All Forum Posts by: Tyler Scruggs

Hey Noah, I am a 22 year old recent grad as well (last week) where I received my B.B.A in Marketing from Howard University. I am going to be working in Cleveland for about a year before rotating to another city, so I plan to House-Hack a property during that time. Would love to connect and keep in touch!

0 Votes

Cleveland, Ohio

@Joshua Filkill

Hey Joshua, I just graduated from college last week and will be house hacking. I begin working next month and will look for properties to house-hack in Lakewood, but I am not necessarily opposed to Cleveland Heights if I can’t find any in Lakewood. I can keep you posted with how things go/what strategy I implement as you finish your final year of college. Best of luck!

0 Votes

Cleveland, Ohio

Originally posted by @Tom Ott:

Originally posted by @Tyler Scruggs:

Hi!

My name is Tyler Scruggs, I am a soon to be college graduate (May 2020) that will be working in Sales Management upon graduation. I am originally from a suburb in Cleveland (Solon), and plan to begin my initial investments in the Cleveland market as it is the most comfortable market to test in my opinion.

I have been doing research predominantly on Zillow looking at the listing prices of 3-4 bdr homes for sale, along with the rent prices as well. I have specifically been looking into Cleveland Heights, Lakewood and Euclid. I read the Cleveland guide to real estate that was posted in some of the forums and graded the cities from A-F, and decided that I would like to stick with B range areas.

I plan to make my first investment soon after graduation, and want to see what successes/failures, advice, etc that people have been experiencing in these areas. Also, if you would recommend these cities, do they cash flow well, or are there any other cities that you would recommend. I would appreciate any and all advice!

Those are all really good areas and popular with investors. Lakewood probably has the most buyers so I would just expect some more competition there. Cleveland Heights and Lakewood have some high taxes, but keep in mind the rent there is much higher than Euclid so it pretty much pays off. Euclid is a very stable area with good prices.

Keep it up!

Thank you, Tom! I was growing concerned about the taxes in Lakewood and Cleveland Heights, but it is good to know that the rents help to balance it out.

0 Votes

Cleveland, Ohio

Originally posted by @James Wise:

Originally posted by @Tyler Scruggs:

Hi!

All 3 of the neighborhoods mentioned are pretty solid places to invest. If you're looking to get in at the lowest price point Euclid will be your best bet. If it's multi family you speak I'd go with Lakewood although the price points will be more than double what you'll be paying in Euclid.

Thank you, James! I think I am going to stick with searching in Lakewood and Cleveland Heights.

Your guide grading the cities has helped a lot, so thank you for that!

1 Vote

Cleveland, Ohio

Originally posted by @Josh Johnston:

I'm just getting started, too, Tyler, in the same area! Let's talk sometime soon to compare notes.

Definitely! I will connect with you now.

0 Votes

Cleveland, Ohio

@Victor Vella

Thank you Victor!

I will definitely keep all of that in mind. What are some ways that you were able to see how the markets (Cleveland Heights, Lakewood, etc) performed during bad times?

I will definitely reach out. Thank you for your input!

0 Votes

Cleveland, Ohio

Originally posted by @James Maradits:

Originally posted by @Tyler Scruggs:

Originally posted by @James Maradits:

Do you plan to owner occupy (house hack?) or will this be a strict rental?

What I dislike about Euclid and Cleveland Heights are the higher tax rates, point of sale, and rental licensing requirements that can be harder to navigate than some of the other areas.

Lakewood is one of my preferred markets, but finding a single family home that makes sense as an investment will be next to impossible. Have you considered 2-4 units?

Parma and Brooklyn may be good areas to look into as well.

I have certainly considered, and am open to 2-4 units in both cities, and also heard that Lakewood is hard to find deals for single family. I was under the impression that it would be easier to start with single family. Do you think starting off with multi-family is similar? (Please excuse me if that is a foolish question as I am very new to this)

In terms of house-hacking, that would be ideal for a year max in order to put less than 20% down if possible to increase my budget for multi-family. I would have to move out of state after one year for the company I am working for.

Lakewood would be an ideal market to house hack a multi unit. There is a high demand so rents are high and vacancies are easy to fill. If I were in your position, I would definitely look to use a low down payment owner occupant loan to get at least 2 units, 3-4 if the right property can be had. More units for less money, plus then you don't have to have roommates to house hack. I have worked with lenders who are able to use the rental income from the other units in the property to help you qualify for the loan as well, which could be a big help if you're fresh out of college with a shorter job/credit history.

That sounds great! Thank you for your advice

0 Votes

Cleveland, Ohio

Originally posted by @Michael Mulroy:

@Tyler Scruggs of those areas, you should house hack in Lakewood. Will get the highest rents and a very popular area with young professionals. It'd be a great place for you to live and invest.

Okay, thank you Michael!

0 Votes

Cleveland, Ohio

Originally posted by @Denis Woosley:

Out of those cities I would stick with Euclid. More potential renters with Amazon coming to town. Lower taxes. Lower cost of entry.

Cleveland Heights is hugely variable based on the street, definitely has some hot spots.

Lakewood can have a lot more appreciation but probably harder to cash flow.

PM me if you want my real estate agent. She is the best.

Thank you for your input! I have read mixed things about Euclid, specifically with there being good and bad sides of the city for investments. The low cost of entry, location, and fulfillment center is what caught my eye though. I will have to look into how much value the Amazon center has been adding, and the average rents in the area.

0 Votes

Cleveland, Ohio

Originally posted by @James Maradits:

Do you plan to owner occupy (house hack?) or will this be a strict rental?

What I dislike about Euclid and Cleveland Heights are the higher tax rates, point of sale, and rental licensing requirements that can be harder to navigate than some of the other areas.

Lakewood is one of my preferred markets, but finding a single family home that makes sense as an investment will be next to impossible. Have you considered 2-4 units?

Parma and Brooklyn may be good areas to look into as well.

0 Votes

Cleveland, Ohio

All Forum Posts by: Tyler Scruggs

Tyler Scruggs has started 3 posts and replied 35 times.

Post: 22 year old in Cleveland getting started!

Post: House Hacking on the West side of Cleveland

Post: Buy & Hold- Cleveland Heights, Lakewood, and Euclid

Post: Buy & Hold- Cleveland Heights, Lakewood, and Euclid

Post: Buy & Hold- Cleveland Heights, Lakewood, and Euclid

Post: Buy & Hold- Cleveland Heights, Lakewood, and Euclid

Post: Buy & Hold- Cleveland Heights, Lakewood, and Euclid

Post: Buy & Hold- Cleveland Heights, Lakewood, and Euclid

Post: Buy & Hold- Cleveland Heights, Lakewood, and Euclid

Post: Buy & Hold- Cleveland Heights, Lakewood, and Euclid