Real Estate Broker · Huntsville, AL · Member since 2019 · 1k+ posts · 872 votes
Hello All,
I would like to invest back near my hometown of Perrysburg, Ohio within the next 3-5 years. Probably in Toledo and surrounding cities like Sylvania, Holland, Maumee, etc. Are these good areas for renting? Or are the suburbs too expensive to make any cash flow on?
Rental Property Investor · Chandler AZ and Sylvania, OH · Member since 2009 · 708 posts · 561 votes
6y
We invest in Sylvania primarily. I feel that being out of state and doing it on your own this is somewhat less risky than investing in some of the tougher neighborhoods. We are 1 year in and 100% occupied each property cashflowing over 10% cash on cash. We are bullish on Toledo
Rental Property Investor · Chandler AZ and Sylvania, OH · Member since 2009 · 708 posts · 561 votes
6y
We invest in Sylvania primarily. I feel that being out of state and doing it on your own this is somewhat less risky than investing in some of the tougher neighborhoods. We are 1 year in and 100% occupied each property cashflowing over 10% cash on cash. We are bullish on Toledo
Rental Property Investor · Toledo, OH · Member since 2019 · 115 posts · 72 votes
6y
@Stephen Brown
I actually prefer the suburbs, but it does require putting extra effort up front to get a good deal. The cash flow on paper might not be as good at first glance, but you will likely have
-higher quality tenants that take care of your property and stay a while,
I actually prefer the suburbs, but it does require putting extra effort up front to get a good deal. The cash flow on paper might not be as good at first glance, but you will likely have
-higher quality tenants that take care of your property and stay a while,
We invest in Sylvania primarily. I feel that being out of state and doing it on your own this is somewhat less risky than investing in some of the tougher neighborhoods. We are 1 year in and 100% occupied each property cashflowing over 10% cash on cash. We are bullish on Toledo
Thanks man! By "we" do you mean you and a partner or a company?
@Stone Jin What’s wrong wit Toledo, prices seem cheap there...I ask because I’m thinking of investing in some buy and holds there so your insight would be great
@Stone Jin What’s wrong wit Toledo, prices seem cheap there...I ask because I’m thinking of investing in some buy and holds there so your insight would be great
There is nothing wrong with Toledo and price is all relative. From a personal investing standpoint, I prefer the suburbs as I tend to get appreciation and a higher tenant class. If you want to invest in the city and get a house that's probably been 50K for the last 50 years and have rents of 700, lots of people are doing that with success. Each investor needs to understand their own philosophy.
There are 2 main issues that people write about Toledo, lack of good contractors and lack of good management. I think by buying better property I mitigate both those issues.
The down side of course if the higher taxes and higher cost to entry. Which are not bad things in my opinion.
Makes sense, I’m new and still trying to learn every aspect.
Hello There! My name is Mike, I am a Realtor, Property Manager as well as a personal investor. I have homes in several markets in different areas of the country and I can safely say that Toledo has to offer, I have some information I can email you if you want to connect!
I would like to invest back near my hometown of Perrysburg, Ohio within the next 3-5 years. Probably in Toledo and surrounding cities like Sylvania, Holland, Maumee, etc. Are these good areas for renting? Or are the suburbs too expensive to make any cash flow on?
Thanks,
Stephen Brown
Hey There Stephen, My name is Mike, I am local here to Toledo. I, myself, have investment properties in a few areas in the country and I can comfortably say, the Toledo market has a lot to offer (Near and Far). I would love to connect with you and discuss anything you wish, lets connect and talk!
Real Estate Agent · Toledo, OH · Member since 2019 · 88 posts · 38 votes
6y
@Stephen Brown I agree with @Stone Jin, it really depends on what your plan is, what resources you have, etc. as to where you invest. I have a couple of clients that have rentals in Sylvania; a couple of the properties cash flow, but one currently does not. The owner is ok with that as he is looking longer term from an appreciation standpoint. One client just bought a home in South Toledo area, but Maumee School district. He also bought partially for appreciation, but is expecting to have at least a little bit of cash flow.
If you don't want to hire a property manager, it is much easier to be in town to manage your properties.
Regarding Toledo proper vs. suburbs, we could have a discussion all day about the pros and cons of both. I have a client that does lower end properties in Toledo ($15-30k purchase price) with minimal repairs needed; he gets pretty good cash flow but won't have much appreciation over time. I know people that have success in every area of town, so it can be done about anywhere. In today's market, it definitely takes more effort to find good deals, especially in the suburbs. I looked at a house yesterday in Bowling Green (1/2 hour south of Toledo) with an investor. It's not a house that I would personally look at based on where my numbers would have to be, and my client is likely coming to the same conclusion after our showing and crunching his own numbers. He could make some money on it as a flip, but not enough to justify the time spent on rehab.
To reiterate, it all comes down to your personal goals and how you can accomplish them. Best of luck to you!
I would like to invest back near my hometown of Perrysburg, Ohio within the next 3-5 years. Probably in Toledo and surrounding cities like Sylvania, Holland, Maumee, etc. Are these good areas for renting? Or are the suburbs too expensive to make any cash flow on?
Thanks,
Stephen Brown
Hey There Stephen, My name is Mike, I am local here to Toledo. I, myself, have investment properties in a few areas in the country and I can comfortably say, the Toledo market has a lot to offer (Near and Far). I would love to connect with you and discuss anything you wish, lets connect and talk!
@Stephen Brown I agree with @Stone Jin, it really depends on what your plan is, what resources you have, etc. as to where you invest. I have a couple of clients that have rentals in Sylvania; a couple of the properties cash flow, but one currently does not. The owner is ok with that as he is looking longer term from an appreciation standpoint. One client just bought a home in South Toledo area, but Maumee School district. He also bought partially for appreciation, but is expecting to have at least a little bit of cash flow.
If you don't want to hire a property manager, it is much easier to be in town to manage your properties.
Regarding Toledo proper vs. suburbs, we could have a discussion all day about the pros and cons of both. I have a client that does lower end properties in Toledo ($15-30k purchase price) with minimal repairs needed; he gets pretty good cash flow but won't have much appreciation over time. I know people that have success in every area of town, so it can be done about anywhere. In today's market, it definitely takes more effort to find good deals, especially in the suburbs. I looked at a house yesterday in Bowling Green (1/2 hour south of Toledo) with an investor. It's not a house that I would personally look at based on where my numbers would have to be, and my client is likely coming to the same conclusion after our showing and crunching his own numbers. He could make some money on it as a flip, but not enough to justify the time spent on rehab.
To reiterate, it all comes down to your personal goals and how you can accomplish them. Best of luck to you!
Hey Chad, I really appreciate this comment. I've grown up in Perrysburg my whole life so I'm pretty well familiarized with the area. I see that you're a licensed agent in Michigan and Ohio. I'd love to hear more about that if you have the time. Is it a hassle? Challenges? Rewards?
Rental Property Investor · Chandler AZ and Sylvania, OH · Member since 2009 · 708 posts · 561 votes
6y
@Trevor Aydelott I would say that in certain parts of the city there will be good appreciation. The investors have moved from Tier1/Tier2 cities and now starting to focus on the Tier3 such as Toledo.