All Forum Posts by: Dave Poeppelmeier

Investment Opportunity in Toledo's Historic Old West End! 

Now available: 4 updated multi-family buildings on one parcel featuring 14 fully renovated units!
Improvements include new roofs, updated heating systems, fresh exterior paint, and full unit renovations.
Currently offering a 9.62% CAP rate – an ideal addition to your real estate portfolio!

Prime Location:

• Minutes from Downtown Toledo

• Near St. Vincent's Hospital

• Quick and easy highway access

      Features include:

• Coin laundry

• Parking for 14 vehicles

• Beautiful stucco and wood exterior

• Updated mechanicals and full basements

Offered at: $850,000
Annual Net Operating Income: $81,763

Showings available after an accepted offer.
For more details, contact:
Dave Poeppelmeier, REALTOR®
Keller Williams Citywide
(419) 392-1792
[email protected]

I would add to this that college markets can be wildly different from one another. Here in Northwest Ohio, Bowling Green State University is a college town with very limited housing and very high demand, and getting into the market is an expensive (proportionally, this is Ohio after all) proposition. The University of Toledo is in central Toledo, and the Student Housing area per se is confined to 2 neighborhoods adjacent to campus. Anything past that, you could have Students rent but there's no premium on the rent for being walkable/bikeable to campus.

Be sure do your homework on when the leasing periods are for each school, local regulations (some college embrace Student Housing, others fight it), etc. Despite some extra hoops and hand on needs, I enjoy being in this niche. 

@Ethan Tomlinson yes, congratulations on taking the first steps!!! I agree, I wish my wife and I knew about house hacking back in the day, that would have made getting started much easier!

I would say your first step is going to be getting your financing figured out. I would find a lender in Idaho (stick with local lenders that know your market) that specialize in first time homebuyers. There are a ton of options out there (FHA, conventional, etc) depending on your situation. It also depends on your market. If things are cooling off for you, then you'll probably have more creative financing options (more, not tons) or flexible sellers. If you're still in a seller's market... good luck unfortunately. You just need to stay committed to your goal. If that means saving up 20-25% for a down payment on a conventional loan to get into a house, then so be it.

After that, then yes, find a recommended Realtor in the area THAT HAS INVESTMENT PROPERTIES OF THEIR OWN! I cannot stress that enough: any Realtor is going to say "Oh yeah, I work with investments!". News flash: they have no idea what they're doing. 

Once you get these 2 parts of your team figured out, you'll be well on your way for your first house hack. Best of luck to you!

Frank Acala with Accountable Pavement: 419-307-2262. He has put in 3 asphalt driveways for me and they have turned out great and I think he's very fairly priced. Great guy too! Hope that helps. 

@Adair Holquist that's a fantastic plan, and what I wish my wife and I had done way back when! Regarding Toledo and it's suburbs, you're right in that it's a tight market with low inventory right now. Are you planning on purchasing with financing or cash? Your odds are better to get a SFH than MF, but if you can get into a MF then the rent can help pay for your mortgage/renovation.

The bottom line is that, unfortunately, there are no easy "deals" out there right now. If a property is appropriately priced, there will be multiple offers on it. If it's too beat up and a mess, then it's not going to be something you can move into. If you plan on holding it for the long term, 5-10 years, then the numbers will improve over time of course. 

But, I think it's totally worth it for you both. Depending on your overall plan, if Toledo is going to be your home for a while, buying a house or property to house hack every 1 or 2 years is a fantastic way and cost effective way to start to build a portfolio. I'm local, an investor, and Realtor, so feel free to reach out if you have any questions. Best of luck to you!

@Elvin William unfortunately everyone's insurance is continuing to skyrocket. I used to be P&C licensed myself, and one of my best friends owns an Insurance Agency here in Toledo that I use for all of my rentals and personal insurance needs. I would be cautious regarding "cheap" insurance (as if inexpensive insurance existed right now). Ask whomever you speak with about what will and will NOT be covered. Are you looking for only a total loss? What about the sewer backup or pipe freezing/exploding? What if your residents start a fire in the kitchen but stop it before the house burns down? I'm happy to connect you with my friend, but depending on what you're looking for, he might not be your best option. 

Hi Evan, which areas of Toledo are you considering? I would suggest the higher end hotspots of Perrysburg, Sylvania, and the Maumee/Whitehouse/Monclova area. 

 Or... you don't hear from the people that are successfully investing in Ohio. That's the whole point of BiggerPockets, is people asking for help during their own Real Estate journey. Do you want to hear people posting about "I'm so successful!!!! Look at my 1% ownership in 1053 properties!!!". I don't. @Drew Clayton it sounds like this PM isn't licensed, and if he is, his broker's license is in serious jeopardy. I hope it works out for you. 

Welcome @Zack Whiting! Good job on getting started. I'm here in Toledo and have my rentals here as well. Let me know if you have any questions on anything.