All Forum Posts by: Garrett M.

Thanks @James Wise, @John KosterHow is the area of Triskett/Gramatan of Kamms/West Park. A few listings recently popped up there. 

Welp, in short and echoing what most Cleveland investors on BP are saying I believe that the Lakewood area is at a local top, at least for the time being with the hype train being in affect for some time now. I'm currently on the fence on buying in another well established area, like Lakewood, or looking into other areas that have more potential upside. 

Unless a screaming deal comes along that other investors don't see (unlikely) ill be looking into other areas that have potential (though not my main driver) for appreciation with 10+% returns (cash on cash) like Old Brooklyn/Parma/Euclid but are less of a 'sure thing'.

Not too much inventory on the market at the moment in some of the previously mentioned spots but I'm going to be ready to jump if something comes up. 

Would anyone be able to advise as to how difficult it is to find a qualified tenant in some the those areas like Parma/Euclid/Brooklyn/West Park? I admittedly am a bit spoiled owning property in NYC where I can post an ad and get over dozen interested responses in a matter of hours so I'd want to level set my expectations here. 

@Matthew Irish-Jones with the new rental laws that Cuomo passed last summer are you finding difficulty working with bad tenants? I originally was looking to acquire a few properties upstate around the Albany/Troy and Buffalo areas but with the pro-tenant nature of new york in general and the added 'rights' for tenants that recently passed I began to look elsewhere for cash flowing properties. 

@Katie Miller looking to expand my portfolio by a minimum of two properties this year out of state as NYC is now too expensive.

@Victor Vella 100% on point from my view. I see some properties come up on the MLS in Lakewood, run my numbers within six hours and say to myself 'this would work'. Within ten days there is an accepted offer and I feel like its both reassuring to know I've spotted a potential purchase where other investors have interest but also upset that I'm not ready to go put in an offer at a moments notice. This is a big reason on why I'm now reaching out to get my ducks in a row.

@James Maradits I could see the new POS regulations as a bonus for an investor in a way. High requirements would keep the barriers to entry a bit more difficult for a buyer short on capital. Are you (or anyone for that matter) seeing accepted contracts where the seller is to assume responsibility / make an offer contingent upon a clear POS report, or perhaps reduce the purchase price some level to offset POS?

Are you guys generally seeing more cash deals in the Lakewood area? No financing contingency? This area seems so hot I would want to make sure I can compete at the same level for a deal. 

@James Wise thank you for putting that guide together. Its definitely helping me be less overwhelmed on where to dig in further. 

Thanks Bob. I've read some horror stories about the inspections in some areas with up to 125% to be held in escrow until completion and re inspection. Details are anecdotal on what inspectors single out in certain areas (loose doorknob VS improperly pitched boiler exhaust haha) so it always comes with a grain of salt. 

Parma was on my shortlist and properties seem to go quick there, not much listed at the moment but I have my alerts set up the moment something hits the MLS.

I'll take a look into those areas you've mentioned tonight. Thanks again for the insight, much appreciated!!

Hey everyone, 

I've been exploring markets outside of the greater NYC area, primarily for better cash flow opportunities, and have been doing a deep dive into Cleveland, OH. There have been some very informative posts about the buying/selling process with regard to POS violations that have helped prepare me for an eventual purchase and its nuances. 

Following the 2+ year old guides that some fantastic BP members have posted I am now in the process of narrowing down to a few select neighborhoods (currently looking at but not limited to University Heights / Cedar-Lee / Parma / Shaker Heights / Detroit-Shoreway / Lakewood to name a few) to find that sweet spot of relatively stable cash flow, decent tenant pool and potential for some appreciation.  Curious to see if some of the ratings have changed over the past 2 years since creation. At this point I'm looking to take the next step in connecting with a few folks, professional agents and those that are more intimately familiar with the area to begin some conversations on my next steps towards a purchasing a few pieces of small MF property with a mindset of buy & hold.

I currently own a a few MF properties nearby that I self-manage remotely but given the distance, lack of market expertise and a growing family I would defer to a well vetted property manager on any future acquisitions in this area.

Not looking for turnkey as much as something that is a little rough around the edges - I am used to the ups and downs that come with buying in C areas for the 'best' return hence working with a great local contractor would be absolutely necessary. 

Looking forward to connecting with some great people in the near term. 

Thanks!

@James Wise excellent write up. I recently started looking into the Cleveland area for long term multifamily and my initial numbers looked fantastic. Digging in a bit further it seems the jury is out on if the Cleveland market is a good place to purchase based on significant population decline and shrinking industry. On the other hand it seems to be experiencing an organic resurgence of sorts. Reading and watching these trends from NY is one thing but as you seem to have made notable progress and have become the equivalent of Swiss army knife in real estate in the area I'm more inclined to believe the latter. Would you be able to shed some light on what trends you're seeing, good or bad?

What type of work are you looking to get done? 

Thanks everyone, I really do appreciate the advice - you may have saved me (my wallet)!

I will be on the lookout for better deals and higher returns. 

@John Leavelle - dont think I linked to your name correctly earlier.