Cleveland Ohio--SFR investments

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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

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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. 

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  • Angela Luc
    Member since 2020 · 1 post · 1 vote
    5y

     Hi Jim.  I know Cleveland (north east Ohio) very well as it’s my hometown. Euclid is where I would start to look. It would be my pleasure to give you information on a few great opportunities I have come across recently in Cleveland and surrounding areas if you would like.

    Let me know. Angela

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

    @Angela Luc

    Hello Angela!!

    That's sounds fantastic. I would surely appreciate any info you can send my way.

    0Reply
  • Account Closed
    Investor · Singapore · Member since 2013 · 1k+ posts · 3k+ votes
    5y
    Originally posted by @Jim Jones:

    @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!

    You will most likely NOT get reliable cash flow from these properties. One vacancy, turn or big repair will eat up more than a years cash flow. There are easier ways to get a grand or two a month of passive income, depending on how much capital you have and what risk tolerance and liquidity needs you have. 

    1Reply
  • James MaraditsPro Member
    Real Estate Broker · Cleveland, OH · Member since 2015 · 239 posts · 224 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.

     Here you go with this chart again....

    It should really be a comparison of MSA's, not just Cleveland vs Columbus.  A vast majority of investors inquiring about "Cleveland" are really talking about Greater Cleveland MSA which is a lot more directly comparable to the Columbus MSA.  Of course there is a population decline in Cleveland from our industrial era peaks as those industries are now gone, but the actual MSA isn't a mass population exodus as your favorite chart makes it out to be.  A lot of the migration from Cleveland is just to its surrounding suburbs which are still in the same MSA.

    No disrespect to the Columbus market, and I respect the hustle and understand that you're just trying to poach people interested in our market and persuade them to go to Columbus instead, but I don't suppose anyone who's really doing their homework will be that easily convinced, especially when Cleveland home values are in fact appreciating AND the cashflow is typically better.

    4Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @James Maradits:
    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.

     Here you go with this chart again....

    It should really be a comparison of MSA's, not just Cleveland vs Columbus.  A vast majority of investors inquiring about "Cleveland" are really talking about Greater Cleveland MSA which is a lot more directly comparable to the Columbus MSA.  Of course there is a population decline in Cleveland from our industrial era peaks as those industries are now gone, but the actual MSA isn't a mass population exodus as your favorite chart makes it out to be.  A lot of the migration from Cleveland is just to its surrounding suburbs which are still in the same MSA.

    No disrespect to the Columbus market, and I respect the hustle and understand that you're just trying to poach people interested in our market and persuade them to go to Columbus instead, but I don't suppose anyone who's really doing their homework will be that easily convinced, especially when Cleveland home values are in fact appreciating AND the cashflow is typically better.

     I fixed the chart

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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    2Reply
  • James MaraditsPro Member
    Real Estate Broker · Cleveland, OH · Member since 2015 · 239 posts · 224 votes
    5y
    Originally posted by @Remington Lyman:
    Originally posted by @James Maradits:
    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.

     Here you go with this chart again....

    It should really be a comparison of MSA's, not just Cleveland vs Columbus.  A vast majority of investors inquiring about "Cleveland" are really talking about Greater Cleveland MSA which is a lot more directly comparable to the Columbus MSA.  Of course there is a population decline in Cleveland from our industrial era peaks as those industries are now gone, but the actual MSA isn't a mass population exodus as your favorite chart makes it out to be.  A lot of the migration from Cleveland is just to its surrounding suburbs which are still in the same MSA.

    No disrespect to the Columbus market, and I respect the hustle and understand that you're just trying to poach people interested in our market and persuade them to go to Columbus instead, but I don't suppose anyone who's really doing their homework will be that easily convinced, especially when Cleveland home values are in fact appreciating AND the cashflow is typically better.

     I fixed the chart

    Perfect.  Mind if I use this in my marketing package? hahaha

    2Reply
  • Zeke Liston
    Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
    5y
    Originally posted by @Remington Lyman:
    Originally posted by @James Maradits:
    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.

     Here you go with this chart again....

    It should really be a comparison of MSA's, not just Cleveland vs Columbus.  A vast majority of investors inquiring about "Cleveland" are really talking about Greater Cleveland MSA which is a lot more directly comparable to the Columbus MSA.  Of course there is a population decline in Cleveland from our industrial era peaks as those industries are now gone, but the actual MSA isn't a mass population exodus as your favorite chart makes it out to be.  A lot of the migration from Cleveland is just to its surrounding suburbs which are still in the same MSA.

    No disrespect to the Columbus market, and I respect the hustle and understand that you're just trying to poach people interested in our market and persuade them to go to Columbus instead, but I don't suppose anyone who's really doing their homework will be that easily convinced, especially when Cleveland home values are in fact appreciating AND the cashflow is typically better.

     I fixed the chart

     Great drawling! 

    1Reply
  • Melanie Daigle
    Rental Property Investor · Houston, TX · Member since 2016 · 24 posts · 14 votes
    5y

    @Brian Garlington Thanks for these tips! I would love to connect and see about that lender you mentioned. I’m starting my investing journey in Cleveland so it would be hugely helpful to connect with your lender.

    0Reply
  • Melanie Daigle
    Rental Property Investor · Houston, TX · Member since 2016 · 24 posts · 14 votes
    5y

    @Michelle Fenn Thank you for sharing!!

    1Reply
  • Jeff Brower
    Real Estate Agent · Willoughby, OH · Member since 2014 · 560 posts · 690 votes
    5y

    I live and work east of Downtown Cleveland by about 20 mins. I would be vary careful looking into these 50k east side properties that appear to cash flow on paper (the ones 5-15 mins East of Downtown, yes that small difference in proximity can make or break you). Real world is a different thing. I have helped some californians but only those interested in paying 80-100k for a nice single family in B- and up neighborhoods out of war zones. I work in Euclid for my full time job and have rentals in Eastlake and Willoughby (Lake County, east of Cleveland by 20 mins). I recommend East of Euclid starting around Wickliffe/Willowick and moving out East from there. I would recommend finding a good agent that will take the time to show you homes where they themselves would be willing to live. I wont help someone buy somewhere that I wouldnt live personally. Look for nice, updated homes that arent going to have any capital expenditures in the near future. I bought a nice SFR in Eastlake this spring for 113k, 20% down, $665 PITI, $1250 monthly rent. It was built in 2006 and wont require a roof, HVAC, etc in a long time. Not the greatest cash on cash return, but beats the 1% rule, I have solid tenants who pay on time every month with a 2 year lease, and I havent had to go fix one thing over there. Look for these, you will thank yourself in the long run. Buy something nice if you want to be more hands off. If anyone wants pointers on Lake County cities I will offer you my opinion.

    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 Maradits:
    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.

     Here you go with this chart again....

    It should really be a comparison of MSA's, not just Cleveland vs Columbus.  A vast majority of investors inquiring about "Cleveland" are really talking about Greater Cleveland MSA which is a lot more directly comparable to the Columbus MSA.  Of course there is a population decline in Cleveland from our industrial era peaks as those industries are now gone, but the actual MSA isn't a mass population exodus as your favorite chart makes it out to be.  A lot of the migration from Cleveland is just to its surrounding suburbs which are still in the same MSA.

    No disrespect to the Columbus market, and I respect the hustle and understand that you're just trying to poach people interested in our market and persuade them to go to Columbus instead, but I don't suppose anyone who's really doing their homework will be that easily convinced, especially when Cleveland home values are in fact appreciating AND the cashflow is typically better.

     I fixed the chart

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

     Here you go with this chart again....

    It should really be a comparison of MSA's, not just Cleveland vs Columbus.  A vast majority of investors inquiring about "Cleveland" are really talking about Greater Cleveland MSA which is a lot more directly comparable to the Columbus MSA.  Of course there is a population decline in Cleveland from our industrial era peaks as those industries are now gone, but the actual MSA isn't a mass population exodus as your favorite chart makes it out to be.  A lot of the migration from Cleveland is just to its surrounding suburbs which are still in the same MSA.

    No disrespect to the Columbus market, and I respect the hustle and understand that you're just trying to poach people interested in our market and persuade them to go to Columbus instead, but I don't suppose anyone who's really doing their homework will be that easily convinced, especially when Cleveland home values are in fact appreciating AND the cashflow is typically better.

     I fixed the chart

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

     Here you go with this chart again....

    It should really be a comparison of MSA's, not just Cleveland vs Columbus.  A vast majority of investors inquiring about "Cleveland" are really talking about Greater Cleveland MSA which is a lot more directly comparable to the Columbus MSA.  Of course there is a population decline in Cleveland from our industrial era peaks as those industries are now gone, but the actual MSA isn't a mass population exodus as your favorite chart makes it out to be.  A lot of the migration from Cleveland is just to its surrounding suburbs which are still in the same MSA.

    No disrespect to the Columbus market, and I respect the hustle and understand that you're just trying to poach people interested in our market and persuade them to go to Columbus instead, but I don't suppose anyone who's really doing their homework will be that easily convinced, especially when Cleveland home values are in fact appreciating AND the cashflow is typically better.

     I fixed the chart

     I'm doing this to Remmy's yard on a night when he's out drinking heavily.

    2Reply
  • Michelle Fenn
    Real Estate Agent · Cleveland OH · Member since 2015 · 216 posts · 275 votes
    5y

    My comment on Euclid.    They have one of the highest property rates taxes in the state, they also rate just barely over F on the State of Ohio school report card. The city also has a strict Point of Sale and annual rental inspections. Annual fee for rental registration and annual inspection  is 200.00 per unit.   The investment property I own in Euclid is located North of Lake Shore Blvd and one block from Lake Erie.   These homes come with access to Lake Erie and very reasonably priced private beach clubs.  One of the the best kept secrets in NEO.  I  only overlook the minus' due to the beach perk.

    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @James Wise:
    Originally posted by @James Wise:
    Originally posted by @James Wise:
    Originally posted by @Remington Lyman:
    Originally posted by @James Maradits:
    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.

     Here you go with this chart again....

    It should really be a comparison of MSA's, not just Cleveland vs Columbus.  A vast majority of investors inquiring about "Cleveland" are really talking about Greater Cleveland MSA which is a lot more directly comparable to the Columbus MSA.  Of course there is a population decline in Cleveland from our industrial era peaks as those industries are now gone, but the actual MSA isn't a mass population exodus as your favorite chart makes it out to be.  A lot of the migration from Cleveland is just to its surrounding suburbs which are still in the same MSA.

    No disrespect to the Columbus market, and I respect the hustle and understand that you're just trying to poach people interested in our market and persuade them to go to Columbus instead, but I don't suppose anyone who's really doing their homework will be that easily convinced, especially when Cleveland home values are in fact appreciating AND the cashflow is typically better.

     I fixed the chart

     I'm doing this to Remmy's yard on a night when he's out drinking heavily.

     You missed me!

    [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
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