Helping Jessica from Los Angeles Avoid a Bad Deal in Ohio

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Helping Jessica from Los Angeles Avoid a Bad Deal in Ohio

James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes

If you are a real estate investor in Los Angeles, you are probably thinking about investing out of state. You aren't alone. Many investors in Los Angeles are leaving California for a chance to invest in more affordable real estate markets. Ohio is one of the best states for out of state investors. In Ohio you get the benefit of investing in a red state while also getting the opportunity to buy rental properties for much cheaper than you could in California. During the 1,919th episode of The MLS Search & Analysis Show, out of state investing expert James Wise is helping Jessica and her husband Lewis do a detailed real estate analysis on a duplex they found in a Cleveland area suburb called Elyria, Ohio. During the show James Wise helps them understand why the deal won't work for them despite it being incredibly cheap. Subscribe to HoltonWiseTV to learn more about how HoltonWise specializes in helping LA investors build a rental property portfolio out of state.

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Helping Jessica from Los Angeles Avoid a Bad Deal in Ohio | MLS Search & Analysis 1,919 - 630 East

CLICK HERE to talk to me about investing in real estate in the following cities.

- Cleveland, Ohio

- Columbus, Ohio

- Akron, Ohio

- Canton, Ohio

- Cincinnati, Ohio

- Dayton, Ohio

- Miamisburg, Ohio

- Elyria, Ohio

- Lorain, Ohio

- Toledo, Ohio

- Warren, Ohio

- Hamilton, Ohio

- Lakewood, Ohio

- Garfield Heights, Ohio

- Euclid, Ohio

- Maple Heights, Ohio

- Ashtabula, Ohio

- Conneaut, Ohio

- Sandusky, Ohio

- Vermilion, Ohio

- Lima, Ohio

- Dublin, Ohio

- Springfield, Ohio

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CLICK HERE for a Personalized Turnkey Experience on ANY Property in Ohio

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Christopher Sandys
Member since 2023 · 97 posts · 60 votes
1y
Quote from @Engelo Rumora:
Quote from @Christopher Sandys:

I own a house next door to a Multi-family house in Toledo.  The house next door was bank-owned, but they finally found a California investor to purchase 345 Rockingham St, Toledo, OH.  

The current tenants, whom I know, are getting the heck out, because it has been so neglected.  They told me the new owners wanted to sell them the house, i.e. the California investors quickly realized that they are holding a white elephant.   

This house is in a rough state of affairs - market wise.  Regardless of how cheap the acquisition price, getting it market legal will take significant money.  You'll either need to get it section 8 ready, or you will need to get it Pb-certified ready.  Either way, you're probably in for at least another $20-30k.  From what I hear, there are some issues with the plumbing, i.e. big time leaking.  Also, there is a garage that is entirely unstable and unusable.  I'm just waiting for it to collapse into my yard.  The back porch is held-up by concrete masonry units (cinder blocks).  It's just a hot mess.

The current tenants told me that the CA investors said, "It didn't look that bad in the pictures."



Decent area. I think it's in the Historic District so they have their little monthly meetings where they get together and decide what shade of pink you're allowed to use on the exterior hehe

They got me bad a few times so we try to stay out of the Historic District even tho it's probably my favorite looking area in town when it comes to the character of homes 👍

 That's a really good point, Engelo.  Where this house is located is east of the street called Collingwood.  That is not the historical district ("The Old West End"). Regardless, your point is well taken. The Old West End is extremely nice, but that is due to what is essentially a HOA. I will avoid for now. I wouldn't mind doing an owner-occupied there, but not an investment.

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  • Christopher Sandys
    Member since 2023 · 97 posts · 60 votes
    2y

    I own a house next door to a Multi-family house in Toledo.  The house next door was bank-owned, but they finally found a California investor to purchase 345 Rockingham St, Toledo, OH.  

    The current tenants, whom I know, are getting the heck out, because it has been so neglected.  They told me the new owners wanted to sell them the house, i.e. the California investors quickly realized that they are holding a white elephant.   

    This house is in a rough state of affairs - market wise.  Regardless of how cheap the acquisition price, getting it market legal will take significant money.  You'll either need to get it section 8 ready, or you will need to get it Pb-certified ready.  Either way, you're probably in for at least another $20-30k.  From what I hear, there are some issues with the plumbing, i.e. big time leaking.  Also, there is a garage that is entirely unstable and unusable.  I'm just waiting for it to collapse into my yard.  The back porch is held-up by concrete masonry units (cinder blocks).  It's just a hot mess.

    The current tenants told me that the CA investors said, "It didn't look that bad in the pictures."

    0Reply
  • James Wise
    OP
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    2y
    Quote from @Christopher Sandys:

    I own a house next door to a Multi-family house in Toledo.  The house next door was bank-owned, but they finally found a California investor to purchase 345 Rockingham St, Toledo, OH.  

    The current tenants, whom I know, are getting the heck out, because it has been so neglected.  They told me the new owners wanted to sell them the house, i.e. the California investors quickly realized that they are holding a white elephant.   

    This house is in a rough state of affairs - market wise.  Regardless of how cheap the acquisition price, getting it market legal will take significant money.  You'll either need to get it section 8 ready, or you will need to get it Pb-certified ready.  Either way, you're probably in for at least another $20-30k.  From what I hear, there are some issues with the plumbing, i.e. big time leaking.  Also, there is a garage that is entirely unstable and unusable.  I'm just waiting for it to collapse into my yard.  The back porch is held-up by concrete masonry units (cinder blocks).  It's just a hot mess.

    The current tenants told me that the CA investors said, "It didn't look that bad in the pictures."


     Always gotta get an inspection. Especially if you're all the way out there in California.

    1Reply
  • Account Closed
    Realtor · Cleveland, OH · Member since 2023 · 340 posts · 215 votes
    2y

    Hi, great conversations but, I am here to let you know that I am Regina Blake- Ohio Realtor and if you need any assistance, please free to give me a call. 

    Regina Blake-216-395-7171

    [email protected] 

    0Reply
  • James Wise
    OP
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    2y
    Quote from @Account Closed:

    Hi, great conversations but, I am here to let you know that I am Regina Blake- Ohio Realtor and if you need any assistance, please free to give me a call. 

    Regina Blake-216-395-7171

    [email protected] 


    0Reply
  • Christopher Sandys
    Member since 2023 · 97 posts · 60 votes
    2y
    Quote from @James Wise:
    Quote from @Christopher Sandys:

    I own a house next door to a Multi-family house in Toledo.  The house next door was bank-owned, but they finally found a California investor to purchase 345 Rockingham St, Toledo, OH.  

    The current tenants, whom I know, are getting the heck out, because it has been so neglected.  They told me the new owners wanted to sell them the house, i.e. the California investors quickly realized that they are holding a white elephant.   

    This house is in a rough state of affairs - market wise.  Regardless of how cheap the acquisition price, getting it market legal will take significant money.  You'll either need to get it section 8 ready, or you will need to get it Pb-certified ready.  Either way, you're probably in for at least another $20-30k.  From what I hear, there are some issues with the plumbing, i.e. big time leaking.  Also, there is a garage that is entirely unstable and unusable.  I'm just waiting for it to collapse into my yard.  The back porch is held-up by concrete masonry units (cinder blocks).  It's just a hot mess.

    The current tenants told me that the CA investors said, "It didn't look that bad in the pictures."


     Always gotta get an inspection. Especially if you're all the way out there in California.


     Auctioned by the bank.  

    No Inspections.   Only pictures.  Old pictures.  

    0Reply
  • James Wise
    OP
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    2y
    Quote from @Christopher Sandys:
    Quote from @James Wise:
    Quote from @Christopher Sandys:

    I own a house next door to a Multi-family house in Toledo.  The house next door was bank-owned, but they finally found a California investor to purchase 345 Rockingham St, Toledo, OH.  

    The current tenants, whom I know, are getting the heck out, because it has been so neglected.  They told me the new owners wanted to sell them the house, i.e. the California investors quickly realized that they are holding a white elephant.   

    This house is in a rough state of affairs - market wise.  Regardless of how cheap the acquisition price, getting it market legal will take significant money.  You'll either need to get it section 8 ready, or you will need to get it Pb-certified ready.  Either way, you're probably in for at least another $20-30k.  From what I hear, there are some issues with the plumbing, i.e. big time leaking.  Also, there is a garage that is entirely unstable and unusable.  I'm just waiting for it to collapse into my yard.  The back porch is held-up by concrete masonry units (cinder blocks).  It's just a hot mess.

    The current tenants told me that the CA investors said, "It didn't look that bad in the pictures."


     Always gotta get an inspection. Especially if you're all the way out there in California.


     Auctioned by the bank.  

    No Inspections.   Only pictures.  Old pictures.  


    That's on the out of state investor then. It's a friggin bank owned home lol. Should have been clear to them that it was a distressed asset. Sucks to suck.
    1Reply
  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    2y
    Quote from @Christopher Sandys:

    I own a house next door to a Multi-family house in Toledo.  The house next door was bank-owned, but they finally found a California investor to purchase 345 Rockingham St, Toledo, OH.  

    The current tenants, whom I know, are getting the heck out, because it has been so neglected.  They told me the new owners wanted to sell them the house, i.e. the California investors quickly realized that they are holding a white elephant.   

    This house is in a rough state of affairs - market wise.  Regardless of how cheap the acquisition price, getting it market legal will take significant money.  You'll either need to get it section 8 ready, or you will need to get it Pb-certified ready.  Either way, you're probably in for at least another $20-30k.  From what I hear, there are some issues with the plumbing, i.e. big time leaking.  Also, there is a garage that is entirely unstable and unusable.  I'm just waiting for it to collapse into my yard.  The back porch is held-up by concrete masonry units (cinder blocks).  It's just a hot mess.

    The current tenants told me that the CA investors said, "It didn't look that bad in the pictures."



    Decent area. I think it's in the Historic District so they have their little monthly meetings where they get together and decide what shade of pink you're allowed to use on the exterior hehe

    They got me bad a few times so we try to stay out of the Historic District even tho it's probably my favorite looking area in town when it comes to the character of homes 👍
    Podcast Guest on Show #89
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    1Reply
  • James Wise
    OP
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    2y
    Quote from @Engelo Rumora:
    Quote from @Christopher Sandys:

    I own a house next door to a Multi-family house in Toledo.  The house next door was bank-owned, but they finally found a California investor to purchase 345 Rockingham St, Toledo, OH.  

    The current tenants, whom I know, are getting the heck out, because it has been so neglected.  They told me the new owners wanted to sell them the house, i.e. the California investors quickly realized that they are holding a white elephant.   

    This house is in a rough state of affairs - market wise.  Regardless of how cheap the acquisition price, getting it market legal will take significant money.  You'll either need to get it section 8 ready, or you will need to get it Pb-certified ready.  Either way, you're probably in for at least another $20-30k.  From what I hear, there are some issues with the plumbing, i.e. big time leaking.  Also, there is a garage that is entirely unstable and unusable.  I'm just waiting for it to collapse into my yard.  The back porch is held-up by concrete masonry units (cinder blocks).  It's just a hot mess.

    The current tenants told me that the CA investors said, "It didn't look that bad in the pictures."



    Decent area. I think it's in the Historic District so they have their little monthly meetings where they get together and decide what shade of pink you're allowed to use on the exterior hehe

    They got me bad a few times so we try to stay out of the Historic District even tho it's probably my favorite looking area in town when it comes to the character of homes 👍

    0Reply
  • Christopher Sandys
    Member since 2023 · 97 posts · 60 votes
    1y
    Quote from @Engelo Rumora:
    Quote from @Christopher Sandys:

    I own a house next door to a Multi-family house in Toledo.  The house next door was bank-owned, but they finally found a California investor to purchase 345 Rockingham St, Toledo, OH.  

    The current tenants, whom I know, are getting the heck out, because it has been so neglected.  They told me the new owners wanted to sell them the house, i.e. the California investors quickly realized that they are holding a white elephant.   

    This house is in a rough state of affairs - market wise.  Regardless of how cheap the acquisition price, getting it market legal will take significant money.  You'll either need to get it section 8 ready, or you will need to get it Pb-certified ready.  Either way, you're probably in for at least another $20-30k.  From what I hear, there are some issues with the plumbing, i.e. big time leaking.  Also, there is a garage that is entirely unstable and unusable.  I'm just waiting for it to collapse into my yard.  The back porch is held-up by concrete masonry units (cinder blocks).  It's just a hot mess.

    The current tenants told me that the CA investors said, "It didn't look that bad in the pictures."



    Decent area. I think it's in the Historic District so they have their little monthly meetings where they get together and decide what shade of pink you're allowed to use on the exterior hehe

    They got me bad a few times so we try to stay out of the Historic District even tho it's probably my favorite looking area in town when it comes to the character of homes 👍

     That's a really good point, Engelo.  Where this house is located is east of the street called Collingwood.  That is not the historical district ("The Old West End"). Regardless, your point is well taken. The Old West End is extremely nice, but that is due to what is essentially a HOA. I will avoid for now. I wouldn't mind doing an owner-occupied there, but not an investment.

    2Reply
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