I need some tips for my first property investment please

Cleveland, Ohio
First-Time Home Buyer
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I need some tips for my first property investment please

Eviatar Maman
Member since 2022 · 3 posts · 3 votes

Hey everyone, my name is Kim and I am a new real estate investor, I did my research and decided to invest in Cleveland Ohio, my plan is to start out by purchasing SFHs, in a B class (and above) Areas where the budget of 120k (all in). Can anyone provide some tips for me? Any special or unusual RE rules that I should be aware of at Cleveland Ohio? What are the best neighborhoods to invest in for buy&hold? What are the worst (high crime areas) That I should stay away from? I would love to connect with agents and wholesalers that work with investor. Thank you for your help, Kim

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Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
4y

@Eviatar Maman

@james wise has a map of Cleveland area for the good and not so good areas and has a lot of content available

7e investments53 Reviews
WebsiteView Page
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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    4y

    @Eviatar Maman

    @james wise has a map of Cleveland area for the good and not so good areas and has a lot of content available

    7e investments53 Reviews
    WebsiteView Page
    1Reply
  • Nick Shri
    Rental Property Investor · VA · Member since 2020 · 218 posts · 133 votes
    4y

    Welcome @Eviatar Maman to BP! Familiarize yourself with this blog post - https://www.biggerpockets.com/... 

    Neighborhoods vary from street to street, don't be surprised if you see similar houses sold with $50k difference within 1/4 mile of each other.

    Good luck..

    1Reply
  • Patrick DruryBusiness Member
    Real Estate Agent · Columbus, OH & Cleveland OH · Member since 2021 · 1k+ posts · 2k+ votes
    4y

    @Eviatar Maman
    Depending on the location, a Point of sale inspection is required. 

    [email protected]614-412-4565
    Reafco-555 Reviews
    View Page
    0Reply
  • Shane Kelly
    Real Estate Agent · Cleveland, OH · Member since 2021 · 383 posts · 361 votes
    4y

    Hey Kim! Welcome to BP. I'm an agent here and let me say that there are a lot of intricacies to learn and know about the market here. Read the article with the area class map and you'll get a good idea of what areas are good and not so good. Lastly, if you're investing for cashflow, you'll see your best returns in C to B areas, but B to A areas will have less headaches in general. If there's anything I can do to help then send me a connection request and I'll be more than happy to assist. Best of luck!

    0Reply
  • Steven Cathcart
    Realtor · Cleveland, OH · Member since 2018 · 30 posts · 15 votes
    4y

    Hi @Eviatar Maman, welcome to the Cleveland market. I'll add that you'll need to familiarize yourself with the City of Cleveland's lead safe program. For non-owner occupied rentals, the city is requiring owners to certify there are no harmful levels of lead in the home. There are several good certified lead inspectors in our area as well as mitigation companies. Just another potential hurdle to be aware of when you're analyzing a deal. Note this is just in the city of Cleveland; the suburbs don't have this requirement. But beware of those pesky point of sale inspections as @Patrick Drury mentioned.

    1Reply
  • Steven Foster Wilson
    Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    4y
    Quote from @Eviatar Maman:

    Hey everyone, my name is Kim and I am a new real estate investor, I did my research and decided to invest in Cleveland Ohio, my plan is to start out by purchasing SFHs, in a B class (and above) Areas where the budget of 120k (all in). Can anyone provide some tips for me? Any special or unusual RE rules that I should be aware of at Cleveland Ohio? What are the best neighborhoods to invest in for buy&hold? What are the worst (high crime areas) That I should stay away from? I would love to connect with agents and wholesalers that work with investor. Thank you for your help, Kim


     Hi Kim,

    A huge resource is the BP education part and go to guides. What made you decide on Cleveland? 

    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    4y
    Quote from @Eviatar Maman:

    Hey everyone, my name is Kim and I am a new real estate investor, I did my research and decided to invest in Cleveland Ohio, my plan is to start out by purchasing SFHs, in a B class (and above) Areas where the budget of 120k (all in). Can anyone provide some tips for me? Any special or unusual RE rules that I should be aware of at Cleveland Ohio? What are the best neighborhoods to invest in for buy&hold? What are the worst (high crime areas) That I should stay away from? I would love to connect with agents and wholesalers that work with investor. Thank you for your help, Kim


     Give this a read playa....Should be exactly what you are looking for.

    The Ultimate Guide to Grading Cleveland Neighborhoods

    0Reply
  • Erin Dorsey RobinsonPro Member
    Real Estate Agent · Cleveland, OH · Member since 2020 · 280 posts · 365 votes
    4y

    Hi Kim @Eviatar Maman,

    Congratulations on getting started with investing in Cleveland. This is a good place to get started. I would like to offer you a couple insider tips for success here but first, I have a couple of questions based on your search criteria. When you say $120k all in for SFH in a B area or above are you talking about cash all in or financing or a combination? Your question about where to find what you want is going to depend on your answer to that question. Feel free to send me a direct message if you'd like to discuss your strategy further.

    With regard to specific areas, Cleveland, like many cities, is a place where neighborhood characteristics can change over very short distances. One block feels like homes are well cared for and the next block is full of homes that are visibly distressed. This can be true even in the suburbs. Whatever source you use to determine where you want to be, remember to judge each opportunity on it's own merit. Painting with broad strokes can get folks in trouble.

    [email protected]
    0Reply
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