Thanks so much for sharing! I’m an out of state investor based in California, and I’m currently under contract on a duplex in Toledo. I’m trying to learn as much as I can from people with hands on experience in the area.
I’d love to hear about your experience so far investing in Toledo, how has it been managing rentals there? Do you work with a specific property management company or have any local connections (handymen, contractors, cleaners, etc.) that have made your experience easier?
Any advice for someone like me, especially managing from out of state, would be hugely appreciated!
@Jackelyn Lee that's amazing !! Are all your doors in Toledo or spread out in OH? How did you acquire your first property
They are all in toledo or suburbs. My first property was in 2018, it was a 4 unit. Mainly have scaled through BRRRR method and some flips to acquire multi family.
Yes, there are quite a few active investors in that area. Toledo gets a lot of attention because of the lower entry prices, steady rental demand, and opportunities to add value if you’re underwriting carefully. Connecting with people who have solid boots-on-the-ground experience there is key, especially around tenant quality, property management, and block-by-block differences.
I’m looking to connect with active investors in the Toledo, OH area and would love to talk and exchange insights about the market.
Thanks in advance!
Hi Meirav! I'm actually located in Columbus, OH, but I invest in Toledo as well. The affordability and cash flow numbers there are definitely a major draw compared to other markets. I'd be happy to connect and share some insights on what I'm seeing in the area.
Toledo is a great area to invest. We have been in the area for a bit, and I grew up here. Large blue collar clientele, which often has reliable income for renting. Plus the landlord laws tend to be favorable. I don't know alot about the Sec 8 setting there and would be a bit nervous, but only from the perspective that I am uneducated on it. I will say I struggle the most in finding contractors that do reasonable work for reasonable cost. its pricey to rehab, at least for me, as I have struggled to find that contractor that can deliver on a rehab that doesn't sink me financially.
definitely need to find a good contractor and keep them. The struggle I get is that I can get a decent price for one job, but if they follow up for a second job, the price often will double.
Make sure you have a contractor team to save on overhead. Labor is crazy. Plumbers don't call back, if they do they will charge you about 300/hour. We had a quote for a main sewer line replacement with PVC, Job took about 10-12 hours, with 500 in parts. Quoted 4k. We did it on our own. Similar issues for Electrical, being charged 17K for rewire of a 1100sq ft house, where I removed all drywall, it was just labor. if you have a crew that knows the local laws and codes and they are able, it may be to your advantage. There are many old homes that require updating and the municipal sewer system in areas can be concerning. The city isn't the best with replacing the old sewers and the older system has trouble keeping up, leading to flooding. Be sure to be aware of this when you are looking. topography analysis can be important.