All Forum Posts by: Zach Zimmer

Those are "better" areas of Akron city.  You will find some good cap rates but need management and have the problems that can come with the caliber of tenant in a multi in those areas.  You can be successful and many people locally and out of state are scooping RE up in Akron like you detail.  I just like a little more middle-class for my strategy.

Also Akron sewer is a disaster (failing and has $100/month+ EPA fines being imposed.   And they will not shut off until significantly past due regardless of ownership.   Getting stuck with a $700 water/sewer bill can really eat into profits...

Cuyahoga Falls is a very HOT area. Mogadore is very in demand.

PM me if you want some agent recommendations 

Anish said it very well.

I have 11 B-C class properties (3 more under contract) and work a full-time corporate job 40 minutes away with 16 direct reports across three shifts, and am married with a 1 & 2 year old.   I have very little free time but it can be done.  As long as you have a good general handyman to call when something come up you will save a ton of money versus a PM.

Evictions / court stuff is a pain the first time or two...  But the civil clerks in my city were very helpful and it is not the bad or time consuming a process.

Zach

Hi Sonya,

Yes taking the first steps can be daunting, especially across the country.  I myself think that would be too large an effort without some local support.  I think one key would be to attract a "property manager" to occupy one of the units in the multi.

If you want some advice on akron suburbs, contractors, or a local realtor PM me.

Best of luck!

Zach

Way to go Sarah! I have recently thought about getting into multi-family's in our area but haven't seen any cap rates near what I have been able to get with SFR's.

Do the units need a lot of work? 

Where they on the MLS?

I purchased two homes through the site. After the first disaster I said I'd never do it again. For some reason I went back and bought again and again wished I wouldn't have..
Shell bidding, horrible to work with, high fees and have to user their title company..
Both properties I got were money pits.
There is a reason properties end up there...
So I'll say it again... I will never buy through them again!

I have 11 SFH's in rent-to-own contracts (tenant/buyer responsible for maitenance) at an average cap of 13.7%

Hi Sarah and welcome.

I myself just recently joined and am also an investor in the Akron/Canton area.

For investment property loans talk to Mike Force at Wayne Savings in Wooster.

Feel free to send me a private message if youhave other questions about our area.

Best of luck!

Zach

Hey BP members!
Just joined a week or so ago and WOW.... What a rabbit hole I have fallen into.
I almost don't want to come on the site because I know I will get sucked in and the hours will fly!
Anyhow, I'm a married 34 y/o with two beautiful girls (1 & 2) living in the Green/Uniontown area and have been investing in SFH's for the past three years.
I will pick up #11 next week! I will own 5 outright and have loans on six. I mostly target middle class suburbs of Akron like Ellet, Springfield, Tallmadge..
I would love to be an investor/flipper/landlord full-time but currently have a pretty successful career that pays well and is enjoyable so we'll have to see..

I am fairly knowledgable in my area in terms of what to buy and price to buy at, however I am really hoping to learn about your strategies, maybe some local contacts around me, prices you guys pay for various improvements / materials, etc.. , and the different financing options that your finding.

Looking forwad to creating a network and lots of sharing!

ZZ