Cleveland Ohio--SFR investments

General Real Estate Investing
5yFollow

Cleveland Ohio--SFR investments

Jim Jones
Real Estate Investor · Los Angeles, CA · Member since 2013 · 18 posts · 8 votes

Hello everyone,

Anyone have any intel or experience with multi-family rentals in Cleveland Ohio? I was browsing through redfin and I noticed that homes can be purchased for as low as 50k! I'm looking to invest outside of the Los Angeles area, someplace a bit more affordable. My goal is cashflow!

Any help is welcome and greatly appreciated.

Best,

Jim

3Reply
87 views

Investor-friendly agents in Cleveland, OH

See the agents BiggerPockets members work with in Cleveland, OH.

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
5y

@Jim Jones   I'm also out here in California and have bought in Cleveland. First two things I will tell you.

1. Get pre-approved with a lender first. Even if you will pay cash, get pre-approved with a lender. You will be taken much more seriously and not viewed as a tire kicker when you do this. I also know of a lender that will do mortgage loans on properties for as low as 40K.

2. When you are considering an agent or PM make sure you are able to speak with them by phone before you have them represent you. I don't mean just email or text. I mean you want to be able to speak with them live (without being charged). Trust me it makes a world of difference. I found this out the hard way. 

9Reply
See this reply in the discussion

41 Replies

Jump to latestLatest
  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    5y

    @Jim Jones

    Make sure to connect with a local investor friendly agent there as there are lots of bad neighborhoods relative to good ones. You can find some great cash flow properties there if you get the right team in place! A property manager is critical

    [email protected]614-363-2787
    Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews
    WebsiteView Page
    3Reply
  • Jim Jones
    OP
    Real Estate Investor · Los Angeles, CA · Member since 2013 · 18 posts · 8 votes
    5y

    @Marc Rice

    Thanks for the advice. Much appreciated!

    2Reply
  • Joe Jung
    Rental Property Investor · Bellevue, WA · Member since 2020 · 12 posts · 20 votes
    5y

    Hi Jim, just bought one in Cleveland.  I can get you the lay of the land of what I learned if you're interested.  I did use a RE Agent, but he was new.  I did that so I can establish a relationship for the future.  

    Let me know if you're interested in connecting.

    7Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Jim Jones:

    Hello everyone,

    Anyone have any intel or experience with multi-family rentals in Cleveland Ohio? I was browsing through redfin and I noticed that homes can be purchased for as low as 50k! I'm looking to invest outside of the Los Angeles area, someplace a bit more affordable. My goal is cashflow!

    Any help is welcome and greatly appreciated.

    Best,

    Jim

    Yeah, properties are cheap in Cleveland due to the declining job and population growth. I recommend checking out Columbus, Ohio as well. It is a little more expensive but you can still find cashflow.

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    2Reply
  • Jim Jones
    OP
    Real Estate Investor · Los Angeles, CA · Member since 2013 · 18 posts · 8 votes
    5y

    @Remington Lyman

    Thats very interesting! I'll take a look at Columbus. Thank you very much!!

    Jim

    0Reply
  • Jim Jones
    OP
    Real Estate Investor · Los Angeles, CA · Member since 2013 · 18 posts · 8 votes
    5y

    @Joe Jung

    Thats awesome Let's! Let's connect!!

    Would love to hear more about your experiences!

    Thanks

    1Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    5y
    Originally posted by @Jim Jones:

    Hello everyone,

    Anyone have any intel or experience with multi-family rentals in Cleveland Ohio? I was browsing through redfin and I noticed that homes can be purchased for as low as 50k! I'm looking to invest outside of the Los Angeles area, someplace a bit more affordable. My goal is cashflow!

    Any help is welcome and greatly appreciated.

    Best,

    Jim

    $50k is going to put you in some rough neighborhoods in Cleveland but yes, it can be done. My opinion you bring that up to the $75k range you can get some decently stable Section 8 properties. Before doing any investments in Cleveland I recommend you check out The Ultimate Guide to Grading Cleveland Neighborhoods for a look at the carious risk levels of each of the neighborhoods around town.

    6Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    5y
    Originally posted by @Remington Lyman:
    Originally posted by @Jim Jones:

    Hello everyone,

    Anyone have any intel or experience with multi-family rentals in Cleveland Ohio? I was browsing through redfin and I noticed that homes can be purchased for as low as 50k! I'm looking to invest outside of the Los Angeles area, someplace a bit more affordable. My goal is cashflow!

    Any help is welcome and greatly appreciated.

    Best,

    Jim

    Yeah, properties are cheap in Cleveland due to the declining job and population growth. I recommend checking out Columbus, Ohio as well. It is a little more expensive but you can still find cashflow.

    lol bruhhhhhh. We should talk. Surely there has to be a better marketing pitch for you than "It ain't Cleveland."

    2Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @James Wise:
    Originally posted by @Remington Lyman:
    Originally posted by @Jim Jones:

    Hello everyone,

    Anyone have any intel or experience with multi-family rentals in Cleveland Ohio? I was browsing through redfin and I noticed that homes can be purchased for as low as 50k! I'm looking to invest outside of the Los Angeles area, someplace a bit more affordable. My goal is cashflow!

    Any help is welcome and greatly appreciated.

    Best,

    Jim

    Yeah, properties are cheap in Cleveland due to the declining job and population growth. I recommend checking out Columbus, Ohio as well. It is a little more expensive but you can still find cashflow.

    lol bruhhhhhh. We should talk. Surely there has to be a better marketing pitch for you than "It ain't Cleveland."

    That will be it until my brokerage expands into Cleveland 

    [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
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    5y
    Originally posted by @Remington Lyman:
    Originally posted by @James Wise:
    Originally posted by @Remington Lyman:
    Originally posted by @Jim Jones:

    Hello everyone,

    Anyone have any intel or experience with multi-family rentals in Cleveland Ohio? I was browsing through redfin and I noticed that homes can be purchased for as low as 50k! I'm looking to invest outside of the Los Angeles area, someplace a bit more affordable. My goal is cashflow!

    Any help is welcome and greatly appreciated.

    Best,

    Jim

    Yeah, properties are cheap in Cleveland due to the declining job and population growth. I recommend checking out Columbus, Ohio as well. It is a little more expensive but you can still find cashflow.

    lol bruhhhhhh. We should talk. Surely there has to be a better marketing pitch for you than "It ain't Cleveland."

    That will be it until my brokerage expands into Cleveland 

    Ohh no, all the Detroit based investor agents be warned. The..."It ain't Detroit" marketing is coming!

    2Reply
  • Brandon GoldsmithBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2020 · 1k+ posts · 1k+ votes
    5y

    Cleveland is definitely a good cashflow market but depending on what your goals are for real estate, you might end up sacrificing some appreciation in the long run. @Jim Jones

    [email protected]614-963-3340
    2Reply
  • Jim Jones
    OP
    Real Estate Investor · Los Angeles, CA · Member since 2013 · 18 posts · 8 votes
    5y

    @James Wise

    I'll check out the guide. Thanks a bunch james!!

    1Reply
  • Jim Jones
    OP
    Real Estate Investor · Los Angeles, CA · Member since 2013 · 18 posts · 8 votes
    5y

    @Brandon Goldsmith

    I'm really just looking to cashflow. If I can purchase a few properties and add another grand or two to my income stream I'd be more than happy.

    Thank you Brandon!

    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

    @Jim Jones   I'm also out here in California and have bought in Cleveland. First two things I will tell you.

    1. Get pre-approved with a lender first. Even if you will pay cash, get pre-approved with a lender. You will be taken much more seriously and not viewed as a tire kicker when you do this. I also know of a lender that will do mortgage loans on properties for as low as 40K.

    2. When you are considering an agent or PM make sure you are able to speak with them by phone before you have them represent you. I don't mean just email or text. I mean you want to be able to speak with them live (without being charged). Trust me it makes a world of difference. I found this out the hard way. 

    9Reply
  • Pierre A.
    Investor · NYC · Member since 2016 · 51 posts · 45 votes
    5y

    @Brian Garlington would you mind sharing that lender, most lenders I’ve come across won’t touch certain neighborhoods on the east side

    0Reply
  • 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

    Pierre,............what neighborhoods are you looking at in Cleveland?

    0Reply
  • Rafieu Alharazim
    Member since 2020 · 5 posts · 6 votes
    5y

    @Jim Jones

    Hey Mr. Jones I have a Deep Discounted opportunity in the Cleveland Heights, OH 44118 area. Let’s connect, that way I can send it over to you and you can conduct your own further evaluation.

    2Reply
  • Rafieu Alharazim
    Member since 2020 · 5 posts · 6 votes
    5y

    @Brian Garlington

    Yeah Cleveland is a different beast when it comes to PM’s. They will disappear on you, so choose wisely.

    1Reply
  • Dan Amaro
    Realtor · Mansfield, OH · Member since 2020 · 40 posts · 12 votes
    5y

    @Jim Jones It sounds like we have similar goals! Let's connect

    1Reply
  • Dan Amaro
    Realtor · Mansfield, OH · Member since 2020 · 40 posts · 12 votes
    5y

    @Rafieu Alharazim hit me up!

    0Reply
  • Jim Jones
    OP
    Real Estate Investor · Los Angeles, CA · Member since 2013 · 18 posts · 8 votes
    5y

    @Rafieu Alharazim

    Sounds great!! Let's connect !)

    0Reply
  • Jim Jones
    OP
    Real Estate Investor · Los Angeles, CA · Member since 2013 · 18 posts · 8 votes
    5y

    @Dan Amaro

    Awesome! Lets connect!!

    0Reply
  • Jackie Bladow
    Lender · Member since 2018 · 16 posts · 1 vote
    5y

    I have an interest in SFR outside my home state as well. I'm in ND and just wondering how to have a rental house in another state and keep tabs on everything? I have 2 rental houses locally but we are a very small community. Any suggestions, advice to get started out of state is appreciated.

    0Reply
  • Jim Jones
    OP
    Real Estate Investor · Los Angeles, CA · Member since 2013 · 18 posts · 8 votes
    5y

    @Brian Garlington

    Thank you for sharing your experiences. What are some reputable lenders in Cleveland that will for 50k ?

    Jim

    0Reply
  • Michelle Fenn
    Real Estate Agent · Cleveland OH · Member since 2015 · 216 posts · 275 votes
    5y

    I am an investor and agent from Cleveland and Akron.    Personally I own investments on West Side of Cleveland, and in eastern suburbs of Garfield Hts and Euclid.  Under the current circumstances of long term eviction moratoriums and Covid I would also recommend that you look at Akron and the northern summit county suburbs.  The eviction courts in Summit County are at least landlord neutral, unlike Cleveland Courts.   Like Jim Wise I agree that you should look to spend 75,000 or more on a multi-family purchase.    Below that amount will generally put you in a c- neighborhood.   You may want to try Dollar Bank, they often hold thier commerical/investor loans as portfolio loans.    During 2009/2010 they were one of the only bank making loans to investors. 

    5Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free