Anyone have properties in Toledo area?

Question

I have been looking at some of the mid-tier cities across Ohio and have started to look heavily at the Toledo area. Has anyone purchased property in that area and had success recently? I have seen some properties for dirt cheap prices but just don't know if they would yield a return? I would be looking to BRRR. Would love to get some thoughts on this if you have specific experience in Toledo.

Thanks!

Andrew Fidler · Answer

Everybody loves to hack on Toledo, it’s a fine town and my portfolio has taken me from my day job to independence.

As Engelo and I have discussed numerous times- if you buy in the hood with no advisor support and lacking management and boots on the ground you will fail spectacularly...the same as you will in any market regardless of the ease of success.

Invest carefully, leverage carefully, and establish mutually beneficial relationships with professionals in your market and you will do quite well!

Engelo Rumora · Answer

Thanks for the mention Chad and Andrew,

Hey Tyler,

Thought I'd chime in lol

For many years now I have been preaching that I don't know of a better market than Toledo where you can get a better "Bang for your Buck".

From amazing cashflow on buy and holds to profit margins on flips.

It just doesn't get much better than this.

Because Toledo is a tertiary market it stays under the radar and doesn't get the same competition as the bigger cities across the Midwest.

As the saying goes "Business is easy, people make it difficult".

Finding the right people will be your key to success in any market.

Since you are based in Cincinnati and since that market is not too different from Toledo, you might as well minimize your risk and invest in your own back yard.

Cinci has much more upside potential than Toledo.

Toledo has better cashflow and a lower entry price.

No matter what you decide mate, you need to find the right people and you will do well.

Toledo has been great to us/me and we have done extremely well over the past 5 years.

Happy investing and I wish you much success

Chad Boyers · Answer

Columbus is a growing market, for sure, but the prices have skyrocketed past what many people can invest, especially if a first timer.

You can absolutely make money in Toledo, just ask @Engelo Rumora!  I have personally only done a few flips, so haven't used the BRRRR strategy.  I know people that have with success.  Some of the cheaper areas of town may not be great for that strategy simply because they may be hard to refinance (<$25k for example), but there are definitely areas that the strategy can work.  For really low price homes, you would maybe need to purchase multiples in cash and then do a bundled refinance.

Michael S. · Answer

Account Closed We’re Out of State investors from San Jose CA. We’ve done several deals in Toledo over the last couple years now. There are plenty of opportunities in Toledo. Success or failure there will certainly depend on your ground game. Without the right team, it can potentially be a nightmare scenario. That said, buying right will also be of critical importance. Being at a distance, and from my experiences there, you’d need to take a very critical look at your strategy and criteria. Focus will accelerate your success. Build the right team, and buy right. Simple right? Feel free you reach out if I can be of help.

Daniel Kramer · Answer

Account Closed Now you got my brain turning... Have you looked 90 minutes south to Lexington? My wife went to UK, so I've been there dozens of times. I'm not sure what the prices are as I wasn't interest in real estate back then, but my understanding is that they are not outrageous. Beyond the college housing if that's not your jam, there is a TON of medical there. Medical is great for residents looking for extended stays, where you might set up shop as an Airbnb but then find the right person with a stipend that wants to stay longer and book them for a few months. There would be a challenge in that anyone that you bring along on your "team" would have to be licensed in KY if their occupation requires (realtor, attorney, etc). Tenant laws might be a tad different, but nothing that is bringing the concept to a screeching halt.

Daniel Kramer · Answer

Account Closed completely. Plus, listen/read anything by David Greene, and investing from a distance is 110% possible. But this is a rare case when I would encourage you to look in your backyard. I'm not an expert, but my best friend lived in Covington KY for a couple years. It's an interesting area... much cheaper than Cinci proper, it had a bit of development going on, a nice park, views of the city, probably lower taxes. That's just an example, I am sure there are penetrable markets a little closer that you will have a better handle on than something long distance.

Engelo Rumora · Answer

Agreed.

I own condo in East Price Hill that I paid $19,000 for and it sold for $90,000 back in the day.

I see a tonne of potential in that area due to how close it is to Downtown.

The outskirts of the Incline District is my top pick for Cinci

Thanks

Daniel Kramer · Answer

@Tyler Begley There are deals everywhere. May I ask why you haven't considered your backyard, Cincinnati? Toledo has its benefits but as a beginner I would think that there is some success to be had in the nasty 'nati. It might be a little more expensive than Toledo, but I can't imagine it's completely out of reach. You have a huge advantage knowing your neighborhood.

Dan

Edwin Martinez · Answer

@Tyler Begley cheap doesnt always mean goood alot of the “cheap” houses are in bad neighbor hoods in Toledo. I suggest u look at columbus Oh that market is turning around goood look at the population growth (simple google search) see on city-data.com you’ll see crime rates have been dropping dramatically. And also increased job growth. Columbus is goood market in OH best of luck

Anyone have properties in Toledo area?

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