Buy and hold investing in Cleveland Ohio

[Mike Leybourne]

I currently have roughly 30 rentals in Tacoma, WA and this is my first time looking for an out of state.  All of the homes I have in Tacoma are affordable housing units and are rented by the room (200+ tenants).  My model doesn't need to be the same in Cleveland, but I'd be interested in working with someone who lives in the area and has a part of the business I'm missing (either management or rehab).  Ideally, I'd like to stay within the $50K or lower price point so I can pay cash (then rehab, rent, and refi). 

[Andrew Weiner]

Hi Mike,

I would recommend coming out and looking at the market in person when you can.  Once you are in the 50k and less range it’s a very slim line between a money pit and a value.  There are some areas that are difficult to get a rehab completed due to constant vandalism.  If you want to focus on lower cost properties I would try to find SFHs, they rent reasonably well on section 8 and the turn over is pretty low in my experience.  Check out north Collinwood, or Lee-Harvard, you might be able to find some properties in Brooklyn also.