I did buy 8 single family in Euclid, Ohio in 2014 and 2015 and 2-3 years later I sold them for about 50% more than I bought them for. People told me Euclid, Ohio for my single family there would never appreciate. I sold them at a 50% profit in 2017 and 2018 and now those same single family would have doubled in Euclid Ohio from the purchase price I originally purchased them for in 2014-2015. Again, I was transitioning to Multifamily, due to the ability to force the appreciation and increase the NOI and not be at the sole mercy of comps. That was my plan.
I took my path and others have traveled their path. There is no right or wrong. Sometimes a combo of both strategies could work.
You do you!! When you hit that fork in the road, make sure you have a team, a great team if you choose to go out of state. I made a few mistakes on my journey during the transition to investing in Ohio. Your team is just as important as the deal if you ask me, especially venturing out of state.
The great thing is that RE, if you buy right is pretty forgiving, even if you make a few mistakes and step on some unforeseen landmines due to inexperience along the way. Par for the course.
If I can do it, you can too!! Dan it is good hearing from you too!! Anyone is free to reach out to me. I just retired June of 2021 and am working on my RE asset management, acquisitions and a few passive deals I have been investing in lately too. Although, as most of you know, nothing about what I do is passive. I love this stuff!! Message me to talk. I love talking on the phone too.
Oh I forgot to say a 57 unit we purchased in Mentor Ohio in August of 2019 for $2,000,000 we bought right and forced appreciation and it is now worth at least $5,000,000. I may sell it this Summer or Fall of 2022 if we can get the valuation to $5,500,000-$5,750,000 by then.
This is sooooo exciting!!!
Swanny
