Looking to expand into a market in Ohio. Akron, Columbus ETC.

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Looking to expand into a market in Ohio. Akron, Columbus ETC.

Kris Mead
Rental Property Investor · Hopewell Junction, NY · Member since 2019 · 81 posts · 38 votes

Hello, all!

My wife and I are looking to diversify into a new market and Ohio has been on our radar for quite some time. We are hoping to zero in on one or two so we can start building connections in anticipation of being boots on the ground in August.

We are trying to narrow it down further but so far we are looking in Akron/Cleveland/Canton, Columbus, Cincinnati, Dayton and possibly Toledo.

Our strategy is long term buy and hold for cash flow. Appreciation is a plus but not required.

Any and all recommendations are welcome!

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Marc RiceBusiness Member
Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
5y

@Kris Mead

Ohio has a lot of good options as stated above. Cincy, Cleveland, Dayton, and Toledo will offer the strongest cash flow to purchase ratios, but lack some of the appreciation that really makes a long term buy and hold worth it. Columbus will offer a little less cash flow but longer term appreciation and rent increases due to its rapid job and population growth.

I agree with above - interview local agents and property managers in the markets you’re analyzing to best decide. Good luck!

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  • Brandon SturgillBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
    5y

    @Kris Mead Congrats on getting going in Ohio!...to be honest, I think you should connect with a broker in each of those markets...one of the best benefits to being on your side of the table ;) And there are highly qualified folks in each of our markets that can help. I'm partial to Columbus because it behaves more like Austin, Tx than a Midwest city...

    I'm glad to chat more on the local markets.

    I'm starting to add Trade Area Reports for all the cities we see investors go to...here are the ones for

    Dayton

    Columbus

    Cincinnati

    Cleveland

    Toledo

    Happy hunting and best of luck

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  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    5y

    @Kris Mead

    Ohio has a lot of good options as stated above. Cincy, Cleveland, Dayton, and Toledo will offer the strongest cash flow to purchase ratios, but lack some of the appreciation that really makes a long term buy and hold worth it. Columbus will offer a little less cash flow but longer term appreciation and rent increases due to its rapid job and population growth.

    I agree with above - interview local agents and property managers in the markets you’re analyzing to best decide. Good luck!

    [email protected]614-363-2787
    Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews
    WebsiteView Page
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  • Reece Iovine
    Realtor · Columbus, OH · Member since 2016 · 170 posts · 227 votes
    5y
    Originally posted by @Marc Rice:

    @Kris Mead

    Ohio has a lot of good options as stated above. Cincy, Cleveland, Dayton, and Toledo will offer the strongest cash flow to purchase ratios, but lack some of the appreciation that really makes a long term buy and hold worth it. Columbus will offer a little less cash flow but longer term appreciation and rent increases due to its rapid job and population growth.

    I agree with above - interview local agents and property managers in the markets you’re analyzing to best decide. Good luck!

    Cashflow pays the bills appreciation grows your wealth. I've added 400K in equity on my properties and they cashflow 2,193 bucks a month...No way cashflow can ever pay what value add and annual appreciation do :)

    2Reply
  • Account Closed
    Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
    5y

    Check out LaPlante Real Estate in Toledo. They are full service with investors: purchasing a great investment property, make ready renovations, and ongoing property management.

    BP member @Dave Poeppelmeier works there.

    4Reply
  • Kris Mead
    OP
    Rental Property Investor · Hopewell Junction, NY · Member since 2019 · 81 posts · 38 votes
    5y
    Originally posted by @Reece Iovine:
    Originally posted by @Marc Rice:

    @Kris Mead

    Ohio has a lot of good options as stated above. Cincy, Cleveland, Dayton, and Toledo will offer the strongest cash flow to purchase ratios, but lack some of the appreciation that really makes a long term buy and hold worth it. Columbus will offer a little less cash flow but longer term appreciation and rent increases due to its rapid job and population growth.

    I agree with above - interview local agents and property managers in the markets you’re analyzing to best decide. Good luck!

    Cashflow pays the bills appreciation grows your wealth. I've added 400K in equity on my properties and they cashflow 2,193 bucks a month...No way cashflow can ever pay what value add and annual appreciation do :)

    True, appreciation is just harder and more expensive to realize.   I have a 10+ year time horizon that focuses mainly on cash flow, but net worth growth is always a metric I track and set a goal for.  Appreciation would just be the icing on the cake and I would never shy away from it.

    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Kris Mead:

    Hello, all!

    My wife and I are looking to diversify into a new market and Ohio has been on our radar for quite some time. We are hoping to zero in on one or two so we can start building connections in anticipation of being boots on the ground in August.

    We are trying to narrow it down further but so far we are looking in Akron/Cleveland/Canton, Columbus, Cincinnati, Dayton and possibly Toledo.

    Our strategy is long term buy and hold for cash flow. Appreciation is a plus but not required.

    Any and all recommendations are welcome!

     Columbus is the worst option out of those for cash flow. We have a shortage of houses for the demand which is driving prices up. You can still cash flow but the other markets cash flow more.

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  • Kris Mead
    OP
    Rental Property Investor · Hopewell Junction, NY · Member since 2019 · 81 posts · 38 votes
    5y

    @Remington Lyman fair enough. That seems to be a common scenario in many markets.

    1Reply
  • Lee Yoder
    Rental Property Investor · Lebanon, OH · Member since 2016 · 224 posts · 228 votes
    5y

    @Kris Mead, in my opinion Columbus is a much different market than all others in Ohio. It is incredibly hot. That's great if you own property there, but I think you'll find it very difficult to purchase cash-flowing properties right now. Cincinnati, is easily second on the list as far as a growing market that is very competitive, but I still think you can purchase cash-flowing properties right now. All of the other markets are similar in my opinion. I think you can find good, cash-flowing properties in all. I would suggest that you work through BP to find some good connections in one or two of those markets. Because there is not that much difference between these markets, I would go with this one where you're able to establish a good team. Good luck and God bless!

    4Reply
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