Cleveland Ohio Vs Columbus Ohio

Cleveland, Ohio
Cleveland Real Estate Forum
5yFollow

Cleveland Ohio Vs Columbus Ohio

Tonye Jack
Brooklyn, NY · Member since 2018 · 67 posts · 56 votes

I'm a first time out of state investor living in NYC and looking to purchase property in Ohio. In speaking with realtors in either market, I've received "bias" opinions based on the areas they serve. Any investors with experience in either of these markets, share their thoughts likes/dislikes. 

Thank you 

7Reply
68 views

Most Popular Reply

Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
5y
Originally posted by @James Maradits:
Originally posted by @Marc Rice:

@Tonye Jack

You can make a lot of money in both markets. It just depends what your long term goals are and if you want appreciation for wealth creation (Columbus) or strictly cash flow with more headaches (Cleveland).

 ReafCo in the house! My favorite Columbus shill crew.

Just curious, what is your basis for the assumption that there are "more headaches" in Cleveland?  Have you ever been to Cleveland?  Have you ever done a deal in Cleveland? How does one quantify headaches, particularly in a market they are not truly familiar with?

 Here is the graph I found about headaches in Columbus vs Cleveland. It is pretty telling

[email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
Reafco512 Reviews
WebsiteView Page
9Reply
See this reply in the discussion

42 Replies

Jump to latestLatest
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @James Maradits:
    Originally posted by @Marc Rice:

    @Tonye Jack

    You can make a lot of money in both markets. It just depends what your long term goals are and if you want appreciation for wealth creation (Columbus) or strictly cash flow with more headaches (Cleveland).

     ReafCo in the house! My favorite Columbus shill crew.

    Just curious, what is your basis for the assumption that there are "more headaches" in Cleveland?  Have you ever been to Cleveland?  Have you ever done a deal in Cleveland? How does one quantify headaches, particularly in a market they are not truly familiar with?

     Here is the graph I found about headaches in Columbus vs Cleveland. It is pretty telling

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    9Reply
  • Zeke Liston
    Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
    5y
    Originally posted by @Remington Lyman:
    Originally posted by @James Maradits:
    Originally posted by @Marc Rice:

    @Tonye Jack

    You can make a lot of money in both markets. It just depends what your long term goals are and if you want appreciation for wealth creation (Columbus) or strictly cash flow with more headaches (Cleveland).

     ReafCo in the house! My favorite Columbus shill crew.

    Just curious, what is your basis for the assumption that there are "more headaches" in Cleveland?  Have you ever been to Cleveland?  Have you ever done a deal in Cleveland? How does one quantify headaches, particularly in a market they are not truly familiar with?

     Here is the graph I found about headaches in Columbus vs Cleveland. It is pretty telling

     Great artwork. Where do you buy your crayons?

    0Reply
  • Brandon SturgillBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
    5y

    @James Maradits I think you are very intuitive in your perception...by that, I mean I used to be hard on Cleveland...that said, we're all representing our respective markets the best we can (or should be)...but we are all in the state of Ohio. If we can bring capital to this state we need to focus on that...I think we should always remember the 3 C's...there is opportunity abound in this state...

    And I'll brag on Cleveland any day...incredible architecture, a world-class market, great sports teams, awesome breweries and the lake in the summer is too good to be true. You can catch me in Ohio City on any given weekend. 

    937-979-7000
    Realize Multifamily Group11 Review
    View Page
    1Reply
  • Jeff Piscioniere
    Investor · Shelton, CT · Member since 2016 · 218 posts · 225 votes
    5y

    @Tonye Jack great to hear of another Tri-stater looking west. My partner and I @Diana T. are taking a very close look at the state of Ohio. Columbus is on our list but so are Akron, Dayton, Toledo, Youngstown, and others! Just seems like incredible opportunities compared to our overpriced market here in NY/NJ/CT. I must say I am intrigued by the mention of Indianapolis and KC. Two more states to consider. What are your thoughts Diana?

    Tonye, the best of luck to you!!!

    1Reply
  • Account Closed
    Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
    5y

    Columbus > Cleveland

    4Reply
  • Tonye Jack
    OP
    Brooklyn, NY · Member since 2018 · 67 posts · 56 votes
    5y

    @Mike D'Arrigo I definitely also had Indianapolis, Kansas City MO on the list as well. And it's getting very steep determining which to go with for the investment property. As i'm considering what would be the best long term play and area of growth for my portfolio.  

    0Reply
  • Tonye Jack
    OP
    Brooklyn, NY · Member since 2018 · 67 posts · 56 votes
    5y

    @Jeff Piscioniere exactly if I spent &400k for a measily multi in NJ which is already hard to find the returns are much smaller and the barrier to entry a lot more. Have you made a decision on which city/metro yet?

    0Reply
  • Tonye Jack
    OP
    Brooklyn, NY · Member since 2018 · 67 posts · 56 votes
    5y

    @Remington Lyman LOVE THE ARTWORK!

    1Reply
  • Tesho Akindele
    Rental Property Investor · Orlando, FL · Member since 2016 · 135 posts · 145 votes
    5y

    @Tonye Jack once you have narrowed it down to 2 or 3 potential markets you should start calling property managers and realtors. I see people spend so much time looking for the “perfect” market and then they never do anything. There are lots of cities where you can be successful as long as you have a good team helping you. Good luck!

    2Reply
  • Todd Brown
    Flipper/Rehabber · Dayton, OH · Member since 2019 · 2 posts · 0 votes
    5y

    @Tonye Jack Columbus is a very good place

    0Reply
  • Jeremy Komer
    Rental Property Investor · Cincinnati, OH · Member since 2020 · 84 posts · 81 votes
    5y

    @Tonye Jack

    It will be very difficult to find cash flow In columbus but the property will appreciate very quickly.

    I bought a condo three years ago outside dublin, lost cash flow every year ~1000 but it's up 30% in 2.5 years and it's been good for tax purposes.

    Columbus is more educated than average, more renters than average, and is growing quickly.

    The city is mostly new though as it's boomed in the last 20 years.

    Cleveland is an older city with allot more multi-family houses, higher maintenance costs due to the age but you can definitely find good cash flow off the MLS with pretty average property appreciation. All markets are competitive right now but cleveland will definitely be less competitive than columbus.

    If you plan to hold for 5+ years and can eat the short term negative cash flow for 2-3 years I would seriously consider columbus as I don't see a headwind that will slow it down soon.

    If you plan to 1031 or sell in under 5 and need positive cash flow now I would focus more on cleveland.

    0Reply
  • Jeff Piscioniere
    Investor · Shelton, CT · Member since 2016 · 218 posts · 225 votes
    5y

    @Tonye Jack we have not made any determination on what city yet.

    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    5y

    These two markets are not similar in any way. Cleveland is a market that should be compared to markets like Kansas City and Indianapolis. If you are an investor and you are thinking it's either Cleveland or Columbus you are confused as to what it is that you're looking for. 

    2Reply
  • Caroline Widjaja
    Rental Property Investor · Los Angeles, CA · Member since 2018 · 84 posts · 54 votes
    5y

    I can tell you honestly (from investor's point of view), it isn't because of my husband was a Buckeyes alumni, but we invested heavily both in Columbus & Indianapolis...Nothing can beats Columbus in terms of Cash Flow & Appreciation when you bought it 3 years ago. If you are thinking to jump into Columbus now, you're really late in the game. 

    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Caroline Widjaja:

    I can tell you honestly (from investor's point of view), it isn't because of my husband was a Buckeyes alumni, but we invested heavily both in Columbus & Indianapolis...Nothing can beats Columbus in terms of Cash Flow & Appreciation when you bought it 3 years ago. If you are thinking to jump into Columbus now, you're really late in the game. 

    Better late than never

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    2Reply
  • Brandon GoldsmithBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2020 · 1k+ posts · 1k+ votes
    5y

    If you look hard enough, the deals are still there. @Caroline Widjaja

    [email protected]614-963-3340
    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free