New member from Cleveland, OH

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Patrick DruryBusiness Member
Real Estate Agent · Columbus, OH & Cleveland OH · Member since 2021 · 1k+ posts · 2k+ votes
1y

@Allen McCann
When looking to invest in the Cleveland market I would recommend being in areas on the West Side of Cleveland like West Blvd, Cudell, Old Brooklyn, Clark Fulton, Edgewater, Jefferson, and Brooklyn Centre. The reason is the rent-to-price ratio is good so you can cash flow, and most of the West side doesn’t have a Point of sale inspection which is really annoying.


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  • Min ZhangBusiness Member
    Real Estate Agent · Member since 2022 · 1k+ posts · 1k+ votes
    1y

    Welcome to BP Allen! I personally love the Cleveland market for its cash flow ranging from 10-18%. Best of luck on your journey and don't hesitate to ask if you have any questions!

    [email protected]614-412-2912
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  • Robin SimonBusiness Member
    Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
    1y
    Quote from @Allen McCann:

    I am a new member from Cleveland, OH.  I am looking forward to connecting with the Bigger Pockets network.


     Welcome to BP!

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  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    1y

    Welcome to BiggerPockets Allen and good luck investing!

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  • Julio GonzalezPro Member
    Specialist · West Palm Beach, FL · Member since 2008 · 4k+ posts · 1k+ votes
    1y

    Welcome to BiggerPockets, Allen! 

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  • Samuel DioufBusiness Member
    Real Estate Agent · Columbus & Cleveland, OH · Member since 2023 · 1k+ posts · 1k+ votes
    1y

    Welcome to Bigger Pockets Allen!

    BP is a great place to learn and connect with fellow investors.

    [email protected]614-662-1652
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  • Allen McCann
    OP
    Member since 2024 · 14 posts · 7 votes
    1y
    Quote from @Min Zhang:

    Welcome to BP Allen! I personally love the Cleveland market for its cash flow ranging from 10-18%. Best of luck on your journey and don't hesitate to ask if you have any questions!


     Thank you Min!

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  • Allen McCann
    OP
    Member since 2024 · 14 posts · 7 votes
    1y
    Quote from @Robin Simon:
    Quote from @Allen McCann:

    I am a new member from Cleveland, OH.  I am looking forward to connecting with the Bigger Pockets network.


     Welcome to BP!


     Thanks Robin!

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  • Allen McCann
    OP
    Member since 2024 · 14 posts · 7 votes
    1y
    Quote from @Andrew Syrios:

    Welcome to BiggerPockets Allen and good luck investing!


     Thank you Andrew!

    1Reply
  • Allen McCann
    OP
    Member since 2024 · 14 posts · 7 votes
    1y
    Quote from @Julio Gonzalez:

    Welcome to BiggerPockets, Allen! 


     Thank you Julio!

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  • Allen McCann
    OP
    Member since 2024 · 14 posts · 7 votes
    1y
    Quote from @Samuel Diouf:

    Welcome to Bigger Pockets Allen!

    BP is a great place to learn and connect with fellow investors.


     Thanks Sam!

    0Reply
  • Account Closed
    Realtor · Cleveland, OH · Member since 2023 · 340 posts · 215 votes
    1y

    Hi, welcome if you have any questions with the Ohio real estate market, please let me know. Thanks!

    1Reply
  • Steven GlickBusiness Member
    Lender · Buffalo · Member since 2024 · 115 posts · 33 votes
    1y

    Welcome to BiggerPockets, Allen! BP is the perfect place to learn, and grow in real estate!

    [email protected]315-631-0678
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  • Allen McCann
    OP
    Member since 2024 · 14 posts · 7 votes
    1y
    Quote from @Account Closed:

    Hi, welcome if you have any questions with the Ohio real estate market, please let me know. Thanks!


     Good morning Regina.  Thanks for the welcome.  I am currently looking for a small local bank or credit union that issues line of credit collateralized by investment property.  Any suggestions you have in that regard would be appreciated.  Thanks again.

    Allen

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  • Allen McCann
    OP
    Member since 2024 · 14 posts · 7 votes
    1y
    Quote from @Steven Glick:

    Welcome to BiggerPockets, Allen! BP is the perfect place to learn, and grow in real estate!


     Good Morning Steven

    Thanks for the welcome to BP.  I am currently looking for a small local bank or credit union that issues lines of credit collateralized with investment property.  Any suggestions you have in that regard would be greatly appreciated.  Thanks,

    Allen

    0Reply
  • Brittany MinocchiBusiness Member
    Lender · Massillon, OH · Member since 2022 · 1k+ posts · 486 votes
    1y

    Welcome Allen! I'm also in Ohio, a little further south. BP forums are a great place to learn. Happy to connect if you ever want to chat! 

    [email protected]330-354-6590
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  • Jimmy LieuBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2019 · 3k+ posts · 2k+ votes
    1y
    Quote from @Allen McCann:

    I am a new member from Cleveland, OH.  I am looking forward to connecting with the Bigger Pockets network.


    Hi Allen, welcome to the BiggerPockets community! If you're expanding your search beyond Cleveland, you may want to check the Columbus market. Great macroeconomics with growing population and job market. We still see 1% deals here that bring positive cash flow and have potential for appreciation. Happy to send over some resources on why Columbus is a great real estate market to invest in!

    [email protected]614-300-7535
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  • Patrick DruryBusiness Member
    Real Estate Agent · Columbus, OH & Cleveland OH · Member since 2021 · 1k+ posts · 2k+ votes
    1y

    @Allen McCann
    When looking to invest in the Cleveland market I would recommend being in areas on the West Side of Cleveland like West Blvd, Cudell, Old Brooklyn, Clark Fulton, Edgewater, Jefferson, and Brooklyn Centre. The reason is the rent-to-price ratio is good so you can cash flow, and most of the West side doesn’t have a Point of sale inspection which is really annoying.


    [email protected]614-412-4565
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  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    1y
    Quote from @Allen McCann:

    I am a new member from Cleveland, OH.  I am looking forward to connecting with the Bigger Pockets network.


     Holla

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  • Allen McCann
    OP
    Member since 2024 · 14 posts · 7 votes
    1y

    James,

    Good lookin out!  Thanks for the welcome.

    Allen

    0Reply
  • Allen McCann
    OP
    Member since 2024 · 14 posts · 7 votes
    1y
    Quote from @Jimmy Lieu:
    Quote from @Allen McCann:

    I am a new member from Cleveland, OH.  I am looking forward to connecting with the Bigger Pockets network.


    Hi Allen, welcome to the BiggerPockets community! If you're expanding your search beyond Cleveland, you may want to check the Columbus market. Great macroeconomics with growing population and job market. We still see 1% deals here that bring positive cash flow and have potential for appreciation. Happy to send over some resources on why Columbus is a great real estate market to invest in!


     Jimmy,

    Happy Friday and thanks for the BP welcome!  What you say in your post makes a lot of sense.  I'm not sure if I am prepared to buy a property in Columbus on my own, but I may be more interested as an active or passive partner.  My focus, over the last 28 years, has been on the Cleveland market because thats where I live.  I'm always interested in learning and expanding my horizons.  Thanks again for connecting.


    Allen

    0Reply
  • Allen McCann
    OP
    Member since 2024 · 14 posts · 7 votes
    1y
    Quote from @Patrick Drury:

    @Allen McCann
    When looking to invest in the Cleveland market I would recommend being in areas on the West Side of Cleveland like West Blvd, Cudell, Old Brooklyn, Clark Fulton, Edgewater, Jefferson, and Brooklyn Centre. The reason is the rent-to-price ratio is good so you can cash flow, and most of the West side doesn’t have a Point of sale inspection which is really annoying.



     Patrick,

    Happy Friday and thanks for the BP welcome and awesome advice!  I have been a real estate investor in Cleveland for 28 years primarily investing in properties near where I live on the near East suburbs of Cleveland.  I agree with you 100% about the rent-to-price ratio in the areas you mentioned.  I have traded maximizing cash flow for ease of management.  Since I am married and have school age kids, I place a real premium on minimizing my management time.  Before I was married, my priorities were different.  I am actually planning now for when my kids are in/through college and I am able to target larger multifamily projects in a wider geograhical area. 

    Thanks again for the advice.  I look forward to being a part of the BP family!  Have a great weekend.


    Allen

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  • Brittany MinocchiBusiness Member
    Lender · Massillon, OH · Member since 2022 · 1k+ posts · 486 votes
    1y
    Quote from @Allen McCann:
    Quote from @Brittany Minocchi:

    Welcome Allen! I'm also in Ohio, a little further south. BP forums are a great place to learn. Happy to connect if you ever want to chat! 


     Brittany,

    Thanks for the BP welcome!  Happy to be here.  Ready to learn, share, and connect.  I am currently looking for a small local bank or credit union that issues lines of credit collateralized with investment property. Any suggestions you have in that regard would be greatly appreciated.  Happy Friday and thanks again for the welcome.

    Allen


    I don’t know of any local banks offering them, but they are out there! Rates are usually 10%+ and they’re limited 70%ish LTV. Most also don’t allow the property to be titled to an LLC/entity 
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  • Allen McCann
    OP
    Member since 2024 · 14 posts · 7 votes
    1y
    Quote from @Brittany Minocchi:
    Quote from @Allen McCann:
    Quote from @Brittany Minocchi:

    Welcome Allen! I'm also in Ohio, a little further south. BP forums are a great place to learn. Happy to connect if you ever want to chat! 


     Brittany,

    Thanks for the BP welcome!  Happy to be here.  Ready to learn, share, and connect.  I am currently looking for a small local bank or credit union that issues lines of credit collateralized with investment property. Any suggestions you have in that regard would be greatly appreciated.  Happy Friday and thanks again for the welcome.

    Allen


    I don’t know of any local banks offering them, but they are out there! Rates are usually 10%+ and they’re limited 70%ish LTV. Most also don’t allow the property to be titled to an LLC/entity 

    Brittany, thanks for getting back to me.  Yes, I learned through the BP podcasts that these vehicles are out there.  I have found that the perfect time to look for money is when you don't need it!  I am preparing for a few years down the road when my kids are in/through college.  I would like to be prepared for a larger multifamily project.  Thanks again for the welcome.

    Allen

    0Reply
  • Dalton Summers
    Real Estate Broker · Cleveland, OH · Member since 2023 · 49 posts · 32 votes
    1y

    Allen, you mentioned your kids going to college. Friendly reminder you can do a Conventional loan 95% LTV to purchase a home for them. The interest rate is also priced like it's a primary home purchase. Lenders will allow parents to be a non-occupying co-borrower on a home your college student plans to live in.

    0Reply
  • Steven GlickBusiness Member
    Lender · Buffalo · Member since 2024 · 115 posts · 33 votes
    1y
    Quote from @Allen McCann:
    Quote from @Steven Glick:

    Welcome to BiggerPockets, Allen! BP is the perfect place to learn, and grow in real estate!


     Good Morning Steven

    Thanks for the welcome to BP.  I am currently looking for a small local bank or credit union that issues lines of credit collateralized with investment property.  Any suggestions you have in that regard would be greatly appreciated.  Thanks,

    Allen

    Hey Allen

    Thank you for your inquiry! Although we’re not a local bank or credit union, we are independent mortgage brokers with experience in financing options that consider rental income rather than personal income. If you need any guidance or suggestions on this, I’d be happy to help!


    [email protected]315-631-0678
    Ziffy Mortgage
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