Investing in NorthEast Ohio

37 Replies | Akron, Ohio

I am new to BP and have been shocked by the amount of useful articles and information being shared here to the point it has basically consumed my life the past couple days, but I am not complaining. Long story short, I have been doing residential real estate in the Las Vegas market for the past 5 years and have also done a couple fix and flip/fix and hold side projects along the way. However, I have been kicking around the opportunity to return home to NorthEast Ohio and continue investing my time and money into Real Estate. 

I plan on traveling back to Ohio next month to begin driving around and getting reacquainted with the neighborhoods and the different markets NorthEast Ohio has to offer. This far I been looking into Green, Uniontown, Mogadore and the surrounding areas, is anyone familiar or currently investing in these areas and would like to share any feedback? I have also looked into the suburbs of Cleveland but I am not as familiar with that area, yet I would be open to learning if it is worth it. Ideally I would like to fix and flip a couple properties to increase my working capital(currently about 100k) then transition into fix and holds and rental properties.  

I am also interested in building a network in Ohio as I make the transition, If you live, work or invest in NorthEast Ohio I would love to connect with you!

Originally posted by @Tre' Carpenter :

I am new to BP and have been shocked by the amount of useful articles and information being shared here to the point it has basically consumed my life the past couple days, but I am not complaining. Long story short, I have been doing residential real estate in the Las Vegas market for the past 5 years and have also done a couple fix and flip/fix and hold side projects along the way. However, I have been kicking around the opportunity to return home to NorthEast Ohio and continue investing my time and money into Real Estate. 

I plan on traveling back to Ohio next month to begin driving around and getting reacquainted with the neighborhoods and the different markets NorthEast Ohio has to offer. This far I been looking into Green, Uniontown, Mogadore and the surrounding areas, is anyone familiar or currently investing in these areas and would like to share any feedback? I have also looked into the suburbs of Cleveland but I am not as familiar with that area, yet I would be open to learning if it is worth it. Ideally I would like to fix and flip a couple properties to increase my working capital(currently about 100k) then transition into fix and holds and rental properties.  

I am also interested in building a network in Ohio as I make the transition, If you live, work or invest in NorthEast Ohio I would love to connect with you!

 Welcome to the site Tre'. Give The Ultimate Guide to Grading Cleveland Neighborhoods a read. Will be very helpful as you cruise through town.

Originally posted by @Tre' Carpenter :

@James Wise I appreciate it, I will check it out now. Do you do anything in the Akron/surrounding area or mostly just Cleveland? 

 I operate in all of Cuyahoga County but stick to Cuyahoga County only so no Akron isn't my thing.

@James Wise That's a great area to be in, my wife is from the South Euclid/Beachwood area. If I decide to invest in Cleveland, that is where it would most likely be. Do you think there are good opportunities to fix and flip there? I have heard a lot about the Ohio City/Treemont area being the next up, I saw you mentioned it as well in the guide you shared with me, has that ship sailed or is it still in the rebuild process? 

@Tre' Carpenter A non-performing note is when a borrower on a property fails to make their mortgage payments usually for more than 3 months. When this happens their mortgage loan with the bank the becomes "delinquent" or Non-performing. Note investors are able to buy these promissory notes from banks, hedge funds or other investors at discounted prices because banks want to get these bad loans of their books and are willing to sell at a reduced price.I.E The promissory note for a mortgage is 100k and the note investor would be able to purchase it for say 50k. Now that the investor purchased the mortgage note from the bank HE then becomes the "BANK" and is allowed to try recuperate the 100k owed from the borrower. No toilets to deal with, no tenants, no leaky roofs. It is truly a great investment avenue in real estate. Lets connect and we can chat more! 

Welcome @Tre' Carpenter . My husband and I invest in Akron and the surrounding communities. There is an Akron/Canton biggerpockets meet up run by @Jeffery Waicak on Wednesday evenings at 6:30 at Li Asian in Canton, though we've been pretty busy with new investments and haven't been in 4 months.

Originally posted by @Jill F. :

Welcome @Tre' Carpenter . My husband and I invest in Akron and the surrounding communities. There is an Akron/Canton biggerpockets meet up run by @Jeffery Waicak on Wednesday evenings at 6:30 at Li Asian in Canton, though we've been pretty busy with new investments and haven't been in 4 months.

 There is also a breakfast Thursday mornings at the Waterloo in Akron, on Waterloo road.  I found the information about it here & have only gone once.

https://www.biggerpockets.com/forums/521/topics/13...

Tre': Welcome to Bigger Pockets!

@James Wise Did the BP rules change?...maybe for moderators? I thought we weren't permitted to self-promote here....so I get flagged when I request a PM from someone that wants to invest in my city and you can post a tool you developed to generate leads for your business...hmmmm...

Originally posted by @Tre' Carpenter :

@James Wise That's a great area to be in, my wife is from the South Euclid/Beachwood area. If I decide to invest in Cleveland, that is where it would most likely be. Do you think there are good opportunities to fix and flip there? I have heard a lot about the Ohio City/Treemont area being the next up, I saw you mentioned it as well in the guide you shared with me, has that ship sailed or is it still in the rebuild process? 

 Fixing & Flipping doesn't have anything to do with the market. More or less any market in the USA that has homes priced above $150k will be adequate. The keys to flipping houses are the ability to do the following well

  • Located distressed sellers
  • Accurately estimate repairs
  • Properly manage renovation teams
  • Accurately estimate the exit price
  • Sell quickly

@Jordan Williams Correct me if I am wrong, but to me that sounds more like a debt collector, not a way to acquire property to increase cash flow or present a fix and flip opportunity. I would not be interested in going that route if that is the case. I do appreciate the opportunity however. 

@Jill F. I appreciate the information in regards to the meet up, I will definitely look into attending while I am in town. Great to hear you are busy! Were there any unforeseen challenges you faced when you initially started investing in the Akron area?  

@James Wise I agree on many of the key points you put here, however I have ran into issues here in the Vegas market with areas of town where to many investors bought in and the market has become saturated with flips or over inflated prices and they could no longer attract buyers. Also, if an area is becoming less desirable for people to live and the market is depreciating, you don't want to buy in and not be able to turn over your investment on the back end. That being said, would you agree the market at least plays a role in deciding on a property or do you not see those issues in the current Cleveland market?

Originally posted by @Brandon Sturgill :

@James Wise Did the BP rules change?...maybe for moderators? I thought we weren't permitted to self-promote here....so I get flagged when I request a PM from someone that wants to invest in my city and you can post a tool you developed to generate leads for your business...hmmmm...

 You are permitted to link to a blog on BP that is for informational purposes, whether it is your own or someone else's blog. The guide you're referring to does not direct anyone to work with Holton-Wise as it is for informational purposes only, and is further the opinion of the author. If it did not meet posting criteria, it would have already been taken down as advertising, and if he had posted "PM me for deals" that would be removed like anything else. 

In short, there's nothing to see here.

Originally posted by @JD Martin :
Originally posted by @Brandon Sturgill:

@James Wise Did the BP rules change?...maybe for moderators? I thought we weren't permitted to self-promote here....so I get flagged when I request a PM from someone that wants to invest in my city and you can post a tool you developed to generate leads for your business...hmmmm...

 You are permitted to link to a blog on BP that is for informational purposes, whether it is your own or someone else's blog. The guide you're referring to does not direct anyone to work with Holton-Wise as it is for informational purposes only, and is further the opinion of the author. If it did not meet posting criteria, it would have already been taken down as advertising, and if he had posted "PM me for deals" that would be removed like anything else. 

In short, there's nothing to see here.

 Brandon Brandon Brandon.........For the record I hung up the Moderator badge a long time ago. I've got no more say in the forum rules around here than you do.

As JD (who is a Moderator)  laid out the rules in the post above I would encourage you to worry less about me & spend more time creating educational and informative content. This website is a gold mine for those looking to build a Real Estate Investment business. There is no greater platform for you to demonstrate your expertise in the Real Estate Investment space than Bigger Pockets. All you've got to do is give the community high quality content the community will pay you back tenfold. I've made several million dollars because of the content I have posted on this site. The website is filled with tons of people want to deal with experts, if you are one show the community. Educate 1st and the rest will follow.

So the real question is why are you here talking to me about my grading scale of Cleveland neighborhoods when you could be in another thread demonstrating your knowledge of the neighborhoods in Columbus?   

Originally posted by @Tre' Carpenter :

@Jill F. I appreciate the information in regards to the meet up, I will definitely look into attending while I am in town. Great to hear you are busy! Were there any unforeseen challenges you faced when you initially started investing in the Akron area?  

Hi Tre, I'm also in the Akron area. I'd suggest taking a look at the Akron Canton REIA as well - they have meetings, speakers, and events. The last one they did was an event where you could go to homes and do different rehab activities.

On another note, do be careful to scope out the neighborhoods prior to purchasing anything. Be especially careful with South Akron (where most of the student housing is located). I'd probably turn to Cuyahoga Falls, Chapel Hill, Highland Square, and Wallhaven.

You might want to investigate Rolling Acres. I think I remember seeing something about Amazon redeveloping the mall there, so there may be some appreciation to be had. I'd double check that, though.