All Forum Posts by: Cheryl Mack

No, I Don't think that having housing assistance equates to irresponsible behavior.  I have been in many properties where private pay people rented and trashed the place.  Despite having generous incomes, some of them are utterly irresponsible with the property and leave a disaster behind when they move.  I don't see that the rate of bad behavior is higher among voucher residents.  

What I do see is that a strong screening process improves your chances of getting a responsible resident.  And all properties need to be managed and supervised numerous times per year; giving residents the idea that no one is watching and/or no one cares will be a sure recipe for disaster.  Many voucher holders are grateful for secure housing and are acutely aware of their responsibilities under the program.  Those who blow it off eventually lose eligibility.

@Vashist Dhanani: an algorithm can list a property and schedule tours. It can even estimate property value. An algorithm cannot weigh all factors in property value; it can't come up with creative steps in a difficult sale or purchase; and it cannot negotiate. No one sees the value in paying a realtor until a deal gets complicated.

One thing I have heard in the past 2 years is the possibility of a move toward buyer and seller each paying their portion of the commission. In my opinion this will be a good move, but will cause upheaval for awhile.

Seriously, being a Real Estate agent can position you to find and negotiate good deals for clients or yourself. The others who suggest you can earn your fortune there are right. College, if desired, can come later when you need a business degree.

Do just what the others say; get David Greene's books on realtor work and follow his process; you'll be impressed with where you are in 3 years.

 LaPlante Real Estate is my broker.  I work in the realty division,  but I have been with the company for years and I have watched it grow from the ground up. 

LaPlante property management can handle everything from a lightbulb change to full house rehab.  They have staff and maintenance crews, plus contractors who do large jobs. 

Not all property managers are alike.  You might call your top management choices, discuss the benefits of management with each, and see which seems like a good fit.

Good luck!

Cheryl

Sapir,

I can see a promotion tagline like "Simply call Sapir" in your future.  When people hesitate on your first name, either model how it is pronounced (say it out loud) or say it means Sapphire.  Most will get it and may find it memorable.  Which is, after all, the point.  Present yourself with dignity and demonstrate your expertise; that is far more important.

It greatly depends on which section of Prouty you choose.  It's a long street divided into sections and you need a good look at the surrounding neighbors.  

The section between Lodge and Wright street has some desirable properties.  I have helped others buy in the Prouty cross-streets Geneva, Ogden, Hampton, etc. where neighborhoods are a mix of owner-occupied and rental.  The section east of Anthony Wayne Trail is ok, taking it block by block.  Expect higher tenant turnover in this neighborhood.

Hello Inna,

In general, the rental market in Toledo is thriving, with good demand for rentals.  Owners are seeking investment properties here despite the onset of a Lead Paint Ordinance which starts for the first tier of properties on 6/30/22.  

43606 and 43607 zip codes encompass some good opportunity areas, and some to avoid.  In the neighborhoods, the desirable properties may be found on one block, but not the next.  The sweet spot is to find a home with good structure and mechanicals near alert neighbors who keep their homes in good repair and free of trash.  

Cheryl

Thomas,

What sort of issue are you having?  

I am a native Toledoan and real estate agent living and investing in Toledo since 2014.  We are buy and hold investors in 43612, 43613, 43608, 43609.  We have had most of the usual issues with tenants, Section 8, utilities, rehab, and more.  I have plenty of resources for buying, selling, financing, and rehab.   Do you have local property management?  Tell me: what part of Toledo investing frustrates you?

In the meantime, I wish you an excellent weekend!

Cheryl

 Bambi,

Connect with your local REIA or investor group. If you are in a larger metropolitan area, there is probably a women investor's group already running. Consider Meetup, if there is not a formal group near you. OR you could start a Meetup at a cool place and see who comes out. For example, the Toledo Property Investors Women meet at a winery every month.

In the group there will eventually be someone who wants to partner, or knows those who do.  Tell everyone you meet that you are looking for a deal and you want to partner.  Seriously, I have a friend who gets all her flip deals from random people she meets who wanted to sell but had not called a realtor.  She tells people that she buys distressed homes at church, at forums, at work, etc.  It works the same way with finding a partner.  Don't be shy; people like hearing news and will appreciate that you are sharing.  

Best of luck to you!
Cheryl

Hello,

Thank you to everyone who has responded so far!

@Ryan Pyle, I did try averaging and it worked as long as I kept updating the average.  I had a few residents whose bills went well beyond the average throughout the year; I kept having to re-figure until it wasn't worth it to continue.

To the Cleveland area respondents: Wow! The large deposit could be quite a barrier.  Do any of the assistance programs help tenants pay that deposit?  And yes, in Toledo the water bill follows the property and we are responsible for paying the bill if the tenant doesn't.  Still, if just some of the residents pay directly it will take numerous steps out of my work, so I'm trying it for 2022.

Best of luck to you!

Cheryl

Hello Fellow Sufferers,

I am reaching out to the BP community for feedback on how you handle water billing in Toledo.  

We are trying out use of Landlord-Tenant Authority Forms and waiting for results. 

Backstory: We have never paid water/sewer/trash for our residents, on the theory that people respect freebies less than things they pay for.  So in the past we have received the bills, entered them into our accounting program, and billed to the resident.  Problem #1 came when we didn't know they failed to pay.  So, we began downloading every bill every month...loading the bills into accounting...paying the city for all accounts...and billing the resident.  Some of them paid us timely; some of them didn't, but it was better.  That didn't cure Problem #2: two low estimated bills followed by a whopping big bill for actual use in the third month.  Problem #3: Residents never were able to see the bill unless we emailed it to them (yet another time sink.)

Although upgrades were meant to fix the sticker shock, it has not improved, but gotten worse.  By 2nd half 2021 I was getting such outlandish estimated bills (or no bill at all) I was ready to pull my hair out.  It was taking me 6-10 hours/month to sort out billing for DPU for each of 15 doors and it was difficult to be accurate.  I finally threw in the towel.  The lone option open to us was to get residents to sign the Landlord Tenant Authority Authority Form so they could get the bill directly and pay it themselves. (DPU offers 3 payment options)

So far so good.  We will need to check each account each month to see who has paid and issue 3-day notices if not paid or under payment plan.

I am still not pleased with the billing system, but the residents like getting a bill in hand.  They will still be at the mercy of the Low bill-Low bill-HUGE Bill cycle but I can't help that.  What is your experience? What methods have you tried, and how well did they work for you?

Cheryl