All Forum Posts by: Mike Mocek

Hey @Jeremy C. I am always up and ready for a fruitful chat!  Especially about real estate lol.  Tampa is treating me fairly well actually, I placed myself in areas where they are upcoming, Seminole Heights and Surrounding areas.  For myself, I find that it is a great area to be in.  I am actually wrapping up 2 more properties this year down there.  The numbers do not always make sense on a calculator however, with overall steady appreciation and a great market turn I find it successful.  It is not like the Midwest though lol, Midwest brings some positivity along the way, steady rents and inclines depending on where you go.  Lets connect and chat!

Hey @Neil Painter Welcome to BP and investing, sounds like you are off to the right track!  I invest in Cleveland, Akron and Tampa as well as live and work in Toledo (NW Ohio), so if you ever want to chat about Real Estate in other areas or just in general lets chat :)

Hey There @Jeremy C. It is always nice to speak with individuals that are likeminded, especially in this business!  I personally invest in Cleveland (Pulling out though), Akron, OH and Tampa, FL.  You will find, especially when speaking to other investors, that everyone has their own goal and ideas in mind (And that is ok!).  Ultimately, it is what works best for you and your goal.  

I currently am a Realtor in NW Ohio, I work with investors all over that come to Toledo because the cap rates are amazing! Toledo also offers varies types of neighborhoods and style properties within those neighborhoods. For example, you will find a MFH and SFH in any class neighborhood.

When reviewing Toledo properties you will discover that the Toledo market is different from all others, not to mention, extremely low purchase prices on fixer uppers as compared to their retail value, Toledo is full of promises. The need for quality residential and commercial space has become astonishing, making the right investment in Toledo is sometimes not easy with so many different projects to choose from. Whether it is Single-Family homes, Multi-Family homes, mixed use or any other type of property, with such a high demand in Toledo, it rarely stays on the market for a great length of time.

Some reasons why so many people are flocking to invest in this cosmopolitan community would be:

- Low inflation
- One of the safest cities in Ohio
- Low cost of living
- Growing metropolitan

If this sounds like something that your goals might like lets chat, I am always open to discuss my personal experiences as well as discuss the Toledo Market.

Hey @Alissa L. I think in most areas you can find cash flow.  I cash flow beautifully in Tampa, FL but others would argue otherwise.  I help a lot of clients in Toledo with some solid cash flow properties, if you want to learn more about Toledo, I will be more than happy to discuss the market with you

Great question @Jorge Rubio and honestly I thought that as well when I started writing offers for my clients however, I will say this.  At the beginning of last year, appraisals were hit differently and a bit more of a struggle, but they made it work.  Now that we are a year into this crazy market, I am seeing that comps and appraisals are going higher than listing and offer prices (I know right, crazy!).  Not sure what market you are looking to buy in, but here in Toledo, things have been pretty crazy.  I do see it leveling out though, prices are starting to get back to the median range so that is positive.

Ultimately, here in Northwest Ohio, I see the playing field becoming complacent to where it was before a crazy market.  Sure we still have hugely over listed priced properties, if a home is on the market longer than 5 days, you know that the price is too high.  We are slowly becoming a buyers market here!

Let me know if you have any other questions or anything else I can assist with!

Hey @Maria Frant That is a great question, I learned a lot from the other comments.  Typically, I have only had one or two contracts that I have written for clients, end up going to review with a lawyer, not including the Land Contract deals.  I am not sure how much they paid the attorney to look at them however, our contracts are given to us (Realtors) and are defined on a State level, and than modified to a regional area, and finally, a brokerage level.  Ultimately though, they go untouched through the process.

To directly answer your question, it never hurts to have a third party involved, someone that has a non-biased opinion either way :) 

Hey @Jamel Brown I will say, @Roger Loesel nailed it right on the head!  With a looming Covid everywhere, sellers sometimes do not want to deal with multiple people walking through properties, deal with a highest and best etc.  I think that if you were to get a pretty good contract on the table with a realistic offer, you are in the game!  

Hey @Junior Jaquet Hernandez great question, and honestly there are some amazing answers in here as well.  I believe the root of the quesiton should be answered, where do YOU want to be.  I personally invest in Cleveland, Akron and Tampa, FL and I am pulling my properties out of Cleveland simply because, I do not like what the market has become (I purchased in 2013), but that is my personal preference.  I work and live in Toledo, and I also help OOA investors invest in Toledo and I really like what I see my clients get at the end of the day.  

For example, I had a client buy a property for $30,000, he put $45k in it and it is getting ready to close for $120k.  Did he get lucky, it is possible, is it the new norm .. very possible.  

When reviewing Toledo properties you will discover that the Toledo market is different from all others, not to mention, extremely low purchase prices on fixer uppers as compared to their retail value, Toledo is full of promises. The need for quality residential and commercial space has become astonishing, making the right investment in Toledo is sometimes not easy with so many different projects to choose from. Whether it is Single-Family homes, Multi-Family homes, mixed use or any other type of property, with such a high demand in Toledo, it rarely stays on the market for a great length of time.

Some reasons why so many people are flocking to invest in this cosmopolitan community would be:

- Low inflation
- One of the safest cities in Ohio
- Low cost of living
- Growing metropolitan

If you want to chat a little bit more about different markets I am totally available to do so :)

Hey There @Libby Burroughs Congrats on making the jump into investment.  I invest in Cleveland (Although I am getting out of it), Akron and in Tampa, FL.  I am pulling out of Cleveland so I can bring my investments to Toledo.  I believe you will find, and regardless of who you speak to, every market brings something different to the table.  When reviewing Toledo properties you will discover that the Toledo market is different from all others, not to mention, extremely low purchase prices on fixer uppers as compared to their retail value, Toledo is full of promises. The need for quality residential and commercial space has become astonishing, making the right investment in Toledo is sometimes not easy with so many different projects to choose from. Whether it is Single-Family homes, Multi-Family homes, mixed use or any other type of property, with such a high demand in Toledo, it rarely stays on the market for a great length of time.

Some reasons why so many people are flocking to invest in this cosmopolitan community would be:

- Low inflation
- One of the safest cities in Ohio
- Low cost of living
- Growing metropolitan

Essentially one would argue that the population decline is a factor but personally, that does not bother me.  Essentially every area will have people, have renters looking etc.  What you can bring to the table is diversity in a dynamic that fulfills the city.  Stand out from the crowd :)

I am local in Toledo so if you ever want to grab coffee or what not let me know!

Hey @Bryson Goforth, There are pros and cons to doing it without an agent.  If you found an agent that is willing to help you through the paperwork process, I am sure you can offer a slim window of commission, I have actively done this.  

With that being said, I have clients and friends that do not always want to use me as their agent, I refer them to the local board of realtors for all of the required documents needed for the sale.  The biggest documents that I give my friends/clients would be (Keep in mind I am in Ohio):
-  Purchase Agreement
-  Property Disclosure
-  Lead-Base Paint Disclosure
-  List of any improvements made
-  Copy of any warranties that are to be transferred

If the property is occupied with a tenant:
-  Copy of the Lease
-  Copy of the lease ledger

I am available if you want to PM me with any additional questions.  But don't let it intimidate you, my first two purchases were without an agent and I learned quickly, that an agent has more value than I thought haha