All Forum Posts by: Jayson Lesyk

 Up/down duplexes are a nickel a dozen in Cleveland proper. Drive down any street with Google maps. That's not saying they're in rehab-ready condition, for sale, or even that you'd want to own them... but we definitely have a large inventory of them.

 Marcel, I understand you didn't like Brent's response to your question but he hit the nail on the head. Cleveland is street by street. Don't let anyone tell you investing in our city is just "one way". There's a lot going on. Personally, I recommend the first place to start for out of town investors is to first either pick east or west as to which side of the city you'd like to focus on and go from there.

With that said... the Cubs still suck ;P  ROLL TRIBE!!!

@Tom - I haven't really looked in any of the areas named other than Solon. I would love to have a few SFR's in Solon. I would like to get involved with the area however. Like I mentioned to Michael, I can't help but see all the money in these areas and the opportunities associated.

Right now I plan to start with rentals, BRRRR in Garfield/Maple/Bedford/BH and if I can, Solon. I would like to create a lease-to-own program within Cleveland proper beyond rentals though.

@Steven - I would agree with just about everything you said other than characterizing Solon as buy/flip. In my opinion if you buy/rehab correctly, the much higher rental rates will make SFR's profitable. I haven't seen any Solon SFR listed for less than 1200/1250 as the very bottom, and most I have seen start at 1400 and go north of 3-4k with the mansion homes (I have no interest in those extreme high-end rentals). I think the sweet spot is to find a family that isn't in the position to become actual homeowners in Solon but value the school system ebough to rent in order for their kids to have that educational opportunity.

With all that said;

Who is actually flipping in the A neighborhoods of Orange, Beachwood, and CF school systems? I imagine buy/flip is the best way to maximize ROI in these areas.

Kristopher,

Is the reason for rentals rather than LTO because your priority is longterm holding cashflow rather than creating the greatest short-term ROI? I would love to invest in Cleveland proper but can't seem to justify being profitable with a traditional rental model just because of projected cap-ex/maintenance/turn-over related costs. I would love to sit down and chat sometime about this and see the property if at all possible!

Daly - I'm only aware of multis in Solon, CF, and possibly Mayfield area. Definitely some in South Euclid too! Although by that time you're working into a C+/B- area, some B+ parts closer to Lyndhurst, Beachwood, and Shaker!

@Vince Lucas I would love to take a look at it if you have time in the coming week or two. I'm highly interested at flipping in these areas! Have you done many fix/flips? Willing to share any of your projected numbers?

@Michael Swan

Sounds like you have a nice portfolio on my side of town! I would love to have the chance to see a few of them in person if you are ever physically in the area.

I am aware of the 2 duplexes you mentioned. I haven't bothered to drive by them yet as I would agree they are a bit pricey.

Having grown up around all the 'old' and 'new' money thats out here it's hard to not consider the areas I named for potential opportunities. I'm not sure if I want to be the one waving the flag for appreciation over here. But, do a google search on the Pine Crest development in Woodmere, and also all of the condo/townhouse/mansion development in Chagrin Falls along Chagrin Blvd in the hills before it becomes Main Street. Although I think much of the market out this way is in development, fix/flip, and generally rehab-oriented retail selling, I still believe there has to be something in the way of rental opportunities. Personally, I would like to find some nice moderately priced SFR's in Solon. With a diverse enough population, I think that an appropriately priced 3-4 bed, 2+ bath would be easy to keep rented out with good long-term tenants (re: a family that wants their kids in solon's school system). I also see some of the same appeal in Aurora, the city just over from Solon in neighboring Portage county. The father of one of my close friends has several SFR's in Aurora and the surrounding area which he manages and maintains. Unless they are secretly swimming in their own personal debt, I assure you their investments afford them a good lifestyle so I can only assume his rentals are doing well! Haha.

Thoughts?

@Susan Moon

Looks like you guys have pinpointed the hot near West side areas that are super hot in our market. I'm sure you're on the right track over there! Keep it up and good luck. Please post up a quick thread of how things go over there.

Here's one of the articles by @James Wise I was referencing:

https://www.biggerpockets.com/blogs/4704/42419-cleveland-neighborhood-grades

@Susan Moon

James Wise has a few good articles on Cleveland's West side and the city as a whole. I would check them out! Other than that just speak to the local experts (READ: those that know the west side street by street). Our city is highly diverse in the different ranges of neighborhoods and good and bad pockets/areas.

In my VERY humble opinion (having been raised and living here for 25 years), for anyone out-of-state that plans to spend money here you should have at least 1 native Clevelander on your team or in your network who can give their opinion advice. This should be specific to the East/West side of the city. I wouldn't even feel comfortable being a west side investor's "local knowledge". Find someone who knows the west side and Lakewood like the back of their hand and consult them. Just my opinion though. Many people are having great success all over NEOhio, so don't be scared to try here. Just do it thoughtfully, and carefully!

I hope that helps?!

I have lived in Moreland Hills almost my entire life. Who is investing in the surrounding cities and what strategies/niches are you using?

This is in reference to the following cities;

Moreland Hills, Orange, Pepper Pike, Gates Mills, Hunting Valley, Woodmere.

Solon, Glenwillow.

Beachwood, Lyndhurst.

Mayfield Heights, Mayfield.

Chagrin Falls, Bentleyville.

I haven't seen much talk of these cities on here. So this is an attempt to get conversation stirred up. Add any thoughts, comments, questions you might have.

Thank you everyone!!!