Networking in Youngstown, Ohio

[Lester Scott]

Greetings Bigger Pocket community. I’m a real estate investor in Youngstown, Ohio looking to network with some local figures in the market. My interest currently are fix and flips, as well as buy and hold opportunities. Would love to connect with someone familiar with the local market

[Lori Williams]

I do all my investing in Youngstown and have been since April 2016.

I am currently developing a rental community for professionals who work in downtown Youngstown. 

Last Friday, I put a small 3 bdrm house up for rent. Had the lease signed by Sunday afternoon to 2nd walk through (older sisters with great pensions) and deposit, 1st, last and partial mo paid by Zelle Monday morning. The house is renting for 1350.00.

From that rental ad I got an application on Sunday afternoon for another 3 bdrm that will be available in August (retired military and pharmacy tech). This house is renting for 1300.00

Also from that rental ad I got an application Sunday for a duplex I just bought, the lease was signed (based on pics and rendering of floor plan, not actual walk through) and deposit, 1st and last paid by bank certified check on Tuesday. Move in set for May 15th - June 1st (I'm in the process of removing tenant and then have to rehab it). This unit is renting for 1400.00.

And finally from the same rental ad, we took an application for a ranch house that will be available on April 1st (current renters moving out of state). This house is renting for 1750.00.

So from one ad, we filled 2 rentals and took applications for properties that won't be ready until April and August.

We have decided to either do a private loan paying 15% flat rate (preferred) or alternatively, we are willing to bring in an investor to finish the rehabs on our last 2 purchases (2 duplexes) so we can get them done faster because we can fill these doors quickly and move on to the next 2 purchases on this block. We literally only need a small amount to finish these ceiling to floor C2/Class B rehabs/remodels.

Youngstown has some great opportunities, but not all areas of the Yo are equal, so it's important to know your areas. In some areas, you will have little to no appreciation and low income renters. In a few areas, you can have higher end rentals and well qualified renters and decent appreciation. You can go 2-3 streets and be in a whole different neighborhood with an entirely different economy (it's usually not this drastic, but this is why doing your research is so very important, so you end up with a property that is going to cash flow well and appreciate on the back end)

I will tell you this: I've never bought a property from a Ytown wholesaler. All my properties have either come from the MLS or from ppl seeing me work and approaching me (tho I expect to have to approach some owners soon so I can keep the progress going on this development :) )