Cleveland Ohio Rental

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Cleveland Ohio Rental

Alexander Hernandez
Rental Property Investor 路 Los Angeles, CA 路 Member since 2018 路 8 posts 路 9 votes

Hey guys, I'm looking help my family invest in real estate. They finally want to take them leap and I'd really like to guide them in the right direction. They know that long distance investing is possible but only with the correct systems and people in place. Can anyone share their experiences investing in Cleveland Ohio ? We are from southern California, so what are some expenses we might be caught off guard by? The prices seem to make sense but I feel like theres more that I'm not seeing. Any input would be much appreciated!

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Nathan GesnerBusiness Member
Moderator
Real Estate Broker 路 Cody, WY 路 Member since 2010 路 28k+ posts 路 41k+ votes
7y

I recommend you check out @James Wise videos. He has a lot of educational stuff about the Cleveland market and he may be someone to consider working with. Whether you buy through him or not, it's worth watching because he's brutally honest about what will make/break you.

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  • Jordan Autrey
    Real Estate Broker 路 Houston, TX 路 Member since 2019 路 84 posts 路 12 votes
    7y

    @Alyssa Dyer thanks !!, did you ever hear anything back :)

    0Reply
  • Jordan Autrey
    Real Estate Broker 路 Houston, TX 路 Member since 2019 路 84 posts 路 12 votes
    7y

    @Suny Capezzuto thanks, could we network and maybe you connect me with your mentors as I鈥檓 looking for one now for our real estate business!

    0Reply
  • Jordan Autrey
    Real Estate Broker 路 Houston, TX 路 Member since 2019 路 84 posts 路 12 votes
    7y

    @April Bartee sorry for the late reply but let鈥檚 !

    0Reply
  • Alyssa Dyer
    Rental Property Investor 路 Oklahoma City, OK 路 Member since 2017 路 1k+ posts 路 694 votes
    7y

    @Jordan Autrey He's bought one property in Ohio and although his experience was limited, he was willing to talk to the other investor. I hate to wear out a new contact with BP investors haha. I talk to a lot of investors though and the next one that I talk to that's well versed in the Ohio market I'll see if I can get information to connect you both? 

    1Reply
  • Kenny Dahill
    Investor 路 Tempe, AZ 路 Member since 2018 路 1k+ posts 路 731 votes
    7y

    @Alexander Hernandez, 

    Any out-of-state investor should visit the market they're going to invest in.  Even if you buy a cheap property at $40k, it's worth the $1k to visit the city for a few days.  Learn the different submarkets and see their conditions.  Real estate investing is all about due diligence, last thing you want is a terrible experience because you were not willing to spend the small amount of time and dollars to do the proper due diligence it deserved.

    1Reply
  • Jordan Autrey
    Real Estate Broker 路 Houston, TX 路 Member since 2019 路 84 posts 路 12 votes
    7y

    @Alyssa Dyer Thanks馃

    0Reply
  • Thomas Loch
    Member since 2019 路 6 posts 路 0 votes
    6y

    @Alyssa Dyer, would love to learn more about rental market in Oklahoma City. If you. have any information you can send me or give me a brief overview. 

    0Reply
  • Alyssa Dyer
    Rental Property Investor 路 Oklahoma City, OK 路 Member since 2017 路 1k+ posts 路 694 votes
    6y

    @Thomas Loch I've got a map that's been helpful to a lot of people! And then, of course, my years of experience could help haha! Happy to chat. 

    0Reply
  • Alyssa Dyer
    Rental Property Investor 路 Oklahoma City, OK 路 Member since 2017 路 1k+ posts 路 694 votes
    6y

    @Kenny Dahill I hear you, but think something can be said for reviews and talking to several people who have worked with a provider. Facetiming at inspections can provide some peace of mind as well. An appraiser, an inspector, and a team that many many people trust has proved enough to over 100 investors I've interacted with. Regardless, some people fly out and I understand that, especially with the big scandals lately! 

    0Reply
  • Kenny Dahill
    Investor 路 Tempe, AZ 路 Member since 2018 路 1k+ posts 路 731 votes
    6y

    @Alyssa Dyer, you're referring to vendors and I was referring to due diligence on the market itself since the OP is considering their first investment in Cleveland.

    I'll stand strongly on that any new investor needs to actually step foot in their market of interest.  Due diligence is the most important task in real estate and if you don't visit the market, you're shooting yourself in the foot.  Once you understand the market, you can recognize value and risks for potential assets.

    If you want to rely on reviews and recommendations for vendors, have at it.  Blindly investing in a new market or industry is a gamble; even if it's worked for others.

    1Reply
  • Alyssa Dyer
    Rental Property Investor 路 Oklahoma City, OK 路 Member since 2017 路 1k+ posts 路 694 votes
    6y

    @Kenny Dahill I just don't think flying in = a tell-all due diligence step. I will say that when people fly in it typically does make them more trusting and relaxed throughout the process and that's worth a lot to both sides! 

    0Reply
  • Kenny Dahill
    Investor 路 Tempe, AZ 路 Member since 2018 路 1k+ posts 路 731 votes
    6y

    @Alyssa Dyer, no single item is a tell-all.  But you can鈥檛 replace first-hand experience with anything else when you鈥檙e a new investor in a new market.  This isn鈥檛 about meeting vendors as you keep implying, it鈥檚 about learning the market.

    0Reply
  • Alyssa Dyer
    Rental Property Investor 路 Oklahoma City, OK 路 Member since 2017 路 1k+ posts 路 694 votes
    6y

    @Kenny Dahill I hear you! The trust/comfort that comes with people coming in I think can be credited most to understanding on a first-hand basis what strategy to use with what area. It definitely varies here, so when they can see actual inventory and neighborhoods and understand why everything is this area is a 10% cap (higher risk, lower appreciation, lower property value) vs an 8% cap (blue-collar, family-oriented, older suburbia) you can invest with more confidence. Those things are tougher to really convey over the phone. I'm always transparent, but when you've seen it yourself, it's with much more confidence that you make moves! 

    0Reply
  • Jordan Autrey
    Real Estate Broker 路 Houston, TX 路 Member since 2019 路 84 posts 路 12 votes
    6y

    @April Bartee let鈥檚 connect, I would love to learn more about you and your goals and see how they maybe align with mine.

    0Reply
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