All Forum Posts by: Cheryl Mack

Hello Fellow Sufferers,

I am reaching out to the BP community for feedback on how you handle water billing in Toledo.  

We are trying out use of Landlord-Tenant Authority Forms and waiting for results. 

Backstory: We have never paid water/sewer/trash for our residents, on the theory that people respect freebies less than things they pay for.  So in the past we have received the bills, entered them into our accounting program, and billed to the resident.  Problem #1 came when we didn't know they failed to pay.  So, we began downloading every bill every month...loading the bills into accounting...paying the city for all accounts...and billing the resident.  Some of them paid us timely; some of them didn't, but it was better.  That didn't cure Problem #2: two low estimated bills followed by a whopping big bill for actual use in the third month.  Problem #3: Residents never were able to see the bill unless we emailed it to them (yet another time sink.)

Although upgrades were meant to fix the sticker shock, it has not improved, but gotten worse.  By 2nd half 2021 I was getting such outlandish estimated bills (or no bill at all) I was ready to pull my hair out.  It was taking me 6-10 hours/month to sort out billing for DPU for each of 15 doors and it was difficult to be accurate.  I finally threw in the towel.  The lone option open to us was to get residents to sign the Landlord Tenant Authority Authority Form so they could get the bill directly and pay it themselves. (DPU offers 3 payment options)

So far so good.  We will need to check each account each month to see who has paid and issue 3-day notices if not paid or under payment plan.

I am still not pleased with the billing system, but the residents like getting a bill in hand.  They will still be at the mercy of the Low bill-Low bill-HUGE Bill cycle but I can't help that.  What is your experience? What methods have you tried, and how well did they work for you?

Cheryl

@David Mateo Camelo Corredor

Have your friend speak with their lawyer before going further. It may not be in her best interest to sell right now, due to divorce laws. Terms of who gets what will be set during the divorce; what she does now can alter that significantly.

Can you lease the place from her for now, rent it out to generate income for you and payments for her, then buy after the dust settles? That's another question for the lawyer.

Hood luck and way to go, helping a friend.

@Julie Williams,

In an area that has theft, but is otherwise desirable, consider a well-placed video surveillance and security system. Many places are less safe than locals believe. How unsafe and how often it is unsafe would be pertinent information to have.

I would not discuss safety, as you could be liable if you pledge the safety of a place. I assume the contract language holds you harmless and they have the option of refusing the venue. I would go the extra mile to make the building secure and let people choose for themselves. Finally, it is always wise to speak with a nearby investor or attorney with investment clients.

Hello Saudi,

My home is in Toledo, OH where I am a licensed real estate agent and property investor.  There are many good reasons to invest in Toledo including: 

Good neighborhoods and Parks

Year-round Sports 

Thriving Arts community

Good jobs with UPS, Amazon warehouse, and (coming soon) new Fiat Chrysler factory

Given those factors, there is a great future for real estate here, especially if you can house hack.  I would love to talk more with you about your goals and how I can help you find the perfect real estate deal.

Cheryl

@JD Perry. Positively! This native Toledoan lives, works in real estate, and manages property, in Toledo.

I appreciate Toledo's strong neighborhoods, the architectural diversity, and property investment opportunities. We are blessed with active arts and sports communities, and several good colleges.

I buy and hold, but many do well with flips and BRRRR here too. The really intrepid folks house hack or do STRs. From a 2014 start, I have increased my portfolio to 17 doors. It's always great to hear that people are interested in investing imy hometown.

Many of my properties were fixers in C or D+ neighborhoods. What market segment do you target when buying?

@Michael P. yes, there is still good inventory in Toledo. But unless the property is a total dog, it sells fast. In better neighborhoods a move-in ready house can sell for over asking price due to competition.

@Patrick Froehlich: I moved back to my hometown Toledo, Ohio at age 61 to start a side gig buying real estate. I began with an auction property and a HUD house bought in my self directed IRA, and learned what I needed to know as I went. It has enabled me to retire without fear of life in penury.

I buy, rehab, and hold older single family homes in C neighborhoods. I now have 11 doors, plus 7 doors in another group, which is a comfortable number to manage. It enabl They cash flow well for me . I'm glad I took the plunge and invested in my hometown.

@Mitchell Cochell

I certainly will do that. Can you pm me with your desired email?

Good morning Stephen!  I am an investor and realtor in northwest Ohio.  I would enjoy joining you in a cup of virtual coffee and chat about the Toledo market.  

I am also President of Toledo Property Investors Network, a dynamic group of experienced investors and learners.  Topic of our May 5th meeting : When a Deal is Not a Deal.  I invite you to all of our online meetings; 1st Tuesday evening-main meeting, 3rd Wednesday at 830am.  If you PM me with your email, I will send you links to the meetings held on Zoom.

Happy investing!

I recommend Laplante Real Estate.  They have an active maintenance staff and their knowledgeable brokers have property management experience.  (In the interest of disclosure, I am a real estate and leasing agent with Laplante.)   If you want to explore further, pm me; I'll introduce you to Mike who can answer all your questions.