Building a team

[Taylor Keller]

Hello Everyone,

My name is Taylor. A business partner and I are currently exploring investment opportunities in Cleveland, OH. I am in the process of selling one of my rental properties and refinancing another to free up capital for the purchase of a multifamily property. Similarly, my partner is working on refinancing one of his properties to secure additional funds.

Our goal is to invest in a multifamily complex or larger property. The purpose of this post is to introduce ourselves and begin building a local team to serve as our “boots on the ground.”

We would greatly appreciate any feedback on the advantages and challenges of investing in the Cleveland market, as well as any advice or insights you can share. We look forward to connecting with like-minded professionals in the area.

Thank you!

[R. Elle Berry]

Hi Taylor,

Cleveland has continued to attract both local and out of state investors due to its relatively low acquisition costs, strong rental demand in key neighborhoods, and potential for value add opportunities, especially in multifamily. Areas like Old Brooklyn, West Park, and parts of the East Side (such as South Euclid or Cleveland Heights) have seen steady interest due to stable tenant bases and decent rent to price ratios.

A few things to keep in mind, property management and local maintenance are crucial, especially in older buildings. Having reliable contractors or a management team that understands how to work within Cleveland’s housing codes is a must.

Insurance and property taxes can vary significantly depending on neighborhood and building age. Make sure to factor that into your cash flow analysis, especially with older multifamily units.

Financing can get tricky for larger properties depending on the neighborhood classification, some lenders are conservative in certain zip codes. Working with a lender familiar with Cleveland’s submarkets can help.

Happy to see investors taking a strategic approach and building a local team early. Many blessings to you as you grow your real estate portfolio!