Buying a commercial property in Ohio

Multi-Family and Apartment Investing
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Buying a commercial property in Ohio

Richard Herrera
Real Estate Investor · Member since 2011 · 16 posts · 7 votes

Hello all,

I'm an out state investor from NY and would be looking to purchase a property in either Ohio or Michigan this year. Looking in the range of 15-30 units value add property. What are the areas in the state best for investment. My wife and I would be holding long term after some fixing up, upgrades and refinance. Also would be looking to hire a pmc so if you can recommend us some a good ones would be appreciated. 

Thank you.

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Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
2y
Quote from @Richard Herrera:

Hello all,

I'm an out state investor from NY and would be looking to purchase a property in either Ohio or Michigan this year. Looking in the range of 15-30 units value add property. What are the areas in the state best for investment. My wife and I would be holding long term after some fixing up, upgrades and refinance. Also would be looking to hire a pmc so if you can recommend us some a good ones would be appreciated. 

Thank you.


 I am originally from CT. I moved to Ohio and started buying real estate here in 2017. Would be happy to chat with you about the market!

[email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    2y
    Quote from @Richard Herrera:

    Hello all,

    I'm an out state investor from NY and would be looking to purchase a property in either Ohio or Michigan this year. Looking in the range of 15-30 units value add property. What are the areas in the state best for investment. My wife and I would be holding long term after some fixing up, upgrades and refinance. Also would be looking to hire a pmc so if you can recommend us some a good ones would be appreciated. 

    Thank you.


     I am originally from CT. I moved to Ohio and started buying real estate here in 2017. Would be happy to chat with you about the market!

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    3Reply
  • Alfath AhmedBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2022 · 1k+ posts · 1k+ votes
    2y
    Quote from @Richard Herrera:

    Hello all,

    I'm an out state investor from NY and would be looking to purchase a property in either Ohio or Michigan this year. Looking in the range of 15-30 units value add property. What are the areas in the state best for investment. My wife and I would be holding long term after some fixing up, upgrades and refinance. Also would be looking to hire a pmc so if you can recommend us some a good ones would be appreciated. 

    Thank you.


     Hey Richard, I work with other NY investors in both smaller and larger multi-family deals here in OH. I can tell you deals are definitely available here. You might need to look 30 mins out from the main city to find the mom/pops 20+ units. 

    [email protected]614-802-5698
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  • Jimmy LieuBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2019 · 3k+ posts · 2k+ votes
    2y
    Quote from @Richard Herrera:

    Hello all,

    I'm an out state investor from NY and would be looking to purchase a property in either Ohio or Michigan this year. Looking in the range of 15-30 units value add property. What are the areas in the state best for investment. My wife and I would be holding long term after some fixing up, upgrades and refinance. Also would be looking to hire a pmc so if you can recommend us some a good ones would be appreciated. 

    Thank you.

    Hey Richard, I moved to Columbus a few years ago (from Portland, Oregon which was super expensive) to become a full time real estate investor, and ever since, I've completed quite a lot of BRRRRs, flips, and own a successful rental portfolio here in Columbus Ohio. There's so many catalysts for population and job growth (Intel, Honda, Amazon, Nationwide Hospital, etc). I can definitely tell you there's still a lot of positive cash flowing and 1% rule deals and you get amazing appreciation. As an investor and agent here in Columbus Ohio, if you have any questions or want to connect, definitely reach out!
    [email protected]614-300-7535
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  • Lars Leweck
    Lender · San Diego, CA · Member since 2020 · 7 posts · 9 votes
    2y

    Exciting to hear about your investment plans! I just recently financed a deal in Wooster, OH - smaller market but limited multifamily supply. Our client bought in 2019 and just cash out refinanced and his property stabilized now. This was a 50 unit property, so a bit bigger than what you're looking for, but certainly opportunity there. If you need any insights into financing options (value add bridge or permanent), I'm happy to be a resource here to help. 

    1Reply
  • Jacob Sherman
    12 Penns Trail Suite 138 Newtown, PA 18940 · Member since 2023 · 1k+ posts · 319 votes
    2y

    Hey Rich ! Yes financing would start at 25% down with the multi family . No income No doc . 

    1Reply
  • Paw Nouri
    Member since 2024 · 15 posts · 8 votes
    2y
    Quote from @Richard Herrera:

    Hello all,

    I'm an out state investor from NY and would be looking to purchase a property in either Ohio or Michigan this year. Looking in the range of 15-30 units value add property. What are the areas in the state best for investment. My wife and I would be holding long term after some fixing up, upgrades and refinance. Also would be looking to hire a pmc so if you can recommend us some a good ones would be appreciated. 

    Thank you.


    My favorite areas for NE is Rocky River, Lakewood, Shaker Heights, Wadsworth, Fairlawn, and certain areas of Cleveland

    Columbus I typically stick to Grove City, Hilliard, Reynoldsburg, and a few areas north of Polaris in Deleware county.

    Happy hunting

    1Reply
  • Andrew Weiner
    Property Manager · Cleveland, OH · Member since 2020 · 268 posts · 315 votes
    2y

    There are a good number of buildings that fall in that range in north Cleveland Heights.  I would find some commercial agents in the area to get started, a lot of deals are done off market prior to listing and they have a vested interest to make it happen so they get both sides of the commission.  

    In this space I would recommend networking with multiple agents/brokers because if they are off market deals then other agents might not even know they were available.  One of my friends who deals in larger multifamily gets most of his deals from his lender, again they are incentivized to get it to one of their good customers so they can get the purchase and future refi's on the buildings.  

    1Reply
  • Michael K GallagherBusiness Member
    Real Estate Agent · Columbus OH · Member since 2018 · 1k+ posts · 1k+ votes
    2y
    Quote from @Richard Herrera:

    Hello all,

    I'm an out state investor from NY and would be looking to purchase a property in either Ohio or Michigan this year. Looking in the range of 15-30 units value add property. What are the areas in the state best for investment. My wife and I would be holding long term after some fixing up, upgrades and refinance. Also would be looking to hire a pmc so if you can recommend us some a good ones would be appreciated. 

    Thank you.

     Hey @Richard Herrera welcome to the forums!  I'd be curious what lead you to Ohio or Michigan?  and why you have settled on that unit count?  curious what about those variables align with your goals.

    [email protected]614-362-2231
    0Reply
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