Buying Rental properties in Toledo, Ohio
Member since 2021 · 6 posts · 0 votes
Buying Rental properties in Toledo, Ohio
Most Popular Reply
Dave PoeppelmeierBusiness Member
Realtor · Maumee, OH · Member since 2015 · 491 posts · 722 votesQuote 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!
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)
Keller Williams Citywide | Dave Poeppelmeier534 Reviews
10 Replies
- 4yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
the folks i fund there have some pretty good numbers i fund their BRRR's for them.. so they are getting in at cost basically so that allows for the nicer spreads..
- 4yDave PoeppelmeierBusiness MemberRealtor · Maumee, OH · Member since 2015 · 491 posts · 722 votes
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
Hi Misa, Toledo is a great place for cash flow. It's the opposite of Austin, in that you don't count on appreciation as part of your wealth strategy (although the A and B class properties do appreciate just fine), and properties are a fraction of what they cost down there! Ohio in general is fairly landlord friendly, and Toledo is not overly restrictive. The eviction process here is actually very smooth compared to the coasts, it's about 6 weeks from posting a 3-day notice to bailiffs showing up at the door to enforce the judgement. The big thing here right now is the Lead Ordinance, there's a few posts here on BP about that, so you have to consider that when looking at properties. www.toledoleadsafe.com However, if you're not looking at junk properties with peeling paint all over the place and windows that have been painted 5 times, you'll probably be OK. The city just got sued again (this is the 2nd attempt by the city to get this on the books), so the whole thing is generally up in the air. With that being said, it's a great place to invest, let me know if you have any other questions!
Keller Williams Citywide | Dave Poeppelmeier534 Reviews - Member since 2022 · 8 posts · 0 votes4y
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
How is it even possible? I'm shocked to know that because these areas have most cash flow.
- Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes4y
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!
- 4yDave PoeppelmeierBusiness MemberRealtor · Maumee, OH · Member since 2015 · 491 posts · 722 votesSteven, 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.
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!
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)Keller Williams Citywide | Dave Poeppelmeier534 Reviews - Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes4y
Quote from @Dave Poeppelmeier:
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.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!
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)@Dave Poeppelmeier This forum is not about promoting (or dragging down) home cities, its about informing people about markets, including alternatives to Toledo that cashflow.
- 4yDave PoeppelmeierBusiness MemberRealtor · Maumee, OH · Member since 2015 · 491 posts · 722 votes
@Steven Wilson, you say "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."
That sure sounds like dragging down to me. You're saying that a C class property in Toledo is going to have more turnover than a C class property in Cleveland or Akron? That's why we discuss classes of property, so you can compare apples to apples in different cities. There aren't as many economic drivers? Of course there's not when you're comparing a city with the population of 275,000 to 890,000 (2020 numbers).
I speak of what I know of here in the Forums, and that is Toledo. You can bring up Columbus, Cleveland, etc, but you don't have to take digs at Toledo, Dayton, etc. Knocking down other buildings to make yours look taller (when it's already the tallest in Ohio) just isn't cool.
Keller Williams Citywide | Dave Poeppelmeier534 Reviews - Rental Property Investor · Los Angeles · Member since 2018 · 844 posts · 1k+ votes4y
Quote from @Dave Poeppelmeier:
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
Hi Misa, Toledo is a great place for cash flow. It's the opposite of Austin, in that you don't count on appreciation as part of your wealth strategy (although the A and B class properties do appreciate just fine), and properties are a fraction of what they cost down there! Ohio in general is fairly landlord friendly, and Toledo is not overly restrictive. The eviction process here is actually very smooth compared to the coasts, it's about 6 weeks from posting a 3-day notice to bailiffs showing up at the door to enforce the judgement. The big thing here right now is the Lead Ordinance, there's a few posts here on BP about that, so you have to consider that when looking at properties. www.toledoleadsafe.com However, if you're not looking at junk properties with peeling paint all over the place and windows that have been painted 5 times, you'll probably be OK. The city just got sued again (this is the 2nd attempt by the city to get this on the books), so the whole thing is generally up in the air. With that being said, it's a great place to invest, let me know if you have any other questions!
Agreed, Toledo is great for cash flow and definitely very landlord friendly. I was shocked when my PM got rid of one of my tenants in just over a month. This is something that normally takes a year or two here in Cali. One thing I thought was a bit unusual was how the water-bill always had to be in the landlord's name and not the tenant's name. Not a big deal though if you properly screen your tenants. @Misa Romeo Make sure you either spend a lot of time getting familiar with the area there, or alternatively, work with someone who specializes in the area. I personally felt as if 43612 had a good balance price/rent ratio and the quality of the neighborhood. But I'm sure there are other excellent zip codes to invest in.
- 4yKris AllenPro MemberFlipper/Rehabber · Toledo, OH · Member since 2020 · 34 posts · 24 votes
Toledo is a great city to invest for cash flow. I'd suggest getting with a guy like @Dave Poeppelmeier and having a conversation about what you're looking for. He can help you decide if Toledo is the right fit for you. Good luck on your search.
- Member since 2022 · 1 post · 0 votes3y
Hi my name is Justin I own a construction company and I have rental properties in the area if you need help with any thing being fixed or just some advice feel free to contact me at donerightcrservicesllcgmailcom thank you much and have a great day
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