Cleveland OH (Gordon Square/Ohio City)- New to REI

Cleveland OH (Gordon Square/Ohio City)- New to REI

Cleveland, OH · Member since 2019 · 2 posts · 4 votes

Hi! I am new to the forum and real estate investing. My wife and I own a home in the Gordon Square/ Ohio City part of Cleveland, and we are looking to start investing in other properties in the area as rentals. My father actually flips houses in Ashtabula and Lake County, and it has shown me that real estate investing could help my wife and I reach our FI goals earlier than we had planned. My father has always bought homes through auction, but we struck out at our first couple of auctions in Cuyahoga County. I am now looking at bank owned homes in order to avoid the auction process and allow us to inspect places before buying. Thankfully my father has a lot of experience with completing rehab work himself and will be teaching me/helping me with that portion, but he does not have any experience with rental properties. I am currently devouring the beginners guidance on here, and I am open to any book/blog/post recommendations that you think might help me get started in this new arena. 

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Real Estate Agent · Cleveland, OH · Member since 2018 · 34 posts · 9 votes
7y

Welcome @Paul Burleson - ironically just won a bid on auction in that area and was certain I wouldn't stand a chance. Love the potential for many avenues in the Shoreway and Ohio City

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  • Real Estate Agent · Columbus, OH · Member since 2017 · 34 posts · 22 votes
    7y

    Hey Paul how are you doing? I am an investor in Columbus and I just got my real estate agent license. I am moving up to that area here in a couple of months. I am trying to buy my next rental property and live in one of the units. We should definitely connect!

  • Specialist · Los Angeles, CA · Member since 2019 · 587 posts · 269 votes
    7y

    Hello, Paul!  Welcome to BP. It seems like a simple thing, but reaching out in BiggerPockets about getting started as a real estate investor is a great first step. Congratulations and I wish you and your wife a ton of success. @Paul Burleson

  • Real Estate Agent · Cleveland, OH · Member since 2018 · 34 posts · 9 votes
    7y

    Welcome @Paul Burleson - ironically just won a bid on auction in that area and was certain I wouldn't stand a chance. Love the potential for many avenues in the Shoreway and Ohio City

  • Contractor · Cleveland, OH · Member since 2016 · 116 posts · 50 votes
    7y

    @Nicolas Carucci congrats on winning that auction!

  • Cleveland, OH · Member since 2019 · 2 posts · 4 votes
    7y

    Thanks for the warm welcome @Nicolas Carucci, @Amy Aziz, and @Zachary Caudill. Nicolas, how many trips does it usually take for you to win an auction? I've gone twice now with two options I vetted for each, so I'm trying to figure out if it's bad luck or common to take a while before landing something in Cuyahoga.

  • Rental Property Investor · Cleveland, OH · Member since 2013 · 85 posts · 146 votes
    7y

    Fellow Westsider here, welcome!

    The BP Bookstore is a great place to start. https://www.biggerpockets.com/store

  • Real Estate Broker · Cleveland, OH · Member since 2015 · 255 posts · 248 votes
    7y

    Welcome to the site @Paul Burleson !

    Real estate is extremely exciting and full of opportunities. Look for someone who's successfully investing, and model them. Your dad and his successful flipping ventures are a great place to start.

    Oh, and while at it, whether you're flipping or going the buy and hold route, stick to good neighborhoods. Good luck!

  • Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    7y
    Originally posted by @Paul Burleson:

    Hi! I am new to the forum and real estate investing. My wife and I own a home in the Gordon Square/ Ohio City part of Cleveland, and we are looking to start investing in other properties in the area as rentals. My father actually flips houses in Ashtabula and Lake County, and it has shown me that real estate investing could help my wife and I reach our FI goals earlier than we had planned. My father has always bought homes through auction, but we struck out at our first couple of auctions in Cuyahoga County. I am now looking at bank owned homes in order to avoid the auction process and allow us to inspect places before buying. Thankfully my father has a lot of experience with completing rehab work himself and will be teaching me/helping me with that portion, but he does not have any experience with rental properties. I am currently devouring the beginners guidance on here, and I am open to any book/blog/post recommendations that you think might help me get started in this new arena. 

     Welcome to the site Paul.

  • Contractor · Cleveland, OH · Member since 2014 · 317 posts · 181 votes
    7y

    @Paul Burleson I flip in Cleveland I’m always down to talk.

  • Realtor · Cleveland, OH · Member since 2015 · 2k+ posts · 857 votes
    7y

    Looking at bank owned homes will turn out to be like auctions in the long run. You will run into multiple offers, least in an auction you know the price you need to beat.

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