New guy from Toledo, Ohio

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New guy from Toledo, Ohio

Johnny Powers
Toledo, OH · Member since 2014 · 20 posts · 3 votes

Hello,

My name is Johnny and I live in Toledo, Ohio. I am a warehouse manager for a medical device company. Me and my wife are going to be buying our first rental property real soon hopefully. We are excited and nervous at the same time. We are looking to work smart and steady. We are very cautious people and love to be organized. Thanks

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Andrew FidlerBusiness Member
Real Estate Broker · Toledo, OH · Member since 2011 · 384 posts · 434 votes
12y

Johnny - bedrooms/bathrooms. So 3 br / 1 bath. Translation is they are large enough for a basic family of 4 and the 4 br gives you that extra bedroom for computer room or third kid. 

Section 8 is pretty much defined by the more dependents you have the more money you get and the larger house you are entitled to...larger houses rent quite fast. 

What I do is nothing special, I just bought where I was comfortable (the way I dress and act most people think I'm an off duty officer so there isn't much I am comfortable with).  After five years of being in the same 8x8 block area in two zip codes you get to know the good, bad, abused, valuable, those houses that are unique or special for that area (meaning they will rent quickly). 

I find that everything balances itself out over time- my most expensive renovation which was one of my early ones and was over done was my first and longest rented sect 8. Houses that I am bragging about for being cheap have their day of costing enough that I have to put significant money into them. Ensure you have the cash on hand to weather any major incident and stay focused on resolving problems and errors and learning  from them so they don't reoccur and you will do well in real estate. In five years you may even be wise :)

Like anyone with a plethora of priorities in the air, I'm busy but am happy to talk anytime. Pm me if my cell isn't on my profile. I'm out by the airport, drop by for a brew and a cigar. 

[email protected]419-410-3836
LaPlante Real Estate
WebsiteView Page
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  • Sam B.
    Rental Property Investor · Houston, TX · Member since 2013 · 476 posts · 294 votes
    12y

    @Johnny Powers Welcome to the site!  Toledo is a great area to invest…excellent returns and a good community of investors.

    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    12y

    @Johnny Powers welcome to the site.

    0Reply
  • Johnny Powers
    OP
    Toledo, OH · Member since 2014 · 20 posts · 3 votes
    12y

    Sam and James. Thank you for the welcoming. I appreciate it.

    0Reply
  • Ryan Pyle
    Multifamily Investor · Toledo, OH · Member since 2008 · 296 posts · 308 votes
    12y

    @Johnny Powers 

    Welcome to the site and good luck. I am a full time landlord in Toledo. Feel free to look me up and call any time. I'm happy to help in any way I can.

    0Reply
  • Christopher Hunter
    Real Estate Investor · Cypress, CA · Member since 2013 · 877 posts · 94 votes
    12y

    @Johnny Powers welcome to  BP Johnny

    0Reply
  • Johnny Powers
    OP
    Toledo, OH · Member since 2014 · 20 posts · 3 votes
    12y

    Ryan and Christopher, thank you for the welcomes. I appreciate it.

    0Reply
  • Ben Leybovich
    Rental Property Investor · Phoenix/Lima, Arizona/OH · Member since 2012 · 4k+ posts · 4k+ votes
    12y

    Welcome to BP Nation! 

    0Reply
  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    12y

    Welcome to BP community @Johnny Powers  It is a great place to meet new friends and learn about various aspects of real estate and more. Here are a few recommendations for you:

    Find and connect with other BP members that are in your area http://www.biggerpockets.com/meet

    Set up keyword alerts to be notified of the topics that interest you http://www.biggerpockets.com/alerts

    Read Beginner’s Guide http://www.biggerpockets.com/real-estate-investing and check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/

    If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select that person below. He or she will be notified of being tagged so that the conversation will continue.

    I am a real estate investor from Southern California, my personal strategy is buy and hold for single family homes. I also invest in trust deeds. 

    Wishing you the best! 

    0Reply
  • Johnny Powers
    OP
    Toledo, OH · Member since 2014 · 20 posts · 3 votes
    12y

    @Dmitriy Fomichenko @Ben Leybovich Thank you both for the welcomes and info. I appreciate it very much.

    0Reply
  • Johnny Powers
    OP
    Toledo, OH · Member since 2014 · 20 posts · 3 votes
    12y

    @Ryan Pyle I may take you up on the offer for some info at some point. Thanks again.

    0Reply
  • Andrew FidlerBusiness Member
    Real Estate Broker · Toledo, OH · Member since 2011 · 384 posts · 434 votes
    12y

    Johnny- Where are you buying?

    I am a "work full time while growing a buy foreclosed-renovate-rent portfolio with two young kids at home" investor.

    I live out in Monclova, invest in 43612 and 43608.

    Andrew

    [email protected]419-410-3836
    LaPlante Real Estate
    WebsiteView Page
    0Reply
  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    12y
    Originally posted by @Johnny Powers:

    Hello,

    My name is Johnny and I live in Toledo, Ohio. I am a warehouse manager for a medical device company. Me and my wife are going to be buying our first rental property real soon hopefully. We are excited and nervous at the same time. We are looking to work smart and steady. We are very cautious people and love to be organized. Thanks

    Welcome to BP Johnny,

    We are based in Toledo.

    Great market with many undervalued properties.

    Don't be scared of failure as in order to succeed one must fail numerous times.

    Thanks and have a great day.

    Podcast Guest on Show #89
    Oz Realty4.5367 Reviews
    WebsiteView Page
    0Reply
  • Johnny Powers
    OP
    Toledo, OH · Member since 2014 · 20 posts · 3 votes
    12y

    @Andrew Fidler 

    Thanks for your response. I am not sure yet as me and my wife hope to have our first property within a couple of months. To say we are newbies is putting it mildly. I am excited about getting started though. Maybe 43613 or 43614 is where we will probably start.  Thanks again

    0Reply
  • Johnny Powers
    OP
    Toledo, OH · Member since 2014 · 20 posts · 3 votes
    12y

    @Engelo Rumora 

    Thank you for welcoming me to BP. I appreciate it. I think Toledo is a great market as well.

    0Reply
  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    12y
    Originally posted by @Johnny Powers:

    @Andrew Fidler 

    Thanks for your response. I am not sure yet as me and my wife hope to have our first property within a couple of months. To say we are newbies is putting it mildly. I am excited about getting started though. Maybe 43613 or 43614 is where we will probably start.  Thanks again

     43612, 43613, 43623 as far North from Sylvania as possible and the further West from Lewis is the sweet spot in my opinion.

    We are doing a big letter drop box campaign very soon so hoping to pick up some good deals there.

    Parts of 43609 are decent and I also like 43615.

    Thanks

    Podcast Guest on Show #89
    Oz Realty4.5367 Reviews
    WebsiteView Page
    0Reply
  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    12y

    Hey @Johnny Powers  welcome! Definitely start jumping into the community here! Be sure to read through The Ultimate Beginner's Guide to Real Estate Investing to help you get started.

    Also - here's a couple articles you might enjoy:

    The 21 Best Real Estate Investing Books Ever

    How to Rent Your House: The Definitive Step by Step Guide

    How to Be a Landlord: Ten Tips for Success

    Finally -be sure to setup some keyword alerts - especially for "Toledo" so you can jump into local conversations.

    See you around the forums!

    Podcast Guest on Show #92
    0Reply
  • Johnny Powers
    OP
    Toledo, OH · Member since 2014 · 20 posts · 3 votes
    12y
    Originally posted by @Engelo Rumora:
    Originally posted by @Johnny Powers:

    @Andrew Fidler 

    Thanks for your response. I am not sure yet as me and my wife hope to have our first property within a couple of months. To say we are newbies is putting it mildly. I am excited about getting started though. Maybe 43613 or 43614 is where we will probably start.  Thanks again

     43612, 43613, 43623 as far North from Sylvania as possible and the further West from Lewis is the sweet spot in my opinion.

    We are doing a big letter drop box campaign very soon so hoping to pick up some good deals there.

    Parts of 43609 are decent and I also like 43615.

    Thanks

    There does seem to be a lot of properties in the 43612 and 43613 area. I don't really like the area right at Lewis and Sylvania personally. We are excited to get started and hope that we do well with choosing our first property. Thanks

    0Reply
  • Johnny Powers
    OP
    Toledo, OH · Member since 2014 · 20 posts · 3 votes
    12y

    @Brandon Turner 

    Thank you! I appreciate the info

    0Reply
  • Jared K.
    Real Estate Investor · Somerset, KY · Member since 2011 · 211 posts · 64 votes
    12y

    @Johnny Powers Hello and Welcome!!!!! I wish you well on your venture!! I have done a little bit of wholesaling, buy/hold and buy/resell there in Toledo myself. I am selling the last one I have there currently to another investor. Toledo is very diverse in home prices that's for sure, from block to block prices can take a huge jump!!! There's a lot of opportunity there if you really get to know your market and the right people to deal with. Be sure to get plenty of references and do your research. Some people there are great to deal with and some there will take you in a heartbeat!!!! 

    Best of luck!!

    0Reply
  • Andrew FidlerBusiness Member
    Real Estate Broker · Toledo, OH · Member since 2011 · 384 posts · 434 votes
    12y

    I love that I'm the BP Toledo Catfish...Lewis and Sylvania are my "GOOD area properties" :)

    Stickney/Manhattan, that's my normal stomping grounds. Picked up 3/1 and 4/1 in damned good condition two months back for $11k each so maybe $4k each in ...both rented section 8 for $680-730/mo rent.

    Clearly there are guys who invest in neighborhoods worse than me, but they don't forum surf I guess.

    At least catfish grow huge bottom feeding :)

    [email protected]419-410-3836
    LaPlante Real Estate
    WebsiteView Page
    0Reply
  • Johnny Powers
    OP
    Toledo, OH · Member since 2014 · 20 posts · 3 votes
    12y

    @Jared K. 

    Thank you for reaching out. You are right about properties changing from block to block. We are reading everything out there we can find and I am very happy I found BP. Thanks again for reaching out to me.

    0Reply
  • Jared K.
    Real Estate Investor · Somerset, KY · Member since 2011 · 211 posts · 64 votes
    12y

    @Johnny Powers 

    BP is a great place for resourceful information!! Only quick advice I can give is learn several approaches to cash flow analyzing properties, use the most conservative ones, and make sure all your #'s for each property provide a good solid ROI (return on investment) and you should be fine. If the #'s work they work! Glad to see your approaching carefully. In the same sense don't get caught up in information overload and keep moving forward!

    Set a goal, and actual date, say a particular month or quarter this year, that you plan to own your first property. If you set a date (and move forward with definite plans) it should help you move past the fear, knowing you have to get the job done, and you will be motivated to find one that fits your investing goals!! If you don't set a specific goal and go for it fear will hold you back from actually getting started. Part of learning real estate investing is from just doing it. Everything has a learning curve but you will push through it once you get started and you will be glad later on that you did. Just like anything, you have to take the good with the bad and move forward.

    I wish you all the best and thanks for the reply!!!

    0Reply
  • Johnny Powers
    OP
    Toledo, OH · Member since 2014 · 20 posts · 3 votes
    12y
    Originally posted by @Andrew Fidler:

    I love that I'm the BP Toledo Catfish...Lewis and Sylvania are my "GOOD area properties" :)

    Stickney/Manhattan, that's my normal stomping grounds. Picked up 3/1 and 4/1 in damned good condition two months back for $11k each so maybe $4k each in ...both rented section 8 for $680-730/mo rent.

    Clearly there are guys who invest in neighborhoods worse than me, but they don't forum surf I guess.

    At least catfish grow huge bottom feeding :)

    Andrew,

    You do invest in the Stickney / Manhattan area? I know it is a good area as far as finding deals on houses. I sure wish I could talk with you in length to get more advice. You really seem like you know what your doing in the Toledo area. What does 3/1 and 4/1 mean? Thanks

    0Reply
  • Johnny Powers
    OP
    Toledo, OH · Member since 2014 · 20 posts · 3 votes
    12y

    Thanks again @Jared K. 

    I appreciate and value your advice.

    0Reply
  • Derrick Craig
    Memphis, TN · Member since 2013 · 969 posts · 524 votes
    12y

    @Johnny Powers 

    Welcome to BP!!

    0Reply
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