I'm from the south Puget Sound and moved out to Cleveland a couple months ago. I've only got 7 units, but am getting familiar with the larger multifamily deals and have a couple friends with 20+ unit buildings. I'd love to learn more about putting some larger deals together and can share some insights on things out here. Send me a pm :)
Originally posted by @James Lusk :
I have been investing in the greater Seattle area for the last 3 years with my wife and have accumulated 29 doors across 3 properties (and sold another 6 doors). We are now looking to invest in the Cleveland market and are underwriting 10+ unit multifamily for BRRRR.
We are just diving into learning the market and the little nuances like point of sale inspections and snow. (I hear it’s white and fluffy and you shovel it?) One thing I have found is that 10+ unit apartments appear to be a rare breed.
I would love to hear from other investors in the are who currently own 10+ unit multis in the greater Cleveland area as to what your experience has been with operating in Cleveland and anything in particular to look out for. We are looking into Garfield Heights, Lakewood, Brook Park, Brooklyn Heights.
We will be flying into Cleveland the morning of Friday 8/10 and staying until mid day 8/12. If any multifamily investors in the area would be willing to meet up and chat, we would love to share our experiences and pick your brain over a beer or coffee.
Thanks in advance!
Welcome to the site James. I'd suggest giving The Ultimate Guide to Grading Cleveland Neighborhoods a look through while your doing your research.