I need advice from those who are from Ohio or know the market

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I need advice from those who are from Ohio or know the market

Bugsy Sigel
Member since 2022 · 14 posts · 2 votes

Hello ladies and and gents. I have a question for those who know the Ohio market, I’m seeing some good deals in Ravenna, is it worth it? All advices are welcomed. Thanks

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Austin McClainBusiness Member
Real Estate Agent · OH · Member since 2021 · 350 posts · 603 votes
4y

I'm not super familiar with Ravenna, but most towns in Ohio with a smaller population are similar. There are deals to be had in these areas if the cash flow looks good. 

[email protected]614-710-4827
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  • Curt Smith
    Rental Property Investor · Clarkston, GA · Member since 2012 · 2k+ posts · 1k+ votes
    4y

    Hi Bugsy,  I suggest to everyone to join the local REIAs to find locals, boots on the ground, old timers.  There's 3 REIAs in Ohio.  They are virtual; zoomed.   I'm a member of Oree from Atlanta.   Use meetup.org to search for real estate investor associations and use google.   Best of luck, curt

    0Reply
  • Austin McClainBusiness Member
    Real Estate Agent · OH · Member since 2021 · 350 posts · 603 votes
    4y

    I'm not super familiar with Ravenna, but most towns in Ohio with a smaller population are similar. There are deals to be had in these areas if the cash flow looks good. 

    [email protected]614-710-4827
    2Reply
  • Steven Foster Wilson
    Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    4y
    Quote from @Bugsy Sigel:

    Hello ladies and and gents. I have a question for those who know the Ohio market, I’m seeing some good deals in Ravenna, is it worth it? All advices are welcomed. Thanks


     Hi Bugsy,

    I personally recommend the major cities in Ohio:

    -Columbus, great for appreciation, pp is a bit higher around $220k for multifamily

    -Cincinnati, has a mix of cash flow and appreciation, average multifamily around $180k

    -Cleveland, has alot of cashflow potential, average multifam around $140k

    There are other smaller markets like Dayton, Akron, and Toledo, however there is not alot of economic drivers to those areas.

    Looking for cashflow? Look into Cleveland, its got good cashflow potential with appreciation happening as well.

    Looking for appreciation come to Columbus, there are still 1% deals, but the more attractive part is the population growth and other economic drivers!

    Always happy to help or talk more if you are interested. For that area I would look at the rents and see if the numbers line up.

    1Reply
  • Nicole Heasley Beitenman
    Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
    4y

    Where are you located? 

    0Reply
  • Nicholas MischPro Member
    Investor · Broadview Hts, OH · Member since 2016 · 310 posts · 280 votes
    4y
    Quote from @Bugsy Sigel:

    Hello ladies and and gents. I have a question for those who know the Ohio market, I’m seeing some good deals in Ravenna, is it worth it? All advices are welcomed. Thanks

    Ravenna is good if the deal is good. 
    1Reply
  • Bugsy Sigel
    OP
    Member since 2022 · 14 posts · 2 votes
    4y
    Quote from @Curt Smith:

    Hi Bugsy,  I suggest to everyone to join the local REIAs to find locals, boots on the ground, old timers.  There's 3 REIAs in Ohio.  They are virtual; zoomed.   I'm a member of Oree from Atlanta.   Use meetup.org to search for real estate investor associations and use google.   Best of luck, curt

    Thank you Curt
    0Reply
  • Bugsy Sigel
    OP
    Member since 2022 · 14 posts · 2 votes
    4y
    Quote from @Nicole Heasley Beitenman:

    Where are you located? 


     Massachusetts 

    0Reply
  • Bugsy Sigel
    OP
    Member since 2022 · 14 posts · 2 votes
    4y
    Quote from @Steven Foster Wilson:
    Quote from @Bugsy Sigel:

    Hello ladies and and gents. I have a question for those who know the Ohio market, I’m seeing some good deals in Ravenna, is it worth it? All advices are welcomed. Thanks


     Hi Bugsy,

    I personally recommend the major cities in Ohio:

    -Columbus, great for appreciation, pp is a bit higher around $220k for multifamily

    -Cincinnati, has a mix of cash flow and appreciation, average multifamily around $180k

    -Cleveland, has alot of cashflow potential, average multifam around $140k

    There are other smaller markets like Dayton, Akron, and Toledo, however there is not alot of economic drivers to those areas.

    Looking for cashflow? Look into Cleveland, its got good cashflow potential with appreciation happening as well.

    Looking for appreciation come to Columbus, there are still 1% deals, but the more attractive part is the population growth and other economic drivers!

    Always happy to help or talk more if you are interested. For that area I would look at the rents and see if the numbers line up.

    Interesting. Thank you Steven
    0Reply
  • Bugsy Sigel
    OP
    Member since 2022 · 14 posts · 2 votes
    4y
    Quote from @Nicholas Misch:
    Quote from @Bugsy Sigel:

    Hello ladies and and gents. I have a question for those who know the Ohio market, I’m seeing some good deals in Ravenna, is it worth it? All advices are welcomed. Thanks

    Ravenna is good if the deal is good. 

     Thank you Nicholas

    0Reply
  • Jackelyn Lee
    Property Manager · Toledo, OH · Member since 2021 · 58 posts · 92 votes
    4y
    Quote from @Bugsy Sigel:
    Quote from @Nicholas Misch:
    Quote from @Bugsy Sigel:

    Hello ladies and and gents. I have a question for those who know the Ohio market, I’m seeing some good deals in Ravenna, is it worth it? All advices are welcomed. Thanks

    Ravenna is good if the deal is good. 

     Thank you Nicholas

    I am in Toledo.  

    0Reply
  • Shane Kelly
    Real Estate Agent · Cleveland, OH · Member since 2021 · 383 posts · 361 votes
    4y

    I see Ravenna as being very out of the way from Cleveland (1 hour+ commute) but close-ish to Akron (under 30 min commute) but it is fairly out of the way. It's a nice little town and benefits from being far from the city in some aspects. I'm sure if a deal is sweet enough, it'd be worth going for. Might have to be a little more conservative on your numbers just to make sure you have an exit though.

    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    4y
    Quote from @Bugsy Sigel:

    Hello ladies and and gents. I have a question for those who know the Ohio market, I’m seeing some good deals in Ravenna, is it worth it? All advices are welcomed. Thanks


     Ravenna, Ohio is great for cash flow!

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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  • Andrew Weiner
    Property Manager · Cleveland, OH · Member since 2020 · 268 posts · 315 votes
    4y

    First of all I love the name.  As far as Ravenna goes it is a popular and growing area however it is still a "secondary" market.  One down side of a secondary market is that in the past when the economy has issues the ripple effects are felt more strongly in the secondary markets.  You will also have less options when it comes to property management and maintenance.  Overall if you have a strong screening process and get a good tenant with consistent income then you can do well anywhere.  I would recommend finding someone that covers the area ahead of buying because not everyone will go so far out of their core market to cover a one off property. 

    2Reply
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