Rental Property Investor · Member since 2023 · 21 posts · 20 votes
Hi BP community, I'm not from US and I'm looking to buy a rental property. What do you think about Cleveland, Ohio for rental properties (if the numbers make sense so that cashflows X per month)? Unemployment rate decreased from 3.9 to 3.1 (oct-22 to oct-23), population is growing, labour force is growing too, ...
Realtor · Cleveland, OH · Member since 2021 · 39 posts · 21 votes
2y
@Duarte Marques
Cleveland is great! I am biased, because I live and work here.
You need people here to help you, agent, PM, etc. Cleveland has lots of areas and neighborhoods that are good and lots that are not so good. Connect with a great agent and learn more about the market.
Cleveland is very competitive and popular from investors all around the world, I think it’s going to continue to grow in popularity, appreciation, etc.
Real Estate Agent · NH & MA · Member since 2021 · 457 posts · 291 votes
2y
The team is almost more important than the market especially when investing out of state. It does seem like there's a lot of positive factors working for Cleveland though, and I've been hearing about it more and more often so I feel this will be one of the next hot spots for investors from BP, kind of like parts of Florida and Texas have been the past few years.
Hi BP community, I'm not from US and I'm looking to buy a rental property. What do you think about Cleveland, Ohio for rental properties (if the numbers make sense so that cashflows X per month)? Unemployment rate decreased from 3.9 to 3.1 (oct-22 to oct-23), population is growing, labour force is growing too, ...
Welcome aboard. The first resource you should look at for Cleveland is The Ultimate Guide to Grading Cleveland Neighborhoods. This guide is going to be much more beneficial for you than looking at employment statistics.
I'm based in Southern California, but I have started my out-of-state real estate journey in Indianapolis. Now, I have a portfolio of Short Term Rentals and Long Term Rentals. I've started looking at Columbus because my business partners have found success doing Mid Term Rentals there and the returns are solid.
I've also helped other investors with their DSCR loans and flip projects in Columbus. Happy to share my experiences and chat with you more if you're interested.
Realtor · Columbus Ohio, Cleveland Ohio · Member since 2022 · 849 posts · 830 votes
2y
Hey Duarte, the drop in the unemployment rate from 3.9% to 3.1% is a positive sign. It means more people are finding employment and it opens up the possibility of higher cash flow in the local economy. If you're interested in diving deeper, let's connect! I'm happy to chat and answer any questions you might have.
Cleveland is great! I am biased, because I live and work here.
You need people here to help you, agent, PM, etc. Cleveland has lots of areas and neighborhoods that are good and lots that are not so good. Connect with a great agent and learn more about the market.
Cleveland is very competitive and popular from investors all around the world, I think it’s going to continue to grow in popularity, appreciation, etc.
Thanks for the reply Journey! What can you tell me about the crime rate? For what I'm seeing, it's not that good.
Realtor · Cleveland, OH · Member since 2021 · 39 posts · 21 votes
2y
@Duarte Marques
Can’t really tell you much! Just like any big city/metro. It’s there, some areas are better than others. I am sure that you have crime in your city as well. I would be happy to try and explain further if you wanted to reach out to me directly.
My biggest recommendation would be to check spot crime or other similar resources.