Investing in Cleveland

[Bob Collett]

I get calls all the time from out of state or out of country investors who think they would like to invest in Cleveland. Of course they need a real estate agent and a Property Manager.

Most investors want to start on the east side of Cleveland or in the inner ring east side suburbs like Maple Heights or Garfield Heights, etc They want to know what I think.

Today I saw a Facebook post from another property manager and Realtor friend who sums it up with a bit of tongue and cheek, but mostly spot on:

Maple Hts Process
- Violations
- Repairs
- Registration Fees
- More Violations
- More fees
- Reinspection
- More Violations
- More fees
- Turnover
- Additional registration
- Additional fees
- Additional inspection
- More Violations

This process is similar in all if the rental registration communities, but some are worse than others.

Bob

[Bob Collett]

I would say out if tien investors often have unrealistic expectations especially with respect to ongoing maintenance and turnover costs.

Typical registration fee ranges from $70 -$200 annually. Some cities also have a vacancy fee.

Bob