All Forum Posts by: Michael Lewis

@James Wise I figured as much. Case closed. Thank you for the insight.

@James Wise I understand that James. Unfortunately that’s actually a common occurrence in many areas. My question was more relating back to East Cleveland and if it’s generally a “stay away” area for OOS investors.

Hello fellow Cleveland Investors,

So far I’ve stayed away from East Cleveland proper and stuck with the suburbs however I’m curious to know if anyone has experience in East Cleveland proper for buy and hold rentals? The area as I understand is a D with small pockets that may be better. The CF is very good which makes it enticing to consider. Duplexes/Triplexes I’ve seen make closer to the 2% rule which isn’t easily found in better areas. For those that have experience, do you find that tenant turnover and maintenance is extremely high? Possibly even vandalism?

East Cleveland Proper - Yay or Nay?

The population in CLE has been declining since 2011. How do current CLE investors feel about this and what's your outlook on the future of CLE REI?

Hey BP, looking for some direction. I’m at 6 rental properties currently and will hit 10 within the next 18 months. I understand that I can only take advantage of 10 conventional(Fannie Mae/Freddie Mac) investment property loans. How can I purchase more without using hard/private money. Will certain credit unions provide favorable rates on a traditional 30yr fixed loans that are kept in-house? I’d like to begin developing my strategy now. Anyone out there willing to share a lender they’ve used to continue building their portfolio past 10? As always, thanks in advance!

Hey BP, looking for some direction. I’m at 6 rental properties currently and will hit 10 within the next 18 months. I understand that I can only take advantage of 10 conventional(Fannie Mae/Freddie Mac) investment property loans. How can I purchase more without using hard/private money. Will certain credit unions provide favorable rates on a traditional 30yr fixed loans that are kept in-house? I’d like to begin developing my strategy now. As always, thanks in advance!

Originally posted by @Bob Prisco:

@Michael Lewis  I am not sure who told you that, but  that is incorrect, only exterior just like the other areas.  I am a fan of buying as many as one can in all areas  and holding . My biggest regret is not holding on to more vs flipping them 3, -5 years ago, VERY stupid .  Look what has happened over the last 4, 5 years, I see it going even higher . We used to  have all in pricing of  20 25k, , 4 ,5 years ago, now,  now, well good luck finding those. We still provide net caps from 10 - 14% , Its all about your team.

Bob, just to clarify we are talking about Maple Heights correct? I was certain they perform an interior/exterior inspection with each new tenant placed  

Originally posted by @Bob Prisco:

@Michael Lewis  NO !!! I have been doing business in the Cleveland markets for about 10 years, buying and selling about 500 props over the last 6, 7 years, I will not touch SH, Inspectors are the worst of all the cities . Also high taxes and pricing.  I stick with MH GH CH Euclid, Lee Harvard, and of course west side

Good luck  

Bob, I greatly appreciate this information. It certainly answers my question. I have property MH however I'm concerned to purchase more there as I understand the inspection is more in-depth than say Euclid or CH. Are you a fan of MH for long term holds?

@BobPrisco I greatly appreciate this information. It certainly answers my question. I have property MH however I'm concerned to purchase more there as I understand the inspection is more in-depth than say Euclid or CH. Are you a fan of MH long term?

Hey BP, I’m an OOS investor and own a handful of property in the Cleveland Suburbs. I have yet to purchase in Shaker Heights however I’m considering this area for my next buy. School district is very good and crime rate is lower than other areas I own in. Taxes however are outrageously high. The COC return is lower than say Euclid. What is enticing is the quality of the area. Looking for some input. Yay or nay to Shaker Heights as a long term hold vs other areas in the CLE suburbs? Thank you in advance!