All Forum Posts by: Brian Ploszay

I am not quite fluent on these types of deals, but I thought that conventional owners occupant homes would still qualify a 4 unit building.  And part of the building income would contribute to your qualification of the loan.   Then they qualify your income if you can afford the home.  Something akin to a house.

I'd talk to a few local loan officers.

It didn't appraise twice.   It is a sign.  Walk Away.

Your cash flow stream won't easily make the hole - that unfortunately you are starting out in.

I am not a big fan of "turn key" investments.  Often, the long term expenses are not fully understood by beginners.  Without at least some appreciation, this may turn out to be a negative deal for you.  You may be overpaying, as you said.

You lost a couple thousand, that's okay.  It is a learning experience.  Might I suggest you try investing locally in Texas.  Great long term potential in parts of your State.

Sorry.  There are rules for taking security deposits and you didn't comply.  You may expect the others to do the same now.

While the properties may not cash flow right away, why not try...San Diego.  Your own backyard.  

It is good long term real estate.

This is, perhaps the strongest seller market I've seen.  I am talking mostly about single family houses.  Comparables, only a few months old, are not a good snapshot of the market.  Values are going up.

There is readily available 20% down investment loans.

@Mike Mocek   I wrote in my post that I have been to Toledo numerous times.  Too many times to count, I have family there.

Toledo is still losing population, despite some of the good investment(s) that you reference.  Can't get around the fact that there is "surplus" housing and that shows up in some of the pricing.  

I want to be careful here - I am not bashing Toledo.  My clarified point is that outside investors should be careful in buying the lower end housing stock.

@Dave Poeppelmeier   I do not live in Toledo, nor own investments there.  I have family from the region so I've been there countless times.  And I looked around for real estate about a decade ago.  That is when I formed my opinions about Ohio.

Yes, Toledo is an area that has superior cash flow returns, but over time, less appreciation.  All relates to the fact that the area has lost population over time.  And there are better parts - I've been to Sylvania.  

I believe in investing locally, so local Toledo investors surely know what they are doing.  When going to outside markets, where I don't live, I prefer appreciation.  And buying very strong assets. 

My warning to potential outsiders about this town is that they can end up buying investments in weaker parts of Toledo.  The surplus housing stock that I was mentioning.  Houses below 100K may not be a bargain in the long run.  

@Michel P.    Toledo is a good example of a city that you need to be careful.  The population in 1970 was  almost 400,000.  Today it is about 275,000.   The real estate has "surplus" housing as this population left.

And that surplus housing is reflected in the low pricing.  The demand isn't strong.

Go to Zillow and type in houses in Toledo under 100K.  And then under 50K.  Lots of them.  Try that in Phoenix, Nashville or other markets that population has grown recently.  Places where people want to be.  All houses are well over 100K in those markets.

Mr Ratiu's statistics are interesting, but the view on the ground is that the City is not growing.  Recent populations statistics suggest this as well.  Because the real estate is cheap, landlords can get some high cash flow returns, provided they can rent their units.  Appreciation is another aspect for making money.  Toledo's appreciation will be muted.

Again, Ohio focus in Columbus is a smarter bet.

@Jenni Moore    Eviction attorneys are usually local.   Ask other local landlords for a referral.  Or even google for such lawyers in your area.  Interview the attorneys briefly.  Sometimes lawyers do a little bit of everything.  You want a dedicated attorney who routinely does evictions.