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Updated over 5 years ago on . Most recent reply
Recommendations for a team in Cleveland, OH!
Hello! I am looking to potentially invest in the Cleveland, OH area. I was doing some research and the area looks great, but the one thing I do have a concern about is the limited number of major employers in the area. It sounds like it's pretty centralized to a few hospitals (Cleveland Clinic) and large national companies (Walmart). Does anyone have any recent experience, especially if it was a 1st time purchase, with buying in Cleveland? I'm looking to purchase a cash flowing long-term rental. If anyone has any recommendations for a solid team to help me do this out in Cleveland, please leave a comment or DM! :)
Most Popular Reply
@Thomas Pae in addition to the hospitals (all of which are world class) major employers in the Cleveland area include GM & Ford (both of whom have recently announced major investments in their CLE area plants), US Gov (NASA Glenn Research Center is here), KeyCorp, Progressive Insurance, Sherwin Williams, Swagelok, State of Ohio and higher education (CSU, Case Western Reserve, Baldwin Wallace). There is also a solid base of smaller companies servicing these sectors- healthcare, financial services, manufacturing. People who I know that run the smaller companies complain constantly about not being able to find enough skilled workers - particularly in manufacturing and construction (which is also a booming industry here at the moment). So if anything there’s a skilled worker shortage here, not an employer shortage.
Rental demand here is strong. Rented a C class single family to a well qualified tenant (>700 credit score) in a week and had over 120 other inquiries. Same story for a two family in Lakewood (which borders the west side).
You should visit cities before you make any decisions on where to invest out of state. Most Californians are surprised at all that Cleveland has to offer but also come here with the expectation of getting a low B, high C grade house for around $40K (those days are long gone). Reach out if I can help you.