Anyone investing Cleveland, OHIO FROM NY?

[Josh Patel]

Hello everyone, hope all is well.. Is anyone investing in Cleveland, OHio and would like to connect and maybe we share experiencs and help each other out. pls msg me. Thanks

[James Wise]

Originally posted by @Josh Patel:

Hello everyone, hope all is well.. Is anyone investing in Cleveland, OHio and would like to connect and maybe we share experiencs and help each other out. pls msg me. Thanks

 Welcome to the site Josh. As you are looking into Cleveland you'll probably find some value reading The Ultimate Guide to Grading Cleveland Neighborhoods.

As for the concept of investing out of state in general remember that It's not really that complicated to buy out of state. It only becomes complicated when investors try to over complicate or over think everything. Whenever you are buying a property out of state you should do a few things to ensure it's as smooth as possible.

• Don't buy in the roughest neighborhood in the urban core. Pick a solid B-Class suburban area. Perhaps a nice 1950's built bungalow.
• Always hire a 3rd party property inspector to give you an unbiased feel for the home. The reports are 40-90 pages long and go through the entire house in great detail.
• Get an appraisal. If your using financing the bank requires this. This is good. The bank isn't going to let you blow their money. They have more skin in the game then you do.
• Make sure you get clear title. If using a lender this is a non issue. They will make you do this. It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.
• Make sure your property manager is a licensed real estate brokerage.
• Understand you can not eliminate all risk, only mitigate it. If you are risk adverse real estate, (especially out of state) is not for you.