New Investor from Los Angeles Interested in Cleveland, OH

12 Replies

Hi Everyone! 

My name is Julie and I am a newbie aspiring investor living in Los Angeles. I currently rent, and I'm interested in buying my first multi-family rental property out of state – specifically interested in Cleveland, OH. 

My goal is start a portfolio with solid cash flowing multi-family and SFHs to buy and hold for the long term. I've been absorbing and researching here on the BP forums and podcasts for a while, and the more I learn, the more excited I am to begin my adventure in real estate investing!

I'm planning to visit Cleveland this summer or early fall to connect with people, get to know the neighborhoods, and if all goes well, maybe even buy my first property. Looking forward to joining the BP community, and networking with some of you. 

Thank you for the wealth of knowledge you provide here!

Originally posted by @Julie U. :

Hi Everyone! 

My name is Julie and I am a newbie aspiring investor living in Los Angeles. I currently rent, and I'm interested in buying my first multi-family rental property out of state – specifically interested in Cleveland, OH. 

My goal is start a portfolio with solid cash flowing multi-family and SFHs to buy and hold for the long term. I've been absorbing and researching here on the BP forums and podcasts for a while, and the more I learn, the more excited I am to begin my adventure in real estate investing!

I'm planning to visit Cleveland this summer or early fall to connect with people, get to know the neighborhoods, and if all goes well, maybe even buy my first property. Looking forward to joining the BP community, and networking with some of you. 

Thank you for the wealth of knowledge you provide here!

 Welcome to the site Julie. I recommend giving the Ultimate Guide to Grading Cleveland Neighborhoods a read. Really breaks down the different types of assets we have here in Cleveland. I often see a ton of investors fawn over the very cheapest properties in town. There is a reason some are so much cheaper than others. The guide gives those reasons.

@Julie U.

1. Get preapproved with a lender. 

2. Make sure you check out Holton Wise. They do property management and have agents. I met with them last year when i flew out there. Solid team that knows what they are doing. As we speak im working with one of their agents on a triplex im trying to buy right now. The inspection will be next Wednesday.

Welcome @Julie U. ! I am in the same boat you are. Just started on this adventure and realizing CA is no bueno for cash flow. This has lead me to OH and more specifically NE OH in the Cleveland area. I plan to fly out same time as you if things go well. Good luck on your journey please keep us up to date! 

As a fellow Californian investing in Cleveland, thought I'd remind you  that the severe winters make moving and finding a new renter in the winter difficult. Just something to keep in mind regarding timing your visits....might want to get there before Fall, lest you get caught in a long escrow and then might have to wait until Spring to find tenants at the optimal rent.

Originally posted by @Charlene McNamara :

As a fellow Californian investing in Cleveland, thought I'd remind you  that the severe winters make moving and finding a new renter in the winter difficult. Just something to keep in mind regarding timing your visits....might want to get there before Fall, lest you get caught in a long escrow and then might have to wait until Spring to find tenants at the optimal rent.

While I am in agreement with you that the winter we see a much lower tenant demand I don't see something as small as a slightly longer vacancy period as relevant to making an investment this large.

In the grand scheme of an investor's time buying & holding an investment property what time of the month they purchased it 1 time is less than a drop in the bucket. If the investment is good you need to jump on it. Throughout your time owning these properties there will be many variables that will cause a much larger swing to your bottom line than this. Investors need to focus on the big picture. This has the importance of 1 semi colon in the book war & peace.

Originally posted by @James Wise :
Originally posted by @Julie U.:

Hi Everyone! 

My name is Julie and I am a newbie aspiring investor living in Los Angeles. I currently rent, and I'm interested in buying my first multi-family rental property out of state – specifically interested in Cleveland, OH. 

My goal is start a portfolio with solid cash flowing multi-family and SFHs to buy and hold for the long term. I've been absorbing and researching here on the BP forums and podcasts for a while, and the more I learn, the more excited I am to begin my adventure in real estate investing!

I'm planning to visit Cleveland this summer or early fall to connect with people, get to know the neighborhoods, and if all goes well, maybe even buy my first property. Looking forward to joining the BP community, and networking with some of you. 

Thank you for the wealth of knowledge you provide here!

 Welcome to the site Julie. I recommend giving the Ultimate Guide to Grading Cleveland Neighborhoods a read. Really breaks down the different types of assets we have here in Cleveland. I often see a ton of investors fawn over the very cheapest properties in town. There is a reason some are so much cheaper than others. The guide gives those reasons.

 Hi James! Thanks for your reply - I have been following you and some others from the HW team for a while, and your contributions to BP are a huge part of the reason I became interested in Cleveland. Your neighborhood guide is awesome -- made the idea of investing from out of state actually seem possible/less intimidating and got my idea wheels rolling.

I would love to connect with your team when I visit. 

Originally posted by @Brian Garlington :

@Julie U.

1. Get preapproved with a lender. 

2. Make sure you check out Holton Wise. They do property management and have agents. I met with them last year when i flew out there. Solid team that knows what they are doing. As we speak im working with one of their agents on a triplex im trying to buy right now. The inspection will be next Wednesday.

 Hi Brian, thanks for the advice! Getting pre-approved is a great tip, and I'm glad to hear you're having a good experience with HW's team, as I'm interested in possibly working with them as well. 

Good luck with the inspection on your hopefully soon-to-be triplex! I'd love to find a 2-4 unit myself, excited for you. 

Originally posted by @Kevin Moules :

Welcome @Julie U.! I am in the same boat you are. Just started on this adventure and realizing CA is no bueno for cash flow. This has lead me to OH and more specifically NE OH in the Cleveland area. I plan to fly out same time as you if things go well. Good luck on your journey please keep us up to date! 

 Hi Kevin, thank you! Yes, Los Angeles's real estate market is so expensive that it feels out of reach indefinitely for now. I'm ready to continue renting and create cash flow elsewhere. I just read your profile bio and we have the same goals! 

Nice to meet you here. Good luck on your journey and agree, please keep us posted - perhaps we can learn from one another!

Originally posted by @Charlene McNamara :

As a fellow Californian investing in Cleveland, thought I'd remind you  that the severe winters make moving and finding a new renter in the winter difficult. Just something to keep in mind regarding timing your visits....might want to get there before Fall, lest you get caught in a long escrow and then might have to wait until Spring to find tenants at the optimal rent.

 Hi Charlene, hadn't thought of this but great point! I'd prefer to travel in the summer anyhow, so maybe the trip will be sooner than later! Really appreciate your insight. 

@Julie U. Great connecting with you. The topic of weather has been on my mind since I started seriously looking at OH. I even looked up a couple days ago when the average time is for the first snow fall which they said is usually early november.

That kind of gave me a goal in my mind of going out Mid September. We have a little one showing up sometime end of July so we will see how this impacts my goal at the moment. I would like to go out for 2 weeks time. I think anything else and I will feel rushed. 

Looks like I need to reach out to @James Wise and get conversations going. I only have about 5 people on my to call list at the moment... and it keeps growing :)

What same goal do we share? MF housing and cash flow? While looking into Cleveland I would highly recommend listening to @Michael Swan podcast and try to gain some knowledge from him. He also keeps a few nights after work open to discussing things with BP folks. 

Looks like I need to start researching lenders in the Cleveland area and get a pre-approval. It would be nice to actually visit properties for sale on my visit and make offers on them while I was there. 

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • 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.

We hate spam just as much as you