Investing in Cleveland/Akron, OH areas

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Investing in Cleveland/Akron, OH areas

Mark Sandvig
Real Estate Agent · Akron, OH · Member since 2017 · 9 posts · 2 votes

Hi! I'm a relatively new investor (2 small multi-family units) located in St. Louis, MO. My family and I are considering a move to northeast Ohio (likely somewhere between Akron and Cleveland) in the next year. We are growing in our love for real estate and very much desire to invest wherever we live (not 100% sure I want to go all-in on the long-distance game just yet).

For those who live/work/invest/sell in northeast Ohio, I would love your input!

- What trends have you observed in the area over the last decade? (population movement, rents, property values, etc.)

- What asset classes have found to be most profitable? Price point within that asset class?

- Things you would have done differently if you were starting over in the area.

Thanks in advance for your input!

Mark

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Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
7y

@Mark Sandvig You should consider Columbus, Ohio. We have positive population growth and solid industries (Government, Education, Healthcare, and Finance).

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  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    7y

    @Mark Sandvig You should consider Columbus, Ohio. We have positive population growth and solid industries (Government, Education, Healthcare, and Finance).

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    2Reply
  • Jack SmithPro Member
    Rental Property Investor · Massillon, OH · Member since 2017 · 216 posts · 168 votes
    7y

    Agreed with Remington; I've invested in SFH in Stark & Summit (Akron/Canton/Massillon cities) for the past 30 years, with family in it long before that. NE Ohio shrinks in population every year. Our industry situation is stable and we get some wins here and there, but not the job growth a Columbus area or other SMA's see. Rents dropped during the recession, taking years to recover and just recently started inching upwards. I've lived here much of my life; we have some pretty cool things happening and this is midwest Americana at it's finest. You can make a steady and consistent income here in investment properties but you won't see appreciation and general economic strength here outside of some very select pockets.

    If I could do it again I would've been in Columbus a long time ago.  

    2Reply
  • Ryan IngramBusiness Member
    Rental Property Investor · Dayton, OH · Member since 2017 · 247 posts · 225 votes
    7y

    @Mark Sandvig

    I agree with @Remington Lyman and @Jack Smith. I think you’re on to something with moving to Oh. I moved to Dayton in 2017 and I couldn’t have achieved half of what I have without the wonderful Midwest. I’m up to around 40 units at this point (all in the Dayton and surrounding areas).

    Columbus and Cincinnati are both growing very well. However, from my understanding it’s getting more difficult to find 2% or better properties in that area.

    They are still plentiful here in Dayton and the Cleveland area.

    I’m not nearly as familiar with the NE area, however, I know @Matt Motil is doing a great job up there.

    Let me know if you have any other questions, I’d be more than happy to help!

    1Reply
  • Mark Sandvig
    OP
    Real Estate Agent · Akron, OH · Member since 2017 · 9 posts · 2 votes
    7y

    @Remington Lyman @Jack Smith Thanks to both for your input re: Columbus. I'm aware that Columbus has seen substantial growth in a number of economic markets in the last decade and probably is the most desirable city in Ohio (at least as far as rent rates and appreciation go). I think it is unlikely that my family would move to Columbus, though investing there could be a real possibility. I'd like to keep the rentals that I personally manage within an hour if possible, so I'll continue to explore that. 

    @Ryan Ingram Helpful to hear of your experience and letting me know about Matt. I may have to connect with him. I know that Cleveland is a much more dynamic market than Canton/Akron, and is closer than Columbus. Is 2% SFRs what you have focused on? Have you found many 2% multis in the Dayton area?

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  • Victor Vella
    Flipper/Rehabber · Cleveland, OH · Member since 2014 · 173 posts · 121 votes
    7y

    @Mark Sandvig

    Mark I was born, raised live here in NEO.

    I’m not an agent, I left corporate America to do full time investing in CLE

    Yes Cleveland is a very dynamic market, and full of a diverse selection of housing investment opportunities.

    Inventory is very tight if your looking at a strong suburb, it’s a little better then it is the past couple years but over as a buyer you need to be flexible and patient.

    There are a lot of communities in between Cleveland and Akron that have been recently developed and I think there’s still room to make money. We may not be as sexy as Columbus but I believe we have more optionality.

    Feel free to connect!

    1Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    7y
    Originally posted by @Mark Sandvig:

    Hi! I'm a relatively new investor (2 small multi-family units) located in St. Louis, MO. My family and I are considering a move to northeast Ohio (likely somewhere between Akron and Cleveland) in the next year. We are growing in our love for real estate and very much desire to invest wherever we live (not 100% sure I want to go all-in on the long-distance game just yet).

    For those who live/work/invest/sell in northeast Ohio, I would love your input!

    - What trends have you observed in the area over the last decade? (population movement, rents, property values, etc.)

    - What asset classes have found to be most profitable? Price point within that asset class?

    - Things you would have done differently if you were starting over in the area.

    Thanks in advance for your input!

    Mark

    Welcome to the site Mark. I think you'll find a ton of value reading The Ultimate Guide to Grading Cleveland Neighborhoods.

    0Reply
  • Clifton Young
    Rental Property Investor · NE OHIO · Member since 2018 · 22 posts · 21 votes
    7y

    Mark,

    I live and invest in the NE Ohio area. As many mentioned, Columbus is the "Hot" market in Ohio right now. With that being said, everyone is aware of that and real estate prices are reflecting that trend. If you are looking for solid and good cash flowing rentals, Cleveland and surrounding areas are a great location. Cleveland has all the amenities of big market cities. It is home to 3 major sports franchises (Indians, Browns, and Cavs), #1 Medical Institution (Cleveland Clinic), Casino's (MGM), Amazon Fulfillment center, Malls, rapid transit, Universities, etc. I would recommend you invest in the area.

    2Reply
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