Nice to Meet You! - Looking for Market Insights / Lender Info

[Marlon D Nangle]

Hello Folks, 

New to the forum. In short, I am a Canadian investor and currently own 2 SFHs in Winnipeg, Manitoba. 

I am now interested to expand my portfolio to Cleveland, Ohio. Visited the city in spring and became intrigued. 

Through research, I estimate that a SFH in Cleveland proper will go for 650-800/monthly, whereas in the surrounding suburbs rents can be in the 1000-1200 range. Would appreciate some added context to this? For example, which areas to target, and more importantly the current voice of the rental market. What's most important to renters??

For now, I would like to stick with 3 bedroom SFHs, but hoping to expand to duplexes and triplexes once I gain some traction. 

As a Canadian investor, would also appreciate if someone could direct me towards a lender (bank, private, etc) who has experience working with Canadians in getting American financing. 

Thanks

[Andrew Duna]

Hi Marlon! I am investor focused agent and was born and raised here in Cleveland. 

I would actually tend to disagree with you - for most of the popular rental neighborhoods in Cleveland that $650-800 rental rate would be more for one unit of a duplex. Most 3 bed single families would go for at least $900-1200+ depending on the specific neighborhood and finishes in the property. 

For 3 bed SFHs I would recommend looking in the  Cudell, West Boulevard, Jefferson and Bellaire-Puritas areas. You can also find some really good cashflow in Maple Heights, and Warrensville Heights. The markets to consider on either side of Cleveland are Euclid (East of 222nd) and Lorain. 

Parma and Old Brooklyn are also good but slightly pricier for single fams. 

Typically with renters you're going to get more rent based mostly on how pretty the property is. As long as the furnace and hot water tank are working they don't care at all how old they are LOL.  Some items to "wow" tenants would be new vinyl flooring, granite kitchen countertops, stainless steel appliances, a tiled bath, modern "hardware" as far as the faucets, cabinets and doorknobs. But make sure to consult your rent comps because they might not always be needed.

With regards to your statement on eventually expanding to Multifam - I would urge you to check out multifamily from the beginning because it typically has a better ROI and it's the same process as purchasing a SFR. Although - to your point - multifam definitely has less inventory and more competition so it's always worth it to consider SFR as well. All of the same neighborhoods mentioned for single fams apply for multifam as well.

@Muhammad Amawi is an amazing, highly communicative, competitive and local lender who offers loans for clients like yourself who are out of the country. He is also very active here on the BP Forums.