Any Real Estate Investors in the Cleveland Market

[Chibueze Nwadigo]

Hello BP fam

So I am interested in the Cleveland Market looking to purchase either SFR or multi family, currently have 2 properties in Florida decided to venture out of state to Cleveland due to being able to purchase them cash with good rental. I wanted to know if any of you guys have invested in Cleveland and your overall experience on it.
thanks 

[Bob Okenwa]

@Chibueze Nwadigo

There are a lot of folks here with great knowledge on the Cleveland market. You really have to have a great team to be successful out there as you can find yourself in a tough situation if you choose the wrong submarket within Cleveland. Everything that looks good on paper doesn't equate to a good investment. It can be street-by-street so it's crucial to know which areas to avoid.

The housing stock can be as old as 100 years or more so be aware of that as well. Lead, asbestos, knob-and-tube wiring, galvanized plumbing can be common in some homes so one must be accountable for cap-ex early on. 

Also, some cities have Point of Sale inspections so be aware of that as well as these homes must pass city inspection. When a seller is thinking of selling their house they order a POS inspection with their city if required. The city will do an inspection and produce a list of items that need to be addressed/fixed upon sale of the property. The repairs need to be made by the seller prior to the transfer of title or assumed by the buyer upon sale. Once the house is sold the repairs that were documented on the POS inspection report need to be completed within a certain amount of time, which varies by the individual city requirements.