Still Good Deals out there?
Hi guys,
New member here. I've been investing in SFH in A+ Cleveland neighborhood for the past 4 years. I self-manage these properties, doing reno work myself and liked how little I need to get involved. I'm still quite new and inexperienced in the investment world.
Currently I'm looking into expanding and building up my portfolio with MFH/Commercial in B/B+ neighborhood with some disposable W2 income. And I'm planning to use a property management company for these units as I don't want to deal with the headache, and also I potentially will move out of the state, so I want to establish these relationship now while I'm still in Cleveland. I personally have no experience in this market/neighborhood, so I'm looking for some general guidance.
From what I learned on the forum, it seems in order to avoid headache down the line, I should avoid any deals with less than $800 rent/unit. (Is this true for 1-bedroom apartment buildings as well?)
And for it to be a good deal, purchase price needs to be about $60K per unit (reno cost + purchase). Anyone can comment on this?
Also, can anyone recommend an experienced agent who is tailored towards investors in CLE area?
Thanks in advance!