Property Management in Cleveland Heights

[David Bennett]

I just bought a single family rental in Cleveland Heights, OH. I'm pleased with the purchase and only have some minor items to take care of before I get this rented. As you can tell from the subject line, I am looking for a property management company in this area. Not just any property management company but a solid property management company.

Aside from a friend who lives in Cleveland, I don't know anyone with boots on the ground doing business in this market so I sure would like to make friends, share info, and help others. I am looking to do more deals in Cleveland and could sure use some resource guidance in the area.

Thanks in advance!

[David Bennett]

@Ben Bakhshi my experience with my property in Cleveland was less than stellar. I was unable to locate a trustworthy property management company or contractors. Trust was a huge element that came into play being an absentee owner in Cleveland. I eventually sold the house right before the polar vortex swooped in and stacked snow on the doorstep of every Ohio home and in retrospect I am thankful of that I divested.

So what did I learn?

1. Buy properties in states and areas that you are comfortable with. If you grew up there and know the areas and have a network of connections, invest there, even if you moved out of state. Just so long as you know the areas. If you are an out of state investor looking for a new market, go see the property personally and drive the areas in the morning and night. You need to feel comfortable where you are buying. At least I do.
2. Stick with your plan. If you are going hold your property and rent it out, make sure you see it through to the end. Meaning, after you buy a property in an area you are comfortable with, pay for your repairs get a property manger and begin renting it to see some return before you decide to sell it. See it through and get feedback on your numbers so you can determine whether being a landlord works for you.
3. Know your numbers. Because I had other deals happening concurrently, I lost sight of my numbers on this deal. In retrospect I would have put each deal in a spreadsheet so I could update the numbers and see the totals update live. If had done this, I might have stuck to my $25k asking price and waited until spring to sell or just waited until after January 1st to fix and rent it out. Instead I sold at a slight loss.
4. Hire people you can trust. If you are serious about investing then you have to look at it as though you are building a team – a team of trustworthy contractors and individuals. Make sure you have signed contracts in place with each of them so all your expectations are clear and in writing so there is never any miscommunication. Trust plays a huge factor. Frankly, I didn’t feel as though I could forge trustworthy relationships in Cleveland, which isn't to say the good folks of Cleveland aren't trustworthy. But when an out-of-towner starts buying properties because they think it's a steal, watch out.
5. When you screw up, own it and learn from it. These words are proof. I totally screwed this up and made some bad decisions but as I write this the picture is in perspective, and it was a big lesson. It could have been worse – especially if I was saddled with a vacant property and POS (point of sale) items that needed to be fixed before I could rent it – right before the polar vortex.

If I lived in Cleveland, I would probably be writing a different story. But in the end, I sure was happy when I sat in the lounge at LA Airport about to leave the country for a month and found out title wired over funds. It made for a nice Christmas.