Quote from @James Wise:
Everyone is pitching Ohio as the best turnkey real estate market like it's streets are filled with lollipops and candycorn. Folks, it ain't all cocaine and rainbows here in Ohio. Sure the cash flow properties are cheap and plentiful, but there is always a negative on the opposite of a positive.
All ya'll folks from California, New York, Denver, Portland and various other expensive markets are buying in places like Cleveland, Akron, Canton, Cincinnati, Columbus, Dayton, Youngstown or Toledo. This is all well and good, but these are some brutal markets for out of state investors. It's not just an Ohio thing either. You'll get the same experience in Detroit, Kansas City, Indianapolis, Baltimore, Pittsburgh or Memphis.
Point being, it's not all great. Yes I've made millions managing 1,000's of tenants many of the above markets but it's a very challenging way to earn your millions. On HoltonWiseTV we're committed to showing you guys the true realities of investing out of state in these kinds of markets. I highly suggest you check out what we've got going on before you buy a long distance rental property.
CLICK HERE for a quick little taste of what I am talking about. From there, you'll be more prepared to know what you're signing up for, because like I said, it ain't all lollipops and candycorn out here.
The realest take on the greater Cleveland market.
My best deal to date was a beat up single family in Elyria. Out of state investor, turn key. They owned it for a couple years from what I could piece together. House would have been worth about 70 except for the fact that the previous tenants completely destroyed the place. I got it for 27. We took a full 40 yard dumpster worth of **** out of the basement, cleaned smeared feces off the walls, had to replace like 5 sheets of drywall. Paid interior, exterior, refinish floors ect. The place was not great before these people moved in (from the photos on zillow) but was a biohazard when they moved out.
Most of these managment companies exist to put anyone in the unit and get their 10%. Lots of stupid money coming into Cleveland. Teaming with a "Realtor" is not a winning ticket. You need someone who knows the neighborhoods, has been through the winters and embraces the blight. My 2 cents anyways.
EDIT : The reason this deal was a home run for us was that we did all the work ourselves. If we had to hire a contractor it would have been a bust. Easy massive value add.