Cleveland, OH market

18 Replies

Hey Everyone, heading out to Cleveland,OH from Brooklyn,NY this weekend to check out the real estate market out there. Any realtors and property managers that could meet up for a talk? Also open to checking any open houses.

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@James Wise or an agent from his company is who I would be working with if I were investing in the Cleveland area.

Are there specific neighborhoods I should steer clear from?

Originally posted by @Russell Brazil :

@James Wise or an agent from his company is who I would be working with if I were investing in the Cleveland area.

 Thanks 

Bradley Greenberg
I am interested in chatting about financing in Cleveland. Recently purchased a property there.
PM me when you get a chance.
Thanks,
Nick

@Bradley Greenberg

I am interested in chatting about financing in Cleveland. Recently purchased 2 properties there.
PM me when you can.
Thanks,
Emanuel

Hello Emanuel, 

Hope your trip was good in the Cleveland, OH area. Please share your experience of the area in term of multi family, what are thoughts and view of it. I'm in the city, don't mind talking further. 

Thanks 

Kaiser.

what are some good areas to buy under 60k

EManuel what areas are good and do you have a team...realtor ..management company etc

Hi Tony,

I have 2 single family homes in the Cleveland area. The first is a 3/2 in Old Brookly and the other is a 3/2 in Parma.

I purchased the first for $39k, rehabbed it for approx $40k and rent it for $1,097p/m.

I purchased the second for $31k, rehab is currently happening and will cost approx $80k. I hope to rent this for $1,500p/m.

When I have the Parma property rented then I will start looking for my third property which will be a multi-family. Location is still to be decided but I am happy with West Cleveland at this stage.

I have a really good realtor that is looking after me in the area. This is really important as I am out of town. Huh, I am really out of town. Sydney Australia is 9,500 miles from Cleveland OH and 17 hours ahead in time. The realtor helps manage the contractor. I use an independent inspection agent and an a separate managing agent. I am happy to pass on these contacts if you like, just PM me.

Tony-  Those numbers are repeatable at or better in the Old Brooklyn and Parma areas.  

Emmanual-  I have been networking with a lender that is stating they can lend to foreigners if you are looking for financing on your multi-family.  PM if you would like the contact info.

I have a buddy who lives in Cleveland.  says his property taxes are 8K a year.  do your homework.

@Jeff Sprunger Your buddy probably lives in a ~$375K house though, based on those taxes. This would be well above the median house price for the MSA.

Originally posted by @Vaner Ducatel :

Hey Everyone, heading out to Cleveland,OH from Brooklyn,NY this weekend to check out the real estate market out there. Any realtors and property managers that could meet up for a talk? Also open to checking any open houses.

 Hello,

I hope your trip was great and productive! Many opportunists around here.

@Jeff Sprunger Depends on the area. I looked at a house in the university heights area on the east side. ARV was around $115K and taxes were $4500 a year. Shaker Heights can top that. The one house I looked at there was $7200 a year in taxes, arv was probably around $190,000 if it didn't need torn down :).

New to biggerpockets...how do you pm

Emanuel.  Please PM with those contacts I would love it.

Originally posted by @Tom Ott :
Originally posted by @Vaner Ducatel:

Hey Everyone, heading out to Cleveland,OH from Brooklyn,NY this weekend to check out the real estate market out there. Any realtors and property managers that could meet up for a talk? Also open to checking any open houses.

 Hello,

I hope your trip was great and productive! Many opportunists around here.

 Yes, it was real productive. I had to get some boots on the ground to make a decision on the market I wanted to invest in. I'm heading to Atlanta this weekend to do the same. 

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