Cleveland, Ohio, is an excellent place to buy an investment property, regardless of your investment strategies. The city has a thriving tourist industry, a stable real estate market, and a growing economy that attracts many renters.
So whether you're interested in flipping houses, becoming a landlord, or renting a vacation property, you're bound to profit from your efforts.
Location isn't the only thing you should consider before buying real estate, though. Read on for our best tips to help you make sound investment decisions.
1. Research the Local Property Market
Knowing that Cleveland is a good place to invest simply isn't enough information to make a profitable decision. Different areas suit different real estate investment goals.
If you're interested in flipping homes, you must research property prices vs. resale values as well as the average cost of repairs. Look for up-and-coming areas if you want to invest in a residential rental property where a low purchase price may yield high rentals.
Some of the most promising neighborhoods in Cleveland include:
- Ohio City
- Tremont
- Downtown
- Edgewater
For short-term rental enthusiasts, it's vital to find vacation homes in neighborhoods close to top tourist sites. Compare seasonal and off-season rental prices as well as occupancy rates to help you determine the return you can expect from a short-term rental home.
2. Shop Around for the Best Deals
With no relief in sight from the Federal Reserve, it makes sense to save every penny you can when paying for your property. Shop around for the best mortgage deals, and investigate whether you qualify for government-insured or guaranteed loans.
These include FHA loans, VA loans, USDA loans, or state and local governments offering reduced interest rates.
3. Define Your Investment Property Strategy
Once you've found a property that checks all your boxes and secured favorable financing, you must plan for the future. Consider how you will find the time to manage your responsibilities as a property manager.
Doing all the work yourself is seldom a cost-effective option for property managers. Rather, consider getting expert help to take care of your tenants and vacation guests or project manage your home flip.
An expert property management team can handle all the above for you. That way, you won't experience the time constraints and stress that go hand-in-hand with owning investment properties.
Grow Your Investment Portfolio with Cleveland's Property Experts
Buying an investment property in Cleveland can be a recipe for success if you take the time to research the market, shop around for the best deals, and get the help you need to grow.
PMI Realty Group Prettyman is a full-service property management company that can help you thrive in every aspect of property investing, from finding a good buy onward. We can assist you with developing your property portfolio according to proven methods.
Our property management services include marketing, tenant screening, rent collection, and maintenance. Our bouquet of services is backed by abundant experience in the Cleveland area, and we are part of a rapidly growing and innovative national franchise.
Browse our blog for the best rental property tips, and let's get you started on your real estate investment journey.
