All Forum Posts by: Tom Ott

Hi everyone, I'm new here and finally decided to get into the rental real estate market. I live in the South Eastern suburbs of Cleveland and am looking for a rental property 15-20 miles from our home. Some of the areas that look promising are Bedford, Maple Heights, Garfield Heights and Lyndhurst. Parma is also promising but it's over 20 miles from our home so looking at it as a backup at the moment

I would be interested in hearing your thoughts about these cities especially folks who have experience renting out in these cities. Reading around on the forum Bedford seems to have tightened their inspection while Maple Heights is even more restrictive and requires an inspection every time a new tenant signs up. Is there a difference in water / sewer bills? Anything else we need to be aware of in these towns?

Would you recommend one city over another? If so what would be the reasons? Pros and cons etc

Thanks!

They all have their pros and cons! Bedford stopped doing POS inspections so that can help you out. Maple Heights only requires a rental license if a tenant moves out or if the owner changes, not annually like other cities. Lyndhurst has much higher rents as that area performs very well. Like I said, a lot to know and benefits to all. They are all pretty solid investment areas.

Good luck!

1 Vote

Cleveland, Ohio

Originally posted by @Andrew Threet:

Hello I’m new to real estate investing, but it’s something I’ve been interested in for some time now and have been saving up to be able to put me in a position to do so.

Currently, I have about 20-25k ready to invest and I was wondering what the best avenue to do so. I was thinking of investing in some rental properties to get some extra monthly cash flow, however I live in CA and with the amount of money I have saved so far, investing in local property right now would probably be out of the question.

So I was thinking the most solid option for me would be to invest in some out of state turnkey rental properties. I have been doing some extensive research on it, but would also like some advice from people that are more versed on the topic.

Any suggestions? Is turnkey a good way to go for a first time real estate investor? Should I just wait and save up more to open up more options for myself?

Any advice is very much appreciated, thank you!

I would purchase a Turnkey in a Midwestern market where that can be a good downpayment!

0 Votes

Originally posted by @Elisa Eesley:

Hi! I'm preparing to invest in a turnkey home w/ them. Anyone have experience-good/bad-with them? Do you recommend a different company? I plan to fund this by changing my Traditional IRA to a self directed IRA. I'm brand new to REI, live in MN, & prefer to be passive. Any advice to reduce my risks? Thank you.

I have heard minor things. Not enough for me to have an opinion. I would always suggest making sure they are a TRUE Turnkey Provider. They should own the property first (not be a listing agent) they should also do the renovations in-house and also supply the management in-house after closing. They should not use a third-party management company.

Good luck!

0 Votes

Originally posted by @Djenald Richard:

Which company is the best to invest in pertaining to Turnkey investing?

It honestly depends on the markets you are looking at. I would narrow down what cities you are thinking about and then find a local player in that area. National companies are around, but that doesn't make them the best. I would look for someone who does everything in house, including management. Local is normally best. Good luck!

0 Votes

Originally posted by @Kevin Smith:

Hello everyone. I reside in San Diego but will be visiting Toledo soon and have some free time August 17th and 18th to explore and look at potential single family home investments to hold and rent. I would also be interested in a duplex or fourplex if the right deal came along. Any advice or recommendations for my search/visit is greatly appreciated. Looking for positive cashflow on a total initial outlay of $50k or less. Thank you!

Welcome to Ohio! Great place for RE investments. Good luck to you on your visit.

1 Vote

Originally posted by @Bernadette Johnson:

Hey guys! My name is Bernadette and I’m finally introducing myself on BiggerPockets! I’ve been on here for several months now and discussing RE Investing with my man/business partner for well over a year. WE. ARE. DONE! just talking about it! I’ve been reading How To Invest in Real Estate by Josh and Brandon. My partner is reading Rich Dad, Poor Dad and Flipping Houses by J. Scott. We finally got a hold of someone about a house we have been eye balling for probably year. Still untouched, still very distressed. Windows boarded up and all. We did the skip tracing ourselves (so difficult, any advice on that would be appreciated) but the only working phone number lead us to a property management company. Kind of weird but we were connected to a woman that services our area and the PM company has worked with this family for years and said they would reach out and see if the owner wants to sell. Kind of a weird first actual interaction? But we are hopeful! We have made lots of other calls but either have the wrong number or it’s a disconnected one. I can’t find a skip tracing company that will find phone numbers for specific homes. Only ones that do like a giant chunk of listings and they seem to be random ones. So any advice about that would be great!

We intend to start out flipping homes but then definitely want to do buy and holds and flips. Getting our feet in the door flipping has seemed so challenging I have even wondered if we should just buy a turnkey and rent it out to get us started, but I also recognize we have no idea how to be landlords so that is probably not a wise decision.

I have been hoping to find a mentor but need to put myself out there in our local RE investing community. I’m in Southeast WA state.

Any feedback is welcome! Thanks for reading my long post.

Hello and welcome! Best of luck to you!

0 Votes

Originally posted by @Account Closed:

There is no doubt in anybody's mind that 2020 has been one heck of a year so far. I'll be the first to admit I don't think it is done messing with us just yet.

Through everything that has been happening, lock-downs, elections, protests, and much more- real estate investors are moving their money here to the Midwest! I am here in Sioux Falls and have had more than a few individuals reach out looking to invest in Sioux Falls more with the rising concerns, taxes, and worry along the coasts ( primarily for me the west coast).

The Midwest has remanded (MOSTLY) stable through everything going on all around us during the crazy year we have all been through.

Has anyone else experienced this explosion of out of state money coming in or has anyone started to look for different market here in the Midwest to invest in during this recent "mini real estate boom" we have been having?

Would love to hear everyone else experiences on this!

OOS investors investing in Mid-market cities in the Midwest has been going on for years. The Midwest is a great place for investments due to the low prices. However, I have seen an uptick in investors looking to buy in the last few months. Inventory has dropped though so it is becoming pretty crazy. We will see what happens in a few months.

0 Votes

Originally posted by @Sachin Maskey:

I am currently near Boston , MA and not able to find ideal multifamily since of higher entry price point and saturated markets

I am looking to invest out of states emerging markets and looking for team / feedbacks which are the best out of state investment in multi family

I would appreciate if you can share your experience if you are out of state investors and if you have strong team like property management / real estate agents and lenders

Thank you

Sachin

Sachin Maskey

If you are still looking in Ohio, I would consider Cleveland. Not as many investors drooling at the mouth so the competition is lower than some other cities. Prices have been going up though so I would do it soon.

0 Votes

Originally posted by @Courtney James:

Hello, fellow investors!

I am currently investing in the Akron/Canton area. I am interested in possibly expanding to the Cleveland, OH area and would like to connect with other investors to learn more about the city.

Are you currently investing in Cleveland? If so, how long have you been investing in Cleveland and how was you experience been so far?

Thanks in advance :)

Cleveland has been solid for years, and it has been only getting better. I would stick to the suburbs on the east and west sides. SFRs are the way to go as well. (from my experience. )

0 Votes

Originally posted by @Nathan Bischof:

Looking into doing my first real estate deal with a house hack in the Cleveland area. Ideally in areas on the west side of downtown such as Lakewood, Ohio City, Brooklyn, Kamms Corner. I am leaning more towards a single family property and renting out the remaining rooms with a focus on a property where I can add an extra bedroom, but am open to a multi family unit as well. I have saved enough to either do an FHA loan or a traditional 5% loan if I can get approved for that; and save the FHA for potentially my next house hack. My main concern is the higher price points in the area and not being able to cash flow well enough down the line. If anyone has any recommendations on real estate agents to get in contact with or advice on any other aspect of my house hacking journey I would greatly appreciate some expert advice.

SFRs don't make for good hacks, normally. I mean it could work if the house is big enough and the rent in high enough. Just be careful because some cities have regulations with room rentals.

0 Votes

Cleveland, Ohio

All Forum Posts by: Tom Ott

Tom Ott has started 941 posts and replied 4593 times.

Post: Bedford vs Maple Heights vs Garfield Heights, Lyndhurst etc

Post: How to invest $20-25k?

Post: Reputable Turnkey Investment Company

Post: Best Turnkey investing companies

Post: Investing in Toledo, Out of State, Visiting August 17th and 18th

Post: Newbie Introduction Post!

Post: Money Moving to the Midwest!

Post: Out of state investment

Post: Investing in Cleveland, OH

Post: 1st House Hack in Cleveland