Quote from @Rereloluwa Fatunmbi:
Quote from @Jeremiah Sullivan:
Hello All,
My partner suggested I do this and that I would enjoy the website. I have been investing in Ohio for a little bit now. I have properties with my own money, partners money as well as a fund that takes outside money. I think with scale in mind this is one of the best markets in the country for cash on cash/cash flow return. I think with a reasonable plan and the right people in place you can compound considerably here and still buy with rates being so competitive. If the greater Cleveland area is something you're considering or just general questions, feel free to drop them here. Anything from financing, property management to cash returns and how to use them effectively.
I have a LTR in Akron (purchased in July). It's cashflowing great ($500) but I'm skeptical about investing into more units.
1. Aren't you worried about the population trends in Akron and if it won't become the next Detroit?
2. Aren't you concerned about the limited job opportunities? What do you think about Akron's economic outlook in the next 5 years?
Akron to my knowledge in 2023 had a increase and was flat in 2022 if you are seeing other data please share. I am not worried about Akron's population trends or the trajectory of it becoming Detroit. This is a frightful thought though. I would say the difference and main point of comfort is the size of the area. As well as the stability of the industries there. Detroit was sprawling city with suburbia, as the lesser areas got abandoned it fell into disarray and was way to large to do anything with. Akron is concentrated around a university and hospitals. As well as first energy and Firestone. I think that these offer stability in a concentrated market. The other difference is Detroit was on the up and up and the middle class fled. The middle class of this area do not live in Akron nor canton they live just outside in a 3-600k house. The lower income are unfortunately stuck with lack of education and opportunity to flee. (side point this makes for a great cash flow opportunity but important to remember you are giving people a home and to be a great landlord) The people renting the homes in Akron are working for sub 20 a hour and are paycheck to paycheck but there is a community a university and the opportunity to make A living.
2. Aren't you concerned about the limited job opportunities? What do you think about Akron's economic outlook in the next 5 years?(check this out after reading specifically business services and health https://www.bls.gov/eag/eag.oh_akron_msa.htm)
I would challenge this thought and say the job opportunities are not limited but the fields are limited. The surrounding area is healthcare and universities. Good year and first energy are both fortune 500 companies. that said without a higher degrees upward mobility is hard in healthcare or education. they do employee people with a GED and need to get lunch or take out trash play golf what ever it will be. so no i do not think the jobs are lacking but mobility is hard and they are not sprouting up new tech companies its a place where you move to take a promotion or you worked where your father worked. Unemployment is high in the area that leads to education but while the hospital (summa Health Systems) is building i think stability is provided. One thing i do think about more long term is age, akron is older. If young people dont come what will happen that is more of a 30 year trend but something i would pay attention to over the next 5 years and you could make a informed decision then.
I hope this helped answer the questions they are good thoughts and something you should vet and make your own decision on. No-one knows the answer but time will tell. if you would like to continue the conversation feel free to DM me. Not totally sure how this website works but ill find it :)
