CLEVELAND OHIO

[Elena Jobson]

What are your thoughts about Cleveland when it comes to long-term buy and hold and cash flow?

[Bob Collett]

Cleveland and its suburbs, is a great community for long term buy and hold. Fitch rated Cleveland real estate the 2nd most undervalued major US city. The biggest challenges are to make sure you account for deferred maintenance and long term maintenance issues, municipal permitting costs, overly aggressive violations reporting by the municipalities, and high tax rates coming in at 2% to 3% of market value in many communities; working the numbers. A high percentage of the rental candidates are seeing section 8 housing. The population of Cleveland has decreased every decade for the past 50 years; so it is very important to grasp an understanding of location population trends.

Good luck. Let me know if I can help. You will receive many offers here.