam- agreed ...if you are  needing to use financing to purchase - make sure to have a full loan pre approval in place  before searching / offering for a new place .  Beware that if the loan amount you need is very low  ( sub  70K ) -  there are many lenders that cant/ wont be able to do the loan .  Also  beware that  paying a large loan fee  may affect the lenders  ability to do the loan.


I got cash

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Geoffrey Paugam
Pro Member
  • Investor
  • West Chester, PA
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Geoffrey Paugam
Pro Member
  • Investor
  • West Chester, PA
Replied Apr 17 2024, 03:41
Quote from @Patrick Drury:

@Geoffrey Paugam
If you are looking in Cleveland I would recommend being in areas on the West Side of Cleveland like West Blvd, Cudell, Old Brooklyn, Clark Fulton, Edgewater, Jefferson, and Brooklyn Centre. The reason is the rent-to-price ratio is good so you can cash flow, and most of the West side doesn’t have a Point of sale inspection which is really annoying.

Appreciate it !!!


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Dave Skow
  • Lender
  • Seattle, WA
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Dave Skow
  • Lender
  • Seattle, WA
Replied Apr 17 2024, 11:47
Quote from @Geoffrey Paugam:
Quote from @Dave Skow:

@Geoffrey Paugam- agreed ...if you are  needing to use financing to purchase - make sure to have a full loan pre approval in place  before searching / offering for a new place .  Beware that if the loan amount you need is very low  ( sub  70K ) -  there are many lenders that cant/ wont be able to do the loan .  Also  beware that  paying a large loan fee  may affect the lenders  ability to do the loan.


I got cash

Geoffrey - awesome ...having cash makes negotiating way easier ...fyi - in the future - if you need to get a loan in the name of your LLC as compared to a loan in your own names - the terms on the financing will be higher .

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Bob Stevens
Pro Member
  • Real Estate Consultant
  • Cleveland
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Bob Stevens
Pro Member
  • Real Estate Consultant
  • Cleveland
Replied Apr 30 2024, 07:53
Quote from @Simon Ashbaugh:

Hey Geoffrey, Cleveland is an excellent choice! The city's booming rental market driven by a growing population promises a consistent cash flow. Additionally, its affordability with a median home price below the national average makes it especially appealing for investors looking for a solid return. I got the city mapped out by their neighborhood class, if you need to find a good neighborhood to start with, let's connect! I'd be happy to.i

I closed on another SF last week, about 18% NET cap, closing on a duplex next week,  will be about 15% NET cap., My guys are walking 2 more duplex today!! 

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Geoffrey Paugam
Pro Member
  • Investor
  • West Chester, PA
33
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36
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Geoffrey Paugam
Pro Member
  • Investor
  • West Chester, PA
Replied Apr 30 2024, 07:55

Share the wealth!!! Haha good stuff !

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Sherica Chambers
  • Investor
  • Baltimore, MD
1
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1
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Sherica Chambers
  • Investor
  • Baltimore, MD
Replied May 21 2024, 12:34

Hi Geoffrey,

I recently expanded into the Ohio market and am actively marketing to sellers in the area. A useful tip I’ve discovered in various cities is to use Redfin to identify the hottest markets in each state. I hope this helps!

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Joshua Janus
  • Realtor
  • Cleveland, OH & Columbus OH
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Joshua Janus
  • Realtor
  • Cleveland, OH & Columbus OH
Replied May 23 2024, 12:57
Quote from @Sherica Chambers:

Hi Geoffrey,

I recently expanded into the Ohio market and am actively marketing to sellers in the area. A useful tip I’ve discovered in various cities is to use Redfin to identify the hottest markets in each state. I hope this helps!


 That's a good idea!

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Regina Blake
  • Realtor
  • Cleveland, OH
77
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124
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Regina Blake
  • Realtor
  • Cleveland, OH
Replied May 24 2024, 04:11

Hi, yes you are correct Ohio is the place you want to e to invest in real estate. If you have any questions, please feel free to contact me. Thanks!

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Tony Guardado
  • Rental Property Investor
  • Canton, OH
22
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69
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Tony Guardado
  • Rental Property Investor
  • Canton, OH
Replied Jun 10 2024, 18:31

What type of numbers are you looking for?  I may be able to put a package together for you in Canton.  $1000 Rents.