What’s the deal with Ohio?

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What’s the deal with Ohio?

Cameron McNulty
Minneapolis, MN · Member since 2020 · 61 posts · 56 votes

Hi guys, this one is for my OHIO investors/real estate people. What’s the deal with Ohio? I swear people are RAVING about Ohio, I can’t stop hearing Ohio and real estate in the same sentence LOL.

The only thing I really know about Ohio, is that not a lot happens in Ohio. This is probably an ignorant statement so TELL ME... Is there something i’m missing about the great state of OH?

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Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
5y
Originally posted by @Joe S.:

I see so many people promoting Ohio I almost wonder if it’s being oversold. I kind of wondered about that myself because they have a higher number of realtors promoting their services than it seems any other state.

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  • Nick Shri
    Rental Property Investor · VA · Member since 2020 · 218 posts · 133 votes
    5y

    Amazing discussion, wealth of knowledge for someone considering OH as potential investment.

    Who are good boots-on-ground in Cleveland (suburbs), Columbus(suburbs), Cincinnati (suburbs), Youngstown, Toledo markets? I had love to connect with you.

    1Reply
  • Ola Dantis
    Multifamily Syndicator · Houston, TX · Member since 2016 · 1k+ posts · 2k+ votes
    5y

    @Cameron McNulty LOL. Maybe the "nothing is happening there" is the secret ingredient to OH being a great state to buy right now.

    4Reply
  • Stephen Brown
    Real Estate Broker · Huntsville, AL · Member since 2019 · 1k+ posts · 872 votes
    5y
    Originally posted by @Nick Shri:

    Amazing discussion, wealth of knowledge for someone considering OH as potential investment.

    Who are good boots-on-ground in Cleveland (suburbs), Columbus(suburbs), Cincinnati (suburbs), Youngstown, Toledo markets? I had love to connect with you.

    Nick, I can get you in touch with some of the best in Toledo if you're interested. Please PM if you'd like.

    2Reply
  • Steven Foster Wilson
    Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    5y
    Originally posted by @Ola Dantis:

    @Cameron McNulty LOL. Maybe the "nothing is happening there" is the secret ingredient to OH being a great state to buy right now.

    shhhh don't share the secret about Columbus. 

    3Reply
  • Steven Foster Wilson
    Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    5y
    Originally posted by @Ari Hadar:
    Originally posted by @Joe S.:

    I see so many people promoting Ohio I almost wonder if it’s being oversold. I kind of wondered about that myself because they have a higher number of realtors promoting their services than it seems any other state.

    Colombus realtors just put key alert of Cleveland and they promote themselves like that 

    lol probably true, but its overpopulating the cubs market with investors, we'll have to start referring people to Cleveland soon just to have a chance at buying stuff down here.

    1Reply
  • Steven Foster Wilson
    Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    5y
    Originally posted by @Jason Goretzki:
    Originally posted by @Cameron McNulty:

    The only thing I really know about Ohio, is that not a lot happens in Ohio. 

    Oh I disagree! 

    Sports! Pro Football Hall of Fame is in Canton Ohio, there are teams for just about ever sport in all the major cities across the state.
    Music! The Rock & Roll Hall of Fame is in Cleveland.
    Entertainment! There's also Cedar Point in Sandusky, often rated the best amusement park with the worlds largest something or other every year.

    Best of luck on your search!  Ohio is a great state with lots to do. 

     Not to mention the buckeyes....

    3Reply
  • Brianne Leichliter
    Rental Property Investor · Cincinnati, OH · Member since 2019 · 59 posts · 77 votes
    5y

    @Hai Loc I think it really comes down to what your goals are.  If trailer parks are your niche, then going wherever they are makes sense.  Cincinnati has a lot of revitalization happening, both urban and suburban.  I love the spread of Cincinnati also.  Your address can be in Cincinnati, but you can live in a neighborhood that feels like the burbs!

    3Reply
  • Brandon SturgillBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
    5y

    @Kim Synow Lake Erie can be brutal, but it can be profoundly beautiful too...it's probably why people are hush about it...they don't want to give away the secret, lol...we watched a movie not long ago and I was like "damn, Maine is really beautiful"...the credits role and it was filmed at Lake Erie...incredible. 

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  • Mike Mocek
    Property Manager / Licensed Realtor · Toledo/Columbus, OH · Member since 2019 · 244 posts · 262 votes
    5y

    @Cameron McNulty I love when I am asked this question, and I would be more than happy to hop on a call with ya!

    I can’t speak for every market, I personally own in Cleveland and Akron however, I work in Toledo and am moving into this market. The Toledo market is different from all others, not to mention, extremely low purchase prices on fixer uppers as compared to their retail value, Toledo is full of promises. The need for quality residential and commercial space has become astonishing, making the right investment in Toledo is sometimes not easy with so many different projects to choose from. Whether it is Single-Family homes, Multi-Family homes, mixed use or any other type of property, with such a high demand in Toledo, it rarely stays on the market for a great length of time.

    Some reasons why so many people are flocking to invest in this cosmopolitan community would be:

    - Low inflation

    - One of the safest cities in Ohio

    - Low cost of living

    - Growing metropolitan

    Toledo Investment Properties provide investors with a unique comprehensive platform that makes Toledo a logical place to invest in. The area is always expanding the business district as well as downtown, from Access to low cost regional talent, competitive real estate cost, strong work ethics and excellent facilities for sports, shopping, leisure and healthcare. All-In-All, Toledo Means Business!

    If you want to chat more I would be happy to!

    4Reply
  • Mike Mocek
    Property Manager / Licensed Realtor · Toledo/Columbus, OH · Member since 2019 · 244 posts · 262 votes
    5y

    @Hans .Suljic I am glad you find success in Ohio, have you ever looked at Toledo?

    0Reply
  • Mike Mocek
    Property Manager / Licensed Realtor · Toledo/Columbus, OH · Member since 2019 · 244 posts · 262 votes
    5y

    @Joe S. Great insight.c can we chat I would love to pick your brain :)

    0Reply
  • Mike Mocek
    Property Manager / Licensed Realtor · Toledo/Columbus, OH · Member since 2019 · 244 posts · 262 votes
    5y

    @Hai Loc this is awesome! Glad you have found success!! Where do you invest in?

    0Reply
  • Mike Mocek
    Property Manager / Licensed Realtor · Toledo/Columbus, OH · Member since 2019 · 244 posts · 262 votes
    5y

    @Peter Eberhardt haha! This is true, I am from Michigan and moved to Ohio after living in Florida .. am I exempt? LOL when I lived in Florida I bought my Ohio portfolios.

    1Reply
  • Account Closed
    Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
    5y
    Originally posted by @Jennifer Petrillo:

    We just bought two triplexes and a duplex in a small city (67K) outside of Cleveland. Decided not to buy in Cleveland because it was just too massive, too much income disparity and lots of unsalvageable areas. The town we are in is working class, older and homogeneous housing stock, half the population is renters. Mix of manufacturing, medical, service and white collar jobs. Lots of decent working people who just want a clean, safe place to live, happy to pay rent on time and the cost of entry for an investor was pretty low. We had five existing tenants with three vacancies when we bought the properties, got 50 inquiries for the three apts we had to fill, lots of people clamoring for decent housing out there.

     Are you able to find quality management and trades people in a city that size? If one goes bad they may be the only game in town.

    2Reply
  • Hai Loc
    Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes
    5y
    Originally posted by @Mike Mocek:

    @Hai Loc this is awesome! Glad you have found success!! Where do you invest in?

     I just own a few mobile home parks in Central OH  all my other properties are scattered

    1Reply
  • Carlos Ptriawan
    Member since 2019 · 7k+ posts · 4k+ votes
    5y

    Ohio actually one of the CF-ing states that has the highest appreciation by the forecast.

    2Reply
  • Hai Loc
    Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes
    5y
    Originally posted by @Brianne Leichliter:

    @Hai Loc I think it really comes down to what your goals are.  If trailer parks are your niche, then going wherever they are makes sense.  Cincinnati has a lot of revitalization happening, both urban and suburban.  I love the spread of Cincinnati also.  Your address can be in Cincinnati, but you can live in a neighborhood that feels like the burbs!

     I will definitely take a closer look at Cincy.. If I ever consider singles or multi it must be very urban 

    2Reply
  • Julio GonzalezPro Member
    Specialist · West Palm Beach, FL · Member since 2008 · 4k+ posts · 1k+ votes
    5y

    Not only does Ohio in general offer great quality of life, it's likely to be a thriving 5G hub in the near future. For those with commercial real estate, this will be a great opportunity for growth!

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    1Reply
  • Brianne Leichliter
    Rental Property Investor · Cincinnati, OH · Member since 2019 · 59 posts · 77 votes
    5y

    @Hai Loc you would think that, but there are a lot of communities that I wouldn't consider urban.  Cincy has a nice blend in my opinion.

    2Reply
  • Daniela Andreevska
    Real Estate Consultant · Member since 2020 · 44 posts · 71 votes
    5y

    Hi, @Cameron McNulty!

    Glad I could help. Please do not hesitate to ask if you have any other questions.

    1Reply
  • Daniela Andreevska
    Real Estate Consultant · Member since 2020 · 44 posts · 71 votes
    5y
    Originally posted by @Lee Yoder:

    @Daniela Andreevska, can you explain your "city-average cap rate?" Are you just saying the average cap rate in the city of Dayton is 4.1% or is there more to this number?

    Hi, Lee! The way we get our city-average cap rates is by looking at all long-term rentals in a certain city available on our platform and calculating the average cap rate for all of them. Listed properties include single family homes, townhouses, condos, apartments, and small multi family (duplexes, triplexes, fourplexes, etc.). In the same way we calculate median property prices and average rental rates.

    Please let me know if you have any other questions.

    2Reply
  • Dan Amaro
    Realtor · Mansfield, OH · Member since 2020 · 40 posts · 12 votes
    5y

    @Cameron McNulty I grew up in the Metro Detroit area and moved to Columbus late 2018 because my wife recieved a promotion. I didn't want to move there but when I did I realized the quality of life was a better, in my opinion.

    I don't live in Columbus, OH any more but I enjoy living in Ohio because there's a lot of county roads (compared to where I came from) and I'm able to travel between cities faster with less traffic. The housing market is affordable for "first time home buyers" who aren't investors which is a plus. I predict things sky rocketing within 2 years because investors are catching up to the quality of life vs cost of living.

    2Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Brandon Sturgill:

    @Kim Synow Lake Erie can be brutal, but it can be profoundly beautiful too...it's probably why people are hush about it...they don't want to give away the secret, lol...we watched a movie not long ago and I was like "damn, Maine is really beautiful"...the credits role and it was filmed at Lake Erie...incredible. 

    Alum Creek > Lake Erie 

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  • Bob S.
    Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
    5y

    @Cameron McNulty well I can only speak about the Cleveland markets . About 10 years ago you could get 25- 30% net caps, all in pricing about 35k,  now about 10 -14% .Pricing have basically doubled or more. It was ranked the # 1 rental market by Forbes 2017- 18, but they were not paying attention to the  previous 7 years. Over the last 10 years tremendous growth , hotels , restaurants and more, even Amazon adding about 2 mill sq ft.  IMO it is still the best rental market, and I know most, Indy, Memphis, Detroit, etc, none are better .

    All the  best 

    3Reply
  • Tristam GriffithPro Member
    Real Estate Broker · Columbus, OH · Member since 2016 · 86 posts · 45 votes
    5y

    Hi Cameron! 

    The deal with Ohio is tons of jobs, which leads to tons of renters and buyers. Just in Columbus, we have over a dozen colleges and hospitals. We also have Chase, Nationwide, and plenty of other big companies here. For the non-professionals employees, we are the startup city for food franchises and have a warehouse district on the south end that houses Target, WalMart, Amazon, Boars head meats, etc. Add in access to a well-designed airport that has nonstop flights to most of the country. The cost of living is excellent. So, with lots of well-paying jobs, lots of good schools, affordable housing, and easy access to the rest of the country via plane, it's a natural place for employers to move their headquarters, or add hubs here. That means lots of renters and buyers.

    The demand for rentals is generally higher than supply.

    And the returns are good. You can expect $100-$150 a door profit on multifamily units and $150-$250 a door on single family houses. That's after ALL expenses. The city and real estate appreciation is generally steady at 4% plus per year.

    8Reply
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