Hi, I currently live in Denver and I am interested in buying a multi family somewhere in Ohio. Housing in Colorado is through the roof, hence why I am looking out of state. I chose Ohio, because I noticed housing is cheaper. I have also looked into upstate NY but my main focus is Ohio for now.
I am looking at a property that is a triplex, going for 49k, seller financing, currently vacant, and was told it can gross $1800 monthly.
I have some landlord experience as I have been renting out a SF in Colorado for 10 years now and I currently house hack. This would be my first time out of state investing, although I am not concerned. I know I will need to find good PM as that can make or break a good deal. I have read nothing but horrible things on BP about east Cleveland.
My question is for those who took a shot and bought MF out in East Cleveland area. What are you thoughts and opinions on this area? Should I look elsewhere in Ohio?
I would like to spend no more than 60k total. I have at most 20k to put down, although I would prefer to not reach that amount. Am I not shooting high enough for down payment?
I apologize in advance for the many questions. I look forward to all the responses.
