New Investor Seeking Insights on the Cleveland Market

[Dzung Doan]

Hello BiggerPockets Community,

I hope this message finds you all in good spirits. My name is Dzung Doan, and I am new to the world of real estate investing, specifically in the buy-and-hold strategy for rental properties. I have a starting capital of between $35K-$50K and can additionally save between $3K-$5K monthly for further investments. I'm also planning to utilize conventional loans (30-year mortgage with 20-25% down payment) to finance these investments.

My goal is to keep my investment journey as passive as possible, focusing on markets and properties that can offer consistent cash flow with minimum hands-on management. At this point, Cleveland, Ohio, has piqued my interest due to its stable economy, affordability, and favorable rent-to-price ratios, and I'm considering it as a potential market for my first investment property.

As a newbie starting out, I am keen on hearing from experienced investors, particularly those who have invested in the Cleveland market from out-of-state. I am eager to understand:

1. The nuances of different neighborhoods and their respective investment potentials
2. The challenges and rewards you've encountered in this market
3. Your experiences with local teams (agents, property managers, contractors, etc.) you've worked with
4. Any key lessons learned and strategies that have worked well for you

I would also greatly appreciate insights on potential pitfalls or critical issues I should be aware of as I consider investing in this market.

My ultimate aim is to make an informed decision and hopefully start a rewarding journey in real estate investing. I am open to all advice and suggestions and am looking forward to engaging in insightful discussions with you all.

Thank you in advance for your time and for sharing your experiences.

Best regards,

Dzung Doan.