Home Buying in Cleveland>Question Details

Looking2buy, Home Buyer in Palm Beach County, FL

Seeking to buy low-price investment property in Cleveland & surrounding areas

Asked by Looking2buy, Palm Beach County, FL Tue Jul 23, 2013

Hello, I am looking to purchase a low-cost investment property in or around Cleveland. When I say low-cost I mean in the neighborhood of $20-30k (cash purchase). I've seen a bunch of single and multifamily homes in this price range, some regular sale and some bank owned, which look to be in relatively decent condition. As someone new to this area, what are my biggest challenges in purchasing and renting out homes at this price range?

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Good morning. I specialize in helping out of state and out of country investors. The biggest purchasing problem I have endured with my investors is that some municipalities require 110% escrow holding (sometimes more) for repairs that often time is over priced. The biggest problem faced with renting is that investors that are not familiar with the area have to adjust with the renting amounts offered in the private and government pay sector. For example I have an investor who has several properties in Chicago and a subpar two bedroom apartment can rent for $1100 in the inner city and in Cleveland we will possibly receive have of that for a unit in the same mediocre condition. The investment turn around in Cleveland is long term (18-24 month turn around) versus in cities like Florida, Chicago, New York and Texas to name a few where you can see a profit in 12 months or less . With that being said the prices of the homes surely compensate for the return on investment as a house free and clear has other values such as equity that can be used to continue investing whether it be in my fine city or your own. The city is growing and these type of opportunities won't last long. If you need my assistance please feel free to give me a call or I can connect you with one of my out of state investor to help guide you through the experience.

Thanks

Dee
216-355-1302
0 votes Thank Flag Link Tue Jul 23, 2013
Thanks all for the great suggestions!
0 votes Thank Flag Link Thu Jul 25, 2013
Hello,

Give me a call! Im with HomeVestors, the nations largest wholesale homebuyer. We have a franchise located right in Cleveland. We purchase properties at a discount and sell to investors, its that simple. Maybe you have seen Ug, our mascot on our "We Buy Ugly Houses" billboards? I'd love to talk to you about what your looking for and where in the city. I might have a home that fits your needs: 440-296-9836. You can also check out the website http://www.homevestors.com or http://www.webuyuglehouses.com. Maybe you have seen Ug, our mascot on our "We Buy Ugly Houses" billboards? Looking forward to speaking to you. Again the number is 440-296-9836.

Best,

Jeff Hotz
440-296-9836
0 votes Thank Flag Link Wed Jul 24, 2013
I agree with both answers. Obviously location and knowing the pockets of neighborhoods in and around Cleveland which will turn profit, and bringing in renters which will be consistent and profitable. As an agent who buys similar homes and rents and flips, I am knowledgeable in this area of real estate. Please feel free to contact me at any time.

Shannon Brents
Keller Williams Greater Cleveland Southwest
440-668-7683
0 votes Thank Flag Link Tue Jul 23, 2013
Biggest challenge with purchasing is choosing the correct areas and managing the renovation process. Biggest challenge with renting is selecting the property manager who will allow your investment to come to fruition. My company has purchased, renovated, rented and managed over a hundred homes in today's market. Hands down, we do a great job.

Our clients mostly reside out-of-state and country and their returns are fantastic. If you do decide to proceed in our market, PLEASE choose a professional who knows what to do and just not someone looking to make a quick buck. Unfortunately, we have many of those individuals around. Contact me if you would like any additional information, we would be pleased to assist in anyway possible.

At Your Service,

Stacy Collins Sr.
(216) 369-7755
scollins@leadteamneo.com
0 votes Thank Flag Link Tue Jul 23, 2013
Biggest challenges include:
Knowing local ordinances covering repairs and escrow, knowing the rents and resale returns.
I have many investment properties and out of state investors as clients.
I can help!

Please contact me asap.

Marty Handfinger
(216) 373-2717

MHCHR@AOL.COM
0 votes Thank Flag Link Tue Jul 23, 2013
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