It's decided: Cleveland or BUST!

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It's decided: Cleveland or BUST!

Jc M.
Rental Property Investor 路 Member since 2020 路 83 posts 路 65 votes

I'm in California, but Cleveland is calling and I want to invest there; buy and hold. I think it has the right attributes and entry point for me as a new OOS investor and hey, why not (rhetorical, but comments welcome)? If Covid permits, my wife is good with me flying out there for a few days while she takes care of the one and three year old. Yes, she's a saint indeed.

I'd love to join a Cleveland RE investors group if they'd have me and would appreciate referrals for local real estate agents that want to work with new OOS investors looking for 1-4 unit props in B areas. I need a team for everything else too (prop mgmt, etc), but thought to start there. Pleae give me your recommendations and tank you in advance folks!

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Brian Garlington
Realtor 路 Oakland, CA and a Real Estate Investor with Multi-Family Units and a Self Storage Facility 路 Member since 2016 路 2k+ posts 路 2k+ votes
6y

I think a strategy that some Columbus agents use is to set keyword alerts for Cleveland..... in hopes of ..... oh never mind馃槈

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  • Michael Reisman
    Columbus, OH 路 Member since 2019 路 78 posts 路 66 votes
    6y

    @Joseph Mah

    Good luck Joseph. Cleveland is a great area to invest! I work mainly in the Columbus area, but Ohio in general has lots of opportunity for new investors.

    1Reply
  • Dylan Kiley
    Cleveland, OH 路 Member since 2020 路 21 posts 路 29 votes
    6y

    Hi Joseph. Cleveland is a great area to buy and hold. Redevelopment projects are bringing the city back to life and many new jobs are being created. There is no shortage of properties in B and C neighborhoods that have the potential to cash flow well for you. As long as you purchase in the right neighborhoods, you won't have a problem with tenants either. I've lived in Cleveland my entire life so if you ever need anything, please don't hesitate to reach out. I'd be happy to recommend neighborhoods and help you make the most of your trip 

    4Reply
  • Jc M.
    OP
    Rental Property Investor 路 Member since 2020 路 83 posts 路 65 votes
    6y

    @Michael Reisman, much appreciated!

    0Reply
  • Jc M.
    OP
    Rental Property Investor 路 Member since 2020 路 83 posts 路 65 votes
    6y

    @Dylan Kiley, I'd love to hear about then B and V areas you think hold the most promise and why. Thanks for sharing!

    0Reply
  • Zeke Liston
    Real Estate Agent 路 Columbus, OH 路 Member since 2018 路 1k+ posts 路 1k+ votes
    6y

    That's great @Jc M., best of luck! Cleveland has some great opportunities. I would check out Columbus if you have time as well! 

    1Reply
  • Tony Kim
    Rental Property Investor 路 Los Angeles 路 Member since 2018 路 844 posts 路 1k+ votes
    6y
    Originally posted by @Jc M.:

    I'm in California, but Cleveland is calling and I want to invest there; buy and hold. I think it has the right attributes and entry point for me as a new OOS investor and hey, why not (rhetorical, but comments welcome)? If Covid permits, my wife is good with me flying out there for a few days while she takes care of the one and three year old. Yes, she's a saint indeed.

    I'd love to join a Cleveland RE investors group if they'd have me and would appreciate referrals for local real estate agents that want to work with new OOS investors looking for 1-4 unit props in B areas. I need a team for everything else too (prop mgmt, etc), but thought to start there. Pleae give me your recommendations and tank you in advance folks!

    Not sure if you've seen this already, but here's a link to a guide to the various neighborhoods in Cleveland, put together by @James Wise

    https://www.biggerpockets.com/member-blogs/4704/42419-cleveland-neighborhood-grades

    We have a few properties in Toledo and are always on the lookout for some more deals in the area.

    1Reply
  • Account Closed
    Rental Property Investor 路 Brooke Park Drive 路 Member since 2018 路 1k+ posts 路 2k+ votes
    6y

    Population 505k 1990 down to 381k 2019. Pass.

    7Reply
  • Brian Garlington
    Realtor 路 Oakland, CA and a Real Estate Investor with Multi-Family Units and a Self Storage Facility 路 Member since 2016 路 2k+ posts 路 2k+ votes
    6y

    Cleveland is great for cash flow.

    4Reply
  • John Nachtigall
    Santa Rosa, CA 路 Member since 2017 路 325 posts 路 701 votes
    6y

    I work with @James Wise at Holton-Wise.   I have 4 duplex and have been very happy with all the services, broker, property manager, insurance, and title company.   RegardIess, I strongly endorse his service of analyzing properties before you buy them even if you use a separate realtor.   It is invaluable local experience on rents and costs personalized for your potential property.   Example below.    Worth every penny.  

    www.youtube.com/watch?v=eQkz4ySDRxM&

    1Reply
  • John Buzzard
    Investor 路 San Diego, CA 路 Member since 2016 路 23 posts 路 13 votes
    6y

    @Tony Kimi saw you stated you have some properties in toledo. We are looking to expand there from Indiana. Can you recommend a good property manager as we are also from cali

    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent 路 Columbus, OH 路 Member since 2017 路 6k+ posts 路 7k+ votes
    6y
    Originally posted by @Jc M.:

    I'm in California, but Cleveland is calling and I want to invest there; buy and hold. I think it has the right attributes and entry point for me as a new OOS investor and hey, why not (rhetorical, but comments welcome)? If Covid permits, my wife is good with me flying out there for a few days while she takes care of the one and three year old. Yes, she's a saint indeed.

    I'd love to join a Cleveland RE investors group if they'd have me and would appreciate referrals for local real estate agents that want to work with new OOS investors looking for 1-4 unit props in B areas. I need a team for everything else too (prop mgmt, etc), but thought to start there. Pleae give me your recommendations and tank you in advance folks!

     Have you looked at the population growth of Cleveland? I would look at Columbus, Ohio before you make any decisions.

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    3Reply
  • Uri Gofman
    Member since 2018 路 150 posts 路 200 votes
    6y

    We have been working with numerous west coast investors for several years now in helping them curate rental portfolios in the Cleveland market consistent with their investment criteria.  Been active in this market since 1995.  If you'd like to chat, feel free to reach out.  Andrew Weiner at USA Property Management in Beachwood is an excellent resource for all your property management needs in this market.

    0Reply
  • Account Closed
    Investor 路 Columbus, OH 路 Member since 2017 路 861 posts 路 1k+ votes
    6y
    Originally posted by @Account Closed:

    Population 505k 1990 down to 381k 2019. Pass.

    I say this totally in the spirit of intra-state ribbing, but.... you're in Toledo.  How are you busting on Cleveland hahaha 

    7Reply
  • Account Closed
    Rental Property Investor 路 Brooke Park Drive 路 Member since 2018 路 1k+ posts 路 2k+ votes
    6y
    Originally posted by @Account Closed:
    Originally posted by @Account Closed:

    Population 505k 1990 down to 381k 2019. Pass.

    I say this totally in the spirit of intra-state ribbing, but.... you're in Toledo.  How are you busting on Cleveland hahaha 

    Toledo is projected to triple in population in the next year. 
     

    1Reply
  • Account Closed
    Investor 路 Columbus, OH 路 Member since 2017 路 861 posts 路 1k+ votes
    6y
    Originally posted by @Account Closed:
    Originally posted by @Account Closed:
    Originally posted by @Account Closed:

    Population 505k 1990 down to 381k 2019. Pass.

    I say this totally in the spirit of intra-state ribbing, but.... you're in Toledo.  How are you busting on Cleveland hahaha 

    Toledo is projected to triple in population in the next year.  

    What! Organically? Or is a prison moving there?? 

     https://www.opendatanetwork.com/entity/1600000US3977000/Toledo_OH/demographics.population.change?year=2018

    8Reply
  • Darius Ogloza
    Investor 路 Marin County California 路 Member since 2018 路 1k+ posts 路 2k+ votes
    6y

    Not a native Ohioan but lived there for 7 long years.  Taught college at BGSU.  The people are mostly smart, civil and friendly (including my Toledo-born wife).  The economy . . . meh (maybe, Columbus excepted).  They don't call Cleveland "the mistake by the lake" for no reason.  Just saying.         

    6Reply
  • Account Closed
    Rental Property Investor 路 Brooke Park Drive 路 Member since 2018 路 1k+ posts 路 2k+ votes
    6y
    Originally posted by @Account Closed:
    Originally posted by @Account Closed:
    Originally posted by @Account Closed:
    Originally posted by @Account Closed:

    Population 505k 1990 down to 381k 2019. Pass.

    I say this totally in the spirit of intra-state ribbing, but.... you're in Toledo.  How are you busting on Cleveland hahaha 

    Toledo is projected to triple in population in the next year.  

    What! Organically? Or is a prison moving there?? 

     https://www.opendatanetwork.com/entity/1600000US3977000/Toledo_OH/demographics.population.change?year=2018

     Haha just joking

    2Reply
  • Brian Garlington
    Realtor 路 Oakland, CA and a Real Estate Investor with Multi-Family Units and a Self Storage Facility 路 Member since 2016 路 2k+ posts 路 2k+ votes
    6y

    I think a strategy that some Columbus agents use is to set keyword alerts for Cleveland..... in hopes of ..... oh never mind馃槈

    10Reply
  • Dave PoeppelmeierBusiness Member
    Realtor 路 Maumee, OH 路 Member since 2015 路 491 posts 路 722 votes
    6y

    @John Buzzard Hi John, regarding Property Management in Toledo, I'm an Investor in Toledo and Realtor with LaPlante Real Estate, and having seen several other Property Management companies and how they work, I feel we are the best in town. Let me know if you want to discuss further.

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    0Reply
  • Rich SomersPro Member
    Investor 路 San Diego, CA 路 Member since 2019 路 131 posts 路 116 votes
    6y

    Be careful with the declining population growth in Cleveland.  Cincinnati is also a great cash flow market with more of a stable population.  

    Good Luck! 

    3Reply
  • Jc M.
    OP
    Rental Property Investor 路 Member since 2020 路 83 posts 路 65 votes
    6y
    Originally posted by @Remington Lyman:
    Originally posted by @Jc M.:

    I'm in California, but Cleveland is calling and I want to invest there; buy and hold. I think it has the right attributes and entry point for me as a new OOS investor and hey, why not (rhetorical, but comments welcome)? If Covid permits, my wife is good with me flying out there for a few days while she takes care of the one and three year old. Yes, she's a saint indeed.

    I'd love to join a Cleveland RE investors group if they'd have me and would appreciate referrals for local real estate agents that want to work with new OOS investors looking for 1-4 unit props in B areas. I need a team for everything else too (prop mgmt, etc), but thought to start there. Pleae give me your recommendations and tank you in advance folks!

     Have you looked at the population growth of Cleveland? I would look at Columbus, Ohio before you make any decisions.

    Thanks for the suggestion, Remington. That's quite the graphic. What's the source? Any particulars that attract you to Columbus?

    0Reply
  • Jc M.
    OP
    Rental Property Investor 路 Member since 2020 路 83 posts 路 65 votes
    6y
    Originally posted by @Tony Kim:
    Originally posted by @Jc M.:

    I'm in California, but Cleveland is calling and I want to invest there; buy and hold. I think it has the right attributes and entry point for me as a new OOS investor and hey, why not (rhetorical, but comments welcome)? If Covid permits, my wife is good with me flying out there for a few days while she takes care of the one and three year old. Yes, she's a saint indeed.

    I'd love to join a Cleveland RE investors group if they'd have me and would appreciate referrals for local real estate agents that want to work with new OOS investors looking for 1-4 unit props in B areas. I need a team for everything else too (prop mgmt, etc), but thought to start there. Pleae give me your recommendations and tank you in advance folks!

    Not sure if you've seen this already, but here's a link to a guide to the various neighborhoods in Cleveland, put together by @James Wise

    https://www.biggerpockets.com/member-blogs/4704/42419-cleveland-neighborhood-grades

    We have a few properties in Toledo and are always on the lookout for some more deals in the area.

    Yeah, that map is great! He deserves a medal!

    3Reply
  • Mike Mocek
    Property Manager / Licensed Realtor 路 Toledo/Columbus, OH 路 Member since 2019 路 244 posts 路 262 votes
    6y

    Hey There @Jc M. I invest in Cleveland, have invested there for the past 6 years.  I also invest in Akron and I am a Realtor and PM here in Toledo.  My properties in Cleveland are good cash flowing properties however, the appreciation is very slow compared to other markets throughout the State.  I have a Cleveland Single Family home that is almost identical to a property in Akron, and my property in Akron has appreciated steadily over 3% in the time I have had it, the house in Cleveland holds maybe a $10k increase in value in the same amount of time. 

    If you are considering Toledo, @Dave Poeppelmeier and myself would be happy to discuss the city and opportunity with you.  When reviewing Toledo properties you will discover that the Toledo market is different from all others, not to mention, extremely low purchase prices on fixer uppers as compared to their retail value, Toledo is full of promises. The need for quality residential and commercial space has become astonishing, making the right investment in Toledo is sometimes not easy with so many different projects to choose from. Whether it is Single-Family homes, Multi-Family homes, mixed use or any other type of property, with such a high demand in Toledo, it rarely stays on the market for a great length of time.

    Some reasons why so many people are flocking to invest in this cosmopolitan community would be:

    - Low inflation
    - One of the safest cities in Ohio
    - Low cost of living
    - Growing metropolitan

    Toledo Investment Properties provide investors with a unique comprehensive platform that makes Toledo a logical place to invest in. The area is always expanding the business district as well as downtown, from Access to low cost regional talent, competitive real estate cost, strong work ethics and excellent facilities for sports, shopping, leisure and healthcare. All-In-All, Toledo Means Business!

    If you are still interested in speaking, we will be more than happy to discuss the area.

    2Reply
  • Account Closed
    Investor 路 Leander, TX 路 Member since 2016 路 296 posts 路 402 votes
    6y

    I was in the Cleveland market for 4 years and got out. 

    Speaking from my experience only, the turnover killed me. 

    I had a 1952 Cap Cod 4 bed 1.5 bath 1,600 sq. ft home with garage $900. a month in the Warrensville Heights area. 

    We had 4 different tenants those 4 years as they were always moving on, leaving me with over $5K a pop on the rehab when I had to get the property ready for the next one. 

    Also, the city loves to nickel and dime you with landlord and occupancy tax, plus their own inspectors come out to your property and find things for you to fix. 

    Every year it was something that was a violation. 

    My PM would say to me yea they pretty much just want the check in the mail.

    Insurance and taxes kept increasing as well.

    Sold the property back in Feb. the first week I put it on the market to some guy in Oklahoma. 

    I'm staying in the south from here on out.

    5Reply
  • Jc M.
    OP
    Rental Property Investor 路 Member since 2020 路 83 posts 路 65 votes
    6y
    Originally posted by @Account Closed:
    Originally posted by @Account Closed:
    Originally posted by @Account Closed:
    Originally posted by @Account Closed:

    Population 505k 1990 down to 381k 2019. Pass.

    I say this totally in the spirit of intra-state ribbing, but.... you're in Toledo.  How are you busting on Cleveland hahaha 

    Toledo is projected to triple in population in the next year.  

    What! Organically? Or is a prison moving there?? 

     https://www.opendatanetwork.com/entity/1600000US3977000/Toledo_OH/demographics.population.change?year=2018

    That's hilarious!

    1Reply
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