Cleveland or Columbus to buy Rentals

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Cleveland or Columbus to buy Rentals

Matthew Swearingen
CA · Member since 2018 · 124 posts · 33 votes

I'm getting ready to buy a another rental but looking more in Columbus but then got curious about Cleveland. Does anyone have any input on both markets. Basically which has the better return based on experience in either market.

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Denis Woosley
Investor · Cleveland, OH · Member since 2016 · 25 posts · 29 votes
5y

Both will offer cash flow, appreciation, strong tenant base. Cleveland has a lower entry price point. I think it is most important where you can put together the best team to realize those results. As an out of state investor your boots on the ground are the key to your success.

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  • Denis Woosley
    Investor · Cleveland, OH · Member since 2016 · 25 posts · 29 votes
    5y

    Both will offer cash flow, appreciation, strong tenant base. Cleveland has a lower entry price point. I think it is most important where you can put together the best team to realize those results. As an out of state investor your boots on the ground are the key to your success.

    4Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Matthew Swearingen:

    I'm getting ready to buy a another rental but looking more in Columbus but then got curious about Cleveland. Does anyone have any input on both markets. Basically which has the better return based on experience in either market.

     Cleveland, Ohio is great for scaling your real estate portfolio since it is so cheap and cashflows well.

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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    2Reply
  • Stephen Brown
    Real Estate Broker · Huntsville, AL · Member since 2019 · 1k+ posts · 872 votes
    5y

    From my understanding, it's hard to go wrong in either market. It just depends on price point and appreciation. Do you want quick cash flow or long term wealth? Ohio offers great opportunities for all types of investors.

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

    @Matthew Swearingen

    Market reports

    Cleveland

    Columbus

    If you are looking at Cleveland, you should also consider Dayton and Toledo

    Maybe even Indianapolis

    937-979-7000
    Realize Multifamily Group11 Review
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    2Reply
  • Matthew Swearingen
    OP
    CA · Member since 2018 · 124 posts · 33 votes
    5y

    Ok with that being said...Cleveland, Columbus, Toledo or Dayton? Looking for a mix of good appreciate of at least 10% a year and 1.5% rule or higher of course. Trying to narrow down market. PM me if anyone has referral of agent in any of the areas.

    1Reply
  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    5y

    @Matthew Swearingen

    You almost have to choose between high appreciation or high cash flow. Columbus is great for decent cash flow and great appreciation, you can find 1% rules in decent neighborhoods that appreciate a lot year over year or some 1.5% rules in rougher neighborhoods but less appreciation over the long term (although in some of these C to C- neighborhoods we’ve seen some rapid appreciation over the past few years).

    If you want mainly cash flow with slight/hardly appreciation I recommend Dayton, Cincy, or Cleveland.

    [email protected]614-363-2787
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  • Matthew Swearingen
    OP
    CA · Member since 2018 · 124 posts · 33 votes
    5y

    Im going to be heading out to Columbus end of April to actually look at Columbus area. I was thinking of maybe doing a combination of both as far as good cash flow and maybe not best cashflow but good appreciation. So with that said it seems that maybe Columbus with provide both? And maybe Cleveland for good cashflow? Can I get 1.5% in Cleveland? I just wanna make my few days there worthwhile and productive.

    2Reply
  • Brandon GoldsmithBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2020 · 1k+ posts · 1k+ votes
    5y

    Cleveland will ultimately be better for cashflow overall and yes there are a few other markets in Ohio that you could check out for cashflow. Columbus is better for long-term appreciation and will still cashflow but it will be difficult to hit the 1.5% rule at all.

    [email protected]614-963-3340
    1Reply
  • Dave StokleyBusiness Member
    Property Manager · Cleveland, OH · Member since 2015 · 705 posts · 799 votes
    5y

    Don't trust anyone telling you there's no appreciation in Cleveland. I just refinanced a multifam I bought in 2015... it appraised for 84% more than it appraised in 2015.

    3Reply
  • Brad Fausett
    OH · Member since 2016 · 121 posts · 60 votes
    5y

    Please go to Columbus...Lol.  There are too many of us in Cleveland.   But seriously, as an investor who has been in both markets the information you have been provided here already is accurate.  Columbus for appreciation and Cleveland for low entry.

    2Reply
  • Matthew Swearingen
    OP
    CA · Member since 2018 · 124 posts · 33 votes
    5y

    Thank you very much guy for input. 

    Off topic of Ohio, has anyone invested in Tulum Mexico?

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

    Anyone invested in Bogata Columbia? 
    DM me

    0Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Matthew Swearingen:

    Thank you very much guy for input. 

    Off topic of Ohio, has anyone invested in Tulum Mexico?

     No, only Columbus, Ohio is suitable for real estate investing

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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  • Jim Truman
    Member since 2018 · 52 posts · 12 votes
    5y

    I'm interested in hearing from those who say they're finding great cashflow in Cleveland. I have one property there that cashflows ok. It's my first property so we didn't expect it to be phenomenal but it was a good entry into investing. Now, 1.5 years later, I'm struggling to find anything that cashflows. Looking in what I think are B cities (Bedford, Euclid, etc.) Even when I find a 1%'er, by the time you run the numbers with set asides for vacancies, maintenance, capex, PM, and taxes, it ends up being a poor deal. I think it's the property taxes that are killing the numbers...seem very high in the Cleveland area. 

    Are you still finding good deals? (Budget <120k) 

    1Reply
  • Caroline Widjaja
    Rental Property Investor · Los Angeles, CA · Member since 2018 · 84 posts · 54 votes
    5y

    If you bought the properties 3 years ago in Columbus, you would easily get a strong cash flow AND appreciation. This is RARE and I am not kidding. I am not sure about Cleveland rental market. As far as I know, it's good for flip and the property taxes is high.  

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

    If you bought the properties 3 years ago in Columbus, you would easily get a strong cash flow AND appreciation. This is RARE and I am not kidding. I am not sure about Cleveland rental market. As far as I know, it's good for flip and the property taxes is high.  

     I am still finding good cash flow deals in Columbus, Ohio. You just need to know where to look.

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
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    2Reply
  • Zeke Liston
    Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
    5y
    Originally posted by @Remington Lyman:
    Originally posted by @Caroline Widjaja:

    If you bought the properties 3 years ago in Columbus, you would easily get a strong cash flow AND appreciation. This is RARE and I am not kidding. I am not sure about Cleveland rental market. As far as I know, it's good for flip and the property taxes is high.  

     I am still finding good cash flow deals in Columbus, Ohio. You just need to know where to look.

     Same. 

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

    If you bought the properties 3 years ago in Columbus, you would easily get a strong cash flow AND appreciation. This is RARE and I am not kidding. I am not sure about Cleveland rental market. As far as I know, it's good for flip and the property taxes is high.  

     I am still finding good cash flow deals in Columbus, Ohio. You just need to know where to look.

     Same. 

    I am finding better ones. 

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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    0Reply
  • Zeke Liston
    Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
    5y
    Originally posted by @Remington Lyman:
    Originally posted by @Zeke Liston:
    Originally posted by @Remington Lyman:
    Originally posted by @Caroline Widjaja:

    If you bought the properties 3 years ago in Columbus, you would easily get a strong cash flow AND appreciation. This is RARE and I am not kidding. I am not sure about Cleveland rental market. As far as I know, it's good for flip and the property taxes is high.  

     I am still finding good cash flow deals in Columbus, Ohio. You just need to know where to look.

     Same. 

    I am finding better ones. 

    0Reply
  • Jonathan StyerBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2018 · 330 posts · 396 votes
    5y

    There are plenty of great cashflowing deals in great rental areas. As Remington has said, you just need to know where to look. 

    Styer Real Estate Professionals4.941 Reviews
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    1Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    5y
    Originally posted by @Matthew Swearingen:

    I'm getting ready to buy a another rental but looking more in Columbus but then got curious about Cleveland. Does anyone have any input on both markets. Basically which has the better return based on experience in either market.

     Yo playa..........Check this is you're looking at Cleveland. It's the lay of the land.

    https://www.biggerpockets.com/...

    0Reply
  • Matthew Swearingen
    OP
    CA · Member since 2018 · 124 posts · 33 votes
    5y

    Thank you for the info!!

    0Reply
  • Amit Chawla
    Member since 2022 · 81 posts · 30 votes
    3y
    Quote from @Jim Truman:

    I'm interested in hearing from those who say they're finding great cashflow in Cleveland. I have one property there that cashflows ok. It's my first property so we didn't expect it to be phenomenal but it was a good entry into investing. Now, 1.5 years later, I'm struggling to find anything that cashflows. Looking in what I think are B cities (Bedford, Euclid, etc.) Even when I find a 1%'er, by the time you run the numbers with set asides for vacancies, maintenance, capex, PM, and taxes, it ends up being a poor deal. I think it's the property taxes that are killing the numbers...seem very high in the Cleveland area. 

    Are you still finding good deals? (Budget <120k) 

    I am finding good ones but they require work.  Already renovated/updated real estate doesn't cash-flow but there are plenty of ones that need a little work and can be a gold-mine.
    0Reply
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