New Investor in Warren Ohio

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New Investor in Warren Ohio

Damian James
Investor · Phoenix, AZ · Member since 2020 · 7 posts · 6 votes

I'm an out of state investor looking for homes in Warren, Ohio.  Where are the Class B and C neighborhoods located 

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Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
5y
Originally posted by @Damian James:

I'm an out of state investor looking for homes in Warren, Ohio.  Where are the Class B and C neighborhoods located 

 Here is a solid map to help you out with investing in Warren, Ohio https://www.niche.com/places-t...

[email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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  • Aaron W.
    Rental Property Investor · Northern Virginia · Member since 2019 · 793 posts · 620 votes
    5y

    @Damian James Before looking at where to look for properties, what are your goals with real estate investing? Are you looking to invest for cash flow or appreciation?  Do you need the cash flow now or can it wait?  Equally important is to define your why in investing. 

    After answering these questions, you can search for the right type of properties.

    Good luck!

    3Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Damian James:

    I'm an out of state investor looking for homes in Warren, Ohio.  Where are the Class B and C neighborhoods located 

     Here is a solid map to help you out with investing in Warren, Ohio https://www.niche.com/places-t...

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    4Reply
  • Robert Arquilla
    Contractor · Warren, OH · Member since 2015 · 147 posts · 55 votes
    5y

    Damien,

    I like the NW side of warren. I used to live there and there are some decent neighborhoods in that area. You will just need to watch because the pockets of good neighborhoods drop off quickly to bad ones in certain areas. 

    Let me know if you have any other questions about the area. 

    1Reply
  • Steven Foster Wilson
    Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    5y

    @Damian James Ive heard good things about Warren, OH. I invest locally down here in Columbus OH and have enjoyed riding the coat tails of appreciation and high rental rates. Is the RE climate similar up there?

    1Reply
  • Zeke Liston
    Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
    5y
    Originally posted by @Damian James:

    I'm an out of state investor looking for homes in Warren, Ohio.  Where are the Class B and C neighborhoods located 

     Hi Domian, I've also heard good things about Warren, unfortunately, I don't know much about this market. I invest here in Columbus, OH. 

    1Reply
  • Robert Arquilla
    Contractor · Warren, OH · Member since 2015 · 147 posts · 55 votes
    5y

    @Steven Foster Wilson Warren seems to cash flow well but the appreciation isn’t there like Columbus might be.

    2Reply
  • Damian James
    OP
    Investor · Phoenix, AZ · Member since 2020 · 7 posts · 6 votes
    5y

    @Robert Arquilla 

    I was told to stay away from the SW area of Warren.  I did purchase my first property on Olian Ave NW earlier this year. That was a great deal.  I'm hoping for more opportunities for deals in 2021.  Are you still investing in the Warren area? 

    1Reply
  • Steven Foster Wilson
    Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    5y
    Originally posted by @Robert Arquilla:

    @Steven Foster Wilson Warren seems to cash flow well but the appreciation isn’t there like Columbus might be.

     Thats why I like Columbus, it seems to have the best of both worlds.

    2Reply
  • Robert Arquilla
    Contractor · Warren, OH · Member since 2015 · 147 posts · 55 votes
    5y

    @Damian James okay I know where that is. Not far from courthouse square. How’s that rental doing?

    I took my real estate fund I was planning to use to buy a rental and moved it into the stock market for during the dip. So I’m hoping to buy a rental in 2021. I still check the mls regularly though for deals in case there’s one I can’t pass up.

    1Reply
  • Damian James
    OP
    Investor · Phoenix, AZ · Member since 2020 · 7 posts · 6 votes
    5y

    @Robert Arquilla the home is renting nicely.  $650 a month.  My uncle who is born and raised in Warren has quite a few rentals in Warren, so he is holding my hand through the process.  I did see quite a few deals in the the beginning of 2020.  Seems to be pretty dry now.  My uncle was telling me that more foreclosures should pop up the middle of 2021.  

    1Reply
  • Robert Arquilla
    Contractor · Warren, OH · Member since 2015 · 147 posts · 55 votes
    5y

    I’m hoping to grab one of those houses in 2021. 

    Glad to hear it’s going well!

    1Reply
  • Stan Wu
    Virtual Assistant · Bend, OR · Member since 2018 · 52 posts · 25 votes
    5y

    Robert Arquilla & Damian James: I'm investing in Boardman area and looking at Warren since properties pop up on my weekly notices. What area is the Trumbull Regional Medical Center 1350 E Market St, Warren, OH 44483 ....as far as region EWSN? How would you rate that space and market rent for 2bd/1bt? Yes yes...I'll do some more research but any initial help would further the conversation. Thanks!

    0Reply
  • Robert Arquilla
    Contractor · Warren, OH · Member since 2015 · 147 posts · 55 votes
    5y

    @Stan Wu the hospital is a little west of the center of warren. I used to live In NW warren and it’s about 5 mins from there. That area isn’t too bad but definitely has pockets varying from bad to okay to country club. If you find a property let me know what street and I can help you more.

    I just went and looked at a 2/1 up down duplex near the hospital on Bonnie Brae. Depending on the condition and block I would say you can get 600-650 for a 2/1

    1Reply
  • Stan Wu
    Virtual Assistant · Bend, OR · Member since 2018 · 52 posts · 25 votes
    5y

    Robert Arquilla: You read me!  Bonnie B is the one I'm looking at...which is 6 houses from the med center. 

    I prob won't touch it unless you pass on it.  It looks like large units, good wood accents but with no water...something doesn't smell right with it's bones.  Is it going to take more than $35K for rehab?  Thanks Mr A!

    0Reply
  • Robert Arquilla
    Contractor · Warren, OH · Member since 2015 · 147 posts · 55 votes
    5y

    @Stan Wu Haha I figured. I’m passing on it.

    The upstairs pipe was leaking which caused the hole in the first floor ceiling. The roof was repaired but when I went into the attic there was a section that still needs repaired as you can see the outside. The chimney probably needs looked at because there was a dead chipmunk in there.

    It has an old gravity furnace, and old normal furnace. Basement smelled slightly moldy.

    Other than that I think the floors need refinished, you need a little bit of plaster work done and paint.

    I think I would replace the roof which would be costly due to the complexity of it. If you can get away with just having it repaired I think your 35k could make a big difference.

    Good luck

    1Reply
  • Stan Wu
    Virtual Assistant · Bend, OR · Member since 2018 · 52 posts · 25 votes
    5y

    Robert:  super insightful review of that property. Didn’t know it would be that far into repairs and the having a challenging roof. Photos do look good but it’s too much work for this investor who is out of the area .  

    The niche website makes it sounds like Warren could have deals but at the expense of other things. Guess it’s true for all RE

    0Reply
  • Robert Arquilla
    Contractor · Warren, OH · Member since 2015 · 147 posts · 55 votes
    5y

    @Stan Wu yeah I really like warren it seems to be a good cash flow market. Not so much appreciation though from what I’ve seen.

    1Reply
  • Stan Wu
    Virtual Assistant · Bend, OR · Member since 2018 · 52 posts · 25 votes
    5y

    Have you look at Boardman which would have slight more appreciation and the highlight are excellent elementary and middle schools.  The 1 highschool is 6/10.  I have a PM & agent if you find something.  

    0Reply
  • Robert Arquilla
    Contractor · Warren, OH · Member since 2015 · 147 posts · 55 votes
    5y

    @Stan Wu I look in boardman occasionally. It’s a little farther away and I don’t know the neighborhoods as well but I’ll keep my eye out for something.

    Are you looking for multi family or single family?

    1Reply
  • Stan Wu
    Virtual Assistant · Bend, OR · Member since 2018 · 52 posts · 25 votes
    5y

    Robert Arquilla: Multifamily is my vehicle of choice. I am looking to make the leap to 10+ units if possible but of my bread and butter is tri's and a 6-unit in Boardman. I have 3 and like to try to advance to bigger in hopes it may fast forward all the numbers.....with others to pool resources. I'm thinking there's a hop to the next type of investing that fewer competition lives making it easier to manuvere.

    8** Ohio Avenue, Youngstown, OHPrice: $320,000,11 units. A whole saler has this under contract for sale , 3 lots from Youngstown University. This prop is up in the air because colleges are in an unknown space with much lower enrollment.

    What's your plan for the next 5 years? Would these long term investments serve you well or shorter term Wall Street or REITs?

    2Reply
  • Robert Arquilla
    Contractor · Warren, OH · Member since 2015 · 147 posts · 55 votes
    5y

    @Stan Wu stand I will keep my eye out for larger multifamily properties for you.

    I saw that one at YSU. I agree with you college rentals seem to be a bigger risk right now. But if you could stand out from your competition could be worth it.

    I’m looking to grab a small multi family duplex to quad or single family for long term. Stocks have been my fund stash to make a return on that money until I can find a rental.

    1Reply
  • Robert Arquilla
    Contractor · Warren, OH · Member since 2015 · 147 posts · 55 votes
    5y

    @Stan Wu in 5 years I’d like to have 10-15 units.

    0Reply
  • Stan Wu
    Virtual Assistant · Bend, OR · Member since 2018 · 52 posts · 25 votes
    5y

    Very possible in those areas. Probably even get them at a discount as the number of units go up per property. PMs sometimes don’t want to manage smaller properties since they like to operate on quantity. 

    0Reply
  • Stan Wu
    Virtual Assistant · Bend, OR · Member since 2018 · 52 posts · 25 votes
    5y
    @Robert Arquilla: 
    1205 Elm St, YT $60K

    Think this can be converted to residential?  

    0Reply
  • Chris Sparrow
    Member since 2019 · 67 posts · 11 votes
    5y

    @Robert Arquilla  I am looking to invest in Warren OH as well.  I would love to get your advice on a property I am looking at.  I will PM you. :)

    1Reply
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