Rental Properties in Akron, Ohio

Buying & Selling Real Estate
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Rental Properties in Akron, Ohio

Edrin Shamtob
Encino, CA · Member since 2017 · 3 posts · 6 votes

I am a lawyer from Souther California and new to investing in real estate, I am looking to gain some experience and further my knowledge. I am going to be flying out to Ohio in a few weeks to look at some properties in the city of Akron. I am looking in Akron mainly for two reasons. The first being it would cost me a great deal more to gain this experience in souther California as it is much more competitive of a market with much higher property prices and the second being that Akron seems to have low cost homes with a seemingly good ROI. Could you please shed some light on your experience in the area? Do you think it would be difficult to find trustworthy contractors, real estate agents and property manager companies being that I live far away? I've been in contact with a few agents but I am not sure if they are good and would like to know if anyone have had any positive experiences with any particular contractors, real estate agents and property manager companies . I thank you for all you help. Finally, I would love to trade any help for legal advice haha

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Tim Debronsky
Full-Time Investor & Agent · Amherst, OH · Member since 2014 · 149 posts · 50 votes
9y

@Edrin Shamtob  We currently own several rentals in Akron and Cleveland.  Like most larger cities there are good and bad areas.  Good Year Heights and Firestone park are two areas that I know you can still find good deals and are nicer blue collar neighborhoods.  I have a friend in Akron who owns over 100 rentals and knows the place like the back of his hand after 30 years of investing there.  I personally prefer rentals in the Cleveland market.  I'm interested in selling my Akron rentals.  Message me if you are interested.  

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  • Jason Goretzki
    Fort Lauderdale, FL · Member since 2016 · 214 posts · 95 votes
    9y

    My first rental property was purchased in Akron Ohio, & as our home, not for an investment property.  When we went to move in 2009, with property values so low & tons of other homes for sale in our area I decided to rent rather than sell.  We got lucky & found a terrific property manager, so contractors are not an issue since there is a buffer between us.  There are some properties priced too good to be true, but a lot of units that I've found on Zillow, I now see months later as rental units.  My opinion, it's a good market with low value homes that are good rental units when completed.  Looking to get more units in the area myself.

    Depending on the areas you are currently looking in, I could recommend our property manager to you.

    1Reply
  • Tim Debronsky
    Full-Time Investor & Agent · Amherst, OH · Member since 2014 · 149 posts · 50 votes
    9y

    @Edrin Shamtob  We currently own several rentals in Akron and Cleveland.  Like most larger cities there are good and bad areas.  Good Year Heights and Firestone park are two areas that I know you can still find good deals and are nicer blue collar neighborhoods.  I have a friend in Akron who owns over 100 rentals and knows the place like the back of his hand after 30 years of investing there.  I personally prefer rentals in the Cleveland market.  I'm interested in selling my Akron rentals.  Message me if you are interested.  

    4Reply
  • David TerbeekPro Member
    Property Manager · Cleveland, OH · Member since 2016 · 260 posts · 162 votes
    9y

    Edrin-  Akron seems to be somewhat under appreciated.  We began working there a year ago.  The tenants have been stable, and amazingly respectful (compared to how tenants interact in Cleveland).  There are a lot of very old houses that seem to have foundation issues but there are a ton of opportunities for good houses that will yield a steady cashflow.  As mentioned Good Year Heights and Firestone Park  but we really like West Akron & Highland Square areas if you can find a deal.  Be warned, the likelihood of appreciation is probably limited but the cashflow is there.

    216-926-2900
    2Reply
  • Steven Gesis
    Investor · Miami, FL · Member since 2015 · 1k+ posts · 390 votes
    9y
    Originally posted by @Edrin Shamtob:

    I am a lawyer from Souther California and new to investing in real estate, I am looking to gain some experience and further my knowledge. I am going to be flying out to Ohio in a few weeks to look at some properties in the city of Akron. I am looking in Akron mainly for two reasons. The first being it would cost me a great deal more to gain this experience in souther California as it is much more competitive of a market with much higher property prices and the second being that Akron seems to have low cost homes with a seemingly good ROI. Could you please shed some light on your experience in the area? Do you think it would be difficult to find trustworthy contractors, real estate agents and property manager companies being that I live far away? I've been in contact with a few agents but I am not sure if they are good and would like to know if anyone have had any positive experiences with any particular contractors, real estate agents and property manager companies . I thank you for all you help. Finally, I would love to trade any help for legal advice haha

    Edrin-

    Start here: A Simple Guide for Buying Out of State Turnkey Investment Property

    Follow the key rules, most times to good to be true is exactly that. Akron can be a great marketplace. Your investment will more successful if you can define the correct core team.

    0Reply
  • Jim W.
    Investor · Cuyahoga Falls · Member since 2015 · 9 posts · 1 vote
    9y
    Originally posted by @Jason Goretzki:

    We got lucky & found a terrific property manager, so contractors are not an issue since there is a buffer between us. 

    Depending on the areas you are currently looking in, I could recommend our property manager to you.

    Jason, I'd love to know who you're using for a property manager here.  I have a single family in Akron, a duplex in Stow, and soon to be another duplex in Stow as well.  I have a property management company that's Ok, but I'm always interested in ones that are described as terrific! :-)

    0Reply
  • Ryan Arth
    Developer · Cleveland / Akron, OH · Member since 2008 · 922 posts · 399 votes
    9y
    Edrin Shamtob If you search in the box at the top of your screen for the word Akron you should find quite a few relevant discussions of the area. This should help give you some context. Yes the prices are lower than where you live, but that isn't always the whole story, as most markets are cheaper than Southern California. That doesn't mean that it won't perform to your expectations though. A lot of people invest remotely, in this area and many others. It is not difficult, just new to you. "Akron" has million dollar homes and $6,000 homes. People build new, rehab, and rent section 8. The price/income metrics are such different models can each be made to work in different areas.
    0Reply
  • Andrew Johnson
    Real Estate Investor · Encinitas, CA · Member since 2016 · 3k+ posts · 3k+ votes
    9y
    Edrin Shamtob Focus on the property manager and see if you can meet a few while you're out there. They will have the connections to contractors (so you don't have to build them) and will likely know realtors that work with non-local buyers. That's just my personal opinion as you have to "live with" the PM relationship the longest. Unless you're planning to move to Ohio and give up your legal career you're probably going to have to trust them in regard to things like repairs, vetting tenants, maintenance, and even getting bids if there's a larger cap-ex expenditure. In rare cases they could also know of a property owner they serve is looking to sell a property. For me face time, ensuring they have a real office, etc. were important.
    0Reply
  • Raul Pedrozo
    Flipper · Wooster, OH · Member since 2012 · 139 posts · 30 votes
    9y

    @Edrin Shamtob I have worked in the Akron market, there are definitely good cash flow properties, but as @David Terbeek said appreciation may be limited.

    PM me if with any specific questions you may have.

    0Reply
  • Joe Wang
    Member since 2018 · 1 post · 0 votes
    8y

    @Edrin Shamtob update? Did you ever invest in Akron? I’m from Southern California too and I’m also interested in investing in apartment complexes in Akron. Just want to hear from someone who’s done it in real life. How was dealing with Property management, contractors, etc. how often did you have to fly to Akron? Thanks for your time.  

    0Reply
  • Raj P.
    Member since 2018 · 15 posts · 8 votes
    6y

    @Jim W @Jason Goretzki

    I am looking for a good property manager in Akron as well. Would be great if you could share the details of your PMs

    0Reply
  • Adam Luftig
    Investor · Miami Florida · Member since 2018 · 26 posts · 9 votes
    6y

    @Joe Wang @Raj P.

    I have a few single family homes in Akron. Happy to chat about my experience so far.

    0Reply
  • Raj P.
    Member since 2018 · 15 posts · 8 votes
    6y
    Originally posted by @Adam Luftig:

    @Joe Wang @Raj P.

    I have a few single family homes in Akron. Happy to chat about my experience so far.

    Thanks Adam. Sent you a connect request

    0Reply
  • Jason Goretzki
    Fort Lauderdale, FL · Member since 2016 · 214 posts · 95 votes
    6y
    Originally posted by @Raj P.:

    I am looking for a good property manager in Akron as well. Would be great if you could share the details of your PMs

    Raj, I will be sending you a message with the information.  Thank you.

    0Reply
  • Raj P.
    Member since 2018 · 15 posts · 8 votes
    6y
    Originally posted by @Jason Goretzki:
    Originally posted by @Raj P.:

    I am looking for a good property manager in Akron as well. Would be great if you could share the details of your PMs

    Raj, I will be sending you a message with the information.  Thank you.

    Thanks Jason!

    0Reply
  • Donte' Jackson
    New to Real Estate · Akron, OH · Member since 2020 · 1 post · 0 votes
    6y

    @Tim Debronsky hey man, i was just scrolling through this forum and came across this post from 3 years ago and was wondering if you were still looking to sell some of those properties?

    0Reply
  • Roberto Filice
    Investor · Bay Area, CA · Member since 2020 · 35 posts · 9 votes
    5y

    @Adam Luftig - Hi Adam, I am looking to invest in Akron. How are your properties doing (if you don't mind me asking)? Any suggestions you want to share will be greatly appreciated.

    0Reply
  • Maykel Garcia
    Investor · NJ · Member since 2020 · 4 posts · 1 vote
    5y

    @Adam Luftig

    Hi Adam, Im a new investor looking to buy a few single or multifamily homes in Akron. How are your properties doing? Will like to connect to hear from your experience there. Also any advise finding a great property management company? Thanks!

    0Reply
  • Michael Marthinsen
    Rental Property Investor · Member since 2021 · 2 posts · 0 votes
    4y

    @Jason Goretzki

    Could you slide into my DMs with the property manager as well? Thanks a million.

    0Reply
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