Selling Primary Residence to reinvest

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Buying & Selling Real Estate
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Selling Primary Residence to reinvest

Brooke RoundyPro Member
Investor · Member since 2021 · 45 posts · 41 votes

Hello BP Community! I am a new-ish real estate investor (on and off BP but finally ready to connect with this awesome community) with one 4-unit property out of state in Cleveland, Ohio purchased in 2021 that has a cash-on-cash return over 30% with the changes I've made (rent increases, conversion LTRs to STR/MTR). I did this with minimal knowledge so there was a large dose of luck and timing, lots of hard work.

 I live in one of the highest cost markets in the nation, and recently lost insurance coverage and now have the California FAIR plan (yay). For that and a few other reasons we are selling. Likely to remain here and rent (reducing our housing costs by 50%!) but I've strongly considered moving to Cleveland and house hack for a year, the book almost writes itself, but it's difficult moving middle school kids around for RE dreams.

I plan to take the equity and purchase more properties in northeast Ohio focusing on MTR/STR strategy, but I've had my eye on other areas great for MTR sticking with that strategy. I have a realtor and have a strong addiction to MLS listings, but I keep reading about finding great deals off-market and I've been learning more about "creative" real estate. What are some great ways to find the juicy off-market deals? Networking I know is key and I need more of that, is that really the secret?

Like many here, I love real estate investing and while I'm sad to sell my primary residence and go back to apartment living, I'm so excited to build my portfolio and long term wealth. 

Does anyone have a similar story? I'd love to hear about it!

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Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
1y

Why can't you just spend 1 week a month in Cleveland and maximize your time there building your network & market knowledge?

That's really all it would take!

A word of caution starting out with Wholesalers - 90%+ of them are WORTHLESS!!!
Their goal is to make as much money as possible.
Have seen some trying to markup and sell MLS listings as wholesale "deals"!
Always due your own due diligence. Especially, on their claimed ARV and rehab estimates.

[email protected]248-209-6824
Logical Property Management4.9451 Reviews
WebsiteView Page
2Reply
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  • Brooke RoundyPro Member
    OP
    Investor · Member since 2021 · 45 posts · 41 votes
    1y

    @Scott Brockelbank Jr. thank you! This is great information. I hadn't thought of leveraging wholesalers. I see now. Would I be pulling lists to send to people in the neighborhoods I'm interested in? 

    0Reply
  • Kerlous TadresBusiness Member
    Realtor · Columbus, OH · Member since 2023 · 1k+ posts · 1k+ votes
    1y
    Quote from @Brooke Roundy:

    Hello BP Community! I am a new-ish real estate investor (on and off BP but finally ready to connect with this awesome community) with one 4-unit property out of state in Cleveland, Ohio purchased in 2021 that has a cash-on-cash return over 30% with the changes I've made (rent increases, conversion LTRs to STR/MTR). I did this with minimal knowledge so there was a large dose of luck and timing, lots of hard work.

     I live in one of the highest cost markets in the nation, and recently lost insurance coverage and now have the California FAIR plan (yay). For that and a few other reasons we are selling. Likely to remain here and rent (reducing our housing costs by 50%!) but I've strongly considered moving to Cleveland and house hack for a year, the book almost writes itself, but it's difficult moving middle school kids around for RE dreams.

    I plan to take the equity and purchase more properties in northeast Ohio focusing on MTR/STR strategy, but I've had my eye on other areas great for MTR sticking with that strategy. I have a realtor and have a strong addiction to MLS listings, but I keep reading about finding great deals off-market and I've been learning more about "creative" real estate. What are some great ways to find the juicy off-market deals? Networking I know is key and I need more of that, is that really the secret?

    Like many here, I love real estate investing and while I'm sad to sell my primary residence and go back to apartment living, I'm so excited to build my portfolio and long term wealth. 

    Does anyone have a similar story? I'd love to hear about it!

    Congrats on that 4-unit—it's awesome you hit 30% CoC on your first deal! I've seen a lot of solid returns with MTR/STR in Northeast Ohio too. As for off-market deals, networking really is the secret sauce—especially with local wholesalers, PMs, and agents who know the neighborhoods inside out. Also recommend driving for dollars, direct mail, and joining local investor meetups (in person or virtual). Sounds like you're on a great path—keep pushing!

    [email protected]614-490-1163
    Kerlous Tadres | Reafco Real Estate539 Reviews
    WebsiteView Page
    2Reply
    • Brooke RoundyPro Member
      OP
      Investor · Member since 2021 · 45 posts · 41 votes
      1y

      @Kerlous Tadres thank you! I do want to connect with more investor friendly agents and PMs who are experts in several neighborhoods I'm very focused on. As noted above, I hadn't considered wholesalers. I think I've been complacent. So much to learn.

      1Reply
  • Travis Biziorek
    Investor · Arroyo Grande, CA · Member since 2014 · 1k+ posts · 1k+ votes
    1y

    Hey Brooke,

    Really enjoyed reading your post. I can relate to a lot of what you shared.

    I actually started my investing journey by moving from Walnut Creek out to Metro Detroit in 2017. The market there was incredibly affordable compared to the Bay Area, and I dove headfirst into the BRRRR strategy—acquired 12 doors over a couple of years while living locally. Then in 2022, I moved back to California (now in the Central Coast), but still actively operate and invest in Detroit from afar.

    That market has been really good to me—plenty of opportunity, cash flow, and upside if you’re strategic. But one of the biggest things that helped me scale was figuring out how to consistently source off-market deals. I’ve written a bunch on this, but the gist is this: most people jump straight to off-market without a real plan, and that’s usually a mistake.

    There are different levels of “off-market” access... auction sites, wholesaler lists, and direct-to-seller leads. Everyone wants that last bucket (direct), but you really need deep market knowledge and strong networks to consistently find those.

    The real edge comes when you narrow in on one market, get obsessed with it, and start doing deals. It’s the repetition and visibility that brings more opportunities your way. In Detroit, that’s exactly how I built momentum, starting with some auction properties and eventually getting texts from investors, agents, even wholesalers I hadn’t met before, offering deals because they knew I was active and could close.

    Hope that helps!

    Travis

    1Reply
    • Brooke RoundyPro Member
      OP
      Investor · Member since 2021 · 45 posts · 41 votes
      1y

      @Travis Biziorek Hi Travis, thank you for sharing your story! You literally did what I've been contemplating doing. It makes so much sense. I also would return to California after building a portfolio in the Cleveland area. House hacking and building the business, getting a strong financial foundation. I have strong relationships there (friends) and a trusted co-host/manager for my Airbnb who I can rely on.  And I'm obsessed with the neighborhoods I target, I've just never taken that next step in part because I don't live there. Sounds like I need to start developing that pipeline whether I live there or not. I really appreciate your guidance, thanks again. 

      0Reply
  • Jimmy LieuBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2019 · 3k+ posts · 2k+ votes
    1y
    Quote from @Brooke Roundy:

    Hello BP Community! I am a new-ish real estate investor (on and off BP but finally ready to connect with this awesome community) with one 4-unit property out of state in Cleveland, Ohio purchased in 2021 that has a cash-on-cash return over 30% with the changes I've made (rent increases, conversion LTRs to STR/MTR). I did this with minimal knowledge so there was a large dose of luck and timing, lots of hard work.

     I live in one of the highest cost markets in the nation, and recently lost insurance coverage and now have the California FAIR plan (yay). For that and a few other reasons we are selling. Likely to remain here and rent (reducing our housing costs by 50%!) but I've strongly considered moving to Cleveland and house hack for a year, the book almost writes itself, but it's difficult moving middle school kids around for RE dreams.

    I plan to take the equity and purchase more properties in northeast Ohio focusing on MTR/STR strategy, but I've had my eye on other areas great for MTR sticking with that strategy. I have a realtor and have a strong addiction to MLS listings, but I keep reading about finding great deals off-market and I've been learning more about "creative" real estate. What are some great ways to find the juicy off-market deals? Networking I know is key and I need more of that, is that really the secret?

    Like many here, I love real estate investing and while I'm sad to sell my primary residence and go back to apartment living, I'm so excited to build my portfolio and long term wealth. 

    Does anyone have a similar story? I'd love to hear about it!

    Hey Brooke —really enjoyed reading your post and it sounds like you're making some strong and intentional moves, especially with how you've optimized that Cleveland 4-unit (30% CoC is no joke!). As far as finding the "juicy" off-market deals, yeah networking is a big piece of the puzzle—but so is consistency and just putting yourself out there across a few different channels. Connecting with wholesalers (especially local ones who actually understand the neighborhoods), attending meetups or investor-focused events, letting property managers and contractors know you're buying, and even just telling friends/family or posting on your socials that you're looking can turn into something. Driving for dollars and pulling lists to send direct mail/texts can work too, but honestly it can get time-consuming if you're managing it solo. One other market you might want to consider is Columbus, Ohio. I moved here from Portland a few years back and now have 10+ rentals—all LTRs—and the macroeconomics are just insane here. Intel's $26B development is a game changer, plus all the growth from companies like Amazon, Google, Honda, Facebook, Nationwide, and more. The population and job growth is off the charts and you can still find MTR/STR-friendly properties in the $120K–$180K range that hit the 1% rule and have solid appreciation upside. Neighborhoods like Whitehall, South Linden, and parts of Hilltop and Franklinton have been strong for returns, and Columbus is super landlord-friendly too. Whether you stick to Cleveland or branch out, sounds like you're on a solid path—cheering you on! Happy to connect and answer any questions you have!

    [email protected]614-300-7535
    Jimmy Lieu, Red 1 Realty4.9120 Reviews
    WebsiteView Page
    0Reply
  • Ken M.
    Investor · Get yourself trained before doing something inadvisable. · Member since 2024 · 3k+ posts · 1k+ votes
    1y
    Quote from @Brooke Roundy:

    Hello BP Community! I am a new-ish real estate investor (on and off BP but finally ready to connect with this awesome community) with one 4-unit property out of state in Cleveland, Ohio purchased in 2021 that has a cash-on-cash return over 30% with the changes I've made (rent increases, conversion LTRs to STR/MTR). I did this with minimal knowledge so there was a large dose of luck and timing, lots of hard work.

     I live in one of the highest cost markets in the nation, and recently lost insurance coverage and now have the California FAIR plan (yay). For that and a few other reasons we are selling. Likely to remain here and rent (reducing our housing costs by 50%!) but I've strongly considered moving to Cleveland and house hack for a year, the book almost writes itself, but it's difficult moving middle school kids around for RE dreams.

    I plan to take the equity and purchase more properties in northeast Ohio focusing on MTR/STR strategy, but I've had my eye on other areas great for MTR sticking with that strategy. I have a realtor and have a strong addiction to MLS listings, but I keep reading about finding great deals off-market and I've been learning more about "creative" real estate. What are some great ways to find the juicy off-market deals? Networking I know is key and I need more of that, is that really the secret?

    Like many here, I love real estate investing and while I'm sad to sell my primary residence and go back to apartment living, I'm so excited to build my portfolio and long term wealth. 

    Does anyone have a similar story? I'd love to hear about it!

    We raised our kids in Seattle, a HCOL area and because the schools are so marxist and lack concern about actually educating, we had to send them to private school which of course is an added cost.

    I don't know the school system in Cleveland schools, but if you can find a good school for your middle school kids, that would be a necessity. That is the age kids join gangs and there is no getting them back once they go that route.
    1Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    1y

    Why can't you just spend 1 week a month in Cleveland and maximize your time there building your network & market knowledge?

    That's really all it would take!

    A word of caution starting out with Wholesalers - 90%+ of them are WORTHLESS!!!
    Their goal is to make as much money as possible.
    Have seen some trying to markup and sell MLS listings as wholesale "deals"!
    Always due your own due diligence. Especially, on their claimed ARV and rehab estimates.

    [email protected]248-209-6824
    Logical Property Management4.9451 Reviews
    WebsiteView Page
    2Reply
    • Brooke RoundyPro Member
      OP
      Investor · Member since 2021 · 45 posts · 41 votes
      1y

      @Drew Sygit thanks Drew! This is a good idea. And I appreciate your note of caution to pursue my own due diligence. 

      0Reply
  • Mike PaolucciBusiness Member
    Realtor · Columbus Cleveland Dayton, OH · Member since 2022 · 491 posts · 549 votes
    1y
    Quote from @Brooke Roundy:

    Hello BP Community! I am a new-ish real estate investor (on and off BP but finally ready to connect with this awesome community) with one 4-unit property out of state in Cleveland, Ohio purchased in 2021 that has a cash-on-cash return over 30% with the changes I've made (rent increases, conversion LTRs to STR/MTR). I did this with minimal knowledge so there was a large dose of luck and timing, lots of hard work.

     I live in one of the highest cost markets in the nation, and recently lost insurance coverage and now have the California FAIR plan (yay). For that and a few other reasons we are selling. Likely to remain here and rent (reducing our housing costs by 50%!) but I've strongly considered moving to Cleveland and house hack for a year, the book almost writes itself, but it's difficult moving middle school kids around for RE dreams.

    I plan to take the equity and purchase more properties in northeast Ohio focusing on MTR/STR strategy, but I've had my eye on other areas great for MTR sticking with that strategy. I have a realtor and have a strong addiction to MLS listings, but I keep reading about finding great deals off-market and I've been learning more about "creative" real estate. What are some great ways to find the juicy off-market deals? Networking I know is key and I need more of that, is that really the secret?

    Like many here, I love real estate investing and while I'm sad to sell my primary residence and go back to apartment living, I'm so excited to build my portfolio and long term wealth. 

    Does anyone have a similar story? I'd love to hear about it!

     Hey @Brooke Roundy. I'm originally from San Francisco and got started back in 2021 and ended up making that move you were contemplating. 

    Sourcing off-market deals takes a lot of work and negotiations with sellers directly. Wholesalers can be a good source for deals. I'd recommend doing your own DD to verify the info that is being provided is legitimate/accurate. Realtors who also invest & own properties are another good way to find deals as they'll likely be trying to source their own off-market opportunities as well. They should also have multiple resources to help you build a team (PM / Contractors / other resources).

    Happy to connect and share some of my OOS investing experiences and mistakes. 

    [email protected]614-892-9184
    Reafco - Mike Paolucci 512 Reviews
    WebsiteView Page
    2Reply
  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    1y
    Quote from @Brooke Roundy:

    Hello BP Community! I am a new-ish real estate investor (on and off BP but finally ready to connect with this awesome community) with one 4-unit property out of state in Cleveland, Ohio purchased in 2021 that has a cash-on-cash return over 30% with the changes I've made (rent increases, conversion LTRs to STR/MTR). I did this with minimal knowledge so there was a large dose of luck and timing, lots of hard work.

     I live in one of the highest cost markets in the nation, and recently lost insurance coverage and now have the California FAIR plan (yay). For that and a few other reasons we are selling. Likely to remain here and rent (reducing our housing costs by 50%!) but I've strongly considered moving to Cleveland and house hack for a year, the book almost writes itself, but it's difficult moving middle school kids around for RE dreams.

    I plan to take the equity and purchase more properties in northeast Ohio focusing on MTR/STR strategy, but I've had my eye on other areas great for MTR sticking with that strategy. I have a realtor and have a strong addiction to MLS listings, but I keep reading about finding great deals off-market and I've been learning more about "creative" real estate. What are some great ways to find the juicy off-market deals? Networking I know is key and I need more of that, is that really the secret?

    Like many here, I love real estate investing and while I'm sad to sell my primary residence and go back to apartment living, I'm so excited to build my portfolio and long term wealth. 

    Does anyone have a similar story? I'd love to hear about it!


    Hey Brooke, Cleveland is your best bet if you are looking to invest in Northeast OH. I can share my go-to contacts here. Happy to help! Let me know

    [email protected]614-363-2787
    Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews
    WebsiteView Page
    0Reply
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