Bryan Here: Happy Selling. New to the sit- looking to gain knowledge and park money in real estate.
My Opening question:
The High Prices of California are killing any opportunity to get into a property.
With recent rising real estate prices in Los Angeles and even California, I am looking to gather more information on investing in Cleveland Ohio. I have some extra cash and looking for a multi unit near Case Western University. Any Insight?
You really need to look street by street. You can have a great property two blocks from a street you don't want to own on. Case Western tends to make agreements with larger landlords to place students directly with them. If you are looking to go through an agent/broker, contact someone from Holton Wise. Their business is built on investors. They can recommend property management as well.
I'm local and manage my own properties, so I'm no help there.
I would strongly suggest you use someone familiar with Cleveland who can be your eyes and ears. Cleveland has tons of opportunities, but you can also have a lot of headaches if you buy in the wrong area.
Yeah Bryan, Joe is right. There are a lot of opportunities in Cleveland, especially in the area you're looking at. University Heights, South Euclid, Cleveland Heights and even Shaker with their taxes has plenty of opportunities. That area is a hot for investors.
Welcome to the site.
Give The Ultimate Guide to Grading Cleveland Neighborhoods a read. That should help give you a clearer insight into Cleveland and the varying tenant bases you will see depending on which type of assets you purchase.
@Bryan G. I feel you. I'm starting just now to look into out of state investing. Not only is it cheaper but the returns on your cash percentage wise are greater.
Thanks for the post and thanks to all those that responded.
@Bryan G. Great area! This area has undergone a recent regentrification over the last 5-10 years. Several large luxury apartment complexes completed, breaking ground or in the works. Student, Medical and young professional driven growth (slowly) occurring in all directions except East around the epicenter. The City of East Cleveland and its known issues are prohibiting new growth heading into their direction for the time being. However, as @Joe Canfield said, you will have to analyze street by street as it can get dodgy very fast. In my opinion, the majority of students still continue to commute to Case from the Heights or Downtown. But with the new development of retail, bars and restaurants in the area, the tide will start to turn. Good Luck!
Done a lot in the Heights areas. Finding a property close enough to case isn't easy. if your looking for something cheap (by Cleveland Standards) you wont' find it in a place students will want to live. But there are good values around that are still way less then Cali prices!
Free eBook from BiggerPockets!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you