Hi everyone i wanted to know if anyone was familar with the ohio area. if it is good to Invest in realestate in ohio?
Ohio is a big area to ask on. I have family there and have looked at RE in many area. Depending on where you are from, it is pretty cheap out there.
Appreciation is unlikely. Many homes can even suffer slight depreciation. Still, there are good rental plays out there. If you are a cash buyer, there is a lot of lower level props to be had.
Vacancy rates tend to be higher overall, but again that varies with each individual area. If you are into buying a century old home for not much and fixing it up some, there are tons of those.
The places I looked at were Columbus, Dayton, Cincinnati, and Cleveland. If you go to auction sites, you will see many homes for $7000-$10000 in the Youngstown area. This area has high crime and there really is not much connectivity that I can see. It is on the east border. Verses a place like Dayton, which has Cincinnati (48 miles) and Columbus (75 miles) in sight.
From what I have seen, rent in many low income areas is between $300 and $450. The homes in these areas range from a fixer for $7k on up to $50k, so you would need to be a cash buyer most likely. I think banks hate doing loans (or won’t) for less than the 70’s, but not sure here.
I would love to hear from anyone in one of these areas give their take. I also read a rental book where the author was in Ohio and bought homes for $5-$15k cash and rented them out.
I’m in Ohio and the answer to your question is - it depends. Some areas (suburbs, historical neighborhoods) have consistant appreciation (although not like the hot markets in CA and FL) but you will find it difficult to get positive cash flow on some of them for rentals. Then there are other properties that might give you nice cash flow but very little appreciation. If you can be more specific as to what area you are looking at and what type of properties you are looking for, I’m sure people on this site from Ohio can give you better answers.
Well Thankyou for the replies Well Actually im just getting started. and im intrested in maybe like the surburbs of cleaveland area. maybe like midina area or dayton or painesville or some where of that sort. im really not that familar with cleaveland im in jax Fl. and im moving to cleveland. and im trying to get to find out about the area. b/c i keep Getting so much negative feed back about cleaveland it self. so that’s why i was wondring about the real Estate there. like i said im a beginner so i need any advice i can get about investing properties getting them to fixing them up. i have little credit i wouldn’t say Bad Just ok credit i Dont even know where to get Started at? so any advice please feel free i need any i can get.
Everywhere is a great place to invest its all a matter of what you want to do! The thing to understand is the fact of the Investing is to simply make money! There are so many that walk right by 10,000 nuggets to get to one hunk of gold! I would much rather have the 10,000 nuggets there is money to be made in any city in america it is all up to creative marketing and being different then everyone else! If I was in a area like you are talking I would probably not buy and hold if the property is not going up every year I would flip, wholesale, or just generate leads if you can generate 30 leads a month and make say $500 per lead that is $15,000.00 per month to start then buy the best and make 10k there a month so now you are at 25k! its that simple!