Newbie- rental property away from home

Member since 2019 · 66 posts · 15 votes

Hi I’m looking at investing in Toledo Ohio because I have family there. I live in Hawaii and the market here is too high that’s why I want to go Midwest. I’m hesitant because of the high property tax and slow growth In the area. Any advice would be appreciated.

0 Reply

20 views

Most Popular Reply

Hadrian Ayyub

Investor · Los Angeles · Member since 2019 · 22 posts · 16 votes

Hello there Alma,

I have been building a significant portfolio for a 22-year-old California native in Toledo for the last year. The opportunities for creative financing are incredible in this city seeing as there are strong lease option and land contract demand, (tenant buyers are extremely well versed in the trades and are willing to put in massive sweat equity.) and Toledo is not as hot of a market as let's say Columbus or Indianapolis. You have more negotiation power with sellers to accept terms or lowball offers. Hope this helps.

1 Reply

See this reply in the discussion

18 Replies

Jump to latestLatest

Sort by

Leah Stuever
Realtor · Dallas, TX · Member since 2019 · 194 posts · 164 votes
6y
If you are looking to rent, then you just want to run the numbers for renting. The rent will pay off the loan and gain you equity either way. You may make more in other areas, but if that is where you are comfortable then start there. Then move to an area that can get you more growth. ( I recommend DFW, but I am partial because that is where all my investments are and I am a local agent there)
0 Reply
Zachary Metler
Rental Property Investor · Ann Arbor, MI · Member since 2017 · 50 posts · 17 votes
6y
@Alma Bagaoisan my advice would be to invest where the numbers make sense based on whatever your investment and return criteria is. Outside of your family being there, why Toledo?
0 Reply
Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
6y
@Alma Bagaoisan I would recommend checking out Columbus, Ohio. The city's job and population growth makes it a great place to invest. You get solid cash flow in a market that his been appreciating rapidly.
[email protected]614-541-8475 Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
Reafco512 Reviews
Website View Page
0 Reply
Chris Dunlap
Rental Property Investor · Toledo, OH · Member since 2015 · 2 posts · 1 vote
6y
@Alma Bagaoisan
Are you looking for SFHs or multi-units?
0 Reply
Alma Bagaoisan
OP
Member since 2019 · 66 posts · 15 votes
6y
@Zachary Metler just because of family and my brother is in construction. I’m still crunching numbers and have gone to a meetup in Hawaii. I’m open to anything right now.
0 Reply
Alma Bagaoisan
OP
Member since 2019 · 66 posts · 15 votes
6y
@Remington Lyman thank you I will check
0 Reply
Alma Bagaoisan
OP
Member since 2019 · 66 posts · 15 votes
6y
@Chris Dunlap multi preferred
0 Reply
Alma Bagaoisan
OP
Member since 2019 · 66 posts · 15 votes
6y
@Leah Stuever thanks I went to a meet up and a group of people here are doing an investment in Texas. Hope to go to the next meet up where they have more info.
1 Reply
Leah Stuever
Realtor · Dallas, TX · Member since 2019 · 194 posts · 164 votes
6y
@Alma Bagaoisan Awesome. If you have any questions about texas investing or need any help, message me. Happy to help
0 Reply
Hadrian Ayyub
Investor · Los Angeles · Member since 2019 · 22 posts · 16 votes
6y
Hello there Alma,
I have been building a significant portfolio for a 22-year-old California native in Toledo for the last year. The opportunities for creative financing are incredible in this city seeing as there are strong lease option and land contract demand, (tenant buyers are extremely well versed in the trades and are willing to put in massive sweat equity.) and Toledo is not as hot of a market as let's say Columbus or Indianapolis. You have more negotiation power with sellers to accept terms or lowball offers. Hope this helps.
1 Reply
Noah Mccurley
Belfast, Northern Ireland · Member since 2018 · 128 posts · 56 votes
6y
@Alma Bagaoisan
Start analysing deals ASAP and worry about the management etc later. If the deals are good enough then structure everything else around that and get started.
1 Reply
Christopher B.
Investor · Southeast, MI · Member since 2016 · 425 posts · 184 votes
6y
Go for it. I'm local to the area and invest there too. Let me know if I can help.
1 Reply
Alma Bagaoisan
OP
Member since 2019 · 66 posts · 15 votes
6y
@Adrian Ayub what zipcode area are you recommending
0 Reply
Alma Bagaoisan
OP
Member since 2019 · 66 posts · 15 votes
6y
@Christopher B. Thanks would you recommend zip code 43612. Or is there areas there I shouldn’t touch. There are multi that I’m looking at. Thanks
0 Reply
Christopher B.
Investor · Southeast, MI · Member since 2016 · 425 posts · 184 votes
6y
Originally posted by @Alma Bagaoisan:
@Christopher B. Thanks would you recommend zip code 43612. Or is there areas there I shouldn’t touch. There are multi that I’m looking at. Thanks

My first investment, a small multi-family property in 43612. This one is near the Jackman/Sylvania area.
It has been fine. I purchased slightly below market, performed some renovations, increased rents, and last year started re-billing water using RUBS. All has been fine. My property
I purchased another multi-family in 43614 late last year, and it has been fine. It's pretty close to stabilized now, and I'm starting to look for something else.
What size property are you considering?
0 Reply
Alma Bagaoisan
OP
Member since 2019 · 66 posts · 15 votes
6y
@Christopher B. I’m looking at multi fam with + cash flow. Are the properties you bought old. Ones I’m looking at are and afraid it might have problems later on. But there are some with great potential. Price range are 50k in the area. I don’t really want to put more than that cause I want to see how things go first. I’ll check the locations again. The zipcode is 43612. There are not many duplex I saw in a better neighborhood area.
0 Reply
Christopher B.
Investor · Southeast, MI · Member since 2016 · 425 posts · 184 votes
6y
@Alma Bagaoisan
One of mine is older, like mid-1900's. The others are a bit newer. For anything, unless it's really late generation, you want to look at the major items like roofing, electrical, plumbing, and HVAC. If those are ok, or you upgrade them, and assuming no foundation issues, I see no reason to completely shy away from anything older.
0 Reply
Alma Bagaoisan
OP
Member since 2019 · 66 posts · 15 votes
6y
@Christopher B. Do you manage your own place or you hire someone. I just saw a property in the 43610 that is multi wifh 7 units but 3 needs Reno it says. 4 are rented. It’s near mercy hospital
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.