All Forum Posts by: David Terbeek

Good morning Daniel.  It all starts with a little dabbling on the side and next thing you know you are in it full time.  I was an IT manager at a Fortune 500 company, now I run my own property management company.

It is smart that you have been doing the research before just jumping in.  The BP community offers a wealth of information and ideas beyond buy and hold rentals.

Real estate investing like most other endeavors is a risk versus reward scenario.  The potential reward (on paper) is relatively high but have you evaluated all of the risks associated with the project.  There are number of posts available about E Cleveland and the inherent risks.

Parma has been a very reliable market with a good stable tenant pool.  Rents range from $850-$1,200 or 1,300 depending on the area of the city and the size of home.  A general rule is that the north side around Brookpark Rd is the lower end of the range.

Other similar areas you may consider would be Lakewood, Bedford Heights or, for a bit lower price point, Garfield Heights.

Amit-  Welcome to BP and to the Akron market.  We have dozens of Israeli clients but not many specifically mention Akron.  You can certainly get a range of quality homes in your price range with stable renters.  There are numerous neighborhoods that would fit the bill.  West Akron is often popular.

Akron has been relatively stable even during the down times.  Most don't expect values to rise significantly but the cashflow is solid so it depends what you are looking for when you ask if it is a good time to invest.

I am not sure exactly what you are referring to with the water and sewer.  Perhaps it is that water & sewer must remain in the owner's name so most clients add that into their rental charge and just pay it.  If you have a more specific question, I will see if I can answer.

@Brian S., @Megan Miller

BP is certainly the place to find qualified vendors, partners and advice.  

The key to Jame's post was that the property would need to be "owner occupied" not a pure investment property to get 3.5% down.  Depending on your situation, it would be a good start to live at your property and would give you a certain appreciation for owning and managing rental property.  If you have other living arrangements then the conventional is really your only option (other than hard money).  @Marcus H.,  @Brad Fausett

@Brad Nosan - Sounds like a great success story on your first project.  

You are right about the challenges in residential rental management.  One suggestion would be to hire a property manager for the day to day management to leave you free to focus on working the deal.  

If you are buying in Cleveland I'd be happy to talk with you about the management services our company provides.

A warm welcome to a fellow Clevelander.

@Tomer Kamil:  We manage over 100 units in Maple Heights, the rents are typically in the $850-925 range, Kennerdown and Corkhill are in the higher value area.  The Rental Inspection is even more of a consideration than the Point of Sale.  In this city, you must have an inspection between each tenant.  The inspection must be completed and reinspected before a new tenant can move in.  While this would seem simple, it sometimes takes a few weeks to get an inspector to come out to the property.  The turn time for units in this city is relatively long and should be considered in your analysis.

Other communities with similar price points and rent ranges are Garfield Heights and Eucild with easier Point of Sale and Rental Inspection requirements.  Let me know if we can help.

Welcome aboard.  Our company has 100's of international investors so it is definitely possible.   You have come to the right website for good advice.  If you need any information about Cleveland OH, please let me know.