Cleveland and/or Columbus area

New to Real Estate · Los Angeles, CA · Member since 2024 · 23 posts · 16 votes

Hi everyone!

Just started working my first W-2 job out of college and looking to start investing ASAP. I've got some family connections to the Cleveland and Columbus area and am wondering if anyone knows if these are good markets to start off in? I'm looking to start off in areas with lower costs coming in, preferably under $100k single families but definitely under $200k.

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Remington LymanBusiness Member

Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes

Quote from @Elisha Johnston:

Hi everyone!

These markets are particularly appealing for novice investors, especially those from California, as they offer more affordable options compared to local alternatives. In Cleveland, it is possible to find single-family homes priced under $100,000. In Columbus, most rental-grade single-family homes are priced between $100,000 and $200,000.

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Elisha Johnston
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New to Real Estate · Los Angeles, CA · Member since 2024 · 23 posts · 16 votes
1y
Quote from @Account Closed:

Hi, Ohio is a great place to invest in real estate. My clients from all over the world will definitely agree please reach out if you have any questions. Best Wishes!

thank you!
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Elisha Johnston
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New to Real Estate · Los Angeles, CA · Member since 2024 · 23 posts · 16 votes
1y
Quote from @Michael Smythe:

@Elisha Johnston contact RL Property Management about the Columbus market.

Contact @James Wise about Cleveland.
A good/great PMC will know more about the rental market than the majority of agents!

thank you! Reached out to James.
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Elisha Johnston
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New to Real Estate · Los Angeles, CA · Member since 2024 · 23 posts · 16 votes
1y
Quote from @James Wise:

Quote from @Elisha Johnston:

Hi everyone!
Just started working my first W-2 job out of college and looking to start investing ASAP. I've got some family connections to the Cleveland and Columbus area and am wondering if anyone knows if these are good markets to start off in? I'm looking to start off in areas with lower costs coming in, preferably under $100k single families but definitely under $200k.

If you're looking at Cleveland, I suggest reading The Ultimate Guide to Grading Cleveland Neighborhoods to get yourself an understanding on the market.

thank you! I'm taking a look at this now.
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James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
1y
Quote from @Elisha Johnston:

Quote from @James Wise:

Quote from @Elisha Johnston:

Hi everyone!
Just started working my first W-2 job out of college and looking to start investing ASAP. I've got some family connections to the Cleveland and Columbus area and am wondering if anyone knows if these are good markets to start off in? I'm looking to start off in areas with lower costs coming in, preferably under $100k single families but definitely under $200k.

If you're looking at Cleveland, I suggest reading The Ultimate Guide to Grading Cleveland Neighborhoods to get yourself an understanding on the market.

thank you! I'm taking a look at this now.

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Brittany MinocchiBusiness Member
Lender · Massillon, OH · Member since 2022 · 1k+ posts · 486 votes
1y
Cleveland will have a lower cost of entry and higher cashflow, Columbus a higher cost of entry but probably a good mix of cash flow and appreciation. I will say I've done far more loans for people, the majority of them out of state investors, in Cleveland. You should definitely be able to find decent multifamily properties for under $200k, and multifamily would be my suggestion for starting out if you can swing a larger down payment (depending on loan type, you MAY need 10% more for a multifamily vs a single family, but not always). That way if you have vacancy in one unit, you still have the other that can at least cover some or all of your expenses.

Happy to answer any questions you have, feel free to reach out whenever!
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Pete KrusinskiBusiness Member
Real Estate Agent · Cleveland · Member since 2024 · 18 posts · 7 votes
1y
Hi Elisha,
Excited to hear you getting into real estate right out of college. Cleveland is a great place to start. Given your budget you can definitely find a great property in a C class neighborhood, whether you're looking for a turnkey property or something that needs light cosmetic work, your buy box offers a great possibility to find a solid first investment.
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Elisha Johnston
OP
New to Real Estate · Los Angeles, CA · Member since 2024 · 23 posts · 16 votes
1y
Quote from @Brittany Minocchi:

Cleveland will have a lower cost of entry and higher cashflow, Columbus a higher cost of entry but probably a good mix of cash flow and appreciation. I will say I've done far more loans for people, the majority of them out of state investors, in Cleveland. You should definitely be able to find decent multifamily properties for under $200k, and multifamily would be my suggestion for starting out if you can swing a larger down payment (depending on loan type, you MAY need 10% more for a multifamily vs a single family, but not always). That way if you have vacancy in one unit, you still have the other that can at least cover some or all of your expenses.

Happy to answer any questions you have, feel free to reach out whenever!

Thank you for the advice! Following up over the inbox.
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