All Forum Posts by: David Leggett

That's awesome!  Tremont is an excellent area with really high market rents and super high demand.  5000+ sq ft. is huge too, congratulations!

I do a lot of searches for multi-families in Cleveland and Akron so Im looking at the MLS everyday on these and I think you can definitely get better cash flow in Cleveland, especially in the 120k price range. But I've seen some solid properties in Akron as well that had good cash flow, but definitely seeing rents in Cleveland a bit higher right now

How could you not like the Cavs right now, they're the best team in basketball and a lot fun to watch.  The Pistons aren't bad this year either and the Lions are killing it!  Both cities get so much negativity, you can even see it on here, so I'm happy anytime either city has some success.  These cities literally helped build up this country and our economy and I will never understand how much negativity they receive for fighting through adversity and playing the cards they're dealt!

Anyways, I'm seeing a lot of general speculation on here but people don't invest in these markets because they believe they're the greatest places to live in the world, they're interested in the cash flow and possible appreciation.

None of my clients were talking about appreciation in the Cleveland market in 2019 and now their properties are worth 30-40% more, and that's on top of record high rent prices in this market.  So it's very easy to criticize these markets if you've never been here or really know anything about the area and are just making broad, sweeping generalizations, but if you have a strong team on the ground who can help you buy in the right neighborhoods and maximize your returns, you can do very well in this market, and I'm sure Detroit as well.

I had a buyer who bought a duplex in Cleveland for 85k last year.  Put 15-20k into the property for renovations and to renovate the 3rd floor attic space and he told me it just appraised for 155k but you really need experts on the ground who can help you locate these deals and help get the best price.

Awesome!!  I think you'll be very happy in the Cleveland / Lorain market as well and I always tons of demand for rentals whenever I list a property in Euclid so that's a great area to target as well! 

Oh man!! That sounds good and makes me want some State Road Pizza right now!!

8.  Parma, OH  (Great Pierogies and some top notch karate dojos)

Yes, I second what James is saying as well.  Vacant properties can sometimes be the way to go because you can try and get top market rent, as well as include any fees or protocols that might not be in a standard lease.  But as long as it's marketed properly and not way over market price, you will get a decent amount of prospects and should rent it out within 2-4 weeks.

That's great!  Definitely a lot of good opportunities depending on which neighborhoods you're looking to invest in and the type of properties you're looking for.  Lots of great info on here as well, and like they're saying the best thing to do is to find an experience broker / realtor who can help you navigate which neighborhoods to target and which ones to stay away from, as well helping you to build out your team for property managers, lenders, inspectors, contractors, ect.

Definitely sounds like a solid deal.  I'm still finding duplexes on the westside in this price range getting similar rents, if not a bit more.  Some of my clients love the cash flow in the east side neighborhoods over by Slavic Village and Broadway selling between 90-110k with rents up to $1,800+, but just really depends on the types of neighborhoods you're investing in and your risk / reward threshold.  But these types of properties are readily available in this market for sure.

Section 8 isn't for everyone, and a lot of my clients would rather take the cash tenant because it's quicker to rent out and they can get really nice rents in Cleveland with just cash tenants the way the market is.  

But I also have a few clients who focus on only Section 8 and they're really happy with the rents they're getting and aren't having any issues with the tenants.  I've seen cash tenants destroy countless properties, so I don't think you can just write off Section 8 tenants as bad tenants or bad people, but it's not for everyone.