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Garrett M.
  • Real Estate Investor
  • NYC
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Cleveland Multifamily 2020

Garrett M.
  • Real Estate Investor
  • NYC
Posted Jan 17 2020, 11:28

Hey everyone, 

I've been exploring markets outside of the greater NYC area, primarily for better cash flow opportunities, and have been doing a deep dive into Cleveland, OH. There have been some very informative posts about the buying/selling process with regard to POS violations that have helped prepare me for an eventual purchase and its nuances. 

Following the 2+ year old guides that some fantastic BP members have posted I am now in the process of narrowing down to a few select neighborhoods (currently looking at but not limited to University Heights / Cedar-Lee / Parma / Shaker Heights / Detroit-Shoreway / Lakewood to name a few) to find that sweet spot of relatively stable cash flow, decent tenant pool and potential for some appreciation.  Curious to see if some of the ratings have changed over the past 2 years since creation. At this point I'm looking to take the next step in connecting with a few folks, professional agents and those that are more intimately familiar with the area to begin some conversations on my next steps towards a purchasing a few pieces of small MF property with a mindset of buy & hold.

I currently own a a few MF properties nearby that I self-manage remotely but given the distance, lack of market expertise and a growing family I would defer to a well vetted property manager on any future acquisitions in this area.

Not looking for turnkey as much as something that is a little rough around the edges - I am used to the ups and downs that come with buying in C areas for the 'best' return hence working with a great local contractor would be absolutely necessary. 

Looking forward to connecting with some great people in the near term. 

Thanks!

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