All Forum Posts by: Chad Boyers

 I'll let Pat know you said hi! 

How many places have you bought in the last 6 months for under $30k that you would say are legit class B properties?  I'm not convinced that there's much at all right now, on or off-market, that you can get for that price that doesn't need a good amount of work (which means it's not really a $30k property).  

@Andrew S., I partnered with someone on a fire damaged property over a year ago here in Toledo. Thought that even with the extra hoops to jump through that the numbers would be good. Fast forward, we ran into many walls, including permits, lack of contractors following through, and more. Ending up selling the house at break even to another investor and I was very happy to be done with it.

@Engelo Rumora

What B class areas are you finding properties for under $30k? What areas do you define as B class? They may be there, but it's really a needle in a haystack scenario, so I wouldn't go suggesting to an out of state investor to keep knocking on doors until they find something. They'll miss out on many other actual opportunities before they find one that fits this criteria.

I would suggest that most title companies will be able to handle what you are looking for. I frequently use Perrysburg, Midland, and Louisville Title companies. 

@Aj Parikh Mike P. has done very well investing in Toledo. I'm not his agent, but I know that he's been able to capitalize on both good cash flow as well as appreciation.

@Bob Stevens You’ve been missing out if you’ve not been investing in Toledo the past 10 years. I’ve got a friend that bought 10 SF about 3 years ago for $700k. Estimated value now: $1.5mm. I had clients that bought primary residences 4-5 years ago that sold for 50+% more than they bought them for. Appreciation has been happening here just like most other areas. We are continuing to see multiple offers on good properties as supply is still low.

@Alberto Leonard

As an agent, I've used pretty much every title company in the area and have been satisfied with them all. I'd say that Chicago Title is probably currently at the bottom of my list, simply because of some turnover.

Danberry Realtors is the largest broker in the area and also does property management if you want to check them out. (I'm not part of that team).

@Dave Poeppelmeier and @Mike Mocek are both great agents to work with. Investment properties are their bread and butter. I certainly worth with investors, but that is not the staple of my business.

@Stephen Anderson Thanks for posting your analysis.  Here's the big thing that I'm seeing: you're analysis assumes $2900/month income, but the current rents are at $1820/month. That's a huge gap to make up, and I don't think it's realistic at all. These are all 1 BR units (higher transition), the 2 BR units that sold recently are getting around $600/month. Your management fees will be closer to 10%. Water & sewer estimate seems a bit high based on these being 1 unit places and being in Toledo so no big upcharge like where you are. 

I think there's some money to be made on this property, but not a slam dunk like you were hoping for. 

Welcome @Nadia Bibbs! I couldn't let the LaPlante guys get all of the space on here :) 

I look forward to seeing how you flourish! 

@Darius Ogloza I'm in Perrysburg, we've got one down here now, so even easier!  My uncle lives in the Denver, CO area, has taken Gino's back home on plane flights and I think might have even had some shipped out there once or twice! 

Maybe that's a marketing idea for me; buy a property with me and I'll send you a Gino's pizza :)