Sunday, April 27, 2014

More Growth and Building happening in Cleveland


 Flats East Bank apartment rendering Jan 2014
There is sooooo much building and growth going on in the Cleveland Metro area.  I found a story from Cleveland.com by Michelle Jarboe McFee, The Plain Dealer   

Fairmount Properties are building a 240+ unit apartment complex near Cuyahoga River.  They will also be adding new restaurant and entertainment in that area.  They are building on the lake in the Flats.  This deal is worth $149 million . The apartments are due to be opened June 2015 and they have already started construction on this project.

In another story the same website Cleveland.com  by Michelle Jarboe McFee, The Plain Dealer 
talks about the Millennia group purchased a building in the downtown area .  The building was built in the late 1800s by two of President James Garfield's sons. The longtime bank building could become 172 apartments above ground-floor restaurants or stores.  The Millennia company already owns 12,000 apartments across the country.

Another hotel was sold to a private company the Cleveland Hampton Inn for $19.8 million dollars. The interesting thing about the sell is the buyer paid over 3 times what the building was worth,  Click here to view this story
Why would a company pay 3 times as much? This is a great sign for the coming prices and what private buyers are willing to pay for downtown spots.

I was looking in Ohio City which is really Cleveland and they are really building a lot their also.  They have a restaurant in this are that cost 3.2 million dollars to build.  They also have many other great eateries and artist moving into the area.  This area is also right on Lake Erie.

With all the new building of apartments and retail space going on in the downtown area can only point to one thing.  Population growth and jobs that will be coming into this area.  Jobs will be coming in from both construction and permanent mostly white collar jobs.  That means more money and more real estate opportunities.  Rooftopinvestment knows twhere to buy and get the best deals. Brett Young CEO Rooftopinvestment.com

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Wednesday, April 23, 2014

Look at the Flip we just sold!

Tons of amazing updates throughout. Kitchen with granite countertops, tiled backsplash, ceramic tiled floors. Dining room is complete with built-ins. Also gorgeous hardwood floors are found on second floor, wrought iron railing ... all adding to the charm of when this home was built. Fourth bedroom added to the third floor. Two car detached garage with new roof and garage doors. Deck is ready for your outdoor living needs. Rec Room with full bath on lower level. Convenient location! More photos to come

This home was totally rehabbed from top to bottom.  We went through this property in detail! This home was purchased for $65,000 and sold for $152,900. This home was on the market for approx 60 days.  The returns were double digit!

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Friday, April 18, 2014

Having the time to Invest in Investment Real Estate




Getting the right properties to invest in can be a challenging task for people that aren't in the business full time.  I wanted to write this blog to explain some of the work and people needed to run investment properties.  I have a few examples:

Last week I had a meeting with Sherwin Williams to negotiate prices on our paint that we purchase for our clients properties.  I just heard from one of my painters and he cannot believe the prices we are getting. What they don't see is the hours of meetings that it took to get to that price. We made sure to use the proper paints and colors for each property.  We use an interior decorator for that and it is very important that it be done tastefully.

Home Depot is another company we purchase a lot of merchandise from and we had meetings with them for the last 2 months.  In fact one meeting the regional manger didn't even show up for and called and said he couldn't make it 1 1/2 hours later.  We have since them met with them for hours and hours and have got our prices reduced and a whole new computerized system to keep it organized.

Getting the right technicians for the job is another crucial part of the job.  You not only have to do that but you must also make sure all permits are closed out with each city.  That alone is a full time job making sure all items are closed out and inspected by the city.  You cannot do anything with the properties until each city is completed with all the inspections.

Being a Real Estate Investor requires accounting abilities also.  You have to be able to get every aspect of a job quoted.  Then you have to pay the contractor and you must make sure their items for each quote have been finished.  This takes time because they do not always get things done.  So this is also a full time job just to make sure that happens. You must know at the end what you have in it and did you make money!

Getting rehabs done on time and on budget is important.  Sometimes that doesn't happen on the time issue and you need to be there to make sure it gets done ASAP.  You also need the updates from the contractors and make sure they don't start adding money on the quotes.  I've had this happen a lot and you need to know how to handle it.  I have a 98% record on being on budget  .  Rooftopinvestment knows how to handle these problems.

In the end there area a lot more items that need to be addressed and handled during the time of your ownership.  If you are working full time that can be a daunting task. Brett Young CEO Rooftopinvestment

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Thursday, April 17, 2014

Developers plan high-rise apartment tower in University Circle



Yet another residential apartment building being built in the University Circle area.  This new building will be the tallest all residential building in the Cleveland area.  The building will stand 25-28 stories high! It have 280 units for rent. This story comes from http://www.cleveland.com/business/index.ssf/2014/04/developers_plan_high-rise_apar.html.

This shows the strength of the rental market in this area is also moving to the downtown area.  This is great news and showing the trend of the area. Any downtown area needs to get strong before all the other areas get stronger.  That is what is happening in the Cleveland market.

The growth in the downtown will also place pressure on the inventory and that means better equity for the Investor.

Having the right people around you is very important to be successful!  Rooftopinvestment was in Cleveland when no one else was and we had the vision to see the profits for our investors.  So if your looking to buy investment real estate check us out before you start. Brett Young CEO Rooftopinvestment

Thursday, April 10, 2014

PlayhouseSquare, Cleveland, Ohio - New in 2014

Spending 16 Billion on Downtown Cleveland is a lot of money!  Unless it's spent to really update and add value to an area.  As you will see in the video below that is exactly what is happening in the Cleveland Area.  Enjoy the video made by  Ohio Tourism .

Better give the Cleveland a serious look as a Real Estate Investor Things are heating up


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Monday, April 7, 2014

Northeast Ohio suburbs are making a splash




Here is a story on how the Downtown is effecting the suburbs in the Cleveland just as I perdicted.  This story from www.crainscleveland.com By JAY MILLER about the growing commercial business in cities like Lakewood, Euclid, Shaker Heights.

Business grows the tax base and will benefit each cities with more amenities and jobs. It will benefit the schools in the area and that is very important to the area.

Making the most out of a real estate investment has to include the economy in each area.  Not a maybe or looks good economy but an economy that has plans and are building them, the economy in the black.  That is what is happening now in the Cleveland Metro area.

The state of Northeast Ohio is seeing huge growth and very affordable living conditions for new people moving into the areas.  They will have great jobs and have quality amenities that they can spend there money at.

 I forced myself to try another restaurant in Lakewood Ohio  : ) called Players on Madison and I will say it was the most fabulous meal I have ever had.  The food was top of the line and different in a very good way.  The service was excellent and knowledgable about the menu.

With all that being said I can assure you that the economy here is growing and is in the black.  Brett Young CEO Rooftopinvestment

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Saturday, April 5, 2014

Why Cleveland is making the headlines




I found a story from huffingtonpost.com on why Cleveland is making the headlines.  Here is a quote from this story.

"Forbes recently included Cleveland among the 15 U.S. cities with emerging downtowns. The New York Post said, "Cleveland is seeing a revival." Fortune Magazine went so far as to call Cleveland a "new Brooklyn," comparing three of our trendiest neighborhoods to Williamsburg."

This story also goes into the projected amount of new jobs in Cleveland Ohio 150,000 to be exact.  This is all done by 2022 and will grow the total workforce to 2.57 million workers.  Jobs means more people that will new real estate in this area. 


In this story the city has set up a great partnership with the colleges.  They are setting a future education for are new students and academics. The college's are also getting international students for the first time ever.  This brings in a huge amount of money for this area.  The parents and there friends start visiting and might buy a second home.

These things are happening right now.  The downtown and surrounding areas are building a lot of commercial and retail spaces.  This means new amenities for people to spend money at and grow the Cleveland economy. I personally can say I've been downtown and can vouch that the area is completely upscale and caters to all ages. 

As real estate investors look for places to invest consider Cleveland Ohio not because of what the news says ( great to see though), but because of the facts and the new growth that has already happened. Brett Young CEO Rooftopinvestment.

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Thursday, April 3, 2014

Cleveland’s Thriving Theater Hub Lures Residents



Here is a story from nytimes.com that talks about the downtown and it's residents. Here are some info from this article. It was written by

" Mr. Hawley, a jewelry designer, says he pays $1,275 for a 925-square-foot, one-bedroom apartment with unobstructed views of Lake Erie. All units in the eight-story building were leased before the project was completed in October. As with many other new buildings downtown, there’s a waiting list to get in."

With rent going up in the downtown area it helps the out lining areas price increase.  The rental rates we get are from $950-$1450 a month for single family homes and $650-$950 for duplexes. These are all 30 min or less from downtown.  Rooftopinvestment properties get these properties at fabulous prices in quality neighborhoods.

Here is another interesting quote from this article.

"PlayhouseSquare is also in the middle of a $16 million transformation of the surrounding streetscape, with new signs, gateway arches and the renovation of a small commons featuring a food kiosk called Dynomite. On May 2, the organization will hold a lighting ceremony for its new, retro-looking electronic signage and a gigantic LED crystal chandelier that will hang over an intersection near the theaters."

16 Billion dollars is a lot of upgrades! Hanging a chandelier at an intersection will look absolutely awesome!  I personally cannot wait to see that upgrade.

I took some clients to an eatery called Blue Point in the downtown area last Friday Night.  They gave us the board room which is a private room they have.  I ordered Amish chicken wow was that awesome and very delicious. The staff was professional and high end.  Those are the type of eateries that are in that area. You also must have reservations.   

Lastly the article mentioned the New 102 Luxury suites conversion downtown.  Click here to view this conversion. 

The rents are very strong and the tenants are flocking to live their.   Look at the website and you will see how nice this place is!

Having all this going on in one city can only mean one thing for Real Estate Investors.  So if your ready please sign in below!  Brett Young CEO Rooftopinvestment

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