Don Petrasek Howard Hanna
States: Ohio
Counties: Cuyahoga, Lorain
Cities and Towns: Cleveland, Lorain, Elyria, Avon, Avon Lake, North Ridgeville, Sheffield, Lakewood, Parma, Parma Hts, Berea, Brook Park, Brooklyn, Bay Village, Rocky River, North Olmsted, Westlake, Fairview Park, Cleveland Hts, Shaker Hts, Garfield Hts, Maple Hts, Bedford
Licensed Since: 2018 | OH License # 2018004375
About Don Petrasek
I have been involved in the Cleveland real estate market for over 30 years with experience as a real estate agent, mortgage broker and investor. I have a deep understanding of the market on the west side of Cleveland having owned properties in West Park, Lakewood, Fairview Park, North Olmsted and Westlake. I've also designed and built software that helps investors and homeowners estimate home repair costs which I make available to all of my investor clients.
When I work with investors, my focus is not just on getting them a good return but also making sure that the risk level associated with the investment is right for them. I know from experience that there's a big difference in what you have to deal with when you own a B grade property vs owning a D grade property- even if you aren't managing it yourself. Not everyone is cut out for the issues that come along with owning the D property so even though the return is higher, it might not be a better investment.
Investing in real estate is all about the numbers. I have tools and a system that I use to estimate the return on every investment property my clients look at to help them understand what their results should look like and the max price they should pay for the property.
To learn more about Don, listen to his interview on The Rental Income Podcast:
The Low-Risk Rental Property Retirement Plan With Don Petrasek (Ep 362)
Market Overview
Despite the high interest from out of state investors over the past few years, Cleveland still has a low point of entry, a strong tenant base and a good employer mix that includes healthcare, manufacturing, distribution, financial services and government. There are opportunities to find properties with cash on cash return anywhere from 7% to 12% (and higher) with some reasonable appreciation potential on the lower end. There are a number of different tenant categories that you can build strategies around most of which are currently underserved. And all of this is available with a minimal amount of cash investment requirement compared to most other areas of the country.
Investment Price Points
Entry Level: $75,000 - $110,000 single family homes in strong blue collar C class neighborhoods.
Mid Level: $110,000 - $225,000 standard size two family homes in C class neighborhoods or smaller two families in B neighborhoods.
Upper Level: $225,000+ highest rent two families mostly in B neighborhoods or multi units.
Free Report: Demographic and Housing Data on the Cleveland Market
Would you like free demographic and housing data on the Cleveland market? The report includes information on schools, income, employment, crime, average sale prices, fair market rents and more. You can get reports on the whole market or zero in on a specific zip code.
This report has all the info you need to help you decide if the Cleveland market is right for you! Click here to get your free report.
