Hi Guys, I am a real state investor looking for flip deals in Cleveland, and its suburbs.
Which are the best areas for flips? in terms of ARV, DOM, better margins?
Thanks
You'll probably fair better in the suburbs then the city itself. Hit up the A-grade suburbs and you've got more wiggle room as the price points are higher so the competition is lower. You can also work the nicer B-grade suburbs where the ARVs are in the $150k range. What you really want to avoid is the areas where the ARVs are sub $100k. You'll get your booty handed to you over there, no question about it.
Hi Guys, I am a real state investor looking for flip deals in Cleveland, and its suburbs.
Which are the best areas for flips? in terms of ARV, DOM, better margins?
Thanks
You'll probably fair better in the suburbs then the city itself. Hit up the A-grade suburbs and you've got more wiggle room as the price points are higher so the competition is lower. You can also work the nicer B-grade suburbs where the ARVs are in the $150k range. What you really want to avoid is the areas where the ARVs are sub $100k. You'll get your booty handed to you over there, no question about it.
Last couple comments are correct. Suburbs seem to fair better due to the higher price points. We've done flips in Cleveland Heights, University Heights, South Euclid and have one going on in Lakewood at the moment. POS will be something you have to deal with unfortunately.
Are there any specific suburbs you would suggest \ have experience with?
Whichever one that you've found a deal where the numbers work out. To flip a house you need to get it from a distressed seller below it's FMV. The spread is the money. The spread can pop up anywhere. It's not like there is 1 particular suburb that happens to have an over abundance of desperate sellers.
@James Wise what do you think of the Cleveland clinic main campus area, specifically cedar and E 85th st to E 105th St
Refer to the Ultimate Guide to Grading Cleveland Neighborhoods. Im on my phone right now so perhaps another BP member who is familiar with it can link it nto the discussion for you. Total pain in the butt to do from my phone.
@James Wise what do you think of the Cleveland clinic main campus area, specifically cedar and E 85th st to E 105th St
Refer to the Ultimate Guide to Grading Cleveland Neighborhoods. Im on my phone right now so perhaps another BP member who is familiar with it can link it nto the discussion for you. Total pain in the butt to do from my phone.
@Rob Gillespie how have you worked around the POS stuff in the heights? I have found screaming deals, but the escrow account for POS is a deal breaker in most cases.