Attorney · Los Angeles, CA · Member since 2015 · 65 posts · 51 votes
I am starting my search for another investment property for buy and hold, likely a duplex or triplex. I have property in Cleveland and am looking there, but also curious if other investors recommend nearby-ish cities? Akron, Toledo, Mansfield, Youngstown, or nearby? I have a realtor in Cleveland, but like getting a wider range of advice.
Any advice on these areas and whether you'd invest there or avoid them, and why. Thanks in advance.
I invest in the Akron area and have great success there. Pretty similar to cleveland, there are good pockets and bad ones. More than happy to help if you are considering the area!
I invest in the Akron area and have great success there. Pretty similar to cleveland, there are good pockets and bad ones. More than happy to help if you are considering the area!
I am starting my search for another investment property for buy and hold, likely a duplex or triplex. I have property in Cleveland and am looking there, but also curious if other investors recommend nearby-ish cities? Akron, Toledo, Mansfield, Youngstown, or nearby? I have a realtor in Cleveland, but like getting a wider range of advice.
Any advice on these areas and whether you'd invest there or avoid them, and why. Thanks in advance.
Some of those are pretty far from Cleveland (over 100 miles) and would be entirely different markets, so you may need to find a new team in those cities to manage your properties. I live right between Cleveland and Akron and they're fairly similar markets with a lot of people commuting between them. Are you looking for an entirely different market like Toledo or looking for suburbs of Cleveland vs the city proper?
I wouldn't necessarily advise against any of the cities you listed, but there will certainly be differences from Cleveland. Mansfield isn't very large and is not a metro area like the other cities. Youngstown is probably the most economically depressed of the cities on the list and while there are deals to be had there, I don't foresee any significant changes to the local economy on the near horizon. Personally I like Toledo as a city. It's not big, but it's also not small. It has some nice areas. If you're looking at secondary markets you may also want to add Canton to your list.
@Ryan Beam thanks for the comment. I've done a bit of research and Akron was my first choice if I'm moving away from Cleveland, while Toledo was my second. I like Akron for several reasons, but proximity to Cleveland is one. I haven't looked at Canton, but will do my research on that one too - thanks.
Kellan - I have been looking at the Cleveland market for a while now and it looks like a very attractive market for entry level RE investors. Already being in Cleveland, what neighborhoods do you recommend/not recommend in the area?
Akron is a great city for investing. Rents are better than Canton. The rules and fees aren't bad, and services are good.
What make Akron better than Greater Cleveland?
It's better for me because I live in Akron, self-manage and I know the neighborhoods. It may not be 'better' for everyone; It's a great place to invest in general but may or may not be a relativeley bettert place to invest for a particular individual.
I beg of you not to invest in Youngstown haha. I’m sure people have success but I went to college there and it’s the last place I’d want to own property. I had an inspector that owned dozens there and did well but that was when you could buy something for 6k on the courthouse steps
We have a portfolio of properties in Pueblo, Colorado. Being from Ohio, when I wanted to move into a second market... I was looking in Ohio. I looked at Columbus and Cleveland. I ended up buying a duplex in Cleveland. The realtor and property manager were terrible. I still have the property and it will be okay long-term, but I was done with Cleveland. I'm now buying in Akron, Canton and Massillon. You can have one team to cover these three cities. I'm more comfortable in these smaller communities and our portfolio there seems to be heading in the right direction.
I am starting my search for another investment property for buy and hold, likely a duplex or triplex. I have property in Cleveland and am looking there, but also curious if other investors recommend nearby-ish cities? Akron, Toledo, Mansfield, Youngstown, or nearby? I have a realtor in Cleveland, but like getting a wider range of advice.
Any advice on these areas and whether you'd invest there or avoid them, and why. Thanks in advance.
Columbus is an awesome market! I am born and raised, and know the local market like the back of my hand! Over the past 5 years I have seen industry & population growth in Columbus explode, and effectively it has raised our housing prices. but we have great tenants, good night life (pre-covid) and great appreciation.
@Michael Wentzel I like the idea of a smaller community too. I have a SFR in Cleveland that is doing pretty well, the property manager is pretty good minus the maintenance upcharges. What turned you off to Cleveland besides your bad PM?
We own mostly C-class rentals. Investing in Cleveland from a distance, I found it hard to discern the lines between C-class properties/ neighborhoods and D-class properties/ neighborhoods. If you have a good team on the ground, you can probably navigate that. The agent and property manager I chose to use on the first deal in Cleveland both turned out to be bad at their jobs. So I moved on.
Down in Akron, Canton and Massillon, I have a better team. But I also feel like there are fewer D-class neighborhoods that would make it incredibly difficult to manage a property and make a profit.
We own mostly C-class rentals. Investing in Cleveland from a distance, I found it hard to discern the lines between C-class properties/ neighborhoods and D-class properties/ neighborhoods. If you have a good team on the ground, you can probably navigate that. The agent and property manager I chose to use on the first deal in Cleveland both turned out to be bad at their jobs. So I moved on.
Down in Akron, Canton and Massillon, I have a better team. But I also feel like there are fewer D-class neighborhoods that would make it incredibly difficult to manage a property and make a profit.
Mike
Did you choose buyer investor agent and whereddid you exactly invest?
I must say that as a long distance investor you raised an important issue about the blurring of c an d areas. As far as i know only East Cleveland is a d in the suburbs. Inside the city there are more dvareas and you can usually discern by the price.
I am starting my search for another investment property for buy and hold, likely a duplex or triplex. I have property in Cleveland and am looking there, but also curious if other investors recommend nearby-ish cities? Akron, Toledo, Mansfield, Youngstown, or nearby? I have a realtor in Cleveland, but like getting a wider range of advice.
Any advice on these areas and whether you'd invest there or avoid them, and why. Thanks in advance.
Hi Kellan, I would check out Columbus, OH. There is a ton of population and economic growth.
Sunny Mansfield!!! I have 14 sfhs and a double in Mansfield and surrounding areas. People would say it’s a terrible area to invest in. We do 3 beds, basement, and garage. The houses range from b+ to c- neighborhoods. We are killing it (sorry Ben these pigs are profitable).