All Forum Posts by: Ryan Kinley

Can anyone tell me if it is worth investing in real estate in a nasty market like Cleveland? i used to live in Las Vegas and moved to Cleveland Ohio. What a difference. Real estate barely keeps up with inflation... I know people say you can make money in any market but this one seems very discouraging... is it possible to invest out of state? and if so, do you recommend it?

hi everyone,
i to am very new to real estate but am trying to educate myself as well.
i am 25 and have a small business striping roads and doing decorative concrete. this is my third year in business and everything has been going pretty well. i am looking for a shop to store my equipment and do routine maintenance in the winter. I estimate that i will need around 700 - 900 dollars a month to rent a shop that will meet my needs. i currently stay with my parents because i am tired of renting and would rather wait for the right real estate deal so i can maybe get ahead so to speak. i found a house with a barn/garage on a 3/4 acre lot that is zoned commercial... It is not on the market yet and the gentlemen is asking 159k. The house is in good condition for being 100 years old and has been updated in and out. this lot is in a suburb of Cleveland Ohio near the freeway... I checked on a similar property down the road that was for sale and they were asking 290k. It was 1 full acre however.
With 10 k down i figure this will cost me around 1000-1200 per month after taxes. I plan on having one roomate (400 per mo.) and one tenant outside renting outdoor space (200 per mo.).

is this a bad move since i am paying out 600 per month???? I know it is not a positive cash flow but either way i need a place for my business and now i have a place to call my home... I figure that i can build on this property in the future and keep a portion for my business and rent out the difference... Now that i know how hard it is to find storage/shop space for contractors like myself i figure why not build it my self and collect a little each month.....
I realize i have a lot homework to do before i build but am i starting off in the right direction???
Sorry if this all is to hard to follow.
thanks again ,
ryan