All Forum Posts by: Rich Rodman

It's summer in Cleveland which means it's nice and hot outside. One of my units doesn't have central air but rather has a few AC units. My tenant found one of my old AC units in the garage (I have it in case I need parts) and has offered to get it fixed. She said that if she pays to get it fixed, she expects to keep it. 

I have no need for this AC unit, but my question lies in "training" my tenants. If I allow her to fix this one and keep it, am I setting a standard for other tenants? Should I tell her to buy a new AC if that's something she feels she needs?

@James Wise Thanks for the clarification - you're absolutely correct. What I meant to say is the closer you get to W.117 the less gentrified Lakewood is. However, parts of Lakewood (Birdtown for example) are becoming "safer" as the days progress. 

I have people for you if you’re looking for single or multi families on the West side. DM me if interested.

Hi there! I’m a multi family investor in Lakewood (I live in San Francisco but am from Cleveland) and am excited you’re getting started there! One thing I’d say is that you generally have to know the Lakewood market in order to invest there. East of W.117 can get a bit grimy at times while the Detroit area next to Rocky River accounts for some of the highest rents and least vacancy. Investing on the east side of Lakewood vs. the west *could* mean the difference of a good investment and bad. Calling all of Lakewood a B class city isn’t the most accurate statement. There are parts of Lakewood that are certainly A class and others that are certainly C and maybe even D in parts. My general rule of thumb is to stay west of W. 117 unless you have the systems in place to deal with C or D class tenants. Happy to make introductions to my broker, agent, etc. I’d use Holton Wise on the prop mgmt front (haven’t worked with them personally but hear good things). Also, I’m happy to advise on any properties you’re looking at. When you’re from the area, a quick glance at the address can determine whether or not it’s a good area. Let’s connect and chat a bit more! Always love to talk to fellow out of state investors!

I invest in multi families in Lakewood and am happy to share my spreadsheet with you. I put maintenance and vacancy at 5%, insurance won’t be less than $85/mo, don’t forget lawn and snow (unless prop mgmt is taking care of this). Water for Lakewood can generally be calculated at $40 per person per month (pending on how many people live in the building). Like I said, I have a spreadsheet where you can enter all these values in and get your NOI, cap rate, etc. Happy to connect you to anyone you need in Lakewood as well (realtor, mortgage guy, inspector, etc.). DM me and we can chat further! Happy to help any way possible!

Hey Jonathan Roberts I also live in the Bay Area (SF) and have investment properties in CLE. I’m always down to meet up and chat if you have the time - seems like we have similar goals. Shoot me a DM if you’re interested.

Hey Bam, I’m an investor in the Cleveland area. Would love to connect and chat.

@Rob Gillespie Even though you have problems in the suburbs as well, can you say that East CLE gives you more problems? I only have investment properties in Lakewood but would assume that you have more problems in East CLE, even though I'm well aware they can happen anywhere. 

Do you self-manage your properties?

Hi there,

Can you please send me details about this property? Very interested. 

- Rich

Hey everyone! I'm a Cleveland native living in San Francisco. My partner and I are currently working on raising a fund to purchase an apartment complex on the Westside and I invest in multi-families myself. 

Would love to connect with everyone and see how I may be able to help!

- Rich