Can you still BRRRR in Cleveland. If not, where?
Hi BP
My partner and I are new to REI and interested in the BRRR method. We have been working in Cleveland as we had some connections but getting stuck with just cash flowing rentals in D/F neighborhoods, which is not our goal. We would like to BRRR to make most use of our money but feel like Cleveland may not be the location. Is this just an issue of our realtor and us not finding off market deals? Anyone have any intel On Cleveland? Is anyone having any luck with the BRRR in any other cities?
Any help is greatly appreciated!
Quote from @Cameron Biggs:
Quote from @Aj Parikh:Hey Al. I’m definitely open to cash flow opportunities, though I admit what excites me is the BRRRR strategy; it’s such a great long term wealth building vehicle. Ok I’ll reserve a spot on the calendar you sent previously, and I’d be interested to hear your take.
One of the best ways to get started is turnkey investing because you can get started with a small downpayment and your property will be in good areas with a tenant already on the property so you will be cash flowing from day one.
I am based in Northern Virginia but invest primarily in small multi family in Cleveland. I started out in Cleveland working with turnkey companies and then scaled my portfolio to 12 doors. Let's connect and we can discuss further.
Sounds good. Looking forward to speaking with you.
@Joshua Janus if your guy for the Cleveland market.
You can BRRRR anywhere if you have the proper team in place. Cleveland is still a tremendous area for price to rent ratios. I've bought 4 or 5 of my most recent deals straight off the MLS. You need to know where and how to look at the property.
#3 General Landlording & Rental Properties Contributor
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#3 General Landlording & Rental Properties Contributor
- Real Estate Consultant
- Cleveland
Quote from @Cameron Biggs:
Hi BP
My partner and I are new to REI and interested in the BRRR method. We have been working in Cleveland as we had some connections but getting stuck with just cash flowing rentals in D/F neighborhoods, which is not our goal. We would like to BRRR to make most use of our money but feel like Cleveland may not be the location. Is this just an issue of our realtor and us not finding off market deals? Anyone have any intel On Cleveland? Is anyone having any luck with the BRRR in any other cities?
Any help is greatly appreciated!
100% can do it there, been doing it for 10 years, Its all about your team and buying right. I just picked up a 3/2 in Euclid, nice area, all in 60kish, value about 125k, maybe more, rent 1400,,,,
#3 General Landlording & Rental Properties Contributor
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#3 General Landlording & Rental Properties Contributor
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Quote from @Giancarlo Orozco:
I work in the Cleveland market as an investor & know wholesalers here. We specialize in creative financing so id say try to lock up deals creatively to give you an edge. Or maybe you need to connect with some wholesalers there to get better deals and terms. BRRR'ing with conventional loans and with on-market deals will make it harder because your negotiating with retail pricing. Avoid East Cleveland and those D areas 100%.
Avoid East Cleveland, bad advice. We'll let me rephrase. Its good advice for those that do not have any knowledge of what's going on and where to buy. Those that just sit on the internet vs actually do. With that said there are certain areas you want to buy as much as possible. We are trying but there is no inventory. I am working on locking up a 7 unit on Euclid Ave.Heck over the last 5, 6 7 years I have seen pricing double triple or more there.
All the best