Toledo, OH - Buy & Hold

[Gurgagn Chand]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $67,000
Cash invested: $22,000

Very first house purchase, that too out of state. Single Family Home in the Scott Park neighborhood of Toledo, OH. Downpayment came from proceeds of a land flip bought at an online tax auction (**********). Spent $10k for cosmetic renovations (paint, kitchen, plumbing, minor repairs, etc.)

What made you interested in investing in this type of deal?

First deal to get my feet in the door.

How did you find this deal and how did you negotiate it?

Found on MLS through an agent I met virtualy. Told my real estate agent my buy box and he was able to negotiate on my behalf.

How did you finance this deal?

Conventional loan.

How did you add value to the deal?

Cosmetic renovations including fresh paint, kitchen cabinet paint, stainless steel appliances, and minor plumbing repairs.

What was the outcome?

Current buy and hold property.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Arman Singh is an amazing real estate agent and LPG Management provides exceptional remodeling services and property management. Charles Scheib is a local lender in the Toledo area and he was able to walk through the process for financing. He is a straightshooter, no BS.

[Engelo Rumora]

Quote from @Gurgagn Chand:

Quote from @Michael Smythe:

You've got $90k into it, what is it renting for?

 $67k purchase price, $22k cash out of pocket - it's a small 2bed/1bath and currently rents for $995. 

LPG is top notch.

I'd say they are better than us.

You probably could have bought cheaper mate.

Just my opinion.

Speak to LPG on the rent but again, they are top notch and know what they are doing.

We like keeping 2 bedders around $800pm max for less turnover.

$995 is great rent but you also don't want to evict if tenants can't pay because turnover costs can kill the ROI.

Just my opinion