I receive more and more calls from people who are in a desperate need of renting some place to move in because their landlors's property is going to foreclosure! What a shame! Such situations show how deep is a crisis and how many people are really affected by the mess created by mortgage industry.
Mortgage boom and later mortgage crisis hit Greater Cleveland Real Estate market in muptiple ways. First of all, it "helped" to sell many of Cleveland homes which, IMHO, should've never been sold. I am talking about these crappy houses which were flipped without adding any impovements to them.
However, this kind of flipping practices is much better than business performed by many of unexperienced "investors" who overpaid for houses in need of rehab, paid a lot to repair them and never had a luck of selling or renting them out. As a result, we get a lot of houses looking like this one.
No wonder that we see so many foreclosed houses in a relatively good condition on Cleveland market today, which are selling for nothing. What a waste of resources!
However, the situation with mass foreclosures created another opportunity for serious investors. We have a great rental market today in Cleveland! You can buy a very decent house in nice neighborhood like South Euclid, Cleveland Heights, Shaker Heights, Mayfield Heights for a fracture of value. After a moderate repair (usually $10K-$15K) you may rent it out for $900-$1,100/month.
If you need to rent the nice house in Greater Cleveland, please consider this opportunity: 3 bedroom house in Lyndhurst for $1,250/month is offered for sale or for rent.
Looking for a solid investment? Need a trusted, honest advisor on your Real Estate investment in Mayfield Heights, Shaker Heights , Cleveland Heights, South Euclid?
Please call Svetlana Stolyarova of Local-n-Global Realty 216-548-4663 or e-mail: Realty@Local-n-Global.com.
