Rental Property Investor · Orange County, CA · Member since 2019 · 151 posts · 92 votes
I am aware of the location in being a suburb 45 minutes away from Cleveland, edging Lake Erie, yet if there's anyone residing of doing real estate in the area that could give me a personal opinion, I'd appreciate it.
I have an agent in the area and would like separate opinions apart from what I've read, and received from them (some agents window dress & throw lots of daisies when they see opportunity - a property I have an opportunity to purchase, yet I am hesitant).
I've read about high crime, low job rates, and sunk property values, and viewed hints of hard to come by appreciation.
I'd like to know more (if these are true, not true, or overblown, etc).
I went to college in Oberlin, Ohio, which is in Lorain County. It's beautiful flat farmland. There's no industry, it was hard times 20 years ago (when I graduated), and I have only heard it's gotten worse. The main way locals made money was renting to college students, but the college decided they wanted a piece of that and a few years ago they started buying up the off campus housing and they require students to live in it.
I would not invest there except under very specific conditions... like my kid got accepted there *and* got a waiver to live off campus.
I went to college in Oberlin, Ohio, which is in Lorain County. It's beautiful flat farmland. There's no industry, it was hard times 20 years ago (when I graduated), and I have only heard it's gotten worse. The main way locals made money was renting to college students, but the college decided they wanted a piece of that and a few years ago they started buying up the off campus housing and they require students to live in it.
I would not invest there except under very specific conditions... like my kid got accepted there *and* got a waiver to live off campus.
Don’t know a lot about Lorain but I work for a commercial construction company who does a lot in Cleveland and construction is booming right now. Downtown has built 1 new apartment building (tower) and another new one being constructed now.
Some other areas that you may want to look into are Rocky River and westlake. I hear those areas are doing well as far as renting goes.
There is also a really good neighborhood guide out there for Cleveland neighborhoods I believe @jameswise has this info and has posted the link many times.
I am aware of the location in being a suburb 45 minutes away from Cleveland, edging Lake Erie, yet if there's anyone residing of doing real estate in the area that could give me a personal opinion, I'd appreciate it.
I have an agent in the area and would like separate opinions apart from what I've read, and received from them (some agents window dress & throw lots of daisies when they see opportunity - a property I have an opportunity to purchase, yet I am hesitant).
I've read about high crime, low job rates, and sunk property values, and viewed hints of hard to come by appreciation.
I'd like to know more (if these are true, not true, or overblown, etc).
Lorain's tenant base if pretty similar to a lot of the C-Class tenant base you get in the Cleveland market. Pricing is relativity similar as well.