How is REI in Ohio ?

Question

Does any one  invest and lease appartments in Cleveland, Cincinnati and Yougstown  Ohio. how easy it is to get reasonable tenants?. I want to know if it is wise to buy  homes on e-bay fix and rent out in those areas.
I will appreciate your sugestions.

The other questions is how can I get financing to bid for  properties in on-line autions?

Brandon Schlichter · Answer

This specific PM did not want work, I called a few in Ytown, some said it was the greatest place for investing, some said it was the worst. This specific one was in the middle and talked quite a bit about only investing in certain areas.

Anyways, I really , really , really (I can't say this enough) like the columbus market.

Tom C · Answer

Brandon,

I live fairly close to the Ytown area and invest fairly clost to it too. I am sure there are some decent area's in Ytown, but you really have to know the city and PM's in that area are in my opinion will to say anything to get work.

Brandon Schlichter · Answer

I've talked to a few PMs in youngstown that have stated their vacancy rates were quite good.

It's like anywhere else, do your homework and learn the market.

Tom C · Answer

Just a follow up.. Ytown just posted their unemployement numbers at 8%.

John Adeiza · Answer

Thanks guy for your generous advices, from what I could summerize, Youngstown is a no-go-area. but other areas migth be O.K, what if I get a good manager for the appartments , say Cleveland, can I still make  something from rentals?

Tom C · Answer

You want to stay away from Youngstown. I am sure the properties you are looking at online are completely trashed. Any vacant home in Ytown has had everything of any value stolen, including the siding, wiring, any type of metal. So your $5000.00 home, just cost you 25K in order to make it ready for a dwelling permit and you will get 400 bucks a month in rents if you are lucky.

Michael Rossi · Answer

My opinion is that buying properties long distance via e-bay and renting them out is an invitation to financial disaster.  There are many good areas for operating a rental business in Ohio (and many other states), but that is made MUCH more difficult if you operate long distance.

Mike