How hot is the market in Cleveland?
I was talking to an international realtor this week and we were discussing the hot markets in America. She had talked to international buyers that all mentioned the Cleveland Ohio area has been a great place to buy.
They were right there are a lot of suburbs to buy in the Cleveland Ohio area, one in particular that we started purchasing and recently is Lakewood Ohio which is voted by BusinessWeek as a best place to raise a family. We have two duplexes over there that cash flow over 20% per year. Not only that the equity position is substantial in some cases double what they paid for the property.
In the Cleveland Heights area we are closing on a property that already has a recent owner of the property living in. She is been there for 30 years and lost the property via foreclosure, so when we purchase it she asked us if she could rent it. Living there 30 years means she probably wants to stay there and will be a great tenant. We met with her with her with our property management and she signed a two-year lease to stay in the property. That means our client will cash flow immediately.
In another property that we just finished in Euclid Ohio, we lease optioned that property for $35,000 more than our client pay for. We also have the property cash flowing over $700 per month net before you finished. I would say that's a pretty hot market and it market I am in with my clients. This house is 1 mile from Lake Erie.
The give you one more example although I have many, we had a duplex in Lakewood the four-bedroom two bath units. Not even being close to done in fact four weeks out from finishing, we had one side rented $1050 a month. We currently have four people wanting the other side when it is completed for $1050. Our client will net $1400 per month and will have a substantial equity position.
These are just a few of the deals that we have done recently and there are a lot more I could tell you about. The Cleveland area is very hot not only for rentals but in some cities they have great lease option and sell areas. With the low employment and the great facilities of a big city that Cleveland has this area is a great area to start investing in. In fact we see prices going up slightly in the foreclosure market that we purchase properties in and in the suburbs. So time may be short to buy these unbelievable deals that cash flow at 14% and up.
So see for yourself that Cleveland is a great place to invest in and with a growing economy in this area people are moving here to have financial freedom. One more thing about Cleveland Ohio it is a very affordable city to live in with Lake Erie, snow skiing, pro sports, colleges, rock 'n roll Hall of Fame, shops, restaurants and affordable real estate makes this a great place think about living also. Brett young Rooftopinvestment.com
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