First Time OOS Multifamily Investing
Hello BiggerPockets community,
Long time listener of the podcast, first time posting on the forum!
I am interested in purchasing my first investment property, which will be out of state. I am based in the Bay Area here in CA, and was looking towards the mid-west as a good area to start in; more specifically, Cleveland, OH (lower cost to enter, supply of multifamily housing, solid job market, solid IRR etc).
I really have two questions; does anyone have any advice in investing in the Cleveland area? Also, anyone willing to connect?
For additional context, I am looking to get into around B/B- properties and looking at the western part of Cleveland (like Parma, Brooklyn, Lakewood, s/o to this guide), ideally within the ~125-225k price range. My goal is to purchase a property, or at the very least, have an accepted offer by end of year (fingers crossed).
Please let me know if there is anything I can elaborate on as well.
Cheers,
Nate
Most Popular Reply
Hi @Nathanial Watanabe - I have been investing OOS in the Columbus Ohio market from Utah for a couple years now. My agent @Remington Lyman is awesome and I believe also covers the Cleveland market. When I started OOS having a all-star agent made all the difference. He was able to point me toward the right areas, the good PM companies, good lenders, GC's etc. I would highly recommend reaching out to him or his team as a place to start. They can at the very least point you in the right direction to help you with your goals. Best of luck in your search.