It's decided: Cleveland or BUST!

General Real Estate Investing
6yFollow

It's decided: Cleveland or BUST!

Jc M.
Rental Property Investor · Member since 2020 · 83 posts · 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!

10Reply
203 views

Most Popular Reply

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

10Reply
See this reply in the discussion

82 Replies

Jump to latestLatest
  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    6y
    Originally posted by @Account Closed:

    So I’m told this neighborhood in Columbus is C-.  Looks downright pretty to me. C- in Toledo (and I’m  assuming Cleveland) looks more like this.

     C- in columbus is almost a B in Cleveland/Toledo lol

    [email protected]786-494-6766
    Section 8 Launch52 Reviews
    WebsiteView Page
    2Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    6y
    Originally posted by @Jc M.:

    @Darius Ogloza, well, we can't all be Marin County. I went to Tam in Mill Valley, BTW.

    Maybe I should change the title of this post to:

    Undecided: Columbus, Cincinnati, Akron, Toledo or Bust?

     Pick Columbus, Ohio!

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    0Reply
  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    6y
    Podcast Guest on Show #121
    1Reply
  • P.J. Bremner
    Rental Property Investor · Claremont, CA · Member since 2015 · 292 posts · 374 votes
    6y

    @Joseph Mah

    I was in the same boat as you a few years back. I started my investing career in California, but the prices kept shooting up higher and I started to look elsewhere and stumbled upon Cleveland.

    I started out with 3 duplexes in B class areas and then worked my way up to about 70 units now in 3.5 years.

    I can just tell you from experience, it's scary as hell buying stuff out of state in the begging, but once you get over that first one it's no big deal. The team is extremely important, for sure. My opinion, your property manager will make or break you 100%. I've gone through several over the last few years, some of who were recommended above and they have cost me in the tens of thousands, so please just make sure you get good references. I like to get a reference and then ask the reference for another reference (so you get someone who isn't biased or preloaded to give a good review).

    My wife and I just had our first baby this year and between my California rentals and my Ohio rentals I spend more time on the Ohio ones, but it's all from home so I get to spend more quality time with the family, so that's another benefit one you get a few under your belt.

    I'll be happy to chat sometime and share a few stories, just PM me. Best of luck!

    3Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    6y
    Originally posted by @P.J. Bremner:

    @Joseph Mah

    I was in the same boat as you a few years back. I started my investing career in California, but the prices kept shooting up higher and I started to look elsewhere and stumbled upon Cleveland.

    I started out with 3 duplexes in B class areas and then worked my way up to about 70 units now in 3.5 years.

    I can just tell you from experience, it's scary as hell buying stuff out of state in the begging, but once you get over that first one it's no big deal. The team is extremely important, for sure. My opinion, your property manager will make or break you 100%. I've gone through several over the last few years, some of who were recommended above and they have cost me in the tens of thousands, so please just make sure you get good references. I like to get a reference and then ask the reference for another reference (so you get someone who isn't biased or preloaded to give a good review).

    My wife and I just had our first baby this year and between my California rentals and my Ohio rentals I spend more time on the Ohio ones, but it's all from home so I get to spend more quality time with the family, so that's another benefit one you get a few under your belt.

    I'll be happy to chat sometime and share a few stories, just PM me. Best of luck!

     Where did you buy in Ohio?

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    0Reply
  • P.J. Bremner
    Rental Property Investor · Claremont, CA · Member since 2015 · 292 posts · 374 votes
    6y

    @Remington Lyman

    My first three duplexes were in Lakewood, Shaker Heights and Cleveland (on the border of Lakewood, so not a terrible area). I have since expanded to other parts of Cleveland and a 20-unit property out in Elyria. I hear it said on here often that you have to go block by block to know the good areas and I would have to agree with that statement in general. There are some really scary streets in Cleveland that you wouldn't even go down in the middle of the afternoon, but you go a couple streets away and you are in $300k+ single family home average area that would be safe for a stroll at mid-night.

    I really liked Columbus when I looked at the market there a few years back. It seems like a great place to live, but for what I was looking for the price points were a little higher than where I wanted to end up. I went from house-hacking California homes and making 20% - 25% cash on cash (even had my first house that was an FHA loan that is doing 110% cash on cash) to looking at 10% or less for the exact same property 4 years later. So when I looked out of state, I wanted the potential CoC to be similar to what I was used to and found Cleveland was the place for it. Looking back on it now, I think it probably wouldn't have matter much if it was Cleveland or Columbus or buying another CA house hack. More importantly now to me is focusing on consistent returns that have less risk associated with it, which you can get in any market depending on which areas you buy in.

    I'm curious to hear your thoughts on the difference between the two markets since you are an expert in Columbus?

    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    6y
    Originally posted by @P.J. Bremner:

    @Remington Lyman

    My first three duplexes were in Lakewood, Shaker Heights and Cleveland (on the border of Lakewood, so not a terrible area). I have since expanded to other parts of Cleveland and a 20-unit property out in Elyria. I hear it said on here often that you have to go block by block to know the good areas and I would have to agree with that statement in general. There are some really scary streets in Cleveland that you wouldn't even go down in the middle of the afternoon, but you go a couple streets away and you are in $300k+ single family home average area that would be safe for a stroll at mid-night.

    I really liked Columbus when I looked at the market there a few years back. It seems like a great place to live, but for what I was looking for the price points were a little higher than where I wanted to end up. I went from house-hacking California homes and making 20% - 25% cash on cash (even had my first house that was an FHA loan that is doing 110% cash on cash) to looking at 10% or less for the exact same property 4 years later. So when I looked out of state, I wanted the potential CoC to be similar to what I was used to and found Cleveland was the place for it. Looking back on it now, I think it probably wouldn't have matter much if it was Cleveland or Columbus or buying another CA house hack. More importantly now to me is focusing on consistent returns that have less risk associated with it, which you can get in any market depending on which areas you buy in.

    I'm curious to hear your thoughts on the difference between the two markets since you are an expert in Columbus?

    I am an expert in Columbus and not in Cleveland. Columbus is a much better market to buy in because I am here. 

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    6y
    Originally posted by @Andrew Syrios:

     How do you do this?

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    0Reply
  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    6y
    Originally posted by @Remington Lyman:
    Originally posted by @Andrew Syrios:

     How do you do this?

    You just do it.

    Or are you asking how to embed a GIF into a forum post?

    Podcast Guest on Show #121
    0Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    6y
    Originally posted by @Andrew Syrios:
    Originally posted by @Remington Lyman:
    Originally posted by @Andrew Syrios:

     How do you do this?

    You just do it.

    Or are you asking how to embed a GIF into a forum post?

     The GIF

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    0Reply
  • Timothy Murphy III
    Real Estate Broker · Cleveland, OH · Member since 2012 · 771 posts · 252 votes
    6y

    The Cleveland area is more than just Cleveland. While the city itself has had population decline in some neighborhoods, Cuyahoga County as a whole has had it's population remain remarkable consistent over the past decade, with around 1.25m residents.

    Source: https://worldpopulationreview....

    2Reply
  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    6y
    Originally posted by @Remington Lyman:
    Originally posted by @Andrew Syrios:
    Originally posted by @Remington Lyman:
    Originally posted by @Andrew Syrios:

     How do you do this?

    You just do it.

    Or are you asking how to embed a GIF into a forum post?

     The GIF

    I just went to Giphy in a separate window and then drag and drop the image into the post. 

    Podcast Guest on Show #121
    1Reply
  • Brian Garlington
    Realtor · Oakland, CA and a Real Estate Investor with Multi-Family Units and a Self Storage Facility · Member since 2016 · 2k+ posts · 2k+ votes
    6y

    This has become an interesting thread.

    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    6y
    Originally posted by @Andrew Syrios:
    Originally posted by @Remington Lyman:
    Originally posted by @Andrew Syrios:
    Originally posted by @Remington Lyman:
    Originally posted by @Andrew Syrios:

     How do you do this?

    You just do it.

    Or are you asking how to embed a GIF into a forum post?

     The GIF

    I just went to Giphy in a separate window and then drag and drop the image into the post. 

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    1Reply
  • Michael Argento
    Investor · Member since 2020 · 12 posts · 3 votes
    6y

    @Account Closed Which city declined in Population from 505k to 381k?

    0Reply
  • Nathan FisherBusiness Member
    Property Manager · Cleveland, OH · Member since 2020 · 312 posts · 265 votes
    6y

    @Jc M.

    Dude, you're going to love Cleveland. Hit me up for restaurant advice, or stuff to do during your downtime.

    [email protected]216-245-2901
    Aligned Properties Group4.291 Reviews
    WebsiteView Page
    1Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    5y
    Originally posted by @Andrew Syrios:
    Clayton Morris picture by James Wise
    3Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    5y
    Originally posted by @Nathan Fisher:

    @Jc M.

    Dude, you're going to love Cleveland. Hit me up for restaurant advice, or stuff to do during your downtime.

     Drink heavily?

    1Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    5y
    Originally posted by @Michael Argento:

    @Account Closed Which city declined in Population from 505k to 381k?

     That's a pretty misleading stat. If you're going to use stats like that you would need to compare the population trends of the greater Cleveland area to account for suburban migration. Trending is still going down but at least it's an accurate argument. What families are living in the city proper? C'mon dawg. Come correct.

    2Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    5y
    Originally posted by @Remington Lyman:
    Originally posted by @Andrew Syrios:

     How do you do this?

     I've just got 1 question Ben......

    Clayton Morris James Wise Meme
    1Reply
  • Brian Garlington
    Realtor · Oakland, CA and a Real Estate Investor with Multi-Family Units and a Self Storage Facility · Member since 2016 · 2k+ posts · 2k+ votes
    5y

    @Jc M..  Be sure to talk on the phone with any potential Realtor, PM or contractor you will utilize in Cleveland. That’s the first vibe you will get in what it will be like to work with them. If you can’t talk with them on the phone first then you don’t want to trust them with your property.

    4Reply
  • Jc M.
    OP
    Rental Property Investor · Member since 2020 · 83 posts · 65 votes
    5y
    Originally posted by @Brian Garlington:

    @Jc M..  Be sure to talk on the phone with any potential Realtor, PM or contractor you will utilize in Cleveland. That’s the first vibe you will get in what it will be like to work with them. If you can’t talk with them on the phone first then you don’t want to trust them with your property.

    Definitely agree with that!

    1Reply
  • Michael Argento
    Investor · Member since 2020 · 12 posts · 3 votes
    5y

    @James Wise I asked the question to understand what city he was referring to with those numbers. I didn't confirm it or agree. I came quite correct by being someone interested in investing in Ohio and being inquisitive. 1 more point goes to Columbus now - haha - great match so far

    1Reply
  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    5y
    Originally posted by @James Wise:
    Originally posted by @Andrew Syrios:
    Clayton Morris picture by James Wise

    Thats kind of a sad and only semi-coherent meme but I'll take it

    Podcast Guest on Show #121
    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    5y
    Originally posted by @Andrew Syrios:
    Originally posted by @James Wise:
    Originally posted by @Andrew Syrios:
    Clayton Morris picture by James Wise

    Thats kind of a sad and only semi-coherent meme but I'll take it

    1Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free