Booming areas in NE Ohio?

Question

Hey, I am a newbie on this website so any insight is appreciated. I soon wanna buy a small multi-family home but I'm looking for a city that is growing particularly in North East Ohio. If you are an investor in these areas can you please list some names of the cities you would recommend to look into? And if you have multi-family properties in those areas, what was your experience like? This will be very helpful. Thank you in advance.

Robert Ellis · Answer

Any reason you are looking at NE ohio only? Have you looked at the Columbus, OH market?

Mike Trzaska · Answer

@Amrita Zupancic I live in Cleveland Heights now, but opted to invest in Old Brooklyn. When I was running the numbers in Cleveland Heights it was difficult to get decent cash flow with the high taxes, and in my opinion the area is stagnant in terms or appreciation. Not to mention the city is very particular about point of sale violations and permits. Cleveland Heights is a great place to live, but make sure you consider taxes, the city slowing down renovations, and fixing POS violations when you eventually sell.

Hai Loc · Answer

What are the ratios? 1%?

Bob Prisco · Answer

@Amrita Zupancic all of cleveland and the burbs, its all about pricing, Research all you want, ( it will not help ) .Find a team that is doing deals weekly. But I am confused you live there so why are you asking  you should know ?

Shawn Cordes · Answer

@Hai Loc I wouldn't count out the Warren, Youngstown, Lordstown area. It's at an interesting standstill with GM closing and the new electric truck factory opening. I think it will shake the local market and will bring new opportunities. I highly suggest taking a look in the Akron/Canton region for rental properties.

Tom Ott · Answer

Booming? Probably places like Ohio City, Tremont, University Circle. To be honest, I wouldn't go there because the competitions is insane! I would step a little more out into the suburbs and check out the pockets that are seeing growth. Try looking at Cleveland Heights or Euclid.

James Wise · Answer

You'll pay out the nose but some booming areas are Gordon Square, Ohio City, Tremont and Edgewater. If you'd like to spend a fraction of that I like Euclid a lot right now. For more info on the neighborhoods here in Cleveland take a look at The Ultimate Guide to Grading Cleveland Neighborhoods.

Bob Prisco · Answer

@Amrita Zupancic you live there so this post is very confusing. You have seen 1st hand all the improvements over the last 8 years,,,,,

Amrita Z. · Answer

@Bob Prisco thank you so much for your insight, Bob! I am researching more about Cleveland :)

Bob Prisco · Answer

@Amrita Zupancic Cleveland and the burbs without a doubt. Only wish I kept more of the years vs flipping,

Booming areas in NE Ohio?

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