How to put together a team in Cleveland Ohio?

Question

How do you get started once you've narrowed down your market? I'm an out of state, first time investor. I am experienced in owning businesses--but have never branched out into real estate. Do you visit the area first to meet with realtors? How do you get started with building a team from out of state? I am interested in the B neighborhoods outside of Cleveland (i.e. S. Euclid).

Jay Hinrichs · Answer

MY wife will not show property to anyone or work with anyone who has not been approved by a lender that she personally knows.  this keeps deals together and makes offer strong.. going shopping before you can actually buy is as stated a waste of time.  you can just shop on Zillow to get a feel of an area and use the neighborhood maps Jim has to keep U out of the danger zones.

Scott Mac · Answer

Hi Kim,

If I were doing it I'd start with a good property manager in Cleveland and utilize them for as many other contacts as I could. Contractors, attorney, etc...

Then fill in any remaining gaps one by one from other references.

Good Luck!

James Wise · Answer

No you don't want to meet with Realtors as the 1st step. What that is going to do is sour everyone on you. You would just be some random out of state investor with a dream of investing in real estate. The only agents who would waste time on a meeting like that are low producing agents who don't understand that a meeting for someone that far out from a purchase is a poor use of their time. Working with an agent like that is a waste of your time & theirs. It'd be like working with a car salesman who thinks that talking to 12 year olds about cars is a good idea because they will eventually turn 16.

What you want to do 1st is get your financing squared away. Understand how much real estate you can afford. From there do some online research into the type of asset you want in the type of neighborhood you are comfortable with. You can do some research by checking out The Ultimate Guide to Grading Cleveland Neighborhoods. There are a lot of areas in Cleveland that look great on paper to out of state investors but are actually high risk areas that would likely result in you loosing your investment.

So with the above action plan you can narrow down what you want to buy, where you want to buy & how you will finance what you buy. At that point you can reach out to sellers or agents with an action plan and you will be treated as a serious buyer.

Federico Gutierrez · Answer

Welcome to Biggerpockets.

Look at the Cleveland Neighborhood Map, it's a good guide for new investors. Another good post is Cleveland Area Tax Rates

Tim Healey · Answer

@Steve Dowding I made my first purchase in Cleveland last year and am happy to share my experience and advice with you. Send me a PM if you want to chat.

Steve Dowding · Answer

@Damian Ramirez  thank you! That would be great. Sent you a connect request.

Damian Ramirez · Answer

@Steve Dowding

If you're still looking around for references and recommendations for lenders, Agent, etc. I can recommend you to a few. We've been in Cleveland for 5 years and have been able to sort through some of the bad apples and now just work with the good ones.

Feel free to reach out if needed

Steve Dowding · Answer

@Kim Rose were you able to get your  team together? I myself have been researching the Cleveland area as an out of state investor and anticipate buying a few properties in the next few months. Even though I am coming in with roughly 175k liquid, I would also like to connect with some lenders for future deals in the area. If you have made any great connections, would love to get some references from you.

James Wise · Answer

Biggest thing keeping agents from being ultra successful is learning when to say no. If an agent doesn't present you with any barriers to ensure you aren't wasting their time they are likely wasting yours.

James Wise · Answer

Doesn't really matter all that much. Most banks sell their loans off so they have very similar criteria. You can try some big ones Wells Fargo is pretty decent. Local banks too you are fine as well. If you want you can PM me & I'll send you a list of 10 or so that seem to be decent but again it's not really anything special just find yourself a loan officer you are comfortable with and go from there.

How to put together a team in Cleveland Ohio?

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