Sacramento, CA to Cleveland, Ohio Trip

10 Replies

Hi Everyone,

Just wanted to tell everyone about our trip there. We spent $1500 (two adults) for three nights but it was worth it. I highly recommend anyone investing out of state to go there and see the area. I did not and bought without looking at it first. I got lucky with my first one but it doesn't work out that way sometimes. 

Our goal was to buy and hold one or two rentals. SFH and or a duplex, under $80,000, and ROI of 12-15%.

The market has gotten very expensive in Cleveland area. We wanted to see the C and B areas and decided to focus primarily on B neighborhoods. James Wise's neighborhood map was great. It really helped narrow down where to invest in. 

On our first day, we saw Euclid, South Euclid, and Cleveland Heights. We only liked one property (Cleveland Heights -44118). Unfortunately, Friday turned out to be a tough day because we didn't see great deals. Our price point going in was under $80,000 but those homes needed tons of updates.

The second day was better. We went to Parma and Lakewood. We saw some potential deals for $90,000 to $100,000. We will be discussing which ones to make an offer for sometime this week. Seeing the area really put things in perspective for us. We definitely don't want to invest in C neighborhoods. 

Keep you guys posted. 

@James Wise

Thanks that was a life saver for an out of state investor. BTW, you guys are everywhere. Every street and city had a HW truck parked somewhere. 

We like to make an offer on a duplex listed by you guys. Correct me if I am wrong but if you guys own it, you have to disclose that information? 

https://www.realtor.com/realestateandhomes-detail/...

Originally posted by @Amir B. :

@James Wise

Thanks that was a life saver for an out of state investor. BTW, you guys are everywhere. Every street and city had a HW truck parked somewhere. 

We like to make an offer on a duplex listed by you guys. Correct me if I am wrong but if you guys own it, you have to disclose that information? 

https://www.realtor.com/realestateandhomes-detail/...

 Yes as the number 1 seller of Multifamily in the Greater Cleveland area our presence is pretty big. Lots of signs, lots of trucks, lots of properties.

Yes ownership is disclosed on every deal. There is a form called the agency disclosure form that outlines exactly who owns what & who is being represented by whom. I would assume we likely are not the owner of the property your looking into as we rarely sell properties that we own. We primarily broker Real Estate & handle Property Management. Anytime we end up selling something we own it's either a residential flip or we are raising funds for an acquisition of some sort.

James Wise, Real Estate Agent in OH (#2015001161)
216-661-6633

I was wondering if someone of the locals can give us (out of state investors) a map of taxes per month. I notice they really jump up in A & B property classes. As others have mentioned different zip codes can vary drastically. 

@Marc Hanson @Mario Mormile @James Wise @Michael Norris

Try this link for a basic guide - each city you see on the map has it's own code and it can be confusing.  Cuyahoga County Tax Map

The good news is the auditors website will show the current taxes on a given property - just keep an eye out for the homestead exemption (older person / owner occupied house) and if you are buying the property tax will be adjusted for the new sale price. Buyer beware...As properties have appreciated, especially on a rehabbed house, a newly purchased property could have much higher taxes for you than what the current owner pays once it's adjusted for the new sale price.

Some "high" tax areas on the map are rough areas (East Cleveland, South Euclid) where as others cab be a good place to invest (Shaker, Univ Hts, Cleveland Hts, etc) 

 @Amir B. Hey Amir thanks for the update. Im looking in the same area planning a trip up there. Can you recommend brokers and PM company.

Thanks.

@Amir B. - Here's some info on mine.  Mine are in pretty good areas B and above.

Of note is I have "open" tax value disputes on the two SFH's that I put in more than a year ago (they just show up as "open" on the tax website for the county.) I purchased them at less than the assessed tax value, and mailed them documentation showing that. I guess I forgot to follow up but wonder why they have never done anything (even declined it.) @James Wise any ideas?

Parma SFH: Rents for 970. Taxes $2364 / year.

Parma SFH: Rents for $985. Taxes $2288 / year.

Lakewood Quad: Rents for $2000+ (off top of head I don't remember the exact.) Taxes $3550 / year.

Lakewood Quad: Rents for $2000+ (same deal as above)  Taxes: $3950 / year

Big Lakewood Duplex:  Rents for $1800-ish but will eventually be $2000+  Taxes: 4050

Originally posted by @Marc Hanson :

@Amir B. - Here's some info on mine.  Mine are in pretty good areas B and above.

Of note is I have "open" tax value disputes on the two SFH's that I put in more than a year ago (they just show up as "open" on the tax website for the county.) I purchased them at less than the assessed tax value, and mailed them documentation showing that. I guess I forgot to follow up but wonder why they have never done anything (even declined it.) @James Wise any ideas?

Parma SFH: Rents for 970. Taxes $2364 / year.

Parma SFH: Rents for $985. Taxes $2288 / year.

Lakewood Quad: Rents for $2000+ (off top of head I don't remember the exact.) Taxes $3550 / year.

Lakewood Quad: Rents for $2000+ (same deal as above)  Taxes: $3950 / year

Big Lakewood Duplex:  Rents for $1800-ish but will eventually be $2000+  Taxes: 4050

 Government bureaucracy. They definitely aren't going to be in a rush to give you any money. Government is in the business of collecting taxes, not giving them back.  

James Wise, Real Estate Agent in OH (#2015001161)
216-661-6633

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