All Forum Posts by: Bobby Macik

Hi Abby, sent you the recommendation in your inbox. Thx.

Hi @Abby Haralson, establishing a strong relationship with an experienced property management team here in Cleveland is an excellent choice for an OOS investor. Happy to send information over to see if we'd be a great fit!  

 I know most of them. Happy to recommend.

Hi Dianna,

I might too late to help you on this, but I agree with David's comments. If you are still in need, PM me. I am familiar with the area (as a matter of fact, I just bought a building that I am renovating 5  minutes from Euclid). I might be able to help you with the inspection and I can refer you to an excellent PM.

Best,

Chris

@Jonathan Feliciano
Cleveland market can be solid for cashflow. I would recommend being in areas on the West Side of Cleveland like West Blvd, Cudell, Old Brooklyn, Clark Fulton, Edgewater, Jefferson, and Brooklyn Centre. The reason is the rent-to-price ratio is good so you can cash flow, and most of the West side doesn’t have a Point of sale inspection which is really annoying.

Cleveland has been a strong rental cash flow market for years, at least the 10 years I've been working with investors in this market, and with rents being near all time highs in this area, I don't see that changing anytime soon. 

Cleveland has never claimed itself to be a great appreciation market, but the investors that bought properties with me in Maple Hts for 40-50k in 2018 have properties that are now worth 90-110k.  And it's like that across the board.    Prices might definitely correct themselves over time across the country, but I don't see any projections of them going down 30-40% anytime soon and all the projections I've seen, prices are going up.

But with rents being so high, and prices still relatively low, compared to a lot of other markets in the country, my experience in this market doesn't lead me at all to believe the bottom will fall out anytime soon.

If you've been in Northeast Ohio over the last 5 years you can see for yourself how much they've built up the downtown and University Circle area and literally have poured billions of dollars into it's medical infrastructure, which is one of the best in the world, creating thousands of high paying jobs and people willing to pay high rental prices.

But I do agree with Nathan that it's all about having the right team and property management to be successful in this market.  But I don't think those things you're talking about like costly turnover and bad renters are unique to this market.  Are those not issues investors face in any market?  Maybe because there are more low income areas people assume the tenants will just naturally be bad or something, but that hasn't been my experience and kind of a negative stereotype in my opinion.  I don't think Cleveland is unique for having bad renters, you just need to have an excellent team and property management in place.

Hey Bobby, welcome aboard the wild ride of BP!

Glad to have you!