All Forum Posts by: Dave Poeppelmeier

Great question for... an attorney! Go straight to the horses mouth by talking to an attorney here in Toledo or somewhere in SE Michigan since they are part of the Toledo market to a point, you might find someone who is dually licensed. I can give a couple contacts if you need someone. 

@Maya German it depends on what your goals are. If you can afford to stay in San Diego, they only make so much Real Estate there for one of the best climates in the world. We know inflation isn't going anywhere but up, so if you can afford to buy now and hold onto it, you will get the appreciation and higher rents down the line, depending on what happens with Rent Control there and in CA as a whole. We are seeing lots of people come to Ohio from the Coasts and other parts of the world where you can get into the market much cheaper and still see good returns. I live here in Toledo, where it is mostly a Cash Flow play unless you go to the A and B class areas of the suburbs and select parts of Toledo proper and you can get the appreciation of the suburban sprawl as well. Wherever you go, like @Brandon Sturgill said find your "boots on the ground" through Property Managers that know what they're doing, agents that work with investors, etc that can guide you through the intricacies of the local markets. David Greene may have written a slightly popular book on this subject... 

@Linzey Ledesma glad to hear you're looking at Ohio! Toledo is a great cash flow town with a pretty low cost of entry. Columbus gets very good appreciation due to crazy growth but is super competitive right now (like it is most places). I invest in Toledo and live here, so let me know if you have any questions about Toledo!

Hi Vicky, I think you will notice that inventory is tight all over and competitive everywhere, especially in desirable markets. If you are wanting to invest out of state, you're in the right place here on BP to find local realtors, Property Managers, etc. Like you're experiencing in LA, if a property is reasonably priced and in good shape, it's gone in days with multiple above list price offers. I would get your financing together (make sure if you're using a CA lender they're licensed in the state you're looking at), and find your local resources before even looking at properties in an area. They will help you steer clear of properties that look good on paper but are just not good investments. You might want to check out David Greene's book on long distance investing as well. Good luck!

You could drive the railroad ties into the ground with pieces of rebar (if the ground isn't frozen too solid). You have to slap them while saying they aren't going anywhere when you're done, Dad Rule. 

Agreed, it should be in your lease. I always discuss it during the move in process, that if there are drain plugs that are found to be their fault, they pay for the plumber. I've had to charge it a few times and nobody has ever pushed back, especially since your plumber has "evidence". If they do push back , then give them their warning and document it, so next time you can just say here's the bill. 

Wherever you want to invest regarding Student Housing, find out the culture of the University/Student Housing. I love student housing around The University of Toledo and is solely what I own, but it is very different here than say Bowling Green State University 20 minutes away, or a huge school like Ohio State. Find out when the rental seasons are (spring here, fall in BG), what roughly each room goes for in a nice house vs a pig sty, what students are typically responsible for, etc. Also, be ready to rent to 20-year-olds who have no idea how to live in a house. Not that they are going to destroy it, they just need to be told that they need to set up the gas, electricity, etc, as well as knowing that a leaking toilet is not OK, nor is the dripping faucet, or the fun collection of bugs they are seeing around their beds. If you have $100k to invest, like everyone else has said take advantage of the low interest rates and around here, you could get yourself into 4 or more houses instead of 1. Let me know if you have any other Student Housing questions, happy to help. 

@Tasean Lee Congrats! You've already done the hardest part, is jumping in and making your first purchase. You are correct, it's a slow but reliable process. What kind of property did you buy? 

Most FSBO people just don't want to pay an agent. If your agent expects the typical 3% buyer's commission and you pay them out of your own pocket, they should be fine, especially if they've been showing you other properties. Did you sign an Exclusive Buyer's Agreement with your agent? Don't be surprised if they aren't happy if you go buy a FSBO if you've been working with an agent.

One good way to talk to someone about 0% seller financing is to talk about the tax advantages for them. If they sell a house (or group of houses), they have to pay capital gains on those for the current tax year. If they don't need the money immediately then they can spread that income hit across many years.