I am new to this forum and already in awe about the wealth of information contained here.
I have some investment properties already in the Columbus area and now trying to have some in Cleveland as well. Right now looking to close some in the Garfield heights area. I am not local to Cleveland so don't know much about it. They are basically single family rentals and one of them is a duplex.
How is Garfield heights in general? What should I be watching out for being a new investor in Cleveland? Thanks in advance for your advice.
welcome to the site.
Garfield heights has a pretty good rental market. The city can be difficult to deal with sometimes but you should be able to make some money there.
@Magesh R. I was looking into the Cleveland market earlier this year and there were plenty of experienced voices on the forums to help out. So you can probably dig up some of the old forums and/ or wait for the Cleveland the experts to chime in.
I've actually passed on Cleveland and I'm considering Columbus as my next market. What areas do you own properties in Columbus and how has that been for you?
so far so good in Columbus. But the deals are becoming hard to find now a days so thats one of the reason why I am considering Cleveland. My properties are in south Columbus around Grove city. Why did you pass on Cleveland?
Thanks for the assuring response. What cap rates are reasonable in that area?
@Magesh R. I'm not necessarily down on the Cleveland market. But I think the economic drivers in Columbus are a bit better and Columbus is also the area I grew up in. So even if the markets were equal, I would probably lean towards Columbus.
Good luck. I hope @James Wise and others can help you find some good properties up there.
In Garfield the POS(Point of Sale) is the big thing to be aware of. If you can get the seller to assume/satisfy the point of sale inspection that will make things easier for you long term. That is the same in a lot of the Heights areas.
Feel free to reach out with any questions. Happy to help.
thanks Isaac. Yes the seller is taking care of POS.
Garfield Heights has a point of sale inspection to watch out for, just make sure you ask for it prior to closing.
City of Cleveland you can buy cheaper and there is no point of sale but the property values are just not there it is mainly just for cash flow.
if I can help you whatsoever I have done more than 1000 deals in the area over the past 18 years.
Best of luck! :-)
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