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Jim McAuley
  • Maumee, OH
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Looking for a distressed property in Maumee, Ohio

Jim McAuley
  • Maumee, OH
Posted Sep 20 2022, 01:55

Looking for a distressed property in Maumee, Ohio to fix and flip or wholesale. Drove for dollars and listed 124 properties. I send letters every 6-8 weeks and used Skip Batch Tracing to call them. Got a few calls back from the letters. They all wanted full retail for their property. Skip batch tracing was about 50% good numbers, out of that I had to leave messages about 80% of the calls that went through. So far no call backs. I left notes on doors of vacant houses of the people I cannot contact. I am looking for a motivated seller looking to get rid of their house at 70% FMV. I know I am looking for a needle in a haystack, but out of over 5,000 homes, there HAS to be one homeowner out there wanting to get rid of their headache. I am tempted to move my search into surrounding Toledo area, but I am very familiar with Maumee. I flipped 3 houses, own a twinplex, looking to buy a 4 unit apartment. I have to build my cash up for a downpayment. Any thoughts, suggestions or advice would be welcome.

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Michael P.#4 Market Trends & Data Contributor
  • Rental Property Investor
  • Brooke Park Drive
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Michael P.#4 Market Trends & Data Contributor
  • Rental Property Investor
  • Brooke Park Drive
Replied Sep 20 2022, 03:01
Quote from @Jim McAuley:

Looking for a distressed property in Maumee, Ohio to fix and flip or wholesale. Drove for dollars and listed 124 properties. I send letters every 6-8 weeks and used Skip Batch Tracing to call them. Got a few calls back from the letters. They all wanted full retail for their property. Skip batch tracing was about 50% good numbers, out of that I had to leave messages about 80% of the calls that went through. So far no call backs. I left notes on doors of vacant houses of the people I cannot contact. I am looking for a motivated seller looking to get rid of their house at 70% FMV. I know I am looking for a needle in a haystack, but out of over 5,000 homes, there HAS to be one homeowner out there wanting to get rid of their headache. I am tempted to move my search into surrounding Toledo area, but I am very familiar with Maumee. I flipped 3 houses, own a twinplex, looking to buy a 4 unit apartment. I have to build my cash up for a downpayment. Any thoughts, suggestions or advice would be welcome.

 I would keep up with your efforts, the way the market is shifting there should be more sellers realizing they won’t get full retail anymore.

Also monitor for auctions in maumee on auction d0t c0m, the sheriff website, amlin auction, beth rose auction, etc

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Christopher Abele
  • Investor
  • Toledo, OH
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Christopher Abele
  • Investor
  • Toledo, OH
Replied Sep 20 2022, 05:13
Quote from @Jim McAuley:

Looking for a distressed property in Maumee, Ohio to fix and flip or wholesale. Drove for dollars and listed 124 properties. I send letters every 6-8 weeks and used Skip Batch Tracing to call them. Got a few calls back from the letters. They all wanted full retail for their property. Skip batch tracing was about 50% good numbers, out of that I had to leave messages about 80% of the calls that went through. So far no call backs. I left notes on doors of vacant houses of the people I cannot contact. I am looking for a motivated seller looking to get rid of their house at 70% FMV. I know I am looking for a needle in a haystack, but out of over 5,000 homes, there HAS to be one homeowner out there wanting to get rid of their headache. I am tempted to move my search into surrounding Toledo area, but I am very familiar with Maumee. I flipped 3 houses, own a twinplex, looking to buy a 4 unit apartment. I have to build my cash up for a downpayment. Any thoughts, suggestions or advice would be welcome.


 Aren't we all?

I have a SFH rental in Maumee that hit the market recently. I received just as many calls from people asking if I would be willing to sell as those asking about renting the home.

I can also tell you that we were bombarded with letters from realtors: "I can sell your home for up to xxxx." Anyone with a true distressed property has been told repeatedly for the past 6 months how much their home is "worth" via letters (and you're using the same channel to make an offer.) 

Are you posting here, on a REI forum, hoping that someone has a property they'll sell you for pennies on the dollar or are you looking for advice on what you might not be doing to find that hidden gem? Your post is slightly unclear.

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Darius Ogloza
  • Investor
  • Marin County California
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Darius Ogloza
  • Investor
  • Marin County California
Replied Sep 20 2022, 07:18

I tend to be skeptical of the "motivated seller" approach to real estate investing popularized in the 1970's and 1980's now that the internet presents homeowners with thousands of real estate valuation sites.  Finding the one buyer who has no access  to redfin, or realtor.com or Zillow . . .   the odds seem worse than finding a needle in a haystack.  Also, when you consider your expected return on investment divided by the total number of hours devoted to the search and eventual rehab, I wonder whether you are using your time most efficiently or whether the game is worth the candle, especially on a flip.   We have had some luck with the value add strategy - where you try to buy slightly below market with an eye toward adding value to the property through exploiting neglected space, improving the layout, etc.  This may be the way to go in the future.  Just my two cents.  Good luck.

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Jim McAuley
  • Maumee, OH
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Jim McAuley
  • Maumee, OH
Replied Sep 20 2022, 16:08
Quote from @Christopher Abele:
Quote from @Jim McAuley:

Looking for a distressed property in Maumee, Ohio to fix and flip or wholesale. Drove for dollars and listed 124 properties. I send letters every 6-8 weeks and used Skip Batch Tracing to call them. Got a few calls back from the letters. They all wanted full retail for their property. Skip batch tracing was about 50% good numbers, out of that I had to leave messages about 80% of the calls that went through. So far no call backs. I left notes on doors of vacant houses of the people I cannot contact. I am looking for a motivated seller looking to get rid of their house at 70% FMV. I know I am looking for a needle in a haystack, but out of over 5,000 homes, there HAS to be one homeowner out there wanting to get rid of their headache. I am tempted to move my search into surrounding Toledo area, but I am very familiar with Maumee. I flipped 3 houses, own a twinplex, looking to buy a 4 unit apartment. I have to build my cash up for a downpayment. Any thoughts, suggestions or advice would be welcome.


 Aren't we all?

I have a SFH rental in Maumee that hit the market recently. I received just as many calls from people asking if I would be willing to sell as those asking about renting the home.

I can also tell you that we were bombarded with letters from realtors: "I can sell your home for up to xxxx." Anyone with a true distressed property has been told repeatedly for the past 6 months how much their home is "worth" via letters (and you're using the same channel to make an offer.) 

Are you posting here, on a REI forum, hoping that someone has a property they'll sell you for pennies on the dollar or are you looking for advice on what you might not be doing to find that hidden gem? Your post is slightly unclear.