Looking for tips/advice to invest in Cleveland Market

[Rakesh Gowerneni]

Hello, I am starting my investment journey and I am looking forward to investing in Cleveland, OH market. I wanted to reach out to the community for advice, tips, or pointers on investing in this area. I wanted some thoughts on the following questions.

1. I've done some research and established the good vs bad areas of the city and some of the challenges. If anyone is familiar with the city especially the neighborhoods of Cleveland area, I'd appreciate your take as well.

2. What are your thoughts on investing in areas like Lake Wood and Parma for small multifamily properties?

Thank you to all who respond and if you have anything else to add outside of these points, I'm happy to connect as well.

[Harrison Chow]

Quote from @Jim Flynn:

Quote from @Michael Magno:

Quote from @Jim Flynn:

Quote from @Rakesh Gowerneni:

Hello, I am starting my investment journey and I am looking forward to investing in Cleveland, OH market. I wanted to reach out to the community for advice, tips, or pointers on investing in this area. I wanted some thoughts on the following questions.

1. I've done some research and established the good vs bad areas of the city and some of the challenges. If anyone is familiar with the city especially the neighborhoods of Cleveland area, I'd appreciate your take as well.

2. What are your thoughts on investing in areas like Lake Wood and Parma for small multifamily properties?

Thank you to all who respond and if you have anything else to add outside of these points, I'm happy to connect as well.

 Why Cleveland why not Columbus or Cinnicy??

 The price to rent ratios in Columbus and Cincinnati are not as good as you see in the Cleveland market.  The population distribution in Ohio has a lot to do with it.  45% of Ohio's population resides in Northeast Ohio.  Lot's of growth happening.

 Several factors are happening in central Ohio that is making real-estate double this year. 

I believe Columbus is the way to go. The population has been growing here year over year over the last decade, it is home to The Ohio State University which has over 50,000 students that live here along with those that visit, and it also holds a diverse range of young professionals and traveling nurses to fill the demand of the multiple business corporations and hospitals stationed here. The appreciation rate in Columbus has been 8% higher than the national average over the last year. Tech companies are continuously moving here and establishing a footprint in Columbus as well. Intel is a great example, who is building the largest chip manufacturing plant in the US right here, and it will be a $20 billion dollar investment that brings a few new thousand jobs. On the other hand, Cleveland has seen a population decline for quite a sometime now. Per macrotrends: 

• The current metro area population of Cleveland in 2022 is 1,761,000, a 0.06% increase from 2021.
• The metro area population of Cleveland in 2021 was 1,760,000, a 0.17% decline from 2020.
• The metro area population of Cleveland in 2020 was 1,763,000, a 0.34% decline from 2019.
• The metro area population of Cleveland in 2019 was 1,769,000, a 0.39% decline from 2018.

Let me know how I can help!