All Forum Posts by: David Leggett

It looks like it's pending now, but from the pictures it looks pretty good for 75k.  The description talks about the buyer assuming the Point of Sale, so I would assume there's a decent amount of violations on there at this price, but if not, it looks like a pretty good deal.  I can definitely find deals like this in Garfield Hts from 75-95k, but a lot depends on the Point of Sales for each property.

That's terrible!  I've worked for several PM firms in the area and one company stole like 30k in commissions from me when I no longer wanted to work at their god awful company.

I can definitely advise you on some property management companies to stay away from, as well as some new and upcoming property management companies in the area that are taking a more hands on and professional approach.  

Great to meet you!  Definitely a great place to learn about real estate investing and what makes this website so beneficial is you can really micro target specific areas of the country and learn a lot of good info first hand.  You're definitely at the right place!

That's awesome James!  I grew up in Parma as well, it's get a bad wrap but it's a safe area and the schools were pretty solid when I went there.  Fairview Park is nice as well and both have a decent amount of multi-family properties available at any given time so that's great advice!

I would consider this a C to C- neighborhood, but I've rented out some decent properties on this street that got good rents.  People want to live close to areas like Ohio City, Tremont and Lakewood, but they don't want to pay the huge rents in those areas so a lot of renters will live in neighborhoods like these that are within walking distance to those neighborhoods, but a lot less rent. 

It's easy to speculate without having any first hand knowledge of the area, but with the way the home values and rents in neighborhoods like Ohio City and Tremont have skyrocketed over the last 10-20 years and the way downtown Cleveland is growing, I think long term this is a good area to invest in personally.  

Hey Nick!  There are definitely some great cash flow generating neighborhoods in the Cleveland market for what you're looking for.  Really depends on your price range, and the kind of rent you're looking to get.  From what you're describing, I think the best neighborhoods to target are Parma, Parma Hts, Old Brooklyn, Euclid, Lakewood, South Euclid, Cleveland Hts, Berea, Kamms Corners, possibly Bedford and Maple Hts but those are more C neighborhoods.  

That sounds great!  Cleveland gets a bad wrap nationally, but has really built itself up over the last 20-30 years.  Like James was saying, it really depends on the type of neighborhood you're looking to invest in and the school districts.  Parma, Fairview Park and Camms Corners often have multi-family rentals that pop up that are in B neighborhoods.  

Lakewood is a nicer area with a lot of multi-family rentals, but they're more on the expensive side.  And there's a lot of opportunities on the west side in C neighborhoods like West Blvd, but they probably don't have as high rated of a school system being in Cleveland.  But definitely lots of options in this area, depending on the specifics on what you're looking for.

Here are two of my go to inspectors that have a lot of experience working with investors and investment properties.

Scott Macdonald -- The Home Inspection Experts

Joe Sanzone -- Allstar Inspections

Section 8 can definitely cause extra headaches like the longer wait times to get a tenant in there, the inspections, and the incompetent CMHA office you can never get a hold of.  There's definitely challenges, but there's definitely tons of demand for Section 8 in the Cleveland market, especially for single family properties. 

Bob is right, you can get some high rent amounts from CMHA, but it's not always guaranteed.  But notwithstanding all the challenges and headaches, this is definitely a great market to do Section 8 rentals from my experience.  And they just increased their rental limits to try and keep pace with cash tenants, so if Section 8 is part of your strategy, now is a great time.

Great info on here!  Yes this is common to have the tenant's put the gas and electric in their names and to have them give you the account numbers before the move in.  Also, I've seen several property management companies in the area do a $75+ water / sewer surcharge per month, depending on how many people are living at the property, it can go up $25 or so. 

Here's an article I found with some good info on this topic

https://propertymanagementoh.com/how-to-handle-utilities-on-...