Another uptick in the market has happen in the Cleveland area. Here is a story that was written by
CLEVELAND, Ohio — Home sales rose in Northeast Ohio and across the country last month, ending a busy summer that gave house prices a lift and left some homeowners feeling a little more flush. Home values in the Cleveland area still haven’t reached their pre-recession levels, and frenetic buying certainly isn’t happening in every neighborhood. But Ohio just marked 26 straight months of annual sales gains, culminating in a 16.9 percent jump in August. And nationwide sales of existing homes hit their highest level in 6.5 years Click here to Read More
Home sales are pretty solid in other parts of the country also. The difference you have to look at as investor is the amount of money you need to invest and the returns.
Most other large metropolitan areas cost double to triple than the Cleveland Metro area. You can compare yourself. We like areas that have over 1 million people living in a cities metro area (usually 30 minutes from downtown). Our prices for cash flow homes run from $50,000-$85,000 purchase and rehab. That would be a 3 bedroom and up and the square footage would be 1200 Sq ft and up.
The rents in these homes would be $850-$1450 a month. These properties are in great areas and have tenants that stay an average of 14-18 months. Your profits after Tax,Insurance, and Property Management is $600+ net per month in almost all cases.
So as you can see by these numbers and we done this 100’s of times you will not get into a better market. Consider that these areas also have great shopping, restaurants, and schools to boot. Basically these area areas people want to live in and raise their family. There is also a lot of new building going on in these areas. For example new malls and commercial real estate are being built for business.
Here is a story from WKYC channel 3 of Cleveland
New restaurants opening up all over downtown Cleveland
The culinary scene in downtown Cleveland is on fire with 36 new restaurants opening in just the last 18 months Click here to read more
This are the type of quality area that a real estate investor should look at for both cash flow and a great property that can be sold later to also make a handsome profit on your hard earned money. Brett Young Rooftopinvestment.com