Out-of-State Investing in Cleveland

[Ryan Conklin]

I am a college student trying to put some cash I have saved up into a rental property.  I live in the Suburbs outside of New York City which means there's nothing under $300k worth touching.  I want to invest in the Cleveland area since I can scrape together some cash for a property + 10k of rehabs.  I have a few in mind ranging from 1k to 15k.  I have heard to not touch anything to the east of Cleveland.  Does anyone have any experience investing in this city?  Any advice on out-of-state investing in general?  I am just starting out and would appreciate any help I can get.  Thanks!

[Tyrell Perry]

You can get a nice cash flowing property in Cleveland for under $20K. Keep in mind, these are your older props built in the early 1900s. My standard is that $17K should generate $900 in monthly rent. These are your lower income neighborhoods so only do so if you're willing to engage with these toe of tenants. With that said, if you screen and have systems setup in the area, you'll be fine. By the way, I'm a New York City resident whom invests in Cleveland. In my opinion, Ohio has the best returns and is definitely advantageous for newbies looking to get their foot in the door.