Buying Rental properties in Toledo, Ohio

[Misa Romeo]

Hi

I bought 3 rental properties last year but none of them have real cash flow. All of these are in Austin area. Now i am seriously looking for cash flow and thinking about investing in other states.

Is Toledo a good place to get some free cash flow? Is it a landlord friendly place? How are evictions laws?

Thanks

Misa

[Dave Poeppelmeier]

Quote from @Steven Foster Wilson:

Quote from @Misa Romeo:

Hi

I bought 3 rental properties last year but none of them have real cash flow. All of these are in Austin area. Now i am seriously looking for cash flow and thinking about investing in other states.

Is Toledo a good place to get some free cash flow? Is it a landlord friendly place? How are evictions laws?

Thanks

Misa

 Toledo is not bad although we have other great cashflow areas. In Toledo you could have more turn over. There also is not as much drivers out there. I recommend the major cities in Ohio:

-Columbus, great for appreciation, pp is a bit higher around $220k for multifamily

-Cincinnati, has a mix of cash flow and appreciation, average multifamily around $180k

-Cleveland, has alot of cashflow potential, average multiform around $140k

There are other smaller markets like Dayton, Akron, and and Newark, which we are starting to see these areas boom due to huge investors and corporations like Intel choosing to set up shop in these kind of areas.

Looking for cashflow? Look into Cleveland, its got good cashflow potential with appreciation happening as well.

Looking for appreciation come to Columbus, there are still 1% deals, but the more attractive part is the population growth and other economic drivers!

Steven, you really need to stay in your lane regarding Toledo. Yes, you are from the land of Milk and Honey of Columbus. You have a fabulous economy down there since you have room for unlimited expansion. Columbus is fantastic to visit, I have a blast when I come down there to visit family and the occasional weekend away.

But do I rip on Columbus for having astronomical prices compared to the rest of Ohio on properties any time someone asks about Columbus? No. Ohio in general is a great place to invest, and each city has it's advantages and disadvantages. Toledo has a lot going for it right now, and with the infrastructure improvements that have been going on for the last 10 years and the ongoing projects and future projects we have planned, we are going to be in great shape for the future. People are proud to be from Toledo for the first time in a long time, and the reinventing of Toledo's economy, downtown, sports teams, and MetroPark system are the big reasons. Rents are strong, rental demand is strong, and about half of Toledo is rentals, so there's a culture of renting here that isn't changing any time soon. Oh, and you can buy 2 to 3 properties here for the price of the same property in Columbus. 

So, in the future how about you simply give your same canned two cents about how wonderful Columbus is and not drag down other cities in Ohio that are being talked about. Thanks. (mic drop)