The MidWest is a popular target area for investors looking to a portfolio of cash flowing property. Purchase prices are still very affordable and in Cleveland in particular, rents are disproportionately higher than would be expected for such low priced property.
The words of Mark Winegardner from his book Crooked River Burning starkly illustrates the heavy industrial heritage of old Cleveland… “Early one seasonably cold morning, the first day of November, in the year of our lord 1952...the Cuyahoga River caught fire.”
Modern day Cleveland is far, far removed from this historical legacy. Cleveland today is a shining example of a city that has been re-born, revitalised and re-energised in the post 2008 recession years. The strength of the local economy is its sheer diversity and unlike many Mid West cities, Cleveland has managed the shift from blue collar to white collar employment better than most. The conservative, stable and pragmatic character of the state of Ohio is very much encapsulated in modern day Cleveland. Coincidentally, the upturn in the city fortunes started around the same time as LeBron James returned to the fold and so as the prodigal son returned, so the city metamorphosed into a new icon of “Urban Cool.”
The suburbs of North East Ohio attract real estate investors who are motivated by cash flow and who look to rent ordinary Mid West homes to ordinary, hard working Mid West families – of which there are plenty.
Rental demand and rental prices are at an all time high as the new home maker generation as well as many former homeowners are choosing to rent, rather than to buy.
Where else in the United States can a $55,000 property get listed for rent at $900 per month and get more than 100 rental enquiries in less than one week?
IIP Management Spring 2016... “The house on Throckley Avenue (pictured) received 113 rental enquiries in the first six days of it being listed.”
Asset Managers, Fund Managers and High Net Worth Investors are finding it increasingly difficult to acquire bulk deals of performing assets at prices that can deliver a double digit return across the portfolio. If you have been looking to acquire a high quality portfolio of performing assets, your search is over… Talk to us today.
Our speciality is the delivery of code compliant, tenanted and managed suburban homes in North East Ohio. Property renovations have been undertaken with the reduction of short to mid-term maintenance liabilities in mind and all properties are single family homes in the most popular suburbs.
The mathematics and risk management associated with the purchase of four or five cash flowing properties as opposed to the speculative purchase of just one or two in the hope of capital gain is taken as a given with experienced investors. Many real estate markets across the country have already aggressively rebounded and 2017 may well be the last time even in North East Ohio where great value, high quality real estate assets can be acquired in volume and be able to deliver solid, double digit net yields.
REAL ESTATE SALES
For individual or bulk real estate acquisitions, you can call, email or enquire using the
T: +44 (0)1942 665180
To enquire directly about property management services in Cleveland, Ohio call or email IIP Management:
T: +1 (440) 261 4375