Buy and Hold in Cleveland

[Brandon Weisser]

I am making a potential move to Cleveland Ohio. I am looking to purchase an investment property and there are so many areas to choose. I have really been looking at 3 areas and all will work for my location to work since I personally am able to work from home. I like the area and rental rates in Lakewood, I love the homes in Shaker Heights but property taxes are dreadful and I have found Cleveland Heights to be a nice area as well. Someone please give me some ideas on these locations, what areas are great for rental return. I am also worried about purchasing older homes for investments because of all of the warnings you hear to not purchase a home older than 10 years as an investment. Thanks!

[Ryan Arth]

@Jeff Brenot Insurance would depend on rebuild cost. I had a SFH there and my insurance was 60/mo. I would estimate 50% more than that, or 90/mo, based on the increased size.

No real investment preference on East or West, I have lived on both. There are differences, for sure, but the desirability of the suburb that you pick is more important than what side of the city it is on. 

[Jeff Brenot]

Thanks @David Terbeek and @Ryan Arth for the helpful information. 

Do you have any property management companies and/or real estate agents in the Cleveland area you would recommend? 

[David Terbeek]

@Jeff Brenot-  I sent you an invitation to connect.

[Jed Gwynn]

I have a 15 unit in cincinatti ohio. 10 cap and a gross income of 86k. asking 500k, reply if your interested.