What's driving growth in Cleveland?

[Andy C.]

Hi BP, I've been interested in Cleveland as a city for investment. Has anyone here in BP had experience? I know this may have been asked before. Are there any reasons or drivers that are helping the city become such a popular area for development and redevelopment? It seems like most of the midwestern cities (and states like OH) have been losing population due to migration to cities in the south and west. Really curious to hear anyone's experience has been with investing in Cleveland overall! Lastly, I'm looking to connect with any brokers who work with MultiFamilies. And any local brokers who know the area well. Thanks everyone, Andy

[Jared Lichtin]

@Michael Rodriguez@Ryan Evans @Andy C. @John Koster 

I'm originally from Cleveland and am a full time investor living in southern California. My business partner and I just spent three days in Cleveland checking on our properties and to meet with some brokers. The trip was incredible, and really opened my eyes to what's happening in Cleveland since I left in 2006. Basically... here are a few pointers and pros:

A- Younger people who aren't having kids hate the suburbs, and want to live somewhere cool. So, they're migrating to areas around cool restaurants, retail, coffee, bars, and recreation.

B- Younger people want to live close to downtown, and close to their parents. 

C- There's a lot more fun stuff to do than there was 10 years ago- I remember when cleveland sports were terrible for a few years before Lebron came in 2003.

D- The city has put a ton of money into commercial development- East bank of flats, West side market, Detroit Shoreway, E 4th, W 6, W 9th, Case, University Circle, Tremont etc.

E- Thriving 5 star restaurant scene. Michael Simon & Zack Bruell at the forefront of making it delicious to live in Cleveland.

The cons, at least for an out of state investor, is that you have to know the neighborhoods you're investing in... AND the streets. I can't stress enough how quickly beautiful architecture in Cleveland Heights turns into burnt out sketchy neighborhoods. Within blocks. Zip codes overlap with cities, and can be confusing. And also, getting quality tenants is always important.

My portfolio: I have a few rentals in Akron and Cleveland, and at the moment have two rehab projects and a foreclosure in Chesterland that I'm closing on in a few weeks. 

If anyone would like to jump on a call, or connect personally.. PLEASE DON'T BE SHY! (I can't remember exactly but from what I read on this forum a few of you are from Cali). I'd love to discuss opportunities to work in harmony with those that are interested in revitalizing my hometown of CLE!!!