All Forum Posts by: Aaron Bashore

Totally agree! You got robbed by a dingo! 

This doesn’t represent Toledo as a market. I invest in both Memphis and Toledo as well and have actually found the renter pool to be much higher quality in the north.

My main man Dave P with LaPlante in Toledo has helped me buy 10 SFH all at or below market value in the last two years creating over $100k in equity for us. Look him up and he'll take good care of you.

Thank you Andrew so much for your thoughtful response. Your coworker at LaPlante Dave Peoplemeier has helped me with this a lot too. Great job, really!

I've never heard that perspective on it. Very helpful. 

Hello Everyone,

I own five single family homes in Toledo, OH. I just bought one house (3601 Dean) and the new tenant really wants to do a rent to own deal. I am interested in this idea because I think it could cut down on Cap X and repair costs. Also, he seems to be a really good young man at 23 years old with a new baby and wife. I want to help him out in the way that I would like to have been helped out.

I bought the house with a partner with a 100% loan from a private lender at 5%. 

Any advice on how to structure such a deal? 

Hello Everyone! I have a friend in Germany who wants to buy a rental property in Memphis, TN. He doesn't know how to go about filing for an ITIN or creating an LLC. Does anyone know a good CPA who could offer him these services?

Thank you!

Thank you everyone for your replies. I am offering 130k. The house was built in 1960 and doesn’t have a bathroom in the master bedroom so I’m hoping it can rent for $1,300. Maybe that’s hopium? 

I’m calculating 10% cash on cash. Not a killer deal. I have a property in Toledo that achieves 30% but no hope of appreciation. 

Thank you all very much for your responses (except for the agents in Columbus who could only advice to buy in Columbus =). 

Its especially helpful to get the local knowledge from Lee and Priya. Will be in touch. 

I am looking at a 3/1 in South Lebanon Ohio for $150k. It is a small town in a rapidly increasing property value area. 

My concern is that the are has an 81% home ownership and $78k annual average income. Will anyone rent and stay in an area with high home ownership?

i have rental houses in Memphis, TN, Dayton, OH and Toledo, Oh where the population is on the decline but there is a home ownership rate of 50% (national average is 63%). 

The reason I am looking in this area is because it has great schools and a rising population. I am nervous being so invested in the other three cities with shrinking populations. The cash flow in this area is less but I am expecting appreciation where I don’t see any appreciation in the other areas.

Opinions?

Hey Tony! I love your name and love the deal. Could you tell us the details of the rehab costs? I am planning on doing one in Toledo.

Managed by EPM. Rent is $750 each side. Only one side currently rented. The other just finished rehab. 

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $177,000
Cash invested: $10,000

4 units in red brick apartment building built in 1950's on same property as existing home which is a single family with an efficiency apartment built on back built in 1920's.

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

Multi-Family interested me because of the compounding affects. The owner was willing to come down to 177k from 210 because we came in with a cash offer from a financer.

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

Found it on Loop Net. We negotiated through our realtor: Rodner Literal.

How did you finance this deal?

Private loan.

How did you add value to the deal?

We haven't done any work to it.

What was the outcome?

Cash flow from day 1

Lessons learned? Challenges?

The parking lot estimated to cost over $20k to repave. We expected $10k. Warning: Asphalt is stupid expensive.

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

Rodney Literal is a great realtor and property manager.