Rental Property Investor 路 Broomfield, CO 路 Member since 2017 路 64 posts 路 40 votes
6y
@Yamundow Camara
I recently bought a duplex with a loft on the third floor for $95k in 44111 zip code and I am getting $1810 per month. It was turnkey with tenants so did not have to do anything. Good luck with your search.
Hello Everyone! I鈥檓 looking into investing in cleveland Ohio. Looking at some duplexes down there, any advise, suggestions, deals etc would be great.
I'm from just outside of Cleveland and being that you're investing from out of state the biggest piece of advice I can give is to be careful of the area, make sure you have someone on the ground who knows the city. It can be quite tempting when on paper you can buy a duplex for next to nothing and it looks like it cash flows like crazy but there are numerous areas on the east side that I would stay away from entirely. As a corollary, make sure you have a solid property manager as well! Do you have people who are local who are helping you?
One more thought, a lot of the construction there is from the first half of the 20th century, budget for fairly high cap ex & repairs/maintenance when running your numbers.
Rental Property Investor 路 Alpharetta, GA 路 Member since 2020 路 53 posts 路 26 votes
6y
@Daniel Haberkost Hey Daniel thanks for the advise, yes i did call up some property managers to ask questions and about the area. Also the dubplexes are both had some updates.. like the electric system, newly paint, roof etc and the already has tenants whose leases are ending in 2 tenants lease ending Nov 2020 and the other Dec 2020. One of the property is a 1915 and the other 1925
Also what would say a $400 cashflow for each.... this is base on my rough calculations 馃槉
Investor 路 HI 路 Member since 2017 路 328 posts 路 124 votes
6y
Hey @Yaamu Camara, Cleveland is a great place to invest. As Daniel said (and you know), be careful of the area, it can change from street to street (like most cities). All the best. 馃馃徑
Rental Property Investor 路 Alpharetta, GA 路 Member since 2020 路 53 posts 路 26 votes
6y
@Michael Ohara thanks for your responds/ advise yes i did some research but you can never know the place more than a local. So i appreciate your comments thanks.
Investor 路 Minneapolis, MN 路 Member since 2016 路 145 posts 路 108 votes
6y
@Yamundow Camara
I鈥檓 from the west side of Cleveland and always liked the Lakewood area for rentals. It鈥檚 where most of my cleveland friends lived at some point. I use the 1% rule to do a quick analysis on deals. If the monthly rent is 1% of the purchase price than it鈥檚 worth diving in deeper. Have you found anything that meets that criteria in your search?
Rental Property Investor 路 Alpharetta, GA 路 Member since 2020 路 53 posts 路 26 votes
6y
@James Wise Hello James thats the exact article i read to help me make my decision. Thanks Alot i would advise anyone looking to invest in Cleveland to utilize it.
@James Wise Hello James thats the exact article i read to help me make my decision. Thanks Alot i would advise anyone looking to invest in Cleveland to utilize it.
Nice. Glad to see it helped you get started in Cleveland. Good luck out here.
Real Estate Agent 路 Cleveland, OH 路 Member since 2020 路 280 posts 路 365 votes
6y
@Yaamu Camara If I could add one piece of advice, I would say great property management is key. I would be glad to offer a couple of recommendations. Euclid is a great area to invest. Let me know if I can help in any way. Welcome to the LAND!
Rental Property Investor 路 Avon, OH 路 Member since 2015 路 16 posts 路 1 vote
6y
@Yamundow Camara, I invest in Euclid area for over 10 years with great success. Prices are risen within the last 1-2 years predominantly contributed by Amazon building a distribution/processing center within City borders. But you can still beat the 1% rule with SF or MF. Steady stream of tenant pool so renting shouldn't be an issue, especially hot rental market in summer. PM me the street name and I can share my knowledge with you. Best of luck.
Rental Property Investor 路 Alpharetta, GA 路 Member since 2020 路 53 posts 路 26 votes
6y
@Murat (Murray) Tukel Hello Murray! Thanks for taking your time to share advise, i鈥檒l pm your the informatioa right away. Also great portfolio.. looking forward to building my own real estate company.
Real Estate Agent 路 Cleveland, OH 路 Member since 2020 路 280 posts 路 365 votes
6y
@Gregory Porter Welcome to the world of Cleveland investing! Let me know if there is anything I can do to help. My husband and I invest here also, so glad to share our experience or insights from the field.
Hello Everyone! I鈥檓 looking into investing in cleveland Ohio. Looking at some duplexes down there, any advise, suggestions, deals etc would be great.
Hello, the first thing you will want to do is check out this Cleveland Price & Neighborhood Map which will help you have a better understanding of the neighborhoods and general market in Cleveland. Very easy to use and has helped a huge amount of investors make the best decisions. Good luck!!
Rental Property Investor 路 Broomfield, CO 路 Member since 2017 路 64 posts 路 40 votes
6y
@Yamundow Camara
I recently bought a duplex with a loft on the third floor for $95k in 44111 zip code and I am getting $1810 per month. It was turnkey with tenants so did not have to do anything. Good luck with your search.