It's decided: Cleveland or BUST!

It's decided: Cleveland or BUST!

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!

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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😉

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  • Andrew SyriosPro Member
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    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:
    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

     LOL! Yes, I am entertained.

  • Real Estate Agent · Cleveland, OH · Member since 2020 · 280 posts · 365 votes
    5y

    @Angela Ingram Thank you so much for the mention! Sorry I'm late to see it, things have been super busy here in CLE. It was my pleasure to help you get started and I look forward to helping you continue your journey. :)

  • Investor · Member since 2020 · 401 posts · 86 votes
    5y
    Originally posted by @Account Closed:

    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.

    It's a c-d neighborhood so turnover and evictions are predictable

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