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All Forum Posts by: Dave McLean

Dave McLean has started 1 posts and replied 2 times.

Post: New Investor - Targeting Cleveland, OH

Dave McLean
Pro Member
Posted
  • Mansfield, MA
  • Posts 2
  • Votes 3
Quote from @James Wise:
Quote from @Dave McLean:

I am new to BP and also a rookie investor and looking to purchase my first property. I am located in Mass but have been targeting Cleveland as my first market. Open to networking with anyone in the market with any advice, tips, etc. Much appreciated!


Welcome aboard Dave. Having sold over $200 Million in Cleveland rental property to out of state investors, the biggest advice I can give to you is for you to really dig deep into the neighborhoods by reading The Ultimate Guide to Grading Cleveland Neighborhoods. 

I imagine you are coming here to invest because Mass is so much more expensive and tenant friendly? This is why the majority of investors come here, but many times they get into trouble by overpaying for really cheap properties that are still overpriced. They end up comparing them to properties from where they live instead of digging down into the comps of the neighborhood. That guide above is designed to help you avoid that.

 James - thank you! Appreciate the advice as well and have noticed the overpriced properties in my early due diligence. Pretty crazy seeing properties that sold 5-7 years ago for $60K and now being sold at $220-$250K. Granted they have been rehabed, etc but still a pretty significant jump. Will be interesting to see how those prices hold over the next 12-18 months. 

Post: New Investor - Targeting Cleveland, OH

Dave McLean
Pro Member
Posted
  • Mansfield, MA
  • Posts 2
  • Votes 3

I am new to BP and also a rookie investor and looking to purchase my first property. I am located in Mass but have been targeting Cleveland as my first market. Open to networking with anyone in the market with any advice, tips, etc. Much appreciated!