Anyone investing in Maple Heights or Euclid, Ohio?

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Anyone investing in Maple Heights or Euclid, Ohio?

Jarret Sa'o
Rental Property Investor · San Diego, CA · Member since 2020 · 29 posts · 13 votes

Just wondering if anyone has had success investing in the maple heights or Euclid areas of Ohio? I can’t find anything good online about these areas. Lots of horror stories regarding the area (crime, housing, declining etc.).

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Michelle Fenn
Real Estate Agent · Cleveland OH · Member since 2015 · 213 posts · 275 votes
5y

I manage properties for investors in both Maple Hts and Euclid.   If the property owner allows me to maintain the property well I have no problem with finding good long term tenants.    I personally own a property in Euclid.    It is located between Lakeshore Blvd and Lake Erie and the home is deeded with access to a private beach on Lake Erie at an affordable 200.00 annually.    Best kept secret in Cleveland area.  

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  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Jarret Sa'o:

    Just wondering if anyone has had success investing in the maple heights or Euclid areas of Ohio? I can’t find anything good online about these areas. Lots of horror stories regarding the area (crime, housing, declining etc.).

     No, I prefer investing in Columbus, Ohio

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  • Melissa Perez
    Rental Property Investor · Northern, NJ · Member since 2019 · 34 posts · 41 votes
    5y

    @Jarret Sa'o Realize this thread is super old but just came across this and thought I'd add that I am currently closing on a SFH in Maple Heights. I feel like it's on a block by block basis. The area has a long way to go for sure. Best of luck to you!

    0Reply
  • Jarret Sa'o
    OP
    Rental Property Investor · San Diego, CA · Member since 2020 · 29 posts · 13 votes
    5y

    @Melissa Perez thanks for the follow up. I ended up purchasing in maple heights also and agree with you but so far I’m 5 months in and have had no issue thus far. Good prop mgmt company 5 months in so I hope it lasts a long time. Good luck Melissa.

    1Reply
  • Melissa Perez
    Rental Property Investor · Northern, NJ · Member since 2019 · 34 posts · 41 votes
    5y

    @Jarret Sa'o I feel like horror stories come with any property and location especially if the tenants were not properly vetted. The area is obviously not a B or A and it’s mainly working class/lower income but that doesn’t mean there aren’t good hard working people looking for decent housing. I have learned that the rental market there and investment in the area is hot right now. Amazon is nearby as well as a major hospital so I’m hopeful there is a slow growth over time. Only time will tell. 

    1Reply
  • Jarret Sa'o
    OP
    Rental Property Investor · San Diego, CA · Member since 2020 · 29 posts · 13 votes
    5y

    @Melissa Perez You know I was in the same mindset but we can’t let the horror stories weigh us down otherwise we’ll never move forward. I took the leap, worked with prop mgmt to do some good vetting and we got some good tenants. 1 works at a nearby hospital and her partner similar. Maple heights is trying to turn a leaf and the local city council is on the upside of funding local parks and trying to clean the area up. I hope they continue that trend and more working class folks continue to move in. There are a lot of Reno’s happening in maple heights so the clean up of the neighborhood is a good thing. Did you go with a turnkey company or did you find the place yourself?

    0Reply
  • Melissa Perez
    Rental Property Investor · Northern, NJ · Member since 2019 · 34 posts · 41 votes
    5y

    @Jarret Sa'o Yes! The rehabs are definitely a good thing. I used Rent to Retirement to aquire this particular property. I am waiting to close on it but I already have my PM in place and know that my investment is in good hands (fingers crossed). By all accounts I have good tenants in place who really take care of the house like it's their own so that's always a plus.

    I have read good things about the Maple Heights mayor and what she is trying to do for the community. I too hope that in time, things get cleaned up.

    How did you find your property?

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  • Jarret Sa'o
    OP
    Rental Property Investor · San Diego, CA · Member since 2020 · 29 posts · 13 votes
    5y

    @Melissa Perez I went with Martel TK and at that same time I linked up with a realtor on here and I went and found another place in Euclid. I was juggling both deals at the same time learning the differences between the 2 strategies (TK vs finding a prop on ur own and getting a realtor/prop mgmt all urself). I saved about $20k doing it on my own vs a TK company. Both strategies have their pros and cons but I think I like the doing it on your own part because the money you can save yourself. I almost went with R2R also but I opted out and went with someone else. R2R is cool though, just intimidating for my very first deal. Hope to buy a prop from them some day though. Seem like they have a god op there. Do you have other properties in the state or other states?

    1Reply
  • Melissa Perez
    Rental Property Investor · Northern, NJ · Member since 2019 · 34 posts · 41 votes
    5y

    @Jarret Sa'o That's awesome! I agree, that you DO pay a premium when purchasing with a TK but it comes with the ability to NOT have to rehab, find a property management company and, for the most part, have a hassle-free experience. I am also on the fence on whether or not to use them for my next one or if I should go at it on my own. Perhaps I will stick to turnkey in Maple Heights for the time being. (?) 

    My experience with them has been pretty good so far. You definitely have to do your own due diligence and analyze the numbers to make sure things are accurate. That I learned from the start. But, in the end, things are looking good and the numbers make sense.

    My husband and I currently own a duplex in New York City as well but we aren't interested in investing in this metro area any time soon. Our money can go much further out of state.

    Did you have to rehab your non-turnkey property? Which PM company are you currently using? Always love to hear first hand accounts and have backups in mind just in case :)

    1Reply
  • Michelle Fenn
    Real Estate Agent · Cleveland OH · Member since 2015 · 213 posts · 275 votes
    5y

    I manage properties for investors in both Maple Hts and Euclid.   If the property owner allows me to maintain the property well I have no problem with finding good long term tenants.    I personally own a property in Euclid.    It is located between Lakeshore Blvd and Lake Erie and the home is deeded with access to a private beach on Lake Erie at an affordable 200.00 annually.    Best kept secret in Cleveland area.  

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

    Just wondering if anyone has had success investing in the maple heights or Euclid areas of Ohio? I can’t find anything good online about these areas. Lots of horror stories regarding the area (crime, housing, declining etc.).

     There is ample info on Maple Heights and Euclid in The Ultimate Guide to Grading Cleveland Neighborhoods.

    2Reply
  • Melissa Perez
    Rental Property Investor · Northern, NJ · Member since 2019 · 34 posts · 41 votes
    5y

    @James Wise I have that link saved for reference. It's awesome. Thanks for including here! I know it is 4 years old, do you feel that some of the areas you listed have transitioned/changed at all in that time?

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

    @James Wise I have that link saved for reference. It's awesome. Thanks for including here! I know it is 4 years old, do you feel that some of the areas you listed have transitioned/changed at all in that time?

     It's actually a living document so it's updated as needed throughout the years.

    0Reply
  • Jarret Sa'o
    OP
    Rental Property Investor · San Diego, CA · Member since 2020 · 29 posts · 13 votes
    5y

    @Melissa Perez yup I agree. I live in CA and invest out of state because it goes a much longer way then trying in a very pricey CA. For my non TK property I inherited a tenant living there already but the place was already in great shape. No minor or major issue and because some cities in Ohio has that point of sale inspection I just made sure that was clear before I purchased it so everything that needed to be fixed got done and signed off by the city inspector. I did get a detailed inspection report of the property so as soon as the tenants lease is up and they decide to not renew I’ll be sending a crew in to do some upgrades to bring the place more up

    To date and bump the rent to market rates. The realtor I worked with has a general contractor that I worked with to get some things done on the outside of the property. I’ll use him again for all interior things also once that time comes. My realtor will manage the project when we do that and I’ll pay her a flat rate to be sure the GC sticks to schedule and budget. Then I’ll pay the GC directly for their work. Will keep you posted on that experience when it happens for sure. For future properties I might head to other areas since I’m now familiar with the surrounding areas but I’m really looking for an appreciation Play for my next one vs just cash flow. So maybe even head to another state to look for a good appreciation property would be cool. Good luck with your property and keep in touch!!

    0Reply
  • Jarret Sa'o
    OP
    Rental Property Investor · San Diego, CA · Member since 2020 · 29 posts · 13 votes
    5y

    @James Wise thanks I used this when I first got to the Ohio area. Good link to have handy.

    0Reply
  • Jacob Repreza
    Real Estate Agent · Orange County, CA · Member since 2016 · 207 posts · 111 votes
    5y

    We were negotiating a 15 property portfolio in maple heights with an owner that unfortunately fell through to the seller backing out but it's a very underrated area of Cleveland in my opinion. Lower entry prices with very stables tenants and decent rents. 

    3Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    5y
    Originally posted by @Jacob Repreza:

    We were negotiating a 15 property portfolio in maple heights with an owner that unfortunately fell through to the seller backing out but it's a very underrated area of Cleveland in my opinion. Lower entry prices with very stables tenants and decent rents. 

     He probably realized how much more he'd make if he sold them off individually as opposed to 15 at a time. These investors who try to sell their single family homes as a package blow my mind. Worst possible way to sell something like that.

    0Reply
  • Jacob Repreza
    Real Estate Agent · Orange County, CA · Member since 2016 · 207 posts · 111 votes
    5y
    Originally posted by @James Wise:
    Originally posted by @Jacob Repreza:

    We were negotiating a 15 property portfolio in maple heights with an owner that unfortunately fell through to the seller backing out but it's a very underrated area of Cleveland in my opinion. Lower entry prices with very stables tenants and decent rents. 

     He probably realized how much more he'd make if he sold them off individually as opposed to 15 at a time. These investors who try to sell their single family homes as a package blow my mind. Worst possible way to sell something like that.

    It actually ended up being that he just liked the cash flow too much and was going to retire. About 9 or 10 of them were paid off and he didn't want to deal with 15 different escrows, agent fees, title fees etc. I also just checked the county website and he's still the owner! He didn't have it in a will though so I hope he finally put it in a trust, like I told him or else that'll be very unfortunate in the future. 

    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    5y
    Originally posted by @Jacob Repreza:
    Originally posted by @James Wise:
    Originally posted by @Jacob Repreza:

    We were negotiating a 15 property portfolio in maple heights with an owner that unfortunately fell through to the seller backing out but it's a very underrated area of Cleveland in my opinion. Lower entry prices with very stables tenants and decent rents. 

     He probably realized how much more he'd make if he sold them off individually as opposed to 15 at a time. These investors who try to sell their single family homes as a package blow my mind. Worst possible way to sell something like that.

    It actually ended up being that he just liked the cash flow too much and was going to retire. About 9 or 10 of them were paid off and he didn't want to deal with 15 different escrows, agent fees, title fees etc. I also just checked the county website and he's still the owner! He didn't have it in a will though so I hope he finally put it in a trust, like I told him or else that'll be very unfortunate in the future. 

     He's an idiot if that is his thought process. The money he'd lose doing it in one sale is nuts. Especially given that he'd still need to do 15 point of sale inspections with Maple Heights as well as pay commissions and title fees appropriate for 15 properties.

    0Reply
  • Nicholas Nelson
    Member since 2021 · 2 posts · 3 votes
    4y

    I have, just brought a house in Maple heights ohio last year. Its an up and coming market and very good area.

    3Reply
  • Steven Foster Wilson
    Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    4y
    Originally posted by @Nicholas Nelson:

    I have, just brought a house in Maple heights ohio last year. Its an up and coming market and very good area.

    Cleveland has a lot of cashflow to offer and we're seeing alot of development in the historically bad areas.

    1Reply
  • Nicholas Nelson
    Member since 2021 · 2 posts · 3 votes
    4y

    How is this company https://ohiocashflow.com/prope... i was sent an email that they take cash only I dont know how I feel about it since I have a home with noreda and it was so simple and easy to use them 

    0Reply
  • Lynn Milos
    Rental Property Investor · FL · Member since 2021 · 31 posts · 20 votes
    4y
    Originally posted by @Jarret Sa'o:

    Just wondering if anyone has had success investing in the maple heights or Euclid areas of Ohio? I can’t find anything good online about these areas. Lots of horror stories regarding the area (crime, housing, declining etc.).

    Maple Heights and Euclid are very good areas for rental property investing. Prices and rents are going up on rehabbed houses. Excellent appreciation. POS inspections keep the properties in good shape and add to value. New High School. Great employers like the Cleveland Clinic (#2 hospital in USA), Amazon, finance etc. High demand for rentals. Personally two of my favorite areas for investing in turnkey props.

    3Reply
  • Jarret Sa'o
    OP
    Rental Property Investor · San Diego, CA · Member since 2020 · 29 posts · 13 votes
    4y

    @Lynn Milos Everyone listen to Lynn! She’s a great contact for the area. Bought my first property with her and the experience so far has been great, cashflowing In year 1 :)

    2Reply
  • Lynn Milos
    Rental Property Investor · FL · Member since 2021 · 31 posts · 20 votes
    4y
    Originally posted by @Jarret Sa'o:

    @Lynn Milos Everyone listen to Lynn! She’s a great contact for the area. Bought my first property with her and the experience so far has been great, cashflowing In year 1 :)

    Well thank you Jarret! Glad to hear your house is cashflowing from Day 1! You can almost do a cash-out refi!  It's about time for another :-)

    1Reply
  • Melissa Perez
    Rental Property Investor · Northern, NJ · Member since 2019 · 34 posts · 41 votes
    4y

    I currently own 2 single family homes in Maple Heights. One was from a TK company and the other I purchased on my own. Hoping to be able to get my latest to market rent next year when their lease is up but so far, no major issues. I have heard promising things about the city and I am hopeful that, over time, things turn around for Maple Heights. @Lynn Milos Thanks for the insight. How long has your company been working in Maple Heights?

    1Reply
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