All Forum Posts by: David Leggett

Hey Nathan, I've done a lot of business and leasing in Akron over the last 5 years and I think it's a great market.  Firestone park and Goodyear Heights are nice areas that get good rental rates and have lots of demand.  I see a lot of good deals around the college and downtown Akron, but I've had some investors worry about the crime in those areas.  But it's not as bad as a lot of areas in Cleveland my clients invest in and still do very well.  Fairlawn is a bit more expensive and there's really low inventory in that area but Cuyahoga Falls is also a nicer suburb in Akron that does really good with rentals.  

Cleveland is a great market for what you're looking for!  I would say that Maple Hts, Garfield Hts, Euclid, Bedford, and Old Brooklyn and great places to find value that are in B/C+ neighborhoods.  As far as multifamily properties, I still like the west side of Cleveland near West Blvd and the Detroit Shoreway.  You can't find as many deals as you could 3-5 years ago, but still a great value area with good rents and lots of demand. 

Congrats and best of luck!  Sounds like you did your homework and due diligence and will do great!  

Yes, I agree, midwest cities like Cincinnati, Columbus and Cleveland are great for these types of rental properties.  I know first hand that Cleveland Clinic is pouring like 1.3 Billion in this area and that Metro hospital just poured a billion or so in the area as well.  

Lots of great info on here!  I love learning about how the process works in different states.  Cleveland, Ohio is an excellent market for Section 8 properties in your price range, but like many people were saying, you need to do as much you can as far as putting up guard rails and checks and balances with the tenants to make sure they're keeping up the property.  But I've seen cash tenants ruin a property just the same, so I think if you do adequate screening and let the tenants know your expectations with the property, it should be a good experience.  My advice is to find a property that is already rented out with a Section 8 tenant so that you can don't need to go through the 2-3 month onboarding process that's normal in this part of the country.  I've also had several good experiences with EDEN and they seem to have a lot quicker move in times.

I've been working a lot with a company called GM Management over the last year or so and I haven't had any complaints from my clients.  Feel free to send me a message and I can send you my contact's email info over there as well give you a heads up of some PMs in the area that I've had really bad experiences with.  

I already see you have done your due diligence when choosing which markets to invest in and you'll be very successful.  I think the best thing an out of state investor can do when looking in this area is to connect with a Realtor / Broker who's an expert in investment real estate in that area, especially Cleveland, and understands each neighborhood and what areas to invest in and to stay away from.  There are definitely good resources like grading maps on this subject on Biggerpockets, but the market has changed significantly in the last few years so the best thing is to contact a professional that can help cut your learning curve significantly.  Looking forward to your great successes in this market!

It's definitely tough to find a solid PM in this market.  I've worked for a lot of them in this area and they're all pretty much the same, varying from terrible to How the F### are you even in business?  I'd be happy to give you my recommendations for some companies to definitely stay away from, and one that I've been referring my clients to, that seem to be happy with their service.  Best of luck!

That's awesome!  If you do decide to invest the in the Cleveland market, I can definitely send you some good referrals for agents, contractors, lenders, property managers and brokers in the area that I've had great experiences with!  Best of luck, I already know you'll do great!

It's true that Cleveland hasn't been famous for it's appreciation over the last 20 years, and is well known for it's great cash flow, but that's not necessarily true for my clients who bought prior to 2019 and now their properties are worth 20-30% more.  Appreciation is hard to judge and I think it's better to judge current market conditions, than hypothetical outcomes.  The medical infrastructure in this area is booming and companies like the Cleveland Clinic and Metro hospitals are pouring billions in this area, creating thousands of good paying jobs, which is one of the reason the rental market in this area is so strong.   That's why it's important to find experts in each area you're considering, who know each market intimately and can give you accurate feedback.