Property managers in Ohio

[Nicholas Bohorquez]

Hello,

I am 23 years old and I am looking to purchase my first multi-family unit within the next month or two.

I am form California and everything is pretty expensive right now. I am looking to get a multi family unit in Ohio. Ravenna,Warren, Akron, Youngstown or Cleveland. Any suggestions or tips for me investing in out of state? If anybody knows property managers that are great in that state, can you please send me referrals. It would be highly appreciated! Thank you all !

[James Wise]

Originally posted by @Nicholas Bohorquez:

Hello,

I am 23 years old and I am looking to purchase my first multi-family unit within the next month or two.

I am form California and everything is pretty expensive right now. I am looking to get a multi family unit in Ohio. Ravenna,Warren, Akron, Youngstown or Cleveland. Any suggestions or tips for me investing in out of state? If anybody knows property managers that are great in that state, can you please send me referrals. It would be highly appreciated! Thank you all !

 I saw Cleveland was on your list. You'll want to read The Ultimate Guide to Grading Cleveland Neighborhoods if you decide to go into this market. Tons of great areas but also some area that are incredibly risky / blighted. Know what you're getting yourself into before you deploy any capital. 

P.S.

Below are some best practices that can help you keep your money safe no matter which market you end up investing in.

• Don't buy in the roughest neighborhood in the urban core. Pick a solid B-Class suburban area. Perhaps a nice 1950's built bungalow.
• Always hire a 3rd party property inspector to give you an unbiased feel for the home. The reports are 40-90 pages long and go through the entire house in great detail.
• Get an appraisal. If your using financing the bank requires this. This is good. The bank isn't going to let you blow their money. They have more skin in the game then you do.
• Make sure you get clear title. If using a lender this is a non issue. They will make you do this. It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.
• Make sure your property manager is a licensed real estate brokerage.
• Understand you can not eliminate all risk, only mitigate it. If you are risk adverse real estate, (especially out of state) is not for you.