All
Members
Companies
Blog
Forums
Podcast
Webinars
    User Log in  /  Sign up
  • Forums
    Newest Posts Trending Discussions Followed Forums Real Estate News & Current Events General Landlording & Rental Properties Buying & Selling Real Estate Deal Analysis See All
  • Education

    Read

    BiggerPockets Blog BPInsights: Expert Analysis Guides Glossary Reviews Member Blogs

    Watch

    Webinars Video Library Financial Independence Blueprint Intro to Real Estate: Rentals

    Listen

    BiggerPockets Real Estate Podcast BiggerPockets Money Podcast BiggerPockets Business Podcast Real Estate Rookie Podcast Daily Podcast (Audio Blog)

    Topics

    Business Operations Finance Finding Deals Property Management Property Types Strategy
  • Network

    Recommended Vendors

    Real Estate Agents Mortgage Lenders Companies Hard Money Lenders Contractors Investment Companies

    Search

    Members Events Jobs
  • Tools

    Calculators

    Rental Property Fix and Flip BRRRR Rehab Estimator
    Wholesaling Mortgage Payment 70% Rule Airbnb

    Services

    BPInsights: Property Insights Tenant Screening Property Management Lease Agreement Packages

    New Feature

    BPInsights (beta)

    Quickly analyze a property address or ZIP Code to compare your rent in your neighborhood.

    Analyze a property
  • Find Deals
    Real Estate Listings Find Foreclosures External Link Ads, Jobs, and Other
  • Bookstore

    Real Estate Books

    Profit Like The Pros Bidding to Buy See all books

    Featured Book

    BiggerPockets Wealth Magazine book cover
    BiggerPockets Wealth Magazine

    Written by financial journalists and data scientists, get 60+ pages of newsworthy content, expert-driven advice, and data-backed research written in a clear way to help you navigate your tough investment decisions in an ever-changing financial climate! Subscribe today and get the Oct/Nov issue delivered to your door!

    Get the Magazine
  • Pricing
Log In Sign up
User
Quick search links
Podcast Hard Money Lenders Books Washington
ForumsArrowMarketplaceArrowBuilding a Cleveland team (focus: agents & property managers)
  • Newest Posts
    • Newest Posts
    • Unanswered Discussions
  • Trending
    • Top Discussions
    • Trending Discussions
  • Browse Forums
Search Nova
Post Marketplace Ad

Building a Cleveland team (focus: agents & property managers)

17 Replies

  • Share on Facebook
  • Share on Twitter
  • Share on LinkedIn
Rotate Log in or sign up to reply
user profile avatar
  • Posts 27
  • Votes 24

Sandy Metivier
Rental Property Investor from San Francisco, CA

posted about 2 months ago

Hi Cleveland folks!

We are a queer married couple from San Francisco looking to expand our REI portfolio in Cleveland. We led with that detail about our identity as lesbians because we want to build a gay-friendly team and avoid any friction in this area down the road. Another important value for us is that they not be racist, which sadly comes up a lot in real estate.

Okay, on with the actual ask... We have REI history in vacation rentals, and now want to focus on long term buy and holds for cash flow. We are interested both SFH and multi-family properties. To start we looking for good deals on properties that would not need much improvement to rent out. Later down the line as we have a good team in place we may be interested in trying the BRRRR strategy on a property that would need more TLC.

If y'all have any recommendations/referrals to build out a great Cleveland team, we'd greatly appreciate it! Our current focus is to find investor-friendly agents and property managers.

Thanks in advance!

-Sandy & Carrie

**Apologies to those who already saw this message, as it was mistakenly posted in the wrong city's forum. -- newbie-error. ;-)

Rotate Log in or sign up to reply
user profile avatar
  • Posts 8
  • Votes 6

Mike Leybourne

replied about 1 month ago

I've been looking for a crew, management, and agent in Cleveland as well.  It's tough right now!  I'm looking for my first out of state investment (I'm Seattle based).

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Team, Real Estate Finance, and Traditional Financing
  • Posts 1.8K
  • Votes 1.8K

Brian Garlington
Realtor from Oakland CA

replied about 1 month ago

Mike, have you been pre-approved with a lender yet?

Rotate Log in or sign up to reply
user profile avatar
  • Posts 8
  • Votes 6

Stephen Knapp
Real Estate Agent from Sacramento, CA

replied about 1 month ago

Hello. Do you know which part of Cleveland you want to invest? Or are you still exploring areas? I was active in investing and property management in Cleveland for five years. Please feel free to DM me and I can try to refer you to someone for the area you are looking in. Wishing you all the best! 

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Tenants, Finding & Screening Tenants, and Managing Tenants
  • Posts 350
  • Votes 71

Ari Hadar
New to Real Estate from Israel

replied about 1 month ago
Originally posted by @Stephen Knapp :

Hello. Do you know which part of Cleveland you want to invest? Or are you still exploring areas? I was active in investing and property management in Cleveland for five years. Please feel free to DM me and I can try to refer you to someone for the area you are looking in. Wishing you all the best! 

 Did you move out because of rough weather? 


What areas do you advise to oos/c investors and why? 

Rotate Log in or sign up to reply
user profile avatar
  • Posts 8
  • Votes 6

Stephen Knapp
Real Estate Agent from Sacramento, CA

replied about 1 month ago

@Ari Hadar

Ha. California winters are nice; but I enjoyed all the seasons in Cleveland, especially fall. My main reason for moving back to California was that I got married, had a baby and we wanted to be closer to family.

As an out-of-state investor, personally, I would want to target long-term tenants. Find areas with less turnover, less turn costs, etc. When I lived in Cleveland, I targeted an area that catered to university grad students and medical residents (Cleveland Heights). It was a great market, but the turnover was very high (40%-50%/year). Later, I also targeted a more long-term tenant market (Shaker Heights). Here you had long-term professional tenants, people downsizing from SFH and a smaller mix of medical residents. A somewhat similar market on the Westside would be Lakewood. Two transitioning markets that have received a lot of investor (and developer) interest are Ohio City and Gordon Square.

There’s a lot of nuance there. Before I invested, I would at a minimum, spend 3 days on-the-ground checking out different neighborhoods and find an area that fits your comfort zone. Best of luck!

Rotate Log in or sign up to reply
user profile avatar
  • Posts 8
  • Votes 6

Mike Leybourne

replied about 1 month ago


@Brian Garlington

I currently can't acquire any new loans since the majority of my rentals are in forbearance so I would be buying cash until I end those forbearances.

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Tenants, Finding & Screening Tenants, and Managing Tenants
  • Posts 350
  • Votes 71

Ari Hadar
New to Real Estate from Israel

replied about 1 month ago
Originally posted by @Stephen Knapp :

@Ari Hadar

Ha. California winters are nice; but I enjoyed all the seasons in Cleveland, especially fall. My main reason for moving back to California was that I got married, had a baby and we wanted to be closer to family.

As an out-of-state investor, personally, I would want to target long-term tenants. Find areas with less turnover, less turn costs, etc. When I lived in Cleveland, I targeted an area that catered to university grad students and medical residents (Cleveland Heights). It was a great market, but the turnover was very high (40%-50%/year). Later, I also targeted a more long-term tenant market (Shaker Heights). Here you had long-term professional tenants, people downsizing from SFH and a smaller mix of medical residents. A somewhat similar market on the Westside would be Lakewood. Two transitioning markets that have received a lot of investor (and developer) interest are Ohio City and Gordon Square.

There’s a lot of nuance there. Before I invested, I would at a minimum, spend 3 days on-the-ground checking out different neighborhoods and find an area that fits your comfort zone. Best of luck!

In cle hgts you said the turn over 40-50 for the grad students and medical residents but if they give you 3 month notice you can find new tenant and not lose money. If you pay one month rent fee to the pm for new tenants it can be problem. What about any sfr/mf? 


About shaker heights, lakewood, Ohio city they became expensive and the rent is below 1 %... 

Probably only c area meet the 1% rule

 

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Tenants, Rentals, and Maintenance
  • Posts 50
  • Votes 55

Kyle Parks
from Lakewood, Ohio

replied about 1 month ago

@Sandy Metivier

It seems the ship has sailed on good deals in good neighborhoods. Lots of out of state investors have driven the prices way up. I have a double in lakewood I bought for 110k just over 4 years ago. It would appraise at 240+ with no improvements.

The issue here is that as others have said the numbers don't make much sense. When I bought the average 2/1 rent was 750/mo. Now its around 1100ish. People have not gotten 20% raises to account for the rent hikes and I personally feel as if it is unsustainable. "Don't try to time the market" well I honestly do not see how prices can go any higher in lakewood.

With all that said- Lakewood is as gay and multicultural as you are going to get in the cleveland area. Our little city is very progressive and we are very small business oriented.

Rotate Log in or sign up to reply
user profile avatar
  • Posts 53
  • Votes 56

Uri Gofman

replied about 1 month ago

Hi Sandy,

We own over 100 units in great locations throughout the Cleveland area and have been investing in this market since 1995. Very happy with the income predictability of these asset types.  Andrew Weiner from Realty Now Property Management manages out entire portfolio and we have been very happy with his professionalism and communication.  If you reach out to him, I'm certain he can help you with identifying other vendors for your local team.  Best of luck!

Uri

Rotate Log in or sign up to reply
user profile avatar
  • Posts 8
  • Votes 6

Stephen Knapp
Real Estate Agent from Sacramento, CA

replied about 1 month ago

@Ari Hadar

SFH will tend to have lower turnover than Mulit. In university areas, turnover happens annually during the same months (move out May-June; move-in July-August); so you plan and budget for it. But it means you need a rock solid marketing and leasing program in place, year-after-year.

Not every good (or even great) deal is going to fit the 1% rule. I use it more as an analysis tool than a mandate. The price to rent on Class C in Cleveland might look appealing on paper, but make sure rents adequately cover maintenance, CapEx (deferred and future) and a healthy vacancy buffer. 

Rotate Log in or sign up to reply
user profile avatar
  • Posts 27
  • Votes 24

Sandy Metivier
Rental Property Investor from San Francisco, CA

replied about 1 month ago
Originally posted by @Kyle Parks :

@Sandy Metivier

The issue here is that as others have said the numbers don't make much sense. When I bought the average 2/1 rent was 750/mo. Now its around 1100ish. People have not gotten 20% raises to account for the rent hikes and I personally feel as if it is unsustainable. "Don't try to time the market" well I honestly do not see how prices can go any higher in lakewood.

Thanks Kyle for the response. That is interesting food-for-thought. Yeah, I have some friends that bought and moved to Lakewood a couple years ago. They were saying something similar about how quickly it climbed (they are originally from Cleveland, so well aware of the city). 

Rotate Log in or sign up to reply
user profile avatar
  • Posts 27
  • Votes 24

Sandy Metivier
Rental Property Investor from San Francisco, CA

replied about 1 month ago

@Uri Gofman Thanks for the referral and response! 

@Stephen Knapp Thanks again Stephen for all your help outside of this thread! Greatly appreciated!

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Tenants, Rentals, and Finding & Screening Tenants
  • Posts 23K
  • Votes 15K

James Wise
Real Estate Broker from Cleveland, OH

replied about 1 month ago
Originally posted by @Sandy Metivier :

Hi Cleveland folks!

We are a queer married couple from San Francisco looking to expand our REI portfolio in Cleveland. We led with that detail about our identity as lesbians because we want to build a gay-friendly team and avoid any friction in this area down the road. Another important value for us is that they not be racist, which sadly comes up a lot in real estate.

Okay, on with the actual ask... We have REI history in vacation rentals, and now want to focus on long term buy and holds for cash flow. We are interested both SFH and multi-family properties. To start we looking for good deals on properties that would not need much improvement to rent out. Later down the line as we have a good team in place we may be interested in trying the BRRRR strategy on a property that would need more TLC.

If y'all have any recommendations/referrals to build out a great Cleveland team, we'd greatly appreciate it! Our current focus is to find investor-friendly agents and property managers.

Thanks in advance!

-Sandy & Carrie

**Apologies to those who already saw this message, as it was mistakenly posted in the wrong city's forum. -- newbie-error. ;-)

 Before doing anything the 1st thing one needs to do is understand the lay of the land. We've got a lot of out of state folks getting mesmerized by the low pricing out here in Cleveland. Some of the areas though are blighted beyond what most west cost folks are used to. So would bookmark The Ultimate Guide to Grading Cleveland Neighborhoods so you can refer back to it when doing due diligence on any properties or neighborhoods you are presented.

Rotate Log in or sign up to reply
user profile avatar
  • Posts 9
  • Votes 5

Kyle Cutler

replied about 1 month ago

Hello all! I am an agent and investor in Cleveland. I would love to see if I can help in any way!

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subject:
Team
  • Posts 1.6K
  • Votes 811

Rob Gillespie
Specialist from Cleveland, OH

replied 21 days ago

@Sandy Metivier

Hey Sandy, I am from the Cleveland market and I am not gay, but I’m not racist either. I love everybody that loves me, LOL.

Seriously though there are a couple of areas in Cleveland that really set exactly what you’re looking for.

Check out Lakewood and just east of West 117th and Clifton. It is a great area to invest with a very diverse crowd.

If you would like to chat, or if you plan on stopping into Cleveland, I would be happy to share some time with you that could help you identify some great areas.

I love your honesty and being straightforward! It makes life so much easier!



Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subject:
Team
  • Posts 1.6K
  • Votes 811

Rob Gillespie
Specialist from Cleveland, OH

replied 21 days ago

@Mike Leybourne

I think that’s great you’re looking for boots on the ground, most people deal with me because I am here and have connections.

I am not a property manager fan, I believe with the right system in process you can manage yourself from a distance.

You absolutely need boots on the ground to run task for you.

The better the area that you buy in, the less assistance you need.

Hope that helps.

Rotate Log in or sign up to reply
  • 1
Related Resources Marketplace
What Is Underwriting? Here’s What to Expect
8 Reasons Smart Investors Get Their Real Estate License
Understanding Real Estate Commissions (And How to Negotiate Them!)
Investors: Don’t Negotiate Until You Know the Home’s Condition
Real Estate Agents: Avoid These 9 Missteps To Maintain Your Motivation and Close More Deals
Resources Read, see, and learn more!
Link Real Estate Investment Calculators
Link BiggerPockets Blog
Link Path to Purchase
Link Mortgage Loans
Link Find a Contractor
Link Real Estate Agents
Link Hard Money Lenders
Link Real Estate Listings

Top Contributors

Mindy Jensen
Mindy Jensen
Longmont, CO
6.43
Score
Jerry Holt
Jerry Holt
Portland, OR
5.34
Score
Crystal Tetu
Crystal Tetu
4.73
Score
Ryan Miller
Ryan Miller
Albany, NY
4.46
Score
Joshua Dorkin
Joshua Dorkin
Denver, CO
4.29
Score
Log in Sign up

Log in

Forgot password?

If you signed up for BiggerPockets via Facebook, you can log in with just one click!

Log in with Facebook

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Let's get started

We just need a few details to get you set up and ready to go!

Use your real name

Use at least 8 characters. Using a phrase of random words (like: paper Dog team blue) is secure and easy to remember.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Why create an account?

Receive a free digital download of The Ultimate Beginner's Guide to Real Estate Investing.

Connect with 1,000,000+ real estate investors!

Find local real estate meetups and events in your area.

Start analyzing real estate properties, we do the math for you.

It's free!

Explore

  • Membership
  • Community
  • Education
  • Marketplace
  • Tools
  • FilePlace
  • REI Resources
  • Perks
  • Glossary
  • Reviews
  • iOS App
  • Android App

Company

  • About Us
  • Press
  • Advertising
  • Careers
  • Stats
  • Contact Us

Important

  • Editorial Guidelines
  • Terms of Use
  • Rules
  • Privacy
  • FAQ

Social

  • Facebook
  • Twitter
  • YouTube
  • Instagram
© 2004-2021 BiggerPockets, LLC. All Rights Reserved.