Investing in Multis in major markets of Ohio

[Dave Lamattina]

I am from Boston area looking to acquire under performing apartment complexes in a major market of Ohio such as Cleveland or Cincinatti. I would like to know if anyone out there currently owns in Ohio and their general opinion of the market, especially for an out of state buyer. I am currently seeing a multitude of deals on the market at cap rates well above what I can find in my immediate market. I currently own and self manage 3 different buildings and am an experienced investor of last 9 years. Thanks....

[Ben Kevan]

I own 2 properties on Cleveland, and so far haven't had much of an issue. Both properties are 100% occupied.

I'm an out of state buyer (California) and don't have access to travel much (because of my current job duties and job work load).

Fortunately everything seemed to be just fine so far.. However, I have pondered on selling the properties to purchase locally, because I'd like to be a more hands on investor (since these are still my first 2).

I've owned for 1 and 1.5 years.

First one purchased for 57k, rents at 1200 (550 and 650)
Second one purchased at 35k w/ 10k reno and rents at 1200 (550 and 650).

One in Tremont (a couple houses down from the "Christmas Story" house) and one in Cuddell (both on the western side of Cleveland)..