Does anyone have experience in the Cleveland market?

26 Replies

I am from Cleveland and currently have four rental properties there.  East Cleveland is considered a D/F area.  I would not recommend that area to Out of town investors.  The greater east side area of Cleveland does have some nice areas though. 

Originally posted by @Jose Baeza :
Hello,

Does anyone have experience investing in Multifamily properties in Cleveland? What do you guys think about East Cleveland? Thank you. Jose

 Stay away! Not the time to invest there. Maybe one day, but you do not want to be the first. It is pretty horrible. 

Originally posted by @Patrice Penda :

Hey @Tom Ott
What about Elyria?
I am looking at a portfolio of multifamily units located near the Midway mall.
Is it a good place to buy in your opinion?
Thanks.

 I'm sorry, but that is too far West for me. I mainly work on the Eastside so I am not 100% confident in that market. I do not want to give you incorrect information. 

Originally posted by @Tom Ott :
Originally posted by @Patrice Penda:

Hey @Tom Ott
What about Elyria?
I am looking at a portfolio of multifamily units located near the Midway mall.
Is it a good place to buy in your opinion?
Thanks.

 I'm sorry, but that is too far West for me. I mainly work on the Eastside so I am not 100% confident in that market. I do not want to give you incorrect information. 

Thanks Tom. I appreciate

Born and raised in Cleveland and go back 4-6 times a year. You should not invest from afar in East Cleveland. Period. There are other affordable areas with much better options such as Maple Heights that I would push you to consider. 

@Patrice Penda I grew up on the east side and never learned much about the west side, but it depends on your criteria. I know East Cleveland doesn't fit 95% of the investors I know.

Ask yourself who is your renter, what kind of job do they have?  Is there job diversity and are there more or less of these jobs coming to the area? 

Originally posted by @Jose Baeza :
Hello,

Does anyone have experience investing in Multifamily properties in Cleveland? What do you guys think about East Cleveland? Thank you. Jose

East Cleveland is a highly distressed area. It sounds like you are new to investing & the Cleveland area so I wouldn't recommend it as a target area for you. You would probably fare a lot better sticking to a more stable neighborhood.

Here is a link to The Ultimate Guide to Grading Cleveland Neighborhoods. Check it out & shift your focus to the B & C class neighborhoods. Much safer investments, especially B class.

Originally posted by @Kyle J. :

@James Wise Is a broker there. I’m sure he’d have some local insight. 

 Thanks for the tag. I'm always down to talk shop on the forums about Cleveland.

Originally posted by @Tom Ott :
Originally posted by @Jose Baeza:
Hello,

Does anyone have experience investing in Multifamily properties in Cleveland? What do you guys think about East Cleveland? Thank you. Jose

 Stay away! Not the time to invest there. Maybe one day, but you do not want to be the first. It is pretty horrible. 

 Thank you for cracking me up in the middle of my silent office, Tom.

I mean, you're right about East Cleveland, but I just have this image of you waving your arms and shouting STAY AWAY! Too funny.

Originally posted by @Gwen Fyfe :
Originally posted by @Tom Ott:
Originally posted by @Jose Baeza:
Hello,

Does anyone have experience investing in Multifamily properties in Cleveland? What do you guys think about East Cleveland? Thank you. Jose

 Stay away! Not the time to invest there. Maybe one day, but you do not want to be the first. It is pretty horrible. 

 Thank you for cracking me up in the middle of my silent office, Tom.

I mean, you're right about East Cleveland, but I just have this image of you waving your arms and shouting STAY AWAY! Too funny.

 :) That's kind of how I wanted it to come across. I am (slightly) optimistic that one day that area will be worth investing in, considering University Circle is right around the corner. Until the city gets their act together with city services, it will still most likely be a hard pass for a long time.

Happy I could bring joy to your day when talking about East Cleveland! 

Originally posted by @Nicole Heasley :

@Tom Ott I may need your help in about a year. I'll be looking at duplexes on the east side. 

 Happy to help! Just send me a message or email. 

Lol. This thread reminds me of the time I got stranded at Euclid and I90 and had to walk all the way to college at university circle on a Saturday night right after the welfare checks came out. That was an eye opener. It struck me that what was then poor was once pretty solid area. At that time, the inner east around, like East 55th and Euclid - way creepier in 1986. Is it still the same today?

Originally posted by @Tom Ott :
Originally posted by @Gwen Fyfe:
Originally posted by @Tom Ott:
Originally posted by @Jose Baeza:
Hello,

Does anyone have experience investing in Multifamily properties in Cleveland? What do you guys think about East Cleveland? Thank you. Jose

 Stay away! Not the time to invest there. Maybe one day, but you do not want to be the first. It is pretty horrible. 

 Thank you for cracking me up in the middle of my silent office, Tom.

I mean, you're right about East Cleveland, but I just have this image of you waving your arms and shouting STAY AWAY! Too funny.

 :) That's kind of how I wanted it to come across. I am (slightly) optimistic that one day that area will be worth investing in, considering University Circle is right around the corner. Until the city gets their act together with city services, it will still most likely be a hard pass for a long time.

Happy I could bring joy to your day when talking about East Cleveland! 

 I think it definitely will be someday. It's just a shame that isn't right now.

I am a Cleveland native but have been in Chicago for about 10 years. I am considering a multi-family in the Ohio City - Tremont area. How far west is too far from that area?