All Forum Posts by: Erin Dorsey Robinson

Hi Ashley,

I'm jumping on the CLE bandwagon :). I would like to offer a little different spin on this and say that if you put the right team in place you can definitely find a lot of turn key opportunities without necessarily going with a turn key company. All companies are not created equal so using one will add an extra layer of diligence on your part to be sure the reality lines up with what you are being sold. I'm not discouraging it, just saying be vigilant. If you decide to explore Cleveland further, I would be happy to offer you some contacts to call and vet as you start your research. Just let me know!

Good luck!

E

Hi Stephanie!

We have been living and investing in Cleveland for years and I agree with @Uri Gofman. The properties we own are in Cleveland, Maple Heights, Garfield Heights and Cleveland Heights. All have done very well for us. We live here, so we self manage. However, I've got some good contacts I can share if you like including PMs my clients have used, contractors who have impressed me and lenders. Just shoot me an email and I can arrange some warm introductions. Glad to help in any way I can.

Good luck!

Quote from @Tim Miller:

In Hagerstown, MD we are raising rents between $25 to $100. For our current tenants that we want to keep, we are keeping their rents about $50 to $100 below current market. Half of our units have been upgraded within the last 3 years. We're pushing $1,400 a month for a 2 bdrm and almost $1,000 for a 1 bdrm.

 We have some great tenants as well. These answers are interesting as we are mulling over increases in the next couple of months. We take a similar approach with the folks we want to keep. We've found that if we are about $50-100 under market they stay for years. Have you found that the number of applications you are getting for the 2 bedrooms has changed as the price has gone up?

Quote from @Remington Lyman:

Quote from @Steven Foster Wilson:

Quote from @Erin Dorsey Robinson:

Hello All- It's been all over the news that rents are skyrocketing although the trend seems to be cooling off in some places. Are you raising rents on your tenants? If so, how much have you gone up and what has been the result?  Are they staying or are you seeing some turnover starting to happen. Just curious what individual experiences have been with this.

 I do raise the rents. One of my best properties I got here in Columbus Ohio was for $35,000 the tenant was paying $400, I raised it to $800 and they were very nice about it. They said they knew it was a matter of time for the rent to go up and they were happy for how cheap they had it for all the years before. I think people are not as willing to pack up everything and move. 

 I once raised one tenant from $300 to $1,100 when I bought a 4 unit. He cursed me out of the apartment. Then he stayed for 2 more years.

People know when they are getting over. Nobody seriously expects $3-400 in rent to last forever. I'm sure that guy took some time to see what else he could find and figured it wasn't worth uprooting his whole life to save $50/month and move somewhere else just to spite you lol!

Quote from @Chad Hoffmann:

Here in Miami its gone up , one property was at $2700 now getting $4000, another one was $3200 now getting $4900 that almost a 55% increase but with new tenants not existing ones .

 That makes sense. Miami is a whole different situation with the rents. We are definitely spoiled here in Cleveland with the cost of living. 

Quote from @Bill B.:

20-35%.

$1850-2250, $1450-$1700, and $1395 to $1900. First was a 1 year lease, 2nd two were 2 year leases. 

They all renewed within 2-3 days. I could probably have raised them more but these were all “good” tenants. 

 Whoa! That's a big jump. But this is happening all over I guess. I'm guessing you have pretty nice places if people were willing to stay and pay that much more. Quality definitely matters.

Hi Emma!

Congratulations on making the leap into real estate investing! It is exciting and there is a lot to learn. Cleveland is a great cash flow market. Most of my clients are people who live in more expensive markets who have come to similar conclusions about the opportunity to invest here. You're not missing anything but you do have to be prepared to do your diligence on each property you find. They are all different. Painting with broad strokes in any area can get you into trouble as the neighborhoods change from block to block and the maintenance standards are different from one seller to the next and so on. You only get those great returns if you have a great team in place to help you buy smart, manage well and get amazing tenants.  If you would like to discuss further, I'm always glad to help new investors get the lay of the land and share some contacts that might be helpful to you as you get started. Feel free to email me directly.

All the best to you

E

This is great! I'm glad you all are interested. I was thinking a virtual event in the evenings would be the best way to reach people. Maybe we could have some guest speakers to discuss different topics. Make sure we aren't selling things to people. Just adding value for those who want to know more. Other ideas?

Hi everyone,

I'm thinking of starting a weekly mastermind for investors considering Cleveland as a place to get started. A lot of people have the same questions and are just looking for some support as they get started. Let me know if this is of interest and we can start sharing resources, ideas, and hopefully highlight some wins. 

Hello All- It's been all over the news that rents are skyrocketing although the trend seems to be cooling off in some places. Are you raising rents on your tenants? If so, how much have you gone up and what has been the result?  Are they staying or are you seeing some turnover starting to happen. Just curious what individual experiences have been with this.