All Forum Posts by: Dave Poeppelmeier

@Steven Foster Wilson yes, I have been able to do it with a Commercial Loan. I buy all of my properties in my LLCs anyway, and I was able to perform the textbook BRRRR, minus the rehab, by finding an off market property at a great discount, and once I purchased it with cash I turned around and put a Commercial Loan on it and only have $1000 left of my own money in the house. I use Shannon George with Croghan Colonial here in Toledo and he is fantastic.

@Guy Gimenez You're absolutely right. But, Safeco Insurance has nothing in their underwriting about anything regarding "students", so that's who I have all of my Student Rentals insured with. @Charley C., just curious, why are you just renting a room at a time? I have never tried it myself, but I have groups of students who obviously are friends rent a house together, and takes care of most of your problems. Regarding a specific student lease, I really don't have one, because any good lease covers damage, quiet enjoyment, etc. What you want to do is set expectations immediately at the Move-In. I call it my "Dad talk". I have never (knock on wood) had any group of students severely damage or destroy a house, and if something happens (pretty sure a guy was drunk and fell in the shower damaging the knobs) they 'fess up to it pretty quickly. 

@Joshua D. I agree. There is just no sense of "doom and gloom" here. I grew up in Akron and I remember the complete sense of doom in the 90's when all of the tire companies and their headquarters fled for the South and cheaper, non-union labor. Toledo is no longer dependent on Detroit for it's economy, and the rental market here is unbelievably strong. I had an apartment of mine rented in 12 hours this past week with a $50 rent increase that didn't make anyone bat an eye. @Sachin Maskey I think Toledo is a great place to invest, I work with a Property Management company and am a Realtor here, so let me know if you have any other questions.

@Christine Alanes my coworkers loved it. Sadly, every single one of my close coworkers would want to get out of Health Care, they just don't have another avenue like what I have. @Steve Vaughan don't get me wrong, I loved working with my patients, and I felt like I was "making a difference", but it was not enough to endure everything else that the Health Care system, Corporate, and the Government throws at us.

@Joshua D. Yup, that's exactly what we do

@Caleb Johnson I'll be working as a full time Realtor as well as in our Property Management, in addition to managing my own rentals (for now).

@Dre Nichols I will have a W2-type job with my brokerage, working in our property management as well as being a Realtor, so that is where I'm getting Health Insurance. Buying it on your own is very tough, especially with any pre-existing conditions.

I cannot believe the day is almost here. Tomorrow, December 5th, I will retire after 20 years as a Physical Therapist. Most people would say "I can't believe you're just leaving that career!" Yes, I received a B.S. in Physical Therapy in 2000 (it's now 8 years and a Doctorate to be a PT... noooo way) that I worked extremely hard for. But, I have wanted to get out of PT and being an employee for over 13 years after being jerked around by employers, reading Rich Dad Poor Dad, and working with a MLM company that taught me an unbelievable amount about how to be an Entrepreneur. My wife and I bought our first rental in 2013 with money out of my 401k, penalties and all, and haven't looked back since. My wife became a Realtor 5 years ago simply to allow us to go see houses whenever we wanted to, and is now making way more than she was as a teacher with a Master's Degree (that we were paying for student loans on for well after she stopped teaching). I got my own Real Estate License this past May, and along with the 17 SFH we have (and growing) here in Toledo, we finally have enough income coming in through our sales/rental as well as the income I will make in working with our Property Management to allow me to walk away from the crap-show that is Health Care.

I'm sharing this not to gloat, but to show people that it is possible to get out of your job. I would love to say that with the income a PT makes, we were able to just go out and put full 25% down payments on everything and it was easy. It was not. A lot of crap hit the fan for us personally along the way. The Law of Attraction is real, and if you keep your goals in front of you, and keep thinking about it, it will happen. So if you hate your job, and are trying to figure out how to get that next house or duplex, keep working on it. It may not work every time, but it's going to work. It will keep building on itself, and before you know it deals WILL start coming to you because people know you are an honorable, hard working Investor. Good luck!

Cj, those are solid areas to invest in. Regarding schools, don't look so much at the school district itself (most of Toledo City Schools look horrible on the ratings website, it is what it is) but look at the neighborhood and the property values. There are very nice areas of Bowsher in South Toledo 43614, and even the areas of West Toledo in 43612 and 13 that aren't the holy grail of Washington Local can be solid buys. Rental demand is very strong right now because people remember the run up to the Great Recession and aren't getting fooled again buy stretching to buy a house they're going to regret later. 

@Cj Uckele Hi CJ, great to hear. Toledo is a great place to start investing. I would say just know what you want, where you want, and run your numbers. Toledo has everything from A class (Sylvania, Perrysburg, Ottawa Hills) to D class (43604-10), and a much lower point of entry into the market than other parts of the country. I own houses by UT myself and love investing here. I'm also a licensed Realtor here, so let me know if you have any other specific questions on anything. Congrats!