[Peggy Joseph]

Hey there! I’m starting out small and I’m diving into the world of real estate investing, and my sights are set on snagging a high-cash-flow property in Cleveland – I’m from CA btw. Specifically, I’ve got my eye on a single-family home with 3-4 bedrooms, at least one bathroom, and it’s gotta be move-in ready – no fixer-uppers for me. My budget’s sitting pretty between $60,000 and $80,000, and I’m planning to pay in cold, hard cash. Once I’ve got the keys, I’ll be on the hunt for a property management company to handle the leasing and day-to-day management.

Now, I’ve been doing some homework, and I know I’ve gotta be on top of things, from picking the right property management company and tenants to making sure everyone’s got renter’s insurance and we’ve got a rock-solid lease agreement in place. But hey, I also know that no plan is foolproof, and stuff can go sideways real quick. So, what are some potential pitfalls that could throw a wrench in my grand plan, and how can I safeguard against them? Anything specific to Cleveland I should watch out for?

Any advice you can toss my way would be gold. Thanks a bunch!!

[Cody Bently]

so I’ve gotta be real with you about this @peggyj . Cleveland house hunt in the $60,000 to $80,000 range. It might seem like a sweet deal for high cash flow, but it can easily turn into a nightmare. Let me break it down: You’re likely looking at snagging a less-than-stellar house in a not-so-great neighborhood, with tenants who might give you more headaches than rent. Think high maintenance, lots of vacancies, drama with tenants, and worst-case scenario, you might end up with zilch or even negative cash flow. Cheap houses? Yeah, they’re usually cheap for a reason, right?

Just wanted to give you the lowdown. Wishing you the best of luck out there!

[Peggy Joseph]

Totally get what you’re saying @CodeMe . I know that kind of cash won’t land me a mansion in a posh neighborhood, but I figure if I can find a place that’s move-in ready, it might help dial down the maintenance headaches, you know? I’m just dipping my toes into this whole investing thing, so I’m all about soaking up as much info as possible and figuring out if starting this way could work for me. Your insight means a lot. Tthanks a bunch!

[Jeff Clifford]

You know, Cleveland’s real estate scene is all over the map – literally! There’s a huge mix of neighborhoods with different vibes, prices, rental rates, and taxes. My advice? Get a basic feel for the lay of the land, figure out which areas align with what you’re looking for, and focus your search there. It’ll save you a ton of time and hassle in the long run.

[Jack Jenkins]

Hey guys! Your feedbacks here are very helpful and I also want to share my situation.

I’ve been tossing around the idea of getting into real estate investing, and it’s like I’ve stumbled into this whole commercial vs. residential debate. On one hand, you’ve got those flashy commercial properties with potentially higher returns, but then there’s the stability and familiarity of residential properties.

I mean, when you think about it, commercial properties can be pretty exciting! They often come with higher upfront costs and more complex leasing agreements.

On the other hand, residential properties seem more straightforward. Everyone needs a place to live, right? Plus, you can get started with smaller properties like single-family homes or duplexes without breaking the bank.

But then again, I’ve heard some investors swear by commercial properties for their long-term growth potential and ability to weather economic downturns.

Honestly, I’m torn! What’s your take on it? Are you leaning more toward commercial or residential properties for your own real estate ventures? Let’s bounce some ideas around!

[Tamara Nguyen]

I’ve actually dabbled in both commercial and residential real estate over the years, and let me tell you, each has its own unique charm and challenges.

On the commercial side, I once invested in a small retail space in a bustling downtown area. It was super exciting at first – the potential for high foot traffic and lucrative lease agreements had me feeling like I was on top of the world. But then came the reality check – commercial tenants can be pretty demanding, and maintaining the property to their standards was no small feat. Plus, when the economy took a hit, it was tough finding new tenants willing to commit to long-term leases.

On the flip side, residential properties have been a bit more straightforward for me. I started with a couple of rental homes in a growing suburban neighborhood, and it’s been a steady ride ever since. Sure, there have been the occasional tenant issues and maintenance headaches, but overall, it’s been a reliable source of income with fewer surprises compared to commercial properties.

Ultimately, I think it comes down to personal preference and risk tolerance. Commercial properties can offer higher returns, but they also come with more volatility and complexity. Residential properties might not have the same glamour, but they often provide a more stable and predictable investment.

• This reply was modified 8 months, 3 weeks ago by  Tamara Nguyen.