Investing in Cleveland OH experiences

[Account Closed]

Hi

I'm an out of state investor looking to buy a rental property in Cleveland OH. Want to start small with a duplex first. I will be hiring a property management company for sure and only considering buying in grade B or above area. I would like to learn about the experiences you have had so far in owning a rental property as an out of state investor. Has it been passive if you hired a property management company? Has it been a bad experience investing out of state? Would love to know different experiences. Thank you.

[Shane Kelly]

Let me start by saying there are not only headaches in Ohio, lol. But more importantly let me get specific on Cleveland. Buying only B class and above is going to be hard to make work. Once you crest B/B+ your purchase price shoots up and rent doesn't follow as much. The sweet spot is C to B. At the end of the day it depends on your strategy though, as everything can make sense for everyone. Last comment to make is that small multifamily inventory is low and is highly competitive right now here. If you're willing to be open to it, you might find better luck in SFRs.