Recommendations for a team in Cleveland, OH!
Hello! I am looking to potentially invest in the Cleveland, OH area. I was doing some research and the area looks great, but the one thing I do have a concern about is the limited number of major employers in the area. It sounds like it's pretty centralized to a few hospitals (Cleveland Clinic) and large national companies (Walmart). Does anyone have any recent experience, especially if it was a 1st time purchase, with buying in Cleveland? I'm looking to purchase a cash flowing long-term rental. If anyone has any recommendations for a solid team to help me do this out in Cleveland, please leave a comment or DM! :)
Originally posted by @Thomas Pae:Hello! I am looking to potentially invest in the Cleveland, OH area. I was doing some research and the area looks great, but the one thing I do have a concern about is the limited number of major employers in the area. It sounds like it's pretty centralized to a few hospitals (Cleveland Clinic) and large national companies (Walmart). Does anyone have any recent experience, especially if it was a 1st time purchase, with buying in Cleveland? I'm looking to purchase a cash flowing long-term rental. If anyone has any recommendations for a solid team to help me do this out in Cleveland, please leave a comment or DM! :)
There are turn key companies that specialize in their own areas. So you start from choosing the area of investment. If you invest in warzone, you will need special people, because flying bullets prevent most companies from doing their job.
@Thomas Pae in addition to the hospitals (all of which are world class) major employers in the Cleveland area include GM & Ford (both of whom have recently announced major investments in their CLE area plants), US Gov (NASA Glenn Research Center is here), KeyCorp, Progressive Insurance, Sherwin Williams, Swagelok, State of Ohio and higher education (CSU, Case Western Reserve, Baldwin Wallace). There is also a solid base of smaller companies servicing these sectors- healthcare, financial services, manufacturing. People who I know that run the smaller companies complain constantly about not being able to find enough skilled workers - particularly in manufacturing and construction (which is also a booming industry here at the moment). So if anything there’s a skilled worker shortage here, not an employer shortage.
Rental demand here is strong. Rented a C class single family to a well qualified tenant (>700 credit score) in a week and had over 120 other inquiries. Same story for a two family in Lakewood (which borders the west side).
You should visit cities before you make any decisions on where to invest out of state. Most Californians are surprised at all that Cleveland has to offer but also come here with the expectation of getting a low B, high C grade house for around $40K (those days are long gone). Reach out if I can help you.
@Thomas Pae Hmm, limited number of employers ? Amazon now has 2 mill sq ft, they just build a brand new 1 mill facility and took over the old Euclid mall. Plus many other major corps. .Each time I go there is a new restaurant, or another new development.v You are over thinking, and reading much to much in the internet . Learn and LISTEN to those that are actually doing deals and " work in the trenches daily " vs reading . Cleveland has been the " hot spot " for world wide investors for about 10 years , heck I sold about 240 props to investors from Israel, about 500 overall . I have seen pricing basically double over the last 5 years or so. We used to provide 25- 30 % NET caps, to our investors, ( many have never seen their property let alone been to Cleveland ) now about 10 -15% net ,still respectable.. it is ALL about your team. Going it on your own, you will simply get crushed, I am not speculating .
Good Luck
@Igor T. hmm please share with us the area where there are " flying bullets "
Thanks