Cleveland and all the burbs

Bob S.

Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes

Hey all, I have expensive experience there, who needs advice, recommendations or just guidance, Happy to help.

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Michael Norris

Specialist · Strongsville, OH · Member since 2016 · 303 posts · 217 votes

Quote from @Bob S.:

Quote from @Robert Ellis:

Quote from @Justin Brin:

@Bob S. I noticed Cleveland OH population is declining:

How much will it affect appreciation in the long run?

Where are all the vacant units in the area?

This article spells it all out and describes why my opinion it wouldn't make sense to invest in Cleveland. Too much housing stock, less mega projects, declining population in the past 2 years, not enough macroeconomic data like Columbus has.

https://www.daytondailynews.com/community/ohio-aims-to-add-p...

Go to jobsohio.com if you want to read the opposite. In the last 5 years columbus average value has gone from 170k or 180k to 300k+. Cleveland Is still half the price of columbus or even less on average.

10 of the some of the only growing counties are part of the Columbus MSA out of 12 counties. I wouldn't want to be investing in a market with negative population even if I could get it for free. Older homes that need updates are hard to keep up with deferred maintenance when your value hardly goes up.

https://www.dispatch.com/story/news/local/2023/03/31/census-...

Too much housing stock, hmm, go try and get a deal, there are none. Older homes are hard to keep up with, not sure where you're getting your Info but its incorrect. They were built better back then. I have had dozens, I have bought and sold about 500 out there. As long as you reno properly all is ok. Values hardly go up, again this proves my point I always post about, sitting on the internet is a 100% waste of time. So, the props that we paid 25k for and now selling for 125k -150 .The MF we paid 10k per unit and now are 45- 65k , how about the ones in Ohio City that were 20k and now 200k. Again, the internet is a waste of time All my properties are built from 1910- 1940 No issues. Try buying a 4- 10-unit, good luck, nothing out there. No mega projects, hmm not sure what you're looking at, but go there and see for yourself. Massive projects everywhere. I have NEVER sat on the internet to analyze a market; I go and see for myself. For 10 years I have been hearing from people that just analyze things to death and never do a deal, well how wrong were they? Coumbus is a great market as well, my buddy has 250 props there.

All the best

Shhhh let them think it's a bad place to invest

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So Hee Moon
Member since 2023 · 1 post · 0 votes
2y
I do! Sent you a PM :)
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Myaani Colar
Member since 2023 · 6 posts · 2 votes
2y
Hello! I am a resident of NY. I currently want to start with getting my first investment property but don't know where to start. I have been getting listing from a realtor in Ohio. How do I evaluate a property to ensure its valuable? What other markets should I be looking at for out of state investing?
1 Reply
Brittany MinocchiBusiness Member
Lender · Massillon, OH · Member since 2022 · 1k+ posts · 486 votes
2y
Quote from @Myaani Colar:

Hello! I am a resident of NY. I currently want to start with getting my first investment property but don't know where to start. I have been getting listing from a realtor in Ohio. How do I evaluate a property to ensure its valuable? What other markets should I be looking at for out of state investing?

Depending on where you're looking in OH, some areas will do better with cash flow, others will do better with appreciation. What cities have you been looking at? I'm from Stark County (Akron/Canton area) and invest in multifamily properties Canton. We favor cash flow right now. On the financing side of things, the lower value properties can be a bit tricky, so make sure you don't back yourself into a corner if you plan to get any sort of a mortgage. Happy to connect if you ever need help or have questions!
[email protected]330-354-6590
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Myaani Colar
Member since 2023 · 6 posts · 2 votes
2y
Quote from @Brittany Minocchi:
Depending on where you're looking in OH, some areas will do better with cash flow, others will do better with appreciation. What cities have you been looking at? I'm from Stark County (Akron/Canton area) and invest in multifamily properties Canton. We favor cash flow right now. On the financing side of things, the lower value properties can be a bit tricky, so make sure you don't back yourself into a corner if you plan to get any sort of a mortgage. Happy to connect if you ever need help or have questions!

Hello Brittany! Currently looking in Akron, Columbus, Dayton, Cincinnati and Franklinton. I see there is a lot of inventory to choose from. I will be holding for long term. I really want to make sure I wash flow in a good location (B-, C+, C-)
1 Reply
Justin Brin
Investor · Los Angeles, CA · Member since 2023 · 165 posts · 65 votes
2y
@Bob S. I noticed Cleveland OH population is declining:

How much will it affect appreciation in the long run?
Where are all the vacant units in the area?
0 Reply
Robert EllisBusiness Member
Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
2y
Quote from @Justin Brin:

@Bob S. I noticed Cleveland OH population is declining:

How much will it affect appreciation in the long run?
Where are all the vacant units in the area?

This article spells it all out and describes why my opinion it wouldn't make sense to invest in Cleveland. Too much housing stock, less mega projects, declining population in the past 2 years, not enough macroeconomic data like Columbus has.
https://www.daytondailynews.com/community/ohio-aims-to-add-p...
Go to jobsohio.com if you want to read the opposite. In the last 5 years columbus average value has gone from 170k or 180k to 300k+. Cleveland Is still half the price of columbus or even less on average.
10 of the some of the only growing counties are part of the Columbus MSA out of 12 counties. I wouldn't want to be investing in a market with negative population even if I could get it for free. Older homes that need updates are hard to keep up with deferred maintenance when your value hardly goes up.
https://www.dispatch.com/story/news/local/2023/03/31/census-...
[email protected]786-494-6766
Section 8 Launch52 Reviews
Website View Page
1 Reply
Bob S.
OP
Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
2y
Quote from @Justin Brin:

@Bob S. I noticed Cleveland OH population is declining:

How much will it affect appreciation in the long run?
Where are all the vacant units in the area?

I have been hearing this for 10 years I don't " by " it. Everything in all of Cleveland and burbs has doubled, tripled quadrupled or more OH City/ Tremont about 8 times increase. Massive infrastructure 2 lanes to 4 4 - 6. New restaurants, hotels, massive new residential buildings. When I was there in July, I could not believe the conversion on Euclid Ave in the heart of the city The roof top, pool spa will compare to a hotel in S beach. 24-hour concierge, and high-end appointments. Kimpton, The 9 and more, Try getting a room there during the summer. The Flats, also doing very well, Aloft getting 500 per night during the summer. Try getting a room at Marriott Key Tower during the summer. Amazon building 2 mill sq ft in the heart of it all. Sherwin William building a 30-story building downtown, and so much more. 10 years ago, you could buy in the nicer areas all in 30 35k with 1100- 1300 in rent. Well now those same properties are 120k++ MF were 5- 10k per unit, now 45- 65k, and there is no inventory. East Cleveland has also done very well and is IMO going to be the next boom! Try buying a MF along Euclid Ave from CC east to the RTA, nothing out there. I just locked up 7 more all in under 80 each, all have rents from 1100- 1400, all have values from 100k- 125k. There is a reason investor from around the world have been and still are buying there. We are trying to buy everything we can in parts of East Cleveland, I bet everything you read on the internet is telling you to run!! Well, that's what they said, 5, 6 7 8 years ago about ALL of Cleveland, and look how that turned out.

Good luck
2 Reply
Bob S.
OP
Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
2y
Quote from @Robert Ellis:

Quote from @Justin Brin:

@Bob S. I noticed Cleveland OH population is declining:

How much will it affect appreciation in the long run?
Where are all the vacant units in the area?

This article spells it all out and describes why my opinion it wouldn't make sense to invest in Cleveland. Too much housing stock, less mega projects, declining population in the past 2 years, not enough macroeconomic data like Columbus has.
https://www.daytondailynews.com/community/ohio-aims-to-add-p...
Go to jobsohio.com if you want to read the opposite. In the last 5 years columbus average value has gone from 170k or 180k to 300k+. Cleveland Is still half the price of columbus or even less on average.
10 of the some of the only growing counties are part of the Columbus MSA out of 12 counties. I wouldn't want to be investing in a market with negative population even if I could get it for free. Older homes that need updates are hard to keep up with deferred maintenance when your value hardly goes up.
https://www.dispatch.com/story/news/local/2023/03/31/census-...

Too much housing stock, hmm, go try and get a deal, there are none. Older homes are hard to keep up with, not sure where you're getting your Info but its incorrect. They were built better back then. I have had dozens, I have bought and sold about 500 out there. As long as you reno properly all is ok. Values hardly go up, again this proves my point I always post about, sitting on the internet is a 100% waste of time. So, the props that we paid 25k for and now selling for 125k -150 .The MF we paid 10k per unit and now are 45- 65k , how about the ones in Ohio City that were 20k and now 200k. Again, the internet is a waste of time All my properties are built from 1910- 1940 No issues. Try buying a 4- 10-unit, good luck, nothing out there. No mega projects, hmm not sure what you're looking at, but go there and see for yourself. Massive projects everywhere. I have NEVER sat on the internet to analyze a market; I go and see for myself. For 10 years I have been hearing from people that just analyze things to death and never do a deal, well how wrong were they? Coumbus is a great market as well, my buddy has 250 props there.

All the best
0 Reply
Michael Norris
Specialist · Strongsville, OH · Member since 2016 · 303 posts · 217 votes
2y
Quote from @Bob S.:

Quote from @Robert Ellis:

Quote from @Justin Brin:

@Bob S. I noticed Cleveland OH population is declining:

How much will it affect appreciation in the long run?
Where are all the vacant units in the area?

This article spells it all out and describes why my opinion it wouldn't make sense to invest in Cleveland. Too much housing stock, less mega projects, declining population in the past 2 years, not enough macroeconomic data like Columbus has.
https://www.daytondailynews.com/community/ohio-aims-to-add-p...
Go to jobsohio.com if you want to read the opposite. In the last 5 years columbus average value has gone from 170k or 180k to 300k+. Cleveland Is still half the price of columbus or even less on average.
10 of the some of the only growing counties are part of the Columbus MSA out of 12 counties. I wouldn't want to be investing in a market with negative population even if I could get it for free. Older homes that need updates are hard to keep up with deferred maintenance when your value hardly goes up.
https://www.dispatch.com/story/news/local/2023/03/31/census-...

Too much housing stock, hmm, go try and get a deal, there are none. Older homes are hard to keep up with, not sure where you're getting your Info but its incorrect. They were built better back then. I have had dozens, I have bought and sold about 500 out there. As long as you reno properly all is ok. Values hardly go up, again this proves my point I always post about, sitting on the internet is a 100% waste of time. So, the props that we paid 25k for and now selling for 125k -150 .The MF we paid 10k per unit and now are 45- 65k , how about the ones in Ohio City that were 20k and now 200k. Again, the internet is a waste of time All my properties are built from 1910- 1940 No issues. Try buying a 4- 10-unit, good luck, nothing out there. No mega projects, hmm not sure what you're looking at, but go there and see for yourself. Massive projects everywhere. I have NEVER sat on the internet to analyze a market; I go and see for myself. For 10 years I have been hearing from people that just analyze things to death and never do a deal, well how wrong were they? Coumbus is a great market as well, my buddy has 250 props there.

All the best

Shhhh let them think it's a bad place to invest

3 Reply
Robert EllisBusiness Member
Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
2y
Quote from @Bob S.:

Quote from @Robert Ellis:

Quote from @Justin Brin:

@Bob S. I noticed Cleveland OH population is declining:

How much will it affect appreciation in the long run?
Where are all the vacant units in the area?

This article spells it all out and describes why my opinion it wouldn't make sense to invest in Cleveland. Too much housing stock, less mega projects, declining population in the past 2 years, not enough macroeconomic data like Columbus has.
https://www.daytondailynews.com/community/ohio-aims-to-add-p...
Go to jobsohio.com if you want to read the opposite. In the last 5 years columbus average value has gone from 170k or 180k to 300k+. Cleveland Is still half the price of columbus or even less on average.
10 of the some of the only growing counties are part of the Columbus MSA out of 12 counties. I wouldn't want to be investing in a market with negative population even if I could get it for free. Older homes that need updates are hard to keep up with deferred maintenance when your value hardly goes up.
https://www.dispatch.com/story/news/local/2023/03/31/census-...

Too much housing stock, hmm, go try and get a deal, there are none. Older homes are hard to keep up with, not sure where you're getting your Info but its incorrect. They were built better back then. I have had dozens, I have bought and sold about 500 out there. As long as you reno properly all is ok. Values hardly go up, again this proves my point I always post about, sitting on the internet is a 100% waste of time. So, the props that we paid 25k for and now selling for 125k -150 .The MF we paid 10k per unit and now are 45- 65k , how about the ones in Ohio City that were 20k and now 200k. Again, the internet is a waste of time All my properties are built from 1910- 1940 No issues. Try buying a 4- 10-unit, good luck, nothing out there. No mega projects, hmm not sure what you're looking at, but go there and see for yourself. Massive projects everywhere. I have NEVER sat on the internet to analyze a market; I go and see for myself. For 10 years I have been hearing from people that just analyze things to death and never do a deal, well how wrong were they? Coumbus is a great market as well, my buddy has 250 props there.

All the best

I'm just trying to answer questions. Cleveland is a hotter market I can't control that. for low risk investors who have owned 0 properties I don't think buying a 1900 house for cash flow and putting renovation into is the right project. we have the same older stock here about 40% in columbus. I'm not putting Cleveland down. I'm a demolition contractor and Cleveland has been averaging 800 house teardowns a year for like 10 years like Detroit. you don't see that in columbus. the city isn't pushing for house teardown because the values support them to be remodeled. people aren't leaving them empty
[email protected]786-494-6766
Section 8 Launch52 Reviews
Website View Page
1 Reply
Bob S.
OP
Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
2y
Quote from @Michael Norris:

Quote from @Bob S.:

Quote from @Robert Ellis:

Quote from @Justin Brin:

@Bob S. I noticed Cleveland OH population is declining:

How much will it affect appreciation in the long run?
Where are all the vacant units in the area?

This article spells it all out and describes why my opinion it wouldn't make sense to invest in Cleveland. Too much housing stock, less mega projects, declining population in the past 2 years, not enough macroeconomic data like Columbus has.
https://www.daytondailynews.com/community/ohio-aims-to-add-p...
Go to jobsohio.com if you want to read the opposite. In the last 5 years columbus average value has gone from 170k or 180k to 300k+. Cleveland Is still half the price of columbus or even less on average.
10 of the some of the only growing counties are part of the Columbus MSA out of 12 counties. I wouldn't want to be investing in a market with negative population even if I could get it for free. Older homes that need updates are hard to keep up with deferred maintenance when your value hardly goes up.
https://www.dispatch.com/story/news/local/2023/03/31/census-...

Too much housing stock, hmm, go try and get a deal, there are none. Older homes are hard to keep up with, not sure where you're getting your Info but its incorrect. They were built better back then. I have had dozens, I have bought and sold about 500 out there. As long as you reno properly all is ok. Values hardly go up, again this proves my point I always post about, sitting on the internet is a 100% waste of time. So, the props that we paid 25k for and now selling for 125k -150 .The MF we paid 10k per unit and now are 45- 65k , how about the ones in Ohio City that were 20k and now 200k. Again, the internet is a waste of time All my properties are built from 1910- 1940 No issues. Try buying a 4- 10-unit, good luck, nothing out there. No mega projects, hmm not sure what you're looking at, but go there and see for yourself. Massive projects everywhere. I have NEVER sat on the internet to analyze a market; I go and see for myself. For 10 years I have been hearing from people that just analyze things to death and never do a deal, well how wrong were they? Coumbus is a great market as well, my buddy has 250 props there.

All the best

Shhhh let them think it's a bad place to invest

FUNNY RIGHT? So many sit on the internet and THINK they are getting good facts. So many just waste time reading, and analyzing. Meanwhile we are making 20% :)
Keep crushing it,
Lets connect I have unlimited deals and am always looking for more.
1 Reply
Bob S.
OP
Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
2y
Quote from @Robert Ellis:

Quote from @Bob S.:

Quote from @Robert Ellis:

Quote from @Justin Brin:

@Bob S. I noticed Cleveland OH population is declining:

How much will it affect appreciation in the long run?
Where are all the vacant units in the area?

This article spells it all out and describes why my opinion it wouldn't make sense to invest in Cleveland. Too much housing stock, less mega projects, declining population in the past 2 years, not enough macroeconomic data like Columbus has.
https://www.daytondailynews.com/community/ohio-aims-to-add-p...
Go to jobsohio.com if you want to read the opposite. In the last 5 years columbus average value has gone from 170k or 180k to 300k+. Cleveland Is still half the price of columbus or even less on average.
10 of the some of the only growing counties are part of the Columbus MSA out of 12 counties. I wouldn't want to be investing in a market with negative population even if I could get it for free. Older homes that need updates are hard to keep up with deferred maintenance when your value hardly goes up.
https://www.dispatch.com/story/news/local/2023/03/31/census-...

Too much housing stock, hmm, go try and get a deal, there are none. Older homes are hard to keep up with, not sure where you're getting your Info but its incorrect. They were built better back then. I have had dozens, I have bought and sold about 500 out there. As long as you reno properly all is ok. Values hardly go up, again this proves my point I always post about, sitting on the internet is a 100% waste of time. So, the props that we paid 25k for and now selling for 125k -150 .The MF we paid 10k per unit and now are 45- 65k , how about the ones in Ohio City that were 20k and now 200k. Again, the internet is a waste of time All my properties are built from 1910- 1940 No issues. Try buying a 4- 10-unit, good luck, nothing out there. No mega projects, hmm not sure what you're looking at, but go there and see for yourself. Massive projects everywhere. I have NEVER sat on the internet to analyze a market; I go and see for myself. For 10 years I have been hearing from people that just analyze things to death and never do a deal, well how wrong were they? Coumbus is a great market as well, my buddy has 250 props there.

All the best

I'm just trying to answer questions. Cleveland is a hotter market I can't control that. for low risk investors who have owned 0 properties I don't think buying a 1900 house for cash flow and putting renovation into is the right project. we have the same older stock here about 40% in columbus. I'm not putting Cleveland down. I'm a demolition contractor and Cleveland has been averaging 800 house teardowns a year for like 10 years like Detroit. you don't see that in columbus. the city isn't pushing for house teardown because the values support them to be remodeled. people aren't leaving them empty

Good I hope they keep knocking them down. I would guess 90% of the knockdowns are off Superior Coit, and the war zones of East Cleveland. I am buying everything we can from Little Italy to RTA area . I picked up a 7 unit on EMily Two months ago, very high ROI. I suspect it will double in value over 5 years. Columbus was a great market, hard to find great deals anymore. As mentioned, my buddy Tarry has about 250 there, crushing it!!!

All the best
0 Reply
James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
2y
If you're looking for info on Cleveland investing, I suggest you give The Ultimate Guide to Grading Cleveland Neighborhoods. The location of your properties is probably the most important factor when it comes to making (or losing) money here.
1 Reply
Darnell Lockett
Real Estate Consultant · Miami · Member since 2023 · 165 posts · 62 votes
2y
Quote from @Myaani Colar:

Hello! I am a resident of NY. I currently want to start with getting my first investment property but don't know where to start. I have been getting listing from a realtor in Ohio. How do I evaluate a property to ensure its valuable? What other markets should I be looking at for out of state investing?

Hi @Myaani Colar. Congratulations on wanting to get your first investment property. The first property is a huge confidence builder. May I ask why you want to buy out of state vs purchasing locally in NY? The ability to have boots on ground and physically look for your first property can help. That and the face to face communication with a local Realtor, Real Estate Attorney, or just some one who can offer you guidance is very valuable imo. After you've made a few local acquisitions and gained experience, then think about buying out of state? Just a thought. Again...congrats on getting started.
0 Reply
Bob S.
OP
Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
2y
Quote from @Darnell Lockett:

Quote from @Myaani Colar:

Hello! I am a resident of NY. I currently want to start with getting my first investment property but don't know where to start. I have been getting listing from a realtor in Ohio. How do I evaluate a property to ensure its valuable? What other markets should I be looking at for out of state investing?

Hi @Myaani Colar. Congratulations on wanting to get your first investment property. The first property is a huge confidence builder. May I ask why you want to buy out of state vs purchasing locally in NY? The ability to have boots on ground and physically look for your first property can help. That and the face to face communication with a local Realtor, Real Estate Attorney, or just some one who can offer you guidance is very valuable imo. After you've made a few local acquisitions and gained experience, then think about buying out of state? Just a thought. Again...congrats on getting started.

NY does not have good price points unless you go upstate where values have been 30- 60k and will remain. I live on the beach in FL and do all my business in OH and Mississippi,
1 Reply
Darnell Lockett
Real Estate Consultant · Miami · Member since 2023 · 165 posts · 62 votes
2y
Quote from @Bob S.:

Quote from @Darnell Lockett:

Quote from @Myaani Colar:

Hello! I am a resident of NY. I currently want to start with getting my first investment property but don't know where to start. I have been getting listing from a realtor in Ohio. How do I evaluate a property to ensure its valuable? What other markets should I be looking at for out of state investing?

Hi @Myaani Colar. Congratulations on wanting to get your first investment property. The first property is a huge confidence builder. May I ask why you want to buy out of state vs purchasing locally in NY? The ability to have boots on ground and physically look for your first property can help. That and the face to face communication with a local Realtor, Real Estate Attorney, or just some one who can offer you guidance is very valuable imo. After you've made a few local acquisitions and gained experience, then think about buying out of state? Just a thought. Again...congrats on getting started.

NY does not have good price points unless you go upstate where values have been 30- 60k and will remain. I live on the beach in FL and do all my business in OH and Mississippi,

@Bob S. Yes from what I hear, NYC is quite expensive. I'm down in Miami and it's very expensive here as well, so I do understand that aspect. If I may ask...what types of properties do you buy? We focus mainly on MF in the WPB/Fort Pierce/Port St. Lucie areas where it's a little more affordable.
0 Reply
Bob S.
OP
Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
2y
Quote from @Darnell Lockett:

Quote from @Bob S.:

Quote from @Darnell Lockett:

Quote from @Myaani Colar:

Hello! I am a resident of NY. I currently want to start with getting my first investment property but don't know where to start. I have been getting listing from a realtor in Ohio. How do I evaluate a property to ensure its valuable? What other markets should I be looking at for out of state investing?

Hi @Myaani Colar. Congratulations on wanting to get your first investment property. The first property is a huge confidence builder. May I ask why you want to buy out of state vs purchasing locally in NY? The ability to have boots on ground and physically look for your first property can help. That and the face to face communication with a local Realtor, Real Estate Attorney, or just some one who can offer you guidance is very valuable imo. After you've made a few local acquisitions and gained experience, then think about buying out of state? Just a thought. Again...congrats on getting started.

NY does not have good price points unless you go upstate where values have been 30- 60k and will remain. I live on the beach in FL and do all my business in OH and Mississippi,

@Bob S. Yes from what I hear, NYC is quite expensive. I'm down in Miami and it's very expensive here as well, so I do understand that aspect. If I may ask...what types of properties do you buy? We focus mainly on MF in the WPB/Fort Pierce/Port St. Lucie areas where it's a little more affordable.

NY - long Island, is ridiculous, can't make money there. My taxes where, 20k !!! I know the Miami market (most of Fl as well) very well. My GF is one of the biggest brokers there, Pulse Intl.  I know the markets from St Augustine - Miami, (The gables is insanely overpriced) Naples (Lived in Dunedin 2 years) to Tarpon Springs all crazy. I live in Boynton. My cuz is the number one at DR Horton in PSL. IF you get a great deal, not less than 10% net cap value add MF, send it over. I have a blank check,

Good luck
1 Reply
Darnell Lockett
Real Estate Consultant · Miami · Member since 2023 · 165 posts · 62 votes
2y
Good to know. Will do for sure @Bob S.. We love value add.
0 Reply
Justin Brin
Investor · Los Angeles, CA · Member since 2023 · 165 posts · 65 votes
2y
Quote from @Bob S.:

Quote from @Justin Brin:

@Bob S. I noticed Cleveland OH population is declining:

How much will it affect appreciation in the long run?
Where are all the vacant units in the area?

I have been hearing this for 10 years I don't " by " it. Everything in all of Cleveland and burbs has doubled, tripled quadrupled or more OH City/ Tremont about 8 times increase. Massive infrastructure 2 lanes to 4 4 - 6. New restaurants, hotels, massive new residential buildings. When I was there in July, I could not believe the conversion on Euclid Ave in the heart of the city The roof top, pool spa will compare to a hotel in S beach. 24-hour concierge, and high-end appointments. Kimpton, The 9 and more, Try getting a room there during the summer. The Flats, also doing very well, Aloft getting 500 per night during the summer. Try getting a room at Marriott Key Tower during the summer. Amazon building 2 mill sq ft in the heart of it all. Sherwin William building a 30-story building downtown, and so much more. 10 years ago, you could buy in the nicer areas all in 30 35k with 1100- 1300 in rent. Well now those same properties are 120k++ MF were 5- 10k per unit, now 45- 65k, and there is no inventory. East Cleveland has also done very well and is IMO going to be the next boom! Try buying a MF along Euclid Ave from CC east to the RTA, nothing out there. I just locked up 7 more all in under 80 each, all have rents from 1100- 1400, all have values from 100k- 125k. There is a reason investor from around the world have been and still are buying there. We are trying to buy everything we can in parts of East Cleveland, I bet everything you read on the internet is telling you to run!! Well, that's what they said, 5, 6 7 8 years ago about ALL of Cleveland, and look how that turned out.

Good luck
Sometimes metros that have declining population can make it more risky in the long run if more people decide to move out. Usually in more riskier areas you can make more money but then your risk is higher.
Usually higher risk investments will make more money but on the other side can be more risky and you can also lose more if things go bad.
As long as prices in Cleveland go up you will be fine. They can end up going up and never going down and you will do really good there.
1 Reply
Alex Bayes
Member since 2019 · 1 post · 0 votes
2y
Just want to say thanks for taking the time to post this Bob!
My partner and I are also looking to invest in the Ohio area, where we're from.
Just having some issues trusting/finding good GC's when we can't be boots on the ground with them!
0 Reply
Bob S.
OP
Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
2y
Quote from @Darnell Lockett:

Good to know. Will do for sure @Bob S.. We love value add.

Good luck,
1 Reply
Ryan Arth
Developer · Cleveland / Akron, OH · Member since 2008 · 922 posts · 399 votes
2y
Quote from @Justin Brin:

Quote from @Bob S.:

Quote from @Justin Brin:

@Bob S. I noticed Cleveland OH population is declining:

How much will it affect appreciation in the long run?
Where are all the vacant units in the area?

I have been hearing this for 10 years I don't " by " it. Everything in all of Cleveland and burbs has doubled, tripled quadrupled or more OH City/ Tremont about 8 times increase. Massive infrastructure 2 lanes to 4 4 - 6. New restaurants, hotels, massive new residential buildings. When I was there in July, I could not believe the conversion on Euclid Ave in the heart of the city The roof top, pool spa will compare to a hotel in S beach. 24-hour concierge, and high-end appointments. Kimpton, The 9 and more, Try getting a room there during the summer. The Flats, also doing very well, Aloft getting 500 per night during the summer. Try getting a room at Marriott Key Tower during the summer. Amazon building 2 mill sq ft in the heart of it all. Sherwin William building a 30-story building downtown, and so much more. 10 years ago, you could buy in the nicer areas all in 30 35k with 1100- 1300 in rent. Well now those same properties are 120k++ MF were 5- 10k per unit, now 45- 65k, and there is no inventory. East Cleveland has also done very well and is IMO going to be the next boom! Try buying a MF along Euclid Ave from CC east to the RTA, nothing out there. I just locked up 7 more all in under 80 each, all have rents from 1100- 1400, all have values from 100k- 125k. There is a reason investor from around the world have been and still are buying there. We are trying to buy everything we can in parts of East Cleveland, I bet everything you read on the internet is telling you to run!! Well, that's what they said, 5, 6 7 8 years ago about ALL of Cleveland, and look how that turned out.

Good luck
Sometimes metros that have declining population can make it more risky in the long run if more people decide to move out. Usually in more riskier areas you can make more money but then your risk is higher.
Usually higher risk investments will make more money but on the other side can be more risky and you can also lose more if things go bad.
As long as prices in Cleveland go up you will be fine. They can end up going up and never going down and you will do really good there.

Even with a slight decline in the MSA population over time, people will continue to make money in many pockets of that MSA. The region doesn't have to attract people from outside of it for certain areas to be in high demand within the region. Intimate local knowledge can offset the slight decline in population. If you are investing from afar, maybe then you hedge your risks by looking for markets with rising tides (though maybe you can't those pencil).
1 Reply
Bob S.
OP
Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
2y
Quote from @Alex Bayes:

Just want to say thanks for taking the time to post this Bob!
My partner and I are also looking to invest in the Ohio area, where we're from.
Just having some issues trusting/finding good GC's when we can't be boots on the ground with them!

I am more than happy to recommend. I live on the beach in FL and do about 150k a month in reno/ repairs, have properties walked for me in an hour, and have done about 500 deals out there. . I will introduce you to my team, happy to help .
1 Reply
Eric Murillo
Member since 2022 · 2 posts · 1 vote
2y
Quote from @Bob S.:

Hey all, I have expensive experience there, who needs advice, recommendations or just guidance, Happy to help.

Looking to get guidance I have a property in Maple Heights its producing about $200 cashflow monthly but i have gotten burned on a couple of contractors and the tenants i have are not the greatest with paying rent. I believe they want to leave in March 2024 so I am debating if I should re-rent it, change property managers or just sell and invest that somewhere else? Thanks for the help.
0 Reply
Bob S.
OP
Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
2y
Quote from @Eric Murillo:

Quote from @Bob S.:

Hey all, I have expensive experience there, who needs advice, recommendations or just guidance, Happy to help.

Looking to get guidance I have a property in Maple Heights its producing about $200 cashflow monthly but i have gotten burned on a couple of contractors and the tenants i have are not the greatest with paying rent. I believe they want to leave in March 2024 so I am debating if I should re-rent it, change property managers or just sell and invest that somewhere else? Thanks for the help.
I know the area very well having done 100s of move in and outs there, happy to help, PM me
0 Reply

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