Investor · Los Angeles, CA · Member since 2015 · 17 posts · 7 votes
Hi everyone, I'm considering purchasing a well-located property in Lakewood. If you're familiar with the area, could you let me know your thoughts? In particular, is the area growing/appreciating? The latest census data from 2013 indicates that it's shrinking. I know there are POS issues, but would appreciate any other input/info on the area. Thanks!
Moreland Hills, OH · Member since 2016 · 50 posts · 47 votes
9y
HElko Susan, welcome to the Cleveland market!
Lakewood and the surrounding areas are super popular with investors right now, many being out of state like yourself. In general the west side is hot, hot, hot right now!
Everybody wants to live there, rent there, be there, open businesses there, and invest. Large millenial renting population over there. Do your research because there's a lot of competition over there right now but that's because there's also opportunity!
Good luck on the West Side and if you ever want to look into the east side feel free to contact me anytime, I'm extremely familiar with most of the lower east side cities.
Rental Property Investor · Lakewood, OH · Member since 2016 · 2 posts · 1 vote
9y
I live in Lakewood. What do you want to know? Everything @Jayson Lesyk said is accurate. As an investor, the big gotcha in Lakewood is high property taxes. There are lots of surrounding areas with similar rents, but much lower property taxes. What type of property are you trying to buy?
James Wise has a few good articles on Cleveland's West side and the city as a whole. I would check them out! Other than that just speak to the local experts (READ: those that know the west side street by street). Our city is highly diverse in the different ranges of neighborhoods and good and bad pockets/areas.
In my VERY humble opinion (having been raised and living here for 25 years), for anyone out-of-state that plans to spend money here you should have at least 1 native Clevelander on your team or in your network who can give their opinion advice. This should be specific to the East/West side of the city. I wouldn't even feel comfortable being a west side investor's "local knowledge". Find someone who knows the west side and Lakewood like the back of their hand and consult them. Just my opinion though. Many people are having great success all over NEOhio, so don't be scared to try here. Just do it thoughtfully, and carefully!
Investor · Los Angeles, CA · Member since 2015 · 17 posts · 7 votes
9y
@Jayson Lesyk Thanks!! I'll check out James's articles. My husband is from Cleveland so we've been checking out investments during the past year and connected with some RE people there but also wanted to have the input for Lakewood in particular. We're actually under contract for some properties in the Ohio City/Detroit Shoreway area.
@Bethany Allaway I was wondering about that re: taxes! I'm looking at buy and hold multi-families and just want to get a sense of whether the neighborhood is growing/in demand. I'm concerned about whether rents will continue to rise or shrink. Thanks!
Looks like you guys have pinpointed the hot near West side areas that are super hot in our market. I'm sure you're on the right track over there! Keep it up and good luck. Please post up a quick thread of how things go over there.
Here's one of the articles by @James Wise I was referencing:
Lakewood is a hot market, I personally invest in that area, I have my primary residency in Lakewood. Taxes are higher than in the city of Lakewood but its a safer investment and better area to live IN MY OPINION.
Right now, if you find anything under $100k in the 44107 it's going to need work. I can tell you that with out even looking at the property. Very limited supply and high demand for housing stock as lots of investors are in the area.
You do need a housing license for rentals, $75/unit valid for a year. And there is a POS on the purchase and sale of investment properties
Cleveland, OH · Member since 2016 · 34 posts · 3 votes
9y
Is there a general consensus on these duplexes from the 1920s-30s as far as foundation issues? What types of property screening comes with the aged homes in Lakewood to pay special attention to?
Rental Property Investor · Hudson, OH · Member since 2013 · 145 posts · 26 votes
9y
Lakewood is a great rental market, and what people are saying is all true. However there are bad investments in any area. Do your research, work with a knowledgeable realtor/investor and get a home inspection from a quality home inspector.
Best of luck to you,
Aaron
Investor · Los Angeles, CA · Member since 2016 · 4 posts · 1 vote
9y
Hi all -- any differences to note between Lakewood's north neighborhoods and its south neighborhoods? Does the 'Lakewood is hot' apply to both or just the north?
Investor · Lakewood, OH · Member since 2016 · 203 posts · 191 votes
9y
@Michael Yap North and south are of no concern in Lakewood although I would recommend looking north of I-90.
You should be more concerned about east and west Lakewood. East Lakewood borders Cleveland which is not necessarily a good thing. West Lakewood borders Rocky River which is one of the nicest cities in the state of Ohio. The 'West End' as we call it, is close to metro parks, Rocky River and all the best Lakewood has to offer.
That being said, the east side has plenty to offer yet is more hit or miss than the West End.
Lakewood property taxes are high but should not deter you. It all depends on how you define the "similar rents" that Bethany mentioned. While the average rent in bordering towns may not be that much different, you'll see that the rent ceiling is much higher in Lakewood. (You'll also see that vacancy is much lower in Lakewood.)
If you have a large and updated unit in Lakewood, you can demand a rent premium that you simply cannot get in other parts of Cleveland. Lakewood is just as hot as Ohio City or Tremont. The nice thing is that your tenant's house and car won't get broken into in Lakewood.
Hi everyone, I'm considering purchasing a well-located property in Lakewood. If you're familiar with the area, could you let me know your thoughts? In particular, is the area growing/appreciating? The latest census data from 2013 indicates that it's shrinking. I know there are POS issues, but would appreciate any other input/info on the area. Thanks!
Lakewood is a very great market right now. Lots of changes have been happening and it is a destination for much of the up and coming food/brewery scene here in Cleveland. This has been happening in many of the interring suburbs. Good luck!
Hi everyone, I'm considering purchasing a well-located property in Lakewood. If you're familiar with the area, could you let me know your thoughts? In particular, is the area growing/appreciating? The latest census data from 2013 indicates that it's shrinking. I know there are POS issues, but would appreciate any other input/info on the area. Thanks!
Hi Susan-
Lakewood is an excellent space, again, everything within your parameters is the rule, as long as it fits your investing criteria, Lakewood itself is great, keep in mind as with any great community you can also find not so great spaces.
Personally, have a lot of insight on the space and the city as I just completed a massive conversion of a multifamily to a single family residential for the City of Lakewood.
Specialist · Cleveland, OH · Member since 2011 · 1k+ posts · 852 votes
9y
Hi Susan,
I have done some deals in Lakewood. It is not shrinking by any means in my opinion, however the court system is a little tough and the taxes are high. The west end of town is more desirable than the eastern end off of 117th toward Cleveland.
Bird Town is Eastern, but becoming trendy and cool.
Investor · Los Angeles, CA · Member since 2015 · 17 posts · 7 votes
9y
Thanks SO much everyone for sharing your knowledge and thoughts. This has been really helpful! I'm going to go ahead and make on offer on the property I'm looking at.
Seville, OH · Member since 2016 · 30 posts · 6 votes
9y
@Susan Moon I looked at a few multis in Lakewood back last month. Lots of good advice here. Just be careful of multis in Lakewood, a lot I've came across are converted SFR and were not done properly. I looked at six or seven on a Sunday in December. Didn't find anything I really liked or made sense financially. Keep in mind, the majority of these homes are 70+ years old so basement issues are very prevelant.
Real Estate Agent · Medina, OH · Member since 2016 · 5 posts · 0 votes
9y
Hi Susan,
Lakewood is a great town as far as I am concerned. I own several properties there and they are very easy to rent. The town itself is attracting young professionals as it has a busy restaurant and bar scene and very easy access to Downtown Cleveland, Ohio City and the Tremont area. Many of the homes end up with multiple offers so don't be surprised by that.
I agree with @Federico Gutierrez and the others. Lakewood is a very hot market for investors right now. Our company had a lot of success in 2016 investing in Lakewood. In my opinion the further west in Lakewood the better. There are definitely more rentals as you go East. Values are lower as you get close to "Bird Town" and W. 117th. PM me if you need some more help in Lakewood or any areas on the west side including the Detroit Shoreway.
Investor · Cleveland, OH · Member since 2016 · 19 posts · 8 votes
9y
I purchased an 8 suiter in Lakewood about 6 months ago, Great city. They are strict, however, so be prepared to endure a rigid POS inspection process. The seller should have this done before the sale but it can be negotiable. Also in order to grant a mulit-family housing license, the city has some requirements. I had to attend a "seminar" the city conducts several times a year. Also keep someone with a snow shovel on "standby" as the City is very diligent about clear sidewalks. A lot of pedestrian traffic in Lakewood. Good Luck to you!!!
Investor · San Mateo, CA · Member since 2018 · 34 posts · 14 votes
7y
Hi there, im looking at a property near St. Edward high school - I've heard a lot of good things about Lakewood but wondering if this particular area is good. Would love to hear thoughts. Thank you!
Real Estate Agent · Westlake, OH · Member since 2014 · 186 posts · 165 votes
7y
@Jeffrey Boyce I'm a St Ed's alumni and my son goes there now. The area around the school has always been a good area to invest in (or live in). The rental market in Lakewood is probably the strongest its ever been. The challenge - now more so than ever- is getting the numbers to work due to the price appreciation that's occurred. The MLS shows that the median price increased over 11% from Jan 1 2017 to Dec 2018. So what you should expect is a property that's going to rent easily to good tenants (assuming its in good condition), will likely appreciate, but won't cash flow much or at all. Low risk profile investment.