Cleveland Buy and Hold

[Raluca Gosav]

Me and my husband are out of state and looking to invest in Cleveland real estate market. We are looking to buy and hold multifamily turnkey properties with both creative( subject to & seller finance) and conventional financing. 

We will need a property manager that we can work with and would really help to discuss more about good areas to buy and hold where rents are stable and area is quiet.

We are looking at mix neighborhoods like Tremont, Cudell, Parma or Euclid. We also see a lot of investors talking about Lakewood and mostly the west part, but would love to understand more on what good be a good strategy on rental properties.

We are are also wondering how common is creative finance deals in Cleveland market, considering the price ranges are low comparing to other markets? 

Raluca

[Dave Stokley]

The area you invest in depends so much on your budget and goals (i.e. target returns). Lakewood and Tremont are great neighborhoods where you'll get high rents and good tenants, but property is expensive in these neighborhoods. Parma and Euclid are solid middle class neighborhoods where you should be able to pick up an affordable property and get decent rents and tenants. Ultimately though, you should really consider coming to Cleveland and exploring a little if you don't live here now. It's important to get to know these neighborhoods before you start investing.

As for creative financing, the market is still pretty strong so in most cases I'm not sure why an owner would want to make their life more complicated with something like this. There are always exceptions though if you're willing to hustle to find them.