Originally posted by @Caleb Barney:
Hi Christine, I'd start by doing some research on what you want the final outcome to look like. The good part about the Cleveland market is that it's affordable and a good cash-flowing market. But it depends on where you're looking and if you prefer to invest based on cash flow or appreciation. Other things to consider are how long you plan on holding that property and if you're moving after a couple of years, are you going to find a property manager to manage it on your behalf, are you going to try to manage from a distance, sell it, etc. Have you talked with a lender yet about what you're pre-approved for?
Hey Caleb, thanks for the reply!
I'm looking to be a buy and hold investor primarily, focusing on cash flow. If I purchase here and then move, I would go with a property management company. I'll account for that in my analysis, so that it's always an option, even if I decide to self manage.
I guess what draws me to the Cleveland market is that I can house hack, where as other investors see enough value in the market to invest as pure rentals. Seems like a good way to get started, and maybe learn some valuable lessons as a rookie investor.
I just wonder if there is a BETTER market that I could move to that might have both cash flow AND appreciation. And how to find that?
And yes, I have talked to a lender, and I'm pre-approved for up to $520k.
