Rental Property Investments
Hello,
I am a 21 year old real estate investor out of Los Angeles California. I own some rentals in Cleveland and Milwaukee and I am a couple of weeks from closing on another multi family in Wisconsin. I am interested in any advice I can get in regards to expanding my portfolio in Cleveland? The do's and dont's would be greatly appreciated as I am always trying to learn. Any advice? All investors welcome
Most Popular Reply
Congrats on all your success!!! I visited Cleveland years back, and to me the east side of the city was older, higher cap rates, and lower price per unit, but harder to manage. The west side was a bit newer, higher pricing, but a more stable resident base.
1.Don't chase high cap rates. 2. Make sure to walk the neighborhood and property before you close on deals 3. Become familiar with the local laws. They've got some funky laws when turing a unit or buying a property with deferred maintenance. 4. Interview as many property managers who manage the type of asset you're investing in
Gino