Partner or reputable turnkey needed in Toledo or Cleveland

16 Replies

Hi just joined BP because like to start my rental property investment in Toledo and Cleveland area. Max 50k with good ROI and low vacancy. Starting with 200k and another 400k by 3rd quarter and again 400k by end of the year If everything goes by plan.

Reputable turnkey company is welcome Since I’m buying from overseas. Will visit the area soon to feel the neighborhood and meet some mortgage providers and your PM team!

Alternatively, if there’s anyone knows the neighborhood well and has the Know-how and interested in a partnership, let’s talk!

Why I’m doing this? My 3YO daughter is American citizen by birth. God bless America!

Originally posted by @Clarence Gong :

Hi just joined BP because like to start my rental property investment in Toledo and Cleveland area. Max 50k with good ROI and low vacancy. Starting with 200k and another 400k by 3rd quarter and again 400k by end of the year If everything goes by plan.

Reputable turnkey company is welcome Since I’m buying from overseas. Will visit the area soon to feel the neighborhood and meet some mortgage providers and your PM team!

Alternatively, if there’s anyone knows the neighborhood well and has the Know-how and interested in a partnership, let’s talk!

Why I’m doing this? My 3YO daughter is American citizen by birth. God bless America!

 Welcome to the site Clarence. If you are looking for information on the neighborhoods in the Cleveland market The Ultimate Guide to Grading Cleveland Neighborhoods is a must read. I created it for investors in your exact situation. It's very important for you to understand what you are buying when you are looking at properties here. The prices will vary widely as will the quality of the housing & tenant base. Make sure you invest armed with knowledge on what you are buying & the experience you can expect to have.

@Clarence Gong I would agree with @James Wise , while you can certainly find homes under 50K in those markets, you really need to understand the demographics of the neighborhoods.  Once you get below a certain price point, the return on paper is always way better than the returns in reality.  

Originally posted by @Stone Jin :

@Clarence Gong I would agree with @James Wise, while you can certainly find homes under 50K in those markets, you really need to understand the demographics of the neighborhoods.  Once you get below a certain price point, the return on paper is always way better than the returns in reality.  

 Ain't no party like a paper return party.

Thanks very much for your information James and appreciate your comments Stone!

I just watched The 3 Duplex and Guide to Cleveland Neighborhood and will watch more for sure! You seem like THE MAN in Cleveland! 

Let’s hear Stone for a second! How about moving up a little to some properties in C neighborhood? Send me a link or something! Let’s spend some money!

Clarence 

When you say you want a good ROI at the $50k price point.....do you want an actual good ROI or a good proforma ROI?

The ROI on just about any asset at that price point will perform poorly. Just check out James tenants from hell videos on youtube for a realistic depictation of what that asset class looks like.

Hi James,

I got no problem with the 3 Duplex in D neighborhood? After all, I’m not living there! Like many other investors, probably the tenant is the main issue here? But there are ways to deal with that, right? Any other concerns that raise the red flag? Lighten me up! Btw, are you guys going to do the PM?

Clarence

Thank you so much Russell! I’m watching it right now and I don’t know what to say! Help! Everybody!

Originally posted by @Clarence Gong :

Thanks very much for your information James and appreciate your comments Stone!

I just watched The 3 Duplex and Guide to Cleveland Neighborhood and will watch more for sure! You seem like THE MAN in Cleveland! 

Let’s hear Stone for a second! How about moving up a little to some properties in C neighborhood? Send me a link or something! Let’s spend some money!

Clarence 

 lol you are too kind my man. I am glad you are enjoying the content. Keep up the good work.

@Clarence Gong - I can provide insight into the Toledo market, I keep a humble list of turn-key properties here but it's not my primary business. I own 50, manage over a hundred, and participate in my local REIA and several key advisory boards for the city water dept and my local S8 branch.

@Russell Brazil - I started my investing career in Toledo's 43608 zipcode of $15k 3 bedroom houses because it was all I could afford...then after banks began loaning again I moved into 43612's $40k 3 bedroom houses after that because it was a compromise between risk and return. 

$50k properties are super nice in my portfolio, and they better cashflow, my family lives on them :). I've been operating for a decade this March and truly I wouldn't change where I own and operate.

Still it translated to my being a darned good PM, I've already cut my teeth in some very difficult neighborhoods.

@Andrew Fidler Extremely hands on PMing and and knowing hownto deal with the difficult situations is the key to being able to make money in the lower price points. It can be brutal and unforgiving of mistakes. The higher class properties are just a lot more forgiving. Its a trade off. Cheaper...More yield, more work. More expensive..less yield, more forgiving of mistakes.

Hi Andrew,

Send you an email on Monday and like to work with you in Toledo area!

Clarence Gong

Hi everyone,

First of all, allowing me to extend my appreciation to all of you!Tks very much!

Is it possible for anyone to suggest a link or lead me through about how to buy from overseas? I do have accounts with HSBC and Wells Fargo in the country but how do I operate step by step?

Clarence Gong 

@Clarence Gong - If you're looking to finance from overseas it will definitley be very difficult on your own I'd imagine.  My first deal last August was a Multi-Family in Cincinnati while located in San Diego.  I found my property by visiting mulitple times and getting to know the area.  Regardless though, when I purchased my property I had to physically go into the local bank and sign all the mortgage paperwork, title, etc.  Granted I'm not sure but you may be able to have somebody locally sign if you set them up as a limited power of attourney.  I'm not %100 but that's the one way I can imagine without partnering up with somebody or getting into a syndication.  I'm now located in Europe so now I'll be in the same boat kind of, although I do go back to Ohio to visit family at least once a year so that'll be my meet with people, look over my current property and look for new deals.

Ohio is definitely a great state to invest in at the moment due to the price of properties and what seems to be a high tendancy to be renters. I don't know much about Toledo but I also agree that Cleveland and Columbus are great locations due to size and a decent amount of deals to be made. 

Good luck.  

DM me if you want to know any areas in Cincinnati

@Clarence Gong A solid turnkey company for OH I know is RentToRetirement, Zach Lemaster is very experienced and is willing to help anyone. He is on BP.
Originally posted by @Clarence Gong :

Hi just joined BP because like to start my rental property investment in Toledo and Cleveland area. Max 50k with good ROI and low vacancy. Starting with 200k and another 400k by 3rd quarter and again 400k by end of the year If everything goes by plan.

Reputable turnkey company is welcome Since I’m buying from overseas. Will visit the area soon to feel the neighborhood and meet some mortgage providers and your PM team!

Alternatively, if there’s anyone knows the neighborhood well and has the Know-how and interested in a partnership, let’s talk!

Why I’m doing this? My 3YO daughter is American citizen by birth. God bless America!

 A property for $50,000 with low vacancy may be difficult to come by these days. You may find it in Toledo, but I don't know about Cleveland. Good luck! 

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here