I have a question for those of you who have invested in Ohio... Cleveland, Ohio in particular. I'm looking to purchase a buy and hold property in Cleveland in the next couple of months & I'm trying to figure out which area I should focus on. I'm an out of state investor however I'll be in town on for a few days during the holidays so I'm looking to cruise around different areas to scope out the area myself. I would just love any feedback or if anyone has particular area codes that I should look into, that would be GREAT!!!
I'm looking to purchase a property for 40K or less with a good ROI.
Thanks so much for all of your help. Much appreciated
I know an investor in E Cleveland who OWNS 150 properties 25 - 40 K at rents of 750 - 850, some sect 8 guaranteed, is an awesome property manger, PM me.
I'm a realtor in Cleveland, let me know what specific needs you have in mind and I can help you out!
@Brian Gibbons I too would be interested in speaking with the gentleman you know to Property manage in CLE. Please PM me any details. Thanks
There is a thread about cleveland investing where a guy just posted that he is doing work on the near west side at about 45k. I think it was around west 45th area. Anything under that is an area I wouldn't invest in, so I cannot offer an option.
Id stay out of E Cleveland. Youll never hear a local recommend E cleveland. Suburbs yes. E side of the city under 40k no way.
Under 40k fully rehabbed is either a steal or very sketchy. 50-60k is very doable if you are on the ground.
There are some great spots in the suburbs that give good returns. I have been seeing/working with a lot of people buying in Lakewood, Cleveland Heights, Parma, University Heights etc...
There are of course properties in Cleveland as well that would fit into what your looking for. Just have to be very careful! The ROI numbers on the spreadsheet are only the tip of the Iceburg.
Look at zillow it gives you a good idea of what is out there to buy and to rent. make sure you have a good cash flow at least 30% of the payment and you will need that to maintain the property.
you really need the $200 to float the property...this is not spending money.
as much as 30% is the cost of maintenance and vacancy.
I would stick with the "Heights" suburbs such as @Isaac Rowe mentioned above. Places like Bedford, Maple, Parma, Garfield, Shaker, University & Cleveland Heights. Steer clear of east Cleveland or anything west along Detroit ave. Take a look at crime plots such as Trulia's heat map, and you'll see the areas in red to avoid. And as mentioned above, should stick with $50K and over.
Thanks sooo much for all of your help. I appreciate it! :) I'm going to dive in and do more research on those specific areas. Really helps me narrow down my search
retouching this thread. I'd check out Tremont and Ohio city as well. Very desirable neighborhood right now.
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