Investing in Cleveland, OH

[Ivan Franco]

Hi Everyone,

I'm an aspiring investor living in San Diego, CA looking to buy rental properties in Cleveland, OH. I'm posting this in the forum in hope of connecting with some of Cleveland's local players. I've tried to get in touch with some agents in the area and so far no one has responded to my emails, which led me to write a post here. I'm mainly looking to get connected with agents as a starting point in forming a network in Greater Cleveland but I also wouldn't mind any referrals to/from property managers.

A little about myself… I don’t have any investing experience though I’ve been reading everything I can about the subject and have just about completely cut music out of my life to listen to podcasts whenever I can for about a year now. I believe I’ve reached a point where I’m ready to jump in. It doesn’t make much sense for me to invest in San Diego at the moment so I’m looking out of state. I’m not sure if it’s a good idea to post how much money I have in a forum, but as far as capital goes, I have enough for a down payment and renovation for a property in the East Cleveland area, I have no debt, a healthy credit score, and add money to my savings at a rate of about $1000/month.

I know there are some areas in Cleveland that I’m going to want to stay out of as a first-time buyer so I’m turning to the forums for some guidance.

Any help would be greatly appreciated!

[Brian Garlington]

Ivan,

I used to be stationed in San Diego back in the day. The reason why agents out there are nt getting back to you is there are a LOT of tire kickers that reach out to them that never ever do anything. 

I was in the same boat intially. I know of an investor friendly agent out there that also owns properties out there. 

First thing they all want to know is if you are pre-approved if you say no....the conversaton pretty much stops. As an FYI I know a lender out there who will do mortgages on properties for as low as $40,000. 

There's a lot of people that say......"I don't need a pre-approval.....I'm paying cash." The agent says....show me proof of funds. The buyer says....send me a bunch of properties first.....agent send them properties,,.....and then..........nothing.

Let them know you are serious with a timeframe of WHEN you will buy.

As for neighborhoods, I'd try to stay away from the "D" and "F" neighborhoods. "C" neighborhoods seem to be a good sweet spot where you can maximize cash flow and still not be in a war zone.