I have been doing some property locating in Atlanta, for the last several months, with no successful outcomes (contracts were not accepted). I will be moving to Cleveland by the end of the summer and would like to have any suggestions or comments to pursuing property locating in the Cleveland area. I know the fundamentals are the same. But the market I thought was much worse in Cleveland than in Atlanta. Am I just being too pessimistic? BTW I’m a wife and working mother of a 4 and 2 year old. So I don’t have a lot of free time, to go out and look for properties. Can it still be done?
You have to keep trying. The more you learn in any market the better. You are changing areas so you must work harder, anything worth having is going to take lots of time and effort, you must at minimum plan the time. Money is made 9-5 Your vision will come to past in the midnight hour. And when you bring up the fact that you have kids you use that as a crutch and that really makes it hard to go forth look at your children as future owners if you and your husband make it happen together as a team RIGHT KNOW!!! God Bless you.
I am actually starting wholesaling here in cleveland and I have been told the market is down, although I have been told that the market being down does not hinder my success as a wholesaler. I have been told I could do 50 deals a year still.
Excel - Good luck doing 50 deals in cleveland. I also live in the cleveland area and the biggest problem is convincing people here that their house isn’t worth what they think it is.
top of the foreclosure list is cleveland this past 3 months…my best advice,rehab those low end houses and put a section 8 tenant in and keep or sell to local investors in the more affluent neighborhoods as a GREAT CASH FLOW,make 10k and sell 10%-20% less than the other comps.,why be greedy,appeal to other peoples greed but offer a win win
or fix up a bit and sell as handyman as an investment property…i am sure there are eager folks in cleveland who want to make money…its all about the art of the deal (trump said it best)…negotiating is the key
cleveland will come back
5-7 year cycles…do your homework…
2007-2011 will be the cash flow period and buy low…pay off the houses in 5 years if u can and unload in 2011 when prices will go back up…at great profit…lots of “Yuppies - Wannabes” folks will buy your properties in 5-7 years when they get there BAD credit cleaned up and want to buy again… hehe hahah lol
p.s. have a seminar one afternoon at a restaurant and tell the local investors (or whoever) what u want to do…run an ad for $30 and your telephone will ring…just be honest and upfront and you will find the investors etc…i am sure there are folks in cleveland that have $$$ and want to make some $$$$…the bottom will come in cleveand in the tail end of 2008-2009…
my 2 cents
Robert A. Doncaster, Jr.
Import/Export Entrepreneur & Investor
*** DO YOUR HOMEWORK ***
Chicago Illinois USA
& sometimes Salzburg, Austria
WOW bizarrefun, good to know. I appreciate your insight and really believe what you said about cleveland. I know that I will need to start out fast with the smaller houses and then in a couple years just focus on closing the bigger profit deals and I won’t need to work as much…HEHE!!
I agree, good luck doing 50 deals a year unless you become one of the big players in town.