Is CLEVELAND Real Estate a Good Investment?
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- Опубліковано 29 тра 2024
- We analyze a Cleveland, Ohio investment property to become better real estate investors, build repetition, & discover new opportunistic markets! Each week we dissect a active listing and discuss return on investment ROI, cash flow, equity spread, renovation cost, rehab suggestions, and if this property makes a good buy and hold long term rental, flip, or neither.
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TIMESTAMPS:
0:00 Intro
0:45 Marketing Analysis
2:02 Google Street View Test
2:34 Listing Details
4:26 Property Analyzer
6:20 Outro
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Great video and analysis. Many thanks
Thank you for the compliment
Hi Dave,
Great video! East Cleveland and West Cleveland are vastly different. The farther east you go the worse it gets, the farther west you go the nicer it gets.
Thanks for the kind words, love when people local to the areas jump in a clarify things. For the deal day videos I often am unfamiliar with the location so I make a lot of assumptions. I appreciate you
Hi Dave do you recommend local real estate agent interested to invest
Yea, until you get to Cleveland Heights and Shaker it starts getting better, Beechwood, pepper pike are also nice. This house is flat in the middle of the ghetto. This is the kind of neighborhood where tradesman won't go to service your house because they don't want to get tools stolen.
Been investing in Cleveland real estate since 2013. No one here really cares for Cleveland proper it's all about the suburbs. I don't and never will I want a property in Cleveland but I make a ton of money just outside of Cleveland. I think that's where analysts are referring to when they say it's a housing market not Cleveland itself
Thanks for sharing, love hearing from local investors. We love cash flowing markets like Cleveland, Indianapolis, Cincinnati, etc
Which areas are you invested in particular outside of Cleveland? Any section 8 tenants?
Is it worth it investing in Cleveland inner city,? Do people actually pay rent on time? Do you use a reliable property management?
Thanks for the comment. I believe you can make money in most markets as long as you buy right (meaning price and location) & manage the property well. I don't have any investments in Cleveland but I am sure there are good investments in the inner city and if you don't self manage its a big enough city where I think you can find a good reputable property manager. As far as people paying rent on time it has to do with screening tenants which goes back to managing the property well. Hope that helps
Almost everything we see here on the east side suburbs is homes that are just worn out. Bad electrical, roofs in terrible shape, sill plates and floor joists rotten.
Thanks for sharing. I feel like cities with such low price points tend to get this way as the properties aren't usually worth the cost to fix up. Do you consider Cleveland a great investment?
Loan officer in Cleveland here. Maybe but lots of manipulation. I check county sales records and most house have changed hands 10 times in the last 3 year. 600 dollars to 60-90k no work done by any owner most just buy and hold
Interesting, I'm always curious about houses that get purchased but not renovated and try to understand the end game. This happens in Baltimore as well. Might be some wholesalers, some out of state/country buyers looking to profit on an appreciating market. Not sure. Thanks for sharing!
For those interested in purchasing in Cleveland do you only do traditional mortgages for buyers or do you also do DSCR loans?
@@DaveHathawayYT I know my company does bank statement loans. They haven’t really trained me on those products tho. Non-QM products
Right on. The city seems very willing to play ball with the flood of outside money. Buyer beware! Due diligence, then do it again. There are no more deals, just scams looking to take the low and middle investors money.
Hi Dave, is your deal analyzer available ?
It is and thanks for asking. Go to the link in any of our videos description and it's available to download free on our site
I have a Baltimore county house with a section 8 tenant. I don’t know much about Baltimore City section 8. Is your plan to buy properties that are not listed, do rehab make some cash flow off properties then sell it later on. So that can be your buy money or rehab money?
We normally use the value add and BRRRR strategies so we have equity in the properties and can continue to purchase more properties. I like to purchase properties that have cash flow and the ability to appreciate and sell 5-7 years later as to be taxed as a long term capital gain
I saw a multi family near Cleveland clinic that went pending in only 3 hours
Cleveland appears to be a hot market right now. Speaking to operators in the market they are not building many new multi-family buildings currently
PE backed real estate companies are buying everything in sight with cash, the rents seem cheap but the median income is 38k, and already can't afford $1500/m rent. Alot of these companies are not finding renters, but just holding them empty and off the market.
@@charlespark490 interesting perspective. Do you invest in Cleveland?
1. the median income in cleveland is 38k not 58 k (see HUD figures in 2024)
2. 44106 is a horrible neighborhood. all the poor in cleveland are doubling and tripling up to afford rents due to PE s trying to consolidate the rental markets before they drive their local companies into bankruptcy and pocket their money.
3. PEs are showing up with cash and buying everything in sight. it's good for the flippers, but anyone living here can't afford the rents (ya i know $1500/m sounds cheap but remember half the city lives on minimum wage.)
4. The current market here is unsustainable.I'm looking at new luxury apartment building that opened 7 months ago with 117 units at an average rate of $2000/m, and there are still has 70 vacant units. You will never know that because there is no transparency with PE backed real estate.
5. The Mayor just announced a TIF that includes the entire Downtown, and part of the trendy west side which is already full of Luxury Apartment Buildings that are half empty. Make of that what you will.
Thank you for sharing the information. The $58k salary is average posted salary on Zip Recruiter in Cleveland so it may be more of a leading indicator more than trailing and also could show if it increases that housing prices could increase. Super interesting about apartment buildings staying vacant. Is it ground up construction or old buildings being renovated? I wonder if it will just take to fill the buildings if it's an absorbtion issue meaning theyre taking time to fill based upon too many units coming online at one time or if the lease is unsustainable?