Any successful BRRR in OHio?

Cleveland, Ohio
BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Any successful BRRR in OHio?

Akshay Bhaskaran
Investor 路 Austin, TX 路 Member since 2022 路 68 posts 路 52 votes

Hello BP Community,

I'd like to connect with you to get your knowledge and experience on any of your BRRRs in Ohio. It can be anywhere in OH -- Cleveland, Columbus, Akron, or anywhere, and here's what I'm specifically looking for:

1. What are some of the cities in OH that you would recommend to invest? Cleveland, Akron, Columbus is all I know.
2. I've always had an assumption that OH is a Ca$h Flow market and not an Appreciation market. I mean, once we get off-market property and do some rehab, we can force appreciate it, but what about the later natural appreciation?
3. When you invest in OH, I've heard some good schools, and some decent employers like Progressive, Cleveland Clinic etc. -- but, which one would you choose and why? Coz Strongsville has good schools, but less employers. 

Looking forward to getting some great guidance from you all on getting my BRRR started in Ohio.

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Bob S.
Real Estate Consultant 路 Cleveland 路 Member since 2020 路 6k+ posts 路 3k+ votes
2y

UMM YESS, for the last 10 years. Now sure the high cash flow of 30% nets have decreased as pricing has doubled, tripled (all in 35- 40k, now, 100k-140k) and much more so your assumption is incorrect. (Cleveland markets) but sill great ROI. I just closed on a 3 br all in will be 65k ( pp 40k reno 25k) YES all in, Rent will be 1600. value is about 125k. Closing today on a duplex, all in 90k, rents 900/900, value about 130k This is my norm. I can provide 100s of examples.

BTW look how incorrect you were, see this is what happens when people sit on the internet and THINK they are " learning" 

44109 (median home price went from roughly 50k to 125k in 8 years)

https://www.zillow.com/home-values/77009/cleveland-oh-44109/

44102 (median home price went from roughly 30k to 120k in 8 years)

https://www.zillow.com/home-values/77002/cleveland-oh-44102/

44106 (median home price went from roughly 100k to 200k in 8 years)

https://www.zillow.com/home-values/77006/cleveland-oh-44106/

All the best

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  • Eric Prescott
    Investor 路 Union County, NJ 路 Member since 2022 路 92 posts 路 51 votes
    1y
    Quote from @Kerlous Tadres:
    Quote from @Akshay Bhaskaran:

    Hello BP Community,

    I'd like to connect with you to get your knowledge and experience on any of your BRRRs in Ohio. It can be anywhere in OH -- Cleveland, Columbus, Akron, or anywhere, and here's what I'm specifically looking for:

    1. What are some of the cities in OH that you would recommend to invest? Cleveland, Akron, Columbus is all I know.
    2. I've always had an assumption that OH is a Ca$h Flow market and not an Appreciation market. I mean, once we get off-market property and do some rehab, we can force appreciate it, but what about the later natural appreciation?
    3. When you invest in OH, I've heard some good schools, and some decent employers like Progressive, Cleveland Clinic etc. -- but, which one would you choose and why? Coz Strongsville has good schools, but less employers. 

    Looking forward to getting some great guidance from you all on getting my BRRR started in Ohio.


    Hey Akshay,

    I invest here in the Columbus market and there are some really affordable deals here. I can say that Columbus is more of an appreciation market than the other markets. Let me know if you have any questions for me


    What neighborhoods or zip codes in Columbus are best for appreciating SFR's that cash flow enough to pay for their own upkeep, and which attract solid tenants who stick around a good 5-7 years?

    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent 路 Columbus, OH 路 Member since 2017 路 6k+ posts 路 7k+ votes
    1y
    Quote from @Eric Prescott:
    Quote from @Kerlous Tadres:
    Quote from @Akshay Bhaskaran:

    Hello BP Community,

    I'd like to connect with you to get your knowledge and experience on any of your BRRRs in Ohio. It can be anywhere in OH -- Cleveland, Columbus, Akron, or anywhere, and here's what I'm specifically looking for:

    1. What are some of the cities in OH that you would recommend to invest? Cleveland, Akron, Columbus is all I know.
    2. I've always had an assumption that OH is a Ca$h Flow market and not an Appreciation market. I mean, once we get off-market property and do some rehab, we can force appreciate it, but what about the later natural appreciation?
    3. When you invest in OH, I've heard some good schools, and some decent employers like Progressive, Cleveland Clinic etc. -- but, which one would you choose and why? Coz Strongsville has good schools, but less employers. 

    Looking forward to getting some great guidance from you all on getting my BRRR started in Ohio.


    Hey Akshay,

    I invest here in the Columbus market and there are some really affordable deals here. I can say that Columbus is more of an appreciation market than the other markets. Let me know if you have any questions for me


    What neighborhoods or zip codes in Columbus are best for appreciating SFR's that cash flow enough to pay for their own upkeep, and which attract solid tenants who stick around a good 5-7 years?


     Typically, appreciation and cash flow are two different markets. Also zip codes can have cash flow and appreciating areas in it. I would recommend analyzing Columbus by specific neighborhood names. For example, 43206 has German Village and Driving Park in it. German Village is one of the most desirable areas to live in, while Driving Park is one of the most affordable neighborhoods.

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  • Eric Prescott
    Investor 路 Union County, NJ 路 Member since 2022 路 92 posts 路 51 votes
    1y

    Yes, I understand that appreciation often means less cash flow and good cash flow typically means weaker appreciation, but there is a sweet spot where there is decent appreciation and sufficient cash flow to cover expenses so that the property pays for itself, and that is what I'm honing in on. 

    Appreciate the recommendation to look by neighborhood vs zip. 

    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent 路 Columbus, OH 路 Member since 2017 路 6k+ posts 路 7k+ votes
    1y
    Quote from @Eric Prescott:

    Yes, I understand that appreciation often means less cash flow and good cash flow typically means weaker appreciation, but there is a sweet spot where there is decent appreciation and sufficient cash flow to cover expenses so that the property pays for itself, and that is what I'm honing in on. 

    Appreciate the recommendation to look by neighborhood vs zip. 


     I would check out Maize-Morse, Grove City, Groveport, Obetz, Vassor Village, Innis Garden, Hungarian Village 

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  • Jake BakerBusiness Member
    Flipper/Rehabber 路 San Diego, CA 路 Member since 2020 路 1k+ posts 路 696 votes
    1y

    @Akshay Bhaskaran

    I have a few bookkeeping clients that invest in Columbus. It seems to be a great market. 

    Here are a few thoughts about your comment on market appreciation:

    Cash Flow is a hedge against corrections. Cash flow (in my portfolio as a whole) covers my expenses. Forced Apperception (BRRRR or buying at a discount) is also a hedge against corrections. Market Appreciation is the least predictable, but historically, where you will make the most money. Real Estate values, nationally, have never decreased over any 10 years.

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  • Max Emory
    Accountant 路 100% Remote 路 Member since 2019 路 497 posts 路 216 votes
    1y
    Quote from @Jake Baker:

    @Akshay Bhaskaran

    I have a few bookkeeping clients that invest in Columbus. It seems to be a great market. 

    Here are a few thoughts about your comment on market appreciation:

    Cash Flow is a hedge against corrections. Cash flow (in my portfolio as a whole) covers my expenses. Forced Apperception (BRRRR or buying at a discount) is also a hedge against corrections. Market Appreciation is the least predictable, but historically, where you will make the most money. Real Estate values, nationally, have never decreased over any 10 years.

     Well said, @Jake Baker!

    2Reply
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