Hello everyone,

Anyone have any intel or experience with multi-family rentals in Cleveland Ohio? I was browsing through redfin and I noticed that homes can be purchased for as low as 50k! I'm looking to invest outside of the Los Angeles area, someplace a bit more affordable. My goal is cashflow!

Any help is welcome and greatly appreciated.

Best,

Jim

@Jim Jones

Make sure to connect with a local investor friendly agent there as there are lots of bad neighborhoods relative to good ones. You can find some great cash flow properties there if you get the right team in place! A property manager is critical

@Marc Rice

Thanks for the advice. Much appreciated!

Hi Jim, just bought one in Cleveland.  I can get you the lay of the land of what I learned if you're interested.  I did use a RE Agent, but he was new.  I did that so I can establish a relationship for the future.  

Let me know if you're interested in connecting.

Originally posted by @Jim Jones :

Hello everyone,

Anyone have any intel or experience with multi-family rentals in Cleveland Ohio? I was browsing through redfin and I noticed that homes can be purchased for as low as 50k! I'm looking to invest outside of the Los Angeles area, someplace a bit more affordable. My goal is cashflow!

Any help is welcome and greatly appreciated.

Best,

Jim

Yeah, properties are cheap in Cleveland due to the declining job and population growth. I recommend checking out Columbus, Ohio as well. It is a little more expensive but you can still find cashflow.

@Remington Lyman

Thats very interesting! I'll take a look at Columbus. Thank you very much!!

Jim

@Joe Jung

Thats awesome Let's! Let's connect!!

Would love to hear more about your experiences!

Thanks

Originally posted by @Jim Jones :

Hello everyone,

Anyone have any intel or experience with multi-family rentals in Cleveland Ohio? I was browsing through redfin and I noticed that homes can be purchased for as low as 50k! I'm looking to invest outside of the Los Angeles area, someplace a bit more affordable. My goal is cashflow!

Any help is welcome and greatly appreciated.

Best,

Jim

$50k is going to put you in some rough neighborhoods in Cleveland but yes, it can be done. My opinion you bring that up to the $75k range you can get some decently stable Section 8 properties. Before doing any investments in Cleveland I recommend you check out The Ultimate Guide to Grading Cleveland Neighborhoods for a look at the carious risk levels of each of the neighborhoods around town.

Originally posted by @Remington Lyman :

Originally posted by @Jim Jones:

Hello everyone,

Anyone have any intel or experience with multi-family rentals in Cleveland Ohio? I was browsing through redfin and I noticed that homes can be purchased for as low as 50k! I'm looking to invest outside of the Los Angeles area, someplace a bit more affordable. My goal is cashflow!

Any help is welcome and greatly appreciated.

Best,

Jim

Yeah, properties are cheap in Cleveland due to the declining job and population growth. I recommend checking out Columbus, Ohio as well. It is a little more expensive but you can still find cashflow.

lol bruhhhhhh. We should talk. Surely there has to be a better marketing pitch for you than "It ain't Cleveland."

Originally posted by @James Wise :

Originally posted by @Remington Lyman:

Originally posted by @Jim Jones:

Hello everyone,

Anyone have any intel or experience with multi-family rentals in Cleveland Ohio? I was browsing through redfin and I noticed that homes can be purchased for as low as 50k! I'm looking to invest outside of the Los Angeles area, someplace a bit more affordable. My goal is cashflow!

Any help is welcome and greatly appreciated.

Best,

Jim

Yeah, properties are cheap in Cleveland due to the declining job and population growth. I recommend checking out Columbus, Ohio as well. It is a little more expensive but you can still find cashflow.

 

lol bruhhhhhh. We should talk. Surely there has to be a better marketing pitch for you than "It ain't Cleveland."

That will be it until my brokerage expands into Cleveland 

Originally posted by @Remington Lyman :

Originally posted by @James Wise:

Originally posted by @Remington Lyman:

Originally posted by @Jim Jones:

Hello everyone,

Anyone have any intel or experience with multi-family rentals in Cleveland Ohio? I was browsing through redfin and I noticed that homes can be purchased for as low as 50k! I'm looking to invest outside of the Los Angeles area, someplace a bit more affordable. My goal is cashflow!

Any help is welcome and greatly appreciated.

Best,

Jim

Yeah, properties are cheap in Cleveland due to the declining job and population growth. I recommend checking out Columbus, Ohio as well. It is a little more expensive but you can still find cashflow.

 

lol bruhhhhhh. We should talk. Surely there has to be a better marketing pitch for you than "It ain't Cleveland."

That will be it until my brokerage expands into Cleveland 

Ohh no, all the Detroit based investor agents be warned. The..."It ain't Detroit" marketing is coming!

Cleveland is definitely a good cashflow market but depending on what your goals are for real estate, you might end up sacrificing some appreciation in the long run. @Jim Jones

@James Wise

I'll check out the guide. Thanks a bunch james!!

@Brandon Goldsmith

I'm really just looking to cashflow. If I can purchase a few properties and add another grand or two to my income stream I'd be more than happy.

Thank you Brandon!

@Jim Jones    I'm also out here in California and have bought in Cleveland. First two things I will tell you.

1. Get pre-approved with a lender first. Even if you will pay cash, get pre-approved with a lender. You will be taken much more seriously and not viewed as a tire kicker when you do this. I also know of a lender that will do mortgage loans on properties for as low as 40K.

2. When you are considering an agent or PM make sure you are able to speak with them by phone before you have them represent you. I don't mean just email or text. I mean you want to be able to speak with them live (without being charged). Trust me it makes a world of difference. I found this out the hard way. 

@Brian Garlington would you mind sharing that lender, most lenders I’ve come across won’t touch certain neighborhoods on the east side

Pierre,............what neighborhoods are you looking at in Cleveland?

@Jim Jones

Hey Mr. Jones I have a Deep Discounted opportunity in the Cleveland Heights, OH 44118 area. Let’s connect, that way I can send it over to you and you can conduct your own further evaluation.

@Brian Garlington

Yeah Cleveland is a different beast when it comes to PM’s. They will disappear on you, so choose wisely.

@Jim Jones It sounds like we have similar goals! Let's connect

@Rafieu Alharazim hit me up!

@Rafieu Alharazim

Sounds great!! Let's connect !)

@Dan Amaro

Awesome! Lets connect!!

I have an interest in SFR outside my home state as well. I'm in ND and just wondering how to have a rental house in another state and keep tabs on everything? I have 2 rental houses locally but we are a very small community. Any suggestions, advice to get started out of state is appreciated.

@Brian Garlington

Thank you for sharing your experiences. What are some reputable lenders in Cleveland that will for 50k ?

Jim