Investing in Cleveland, Ohio

11 Replies

I’m a newbie looking to start investing in multifamily building and there’s an apartment that I’m very interested in Cleveland, Ohio. Is there anyone around the area would like to help me out.

@Mike Yang hmm in that case you might be better with someone who actually has boots on the ground in Cleveland. I know there is a REIA meetup there, there will probably be realtors or wholesalers offering properties at the beginning of the meeting. Talking to them about what you are looking for is probably a good place to start
Originally posted by @Mike Yang :

I’m a newbie looking to start investing in multifamily building and there’s an apartment that I’m very interested in Cleveland, Ohio. Is there anyone around the area would like to help me out.

 Hello and welcome! Just make sure to know what neighborhood you're investing in. Make sure it will be cash flowing! 

Originally posted by @Mike Yang :

I’m a newbie looking to start investing in multifamily building and there’s an apartment that I’m very interested in Cleveland, Ohio. Is there anyone around the area would like to help me out.

 Help you out in regards to what? What specifically are you looking for? If you're looking for info on the neighborhoods give The Ultimate Guide to Grading Cleveland Neighborhoods a read. Many investors use this as a 1st step to understanding the area.

@Tom Ott

The apartment I’m looking at is located in the 44106 area code. I know the area may not be ideal for some investors, but the apartment seems to be cash flowing well with the numbers that I’m seeing.

But I’d like to connect with someone who has boots on the ground in the Cleveland area to help see if the area and building is good to go and maybe help with getting it under contract and lending referrals.

@James Wise

Yes I looked at the guide and the area I’m looking is in the F area regarding to the guidelines. It’s in the 44106 area code, but the building seems to be cash flowing well and would like to connect with someone who knows the area better to build my confident in the next step of making an offer.

Originally posted by @Mike Yang :

@James Wise

Yes I looked at the guide and the area I'm looking is in the F area regarding to the guidelines. It's in the 44106 area code, but the building seems to be cash flowing well and would like to connect with someone who knows the area better to build my confident in the next step of making an offer.

 I don't think there is a human on planet earth who knows the area better than I do & if i've said it's an F area on the guide it's pretty darn rough. Not saying money can't be made in F areas but it takes a certain type of investor. What is your investment experience level? I am getting the jist that you are newer to the business. It would be irresponsible for anyone to tell a new out of state investors that this was a good play for their 1st investment in the Cleveland market.

@Mike Yang

Welcome to BP and best of luck in your real estate investing!

A great place to start is https://www.biggerpockets.com/meet Which will help you find someone in your area you can connect with.

You'll find some helpful tips at https://www.biggerpockets.com/starthere.

For tips on how to get the most out of BiggerPockets, check out: https://www.biggerpockets.com/rei/biggerpockets-com-tutorial/

The BiggerPockets Keyword Alert System is an awesome tool: https://www.biggerpockets.com/renewsblog/2012/12/19/keyword-alert-system/

See you on future threads!

Originally posted by @Mike Yang :

@Tom Ott

The apartment I’m looking at is located in the 44106 area code. I know the area may not be ideal for some investors, but the apartment seems to be cash flowing well with the numbers that I’m seeing.

But I’d like to connect with someone who has boots on the ground in the Cleveland area to help see if the area and building is good to go and maybe help with getting it under contract and lending referrals.

 Ah well, that is a different story. 44106 is University Circle. It is an up and coming area. The real question is where is your building in relation to the new Uptown buildings, Cleveland Clinic, or University Circle. if you are near those it may be good, if you are farther away it may be too risky. That area is still street by street.