All Forum Posts by: Sofia Komrskova

 You're welcome! DM me if you have any other questions about Cleveland. Happy to discuss =) 

 Yes I agree with you. A lot of people think they can just come to the Midwest, buy C or D property with no team in place and reap cash flow. In my opinion, even if you partner with a local PM company or turnkey operator your returns will drop significantly. You can still make good money, but it's not as much as most people think. Most out of state investors are better off just acting as private lenders, buying low cost index funds or keeping their money in HYSAs. To really get the most out of these areas in the Midwest I truly believe you must live and work here. 

NY is a tough market. I moved from NYC to Cleveland so I could continue investing in opportunities that made sense for me. Before that, I purchased property in Rhode Island. It's a 2.5 hour drive away from NYC and at the time it was still cash flowing exceptionally well. Have you tried markets upstate like Kingston, Newburgh or even Albany? 

@Eric Gerakos

There are A and B neighborhoods in Detroit and Cleveland as well. They may be offered at a cheaper price point relative to the coasts but that doesn't mean that those neighborhoods haven't seen population growth and appreciation. The entirety of these cities aren't just comprised of cheap run down properties. 

You don't need to become an agent to start investing. If you are interested in becoming a landlord or buy and hold investor a great way to get started is by house hacking a multifamily with an owner occupied loan. 

If you need to stay in DC for employment than I would recommend house hacking something, although I'm not sure how far 50k will take you there. House hacking is the best way to get started in real estate IMO. 

If you live in Cleveland then just invest here. You will get much better results investing in your own backyard.

@Travis Biziorek I agree with all points regarding Detroit. I do want to point out though that Cleveland's population loss has finally stopped. Maybe its just a blip, but I'm hopeful that we'll see population increase in the city limits sometime in the next few years.

https://www.cleveland.com/news/2024/05/clevelands-population... 

Don't waste your money doing turnkey OOS. It's not worth the risk, especially with only 50k. If you aren't interested in low cost index funds then just throw it in a HYSA and call it a day.

You need to narrow your criteria down significantly. I would suggest a major metropolitan city. If you are looking to purchase in an A or B neighborhood for under 300k in said city you are looking at either the 3 C's (Cleveland,Columbus,Cincinnati), Pittsburgh, or Detroit for starters. I myself have invested in Cleveland so I can speak on that market. For what you are trying to achieve you'll want to stick to the suburbs and a few choice neighborhoods on the West Side of the city. A-rated neighborhoods will not be affordable nor cash flow well here at under 300k. If you just want to do buy and hold, you can purchase a duplex in a B area for around 150-180k with rents at around $2400/mo total. Single families can be purchased for ~120-150k with rents hovering around $1400-$1800. The taxes here are high, but the price to rent ratio is exceptional and there is a huge demand for quality housing in certain neighborhoods.  

This isn't enough to file a lawsuit, and even if it was you would be wasting your money. Fire them and find a better PM.