Rental Property Investor · New York, NY · Member since 2019 · 12 posts · 4 votes
Hi BP folks,
I’m a relative newbie to the residential investing space and am currently in contract on my first property in Cleveland. It’s a duplex, has decent cash flow (already tenanted) and am now looking for my next deal. Have a decent chunk of capital saved up from working as a corporate finance lawyer for the past 10 years and am looking to scale my portfolio fairly quickly. Live in NYC, but have been in Cleveland the past few weekends trying to get a better feel for city, neighborhoods, trends, etc. Would like to meet/connect with as many people as possible who invest/work with buyers/property owners in the Cleveland metro area and hence this post. Have met a few already, but always looking to meet more.
I’m a relative newbie to the residential investing space and am currently in contract on my first property in Cleveland. It’s a duplex, has decent cash flow (already tenanted) and am now looking for my next deal. Have a decent chunk of capital saved up from working as a corporate finance lawyer for the past 10 years and am looking to scale my portfolio fairly quickly. Live in NYC, but have been in Cleveland the past few weekends trying to get a better feel for city, neighborhoods, trends, etc. Would like to meet/connect with as many people as possible who invest/work with buyers/property owners in the Cleveland metro area and hence this post. Have met a few already, but always looking to meet more.
I’m a relative newbie to the residential investing space and am currently in contract on my first property in Cleveland. It’s a duplex, has decent cash flow (already tenanted) and am now looking for my next deal. Have a decent chunk of capital saved up from working as a corporate finance lawyer for the past 10 years and am looking to scale my portfolio fairly quickly. Live in NYC, but have been in Cleveland the past few weekends trying to get a better feel for city, neighborhoods, trends, etc. Would like to meet/connect with as many people as possible who invest/work with buyers/property owners in the Cleveland metro area and hence this post. Have met a few already, but always looking to meet more.
Best.
Cleveland is a great place to earn a nice ROI! I would stick to some of the suburbs, they seem to be the best investment. Prices are still low out there, but the rent is high.
Rental Property Investor · New York, NY · Member since 2019 · 12 posts · 4 votes
7y
@James Wise I’ve used it a ton and was actually scrutinizing it last night. Thank you. Wonder how things have changed, however, given that is from November 2016.
Investor · Sacramento, CA · Member since 2016 · 6 posts · 1 vote
7y
@Anna Ferntheil & @Michael W. Stout Thats awesome news! I am working on my first investment property on the West side of Cleveland OH. I'm slightly hesitant about the neighborhood contractors but I am sure i'll cross that bridge when I come to it. Looking forward to discussing more about Cleveland
Contractor · Cleveland, OH · Member since 2014 · 317 posts · 181 votes
7y
Hey @Michael W. Stout, I flip a lot in Cleveland and I'm up there every few weeks checking on my projects. Originally from there but live in southern california. If you ever want to talk shop, hit me up. I can give you some insight into the neighborhoods.
@James Wise I’ve used it a ton and was actually scrutinizing it last night. Thank you. Wonder how things have changed, however, given that is from November 2016.
It's a living document. I've updated it a few time since it's been published. You can always assume that it's up too date.
Specialist · Member since 2019 · 494 posts · 220 votes
7y
@Michael W. Stout Sounds like you found a good area. What are your marketing plans to find your properties?
Mailing is probably the best way to find your own off-market deals. These are people who share motivational characteristics of people ready to sell, but haven't yet done all the work they think they need to list property. The best way to find them is to send out mailers.
Some good lists to target are Absentee Owners with Equity, Seniors with Long-time Ownership and Homeowners with Low Financial Stability Scores.
You should work with a list broker to optimize your list for your area. From there, there are a lot of companies that can help with the printing and mailing. Be sure that you highlight that "selling your house can be easier than you think" with the advantages of working directly with you instead of the more traditional route
@Michael W. Stout if you ever make it out to Chicago - let me know! Similar market as CLE..
Maybe If you invest in the south side?
But not even close. Tenant landlord suck. Evicting a tenant in Chicago takes months instead of weeks. Don't get talking about security deposits that's a sensitive subject
Price points are much higher in Chicago in relation to Cleveland