Fix & Flip in Toledo

[Niv Nissim]

Hi everyone:)

Me and my partner are looking to do fix&flip in Toledo.

We would like to hear any information and or suggestions you’ve got :) 

P.s. - if you’ve got some recommendations on people we should get in touch with, let us know ✌️

Thanks!

[Christopher Abele]

@Niv Nissim

Suggestion: Spend at minimum a week in market with your own boots on the ground. A realtor can help on the sell side but the incentive structure is not there for the buy side. I would pick one zip code and spend a week talking to as many people that live in the zip code as you can find. Comps are changing rapidly and its important to keep an eye on valid comps, not just "its within a mile." There are parts of town where property values can swing 20% just by crossing a street. 

Most out-of-state investors that get burned in Toledo do so (first) because property values are neighborhood-based, no zip code based and then (second) because they aren't setting foot on the properties and relying on contractor photos which often do not show the level of quality. 

There is currently a hedge fund that's been operating in market. They've masked themselves pretty well. They own a number of potential "flip" properties but bought wrong and are underwater on them, so they're trying to salvage those deals. To that end, be vigilant in your DD. They are hoping to find buyers who will make the same mistakes that they did.