Starting out, small cash-flow investment property

[Radu C.]

Hello,

I am a new investor located in California and I am looking for my first investment property. I want to transact everything remotely.

I intend to purchase a high-cash-flow property in the Cleveland area. Specifically, I am interested in a SFR with 3-4 bedrooms and 1+ bath that is move-in ready and doesn't need any repairs. I am looking to spend between $60,000 and $80,000, paying cash. Once acquired, I will seek out a PMC to lease it and manage it.

I would like to make this work.

I read through this forum and I saw comments and warnings like “trying to navigate Cleveland on your own”. I understand that I need to be diligent about everything from choosing PMC and tenants, to requiring renter’s insurance and having a very solid lease agreement. What are some of the things that can mess up this plan badly and what can I do to protect against them? Are they Cleveland specific?

Any advice would be greatly appreciated.

Thank you :)

[Matthew Masoud]

Cleveland like many cities in Ohio has some ROUGH areas.

Be sure not to accidentally purchase in a D-class area 

I made that mistake when I purchased my first property from California and also in Ohio (Dayton).