All Forum Posts by: Shane Kelly

Maybe I'm off with this as I'm not from Columbus, but with Ohio State University being in Columbus, rentals may be overstocked this time of the year as all of the student rentals begin to flood back and some of the student rentals that never got rented may have sat for a while. On top of that, it is likely some mismanagement, some overpricing, some under-repairing, etc.

 That is a hard question to answer briefly. Are you open to all property types? What is your price point? What's your financing strategy and more.

I think the only thing that Hough has going for it in the long term is it's proximity to Downtown Cleveland and to University Circle. If Cleveland's population is to increase, then I can see this area seeing some gentrification, but as it stands now it will be hard to turn this area overnight. And would say that Ohio City and Tremont may be maxed out, but some of the surrounding areas still have room to improve.

In my opinion, I think the large colleges (like Ohio State University, mentioned above) will see less fall off than that of smaller universities. Something else to consider is what the university is known for. I think for similar reasons to that of what you mentioned, a liberal arts college will be hit harder than that of a nursing/healthcare school. Just because a school has cheap investment housing nearby doesn't mean that is a good long term rental property.

Happy to see you're just as amazed by the forums here as I am. It truly is a wonderful community and resource.

As for investing in Ohio (Cleveland specifically), you say in your criteria that you want a "good location with a booming population, and with an improving economy" that really doesn't describe Cleveland. Cleveland is such a good investor city because of it's relatively cheap houses for good cash flow, but it is far from booming. If you haven't looked at Columbus, I highly suggest you do, as it sounds like it may be more in-line with your goals. I don't want to turn you off from Cleveland too much though! It still has some of the best cashflow per dollar in the country in a larger city, and 250k can take you further here than mostly anywhere. If you're going to invest in Cleveland then you'll need to be specific where you buy if you're searching for a chance at appreciation (which is what it sounds like you are with your criteria). If you need any help with anything related to Ohio, do reach out! Best of luck.

Yeah I'd say that 50% is a good assumption but year built, state of the building, and other things play into that for sure. As for onsite management for 30-50 units, I think you're starting to get to the range where it will make sense. Giving a responsible tenant the obligation of management is something I've mentioned before but cannot vouch for it. Also, a handyman for the property is something to highly consider around this size range to save sending a contractor for every little issue.

Love to hear it! I am a 21 year old college student myself and am an agent in Cleveland. I love investments of all kinds and real estate is my passion. Bigger Pockets through the podcast and the forums has given me a ton of knowledge and connections that I cannot thank them enough for. If you're in need of anything in the market I'd love to help you out as another young entrepreneur myself. Much luck to you!

Glad everyone helped you come to a wise conclusion so quickly. If you want to discuss the STR market in Cleveland though, I could tell you about what areas of the city might make sense. Shoot me a PM if you want to talk.

All of what you talk about is very plausible as an OOS investor. I don't honestly know much about Canadians investing in the US markets and all it's intricacies but I'm sure there's more than enough info here on BP to learn from. If you need any help or references I can give you everything that I've got. Shoot me a PM with anything you need.

I do not have experience or recommendations with Hard Money, so I can give no suggestions there. I am willing to help you however else I can though! Reach out if you need anything.