Ohio

9 Replies

Can someone tell me why is a lot of people are moving out of Ohio? I have been doing some research on Cleveland and Cincinnati. Have seen a lot of MFs for sale. Just a little curious.

Thanks,

Archie A.

Archie,

The short answer is; Job security and both their NFL teams suck.  Sorry, I had to throw that in.

Jim Sakalis

lol at least the Cleveland Indians are in the World Series and Lebron won a championship for Ohio. 

Originally posted by @Archie Antwi :

Can someone tell me why is a lot of people are moving out of Ohio? I have been doing some research on Cleveland and Cincinnati. Have seen a lot of MFs for sale. Just a little curious.

Thanks,

Archie A.

 It just depends on where you look in the state. There are many suburbs or areas of Cleveland that have been seeing a population increase!

There are a lot of areas in Ohio where sellers are selling because the market is really hot. As for Cleveland proper (within the corporate limits) there is a good bit of inventory because most folks want to move to the suburbs.

Statistics can be indicators of market strength.....but I've seen a few people quote stats on BP that just don't align with what's actually happening in the Cleveland market.  Not suggesting that the numbers aren't correct or factual, just that you have to look at a number of factors before investing.

Here's my current experience in the Cleveland and surrounding (west side) area:

April 2016:  rented upper unit of two-family in Lakewood in 2 weeks to tenant who could easily purchase it if she chose to.   40+ inquiries

December-January:  over 60 inquiries on 3/4 bedroom single family in Cleveland B-C neighborhood.  About 1/2 immediately screened out as no-go's (e g history of evictions, not enough income) but the remainder were strong (typical for B/C area in Winter).  ended up with an older couple, flawless history, 15+ years at last rental -only moving because it was sold

January- February:  closed on a flip in Fairview Park at beginning of January.  based on market activity in last 30 days, my list price is going to be at least 5% higher than I was thinking when I bought it.  multiple homes going under contract in less than 10 days in the middle of winter in this city.  some that don't look that great going under contract. 

There are some areas in Cleveland that I'd for sure tell out of state investors to stay away from (and new local investors as well) but in general the market is strong here and there seems to be more activity than we've had in quite a while.

Originally posted by @Don Petrasek :

Statistics can be indicators of market strength.....but I've seen a few people quote stats on BP that just don't align with what's actually happening in the Cleveland market.  Not suggesting that the numbers aren't correct or factual, just that you have to look at a number of factors before investing.

Here's my current experience in the Cleveland and surrounding (west side) area:

April 2016:  rented upper unit of two-family in Lakewood in 2 weeks to tenant who could easily purchase it if she chose to.   40+ inquiries

December-January:  over 60 inquiries on 3/4 bedroom single family in Cleveland B-C neighborhood.  About 1/2 immediately screened out as no-go's (e g history of evictions, not enough income) but the remainder were strong (typical for B/C area in Winter).  ended up with an older couple, flawless history, 15+ years at last rental -only moving because it was sold

January- February:  closed on a flip in Fairview Park at beginning of January.  based on market activity in last 30 days, my list price is going to be at least 5% higher than I was thinking when I bought it.  multiple homes going under contract in less than 10 days in the middle of winter in this city.  some that don't look that great going under contract. 

There are some areas in Cleveland that I'd for sure tell out of state investors to stay away from (and new local investors as well) but in general the market is strong here and there seems to be more activity than we've had in quite a while.

I would have to agree. Certain areas, like Lake County and others in the heights area could have an amazing ROI. Although, there are other cities that do not work out, such as East Cleveland, etc.

@Don Petrasek is correct. A lot of people from out of area look at the macro-level Cleveland numbers and assume the worst. If you visit there (as I have), you'll realize that Cleveland as a whole is thriving not dying. Just be selective about which neighborhoods you invest in.

Can anyone here suggest good sources for data on neighborhood vitality in Ohio?

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