All Forum Posts by: Dave Poeppelmeier

Quote from @Jack Smith:

@Christopher Sandys

Hi Christopher, I am only a casual observer in this, hearing bits and pieces through my colleagues in that area I know through OREIA.  You sound pretty well in tune with this (fantastic!) and all of the rest of us in the state have been watching it closely, fearful of this kind of legislation spreading (has already into Cleveland, maybe also other cities in the southern part of the state).  

Are you connected with the Toledo Property Investors Network?  https://www.toledopin.com/ I'm not sure if Toledo REIA is participating in the lawsuits.

If any of the readers of this thread that are investing in Toledo are not actively involved in one of the area REIAs I would greatly encourage them to rethink that approach!  

Toledo PIN was the spearhead for the first lawsuit against the city that was overall successful. Then the city changed a couple of things and slapped it right back on the books. The current lawsuit is being lead by a couple of other big players in the Toledo RE market, but not PIN. Same attorney though. 

@Nathan McBride each tenant has their own portal and account, but they're all moved in under one unit. You tell them that they need to have a zero balance by whenever, and it's up to them to figure it out. If it's not fully paid, then late charges start to apply to the entire unit. As long as you educate people when they move in that this is how it works, they don't usually have a problem with it. On a side note, I have all my students and normal renters on a single lease, I don't rent out per room. You talk about headaches...

If you're in Baton Rouge, I'm assuming you're renting to a lot of LSU Students. I do Student Housing, and there's no way I would ever require one payment. This isn't 1998. My Brokerage uses AppFolio for our Property Management, and you can accept multiple payments with no problem, so I don't see the issue there. If it's a personal choice, that's fine, but what I tell my renters is I don't care how you get there, but the rent needs to be paid in full. It's up to them, legal adults, to figure it out amongst themselves. You want them to be accountable to each other, not you. You're not their Dad. This goes with any unit that has roommates, college kids or adults. Hope this helps. 

Quote from @Corey Duran:

I own 14 doors in Toledo and haven't had anything come to my mailbox yet about needing to have my properties inspected yet.. I have been hearing for years that they are trying to pass something but haven't heard anything in over a year.

Should I be concerned? Following to see what you find in case I need to start prepping.

 Yes, you should be concerned, depending on where your properties are. They're not going to send anything to your mailbox, they want your fines I'm sure: 

Rental Registry and Lead Safe

The city has an active lawsuit against it regarding this ordinance, and the attorney has filed an injunction it appears since the city announced on March 1st that the first 2 census tracts whos deadlines have passed are now due on March 31st. 

Quote from @Raj Parasuraman:

Hi All, just wondering if the ordinance has been permitted to proceed? I knew that it was placed on hold last year while the legal case was in the courts. 

I have just received a letter from City of Toledo that two of my properties need to be certified by the end of this month.

Yes, if your property was in the first two census tracts to be inspected, the city announced that you need to get it done by the end of the Month. Here is the motion that Andrew Mayle filed on 3/2 that asks for an injunction for this new deadline: http://lcapps.co.lucas.oh.us/P... If you really want to go down the rabbit hole on the Lead Ordinance, you can see everything that has happened since it was filed here: http://lcapps.co.lucas.oh.us/P...I don't know if the injunction happens, but nevermind the fact that we're supposed to get 4" of snow on Friday, but be sure to paint those windows and soffits! 🙄

Contact @Chris Wharton, he is in Columbus but works both in Toledo and Cleveland. You can find properties here in Toledo for $75k that will need a full cosmetic rehab in a C/C- neighborhood, but you'll find you can get dollar-to-dollar improvements in your ARV for what you put into it. $75k house + $15k Rehab = $90k ARV.

@Carlos Joseph If you're looking around UT, are you just looking for that geographical area or for designated Student Housing? Despite the name, N University is definitely NOT a Student Housing area. But, it is less than a 5 minute drive to UT. I invest ins Student Housing around UT myself and am a Realtor here, let me know if you have any questions. 

You can use a pretty typical long term rental lease, but things that I have added to my Student Rental lease:

- If they leave any contents behind at all, they forfeit their entire security deposit. Otherwise, they'll leave old couches, chairs, etc they don't want to move to their new place. 

- Absolutely no subleasing. You want to make sure you know who is living in the house, and if they want to add/subtract anyone, make them go through the full application process.

- Be sure to give yourself a week or two (I do two) between groups, so my leases run Aug 1- July 15. 

- Just make extra lines for the cosigners to sign, and designate them as cosigners and not leasees. 

As always, consult your attorney to make sure you can do this in AZ and to see if they have any other recommendations. Usually if you can get parents/family as cosigners on the lease, you shouldn't have many problems with the kids destroying the house since they're on the hook and they're much more afraid of their parents than they are you. 

Quote from @Rhianna Vernon:

Hi everyone,

I'm currently looking at a duplex that can house up to 8 students in off-campus housing.  My main concern is what happens during the summer months when the students are off from school.  Do they tend to stay or do you experience a lot of vacancies every summer?  

Thanks!

It depends on the school. Some schools the custom is year round rentals, others it's only for the 9 months. I would make sure you're investing around a college that does year round rentals, it just make it so much simpler than trying to use alternative strategies for the times where it is vacant.

@Danny Polanski and @Jack Lee, man you guys had some bad experiences! I agree with @Matthew Irish-Jones, @Marcus Auerbach, and of course the OP @Tina Lee, your chances of finding a good Investor Agent right off the bat are very low. You absolutely want to make sure they own properties themselves, and truly know the investment market. Ask what % of their sales are Investors vs Retail clients. Mine is 100% Investors, and there are Realtors out there like this. Of course every house isn't going to make sense as an investment. But, it's also YOUR job to work WITH the Realtor. I agree with Tina, I have people hit me up all the time, saying they're going to buy 20 houses this year!!!!! But then they expect me to literally spoon-feed them properties. That's now how it works. YOU as the investor are in charge, it's my job as a Realtor to find out what will fit into your investment criteria and show you what's available. Sorry V.G., but not telling your agent what your price range is is preposterous. How can they help you if they don't know what you're willing to spend? "I want B class properties!" "OK, what's your price range?" "That's for you to figure out..."??? You would definitely go in my circular file. 

Unless you're local and are willing to do the driving for dollars, cold calling, door knocking, etc, a good Realtor is absolutely needed. So instead of complaining about it, keep reaching out to agents on BP (try the Featured Agents in your market), or hit up your local REIAs to find out who are agents in those organizations. They will help you reach your goals just as the rest of your team will.