Best areas to begin rental property investing?

Question

Hello all,

I'm a newbie investor from the west side of Cleveland looking to get into rental property investing soon after I graduate from Ohio State. What are some good ares you all would recommend for a duplex? I want to get some skin in the game early and create momentum.

Thank you for any recommendations for me going forward, it would greatly appreciated!

Bob Collett · Answer

@Joshua Filkill

People come from all around the country and all around the world to invest in Cleveland. Start on the west side zip codes 44109, 44144, 44135, 44102, 44111, 44134, 44129. These area cover both lower price In Old Brooklyn and higher price in west park, Lakewood and Parma. Lots of 2 fam in 44109.

Getting involved with the neighborhood associations is a good way to learn about the nuances of these neighborhoods.

Bob

James Maradits · Answer

Hey, Josh!  Sounds like you have the right idea about getting started with a duplex.  Assuming you're intending to owner occupy (house hack) this one?  If that's the case it's definitely going to largely depend on where you want to live and what you can afford.  Using a low down payment FHA or conventional loan, you can get yourself into a nice multi unit property in an area like Lakewood or Kamm's corner that may not be feasible or make sense from an investment perspective if you had to buy with an investment type loan.

Dave Stokley · Answer

Hi @Joshua Filkill - of course it depends on what you're looking for, how much work you want to do, what your budget is, etc. I like most of the near west suburbs/neighborhoods: Lakewood, Kamm's Corner, Berea, Detroit Shoreway, Ohio City, Tremont.

Joshua Filkill · Answer

Hi @Zeke Liston, thanks for the reply. I have considered Columbus and am definitely interested in investing there. I'm just still trying to figure out the neighborhoods that are best to look at there, just as I am doing with the Cleveland area.

Robert Ellis · Answer

I'm sure there is a forum for cleveland like there is for columbus. I'd look at who's active up there and search. That's what i did when i was looking to invest near tampa

Zeke Liston · Answer

Hi @Joshua Filkill, have you considered investing in Columbus? There are lots of great investing opportunities here.

Victor Vella · Answer

@Joshua Filkill

I’ve done quite a few of double flips in Lakewood over past few years, let me know if any how I can help.

David Bardwell · Answer

@Joshua Filkill Cleveland is not that big, so I think by now you've gotten some really good recommendations above! Personally I focus on the west side. I'm happy to chat sometime if you'd like. I seem to be zooming on a daily basis now anyhow :)  Feel free to connect.

Joshua Filkill · Answer

@James Maradits With my budget it seems that house hacking is the way to go and Lakewood and Kamm's Corner seem like great places to start. Thanks for the insight!

James Wise · Answer

What i'd recommend is totally based on your budget and risk tolerance. For perspective check out The Ultimate Guide to Grading Cleveland Neighborhoods and let me know your thoughts.

Best areas to begin rental property investing?

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