All Forum Posts by: David Young

We have a review of the RPD as one of the contingencies in our offer, so we could terminate if they refuse to provide it. If they are adamant about not providing one, even if it they will lose the sale, then I don't think I want to move forward. 

I am looking at buying a package of 3 houses from a seller who is selling off his rental portfolio of 70+ Single family homes. They were all listed individually on the MLS, so I packaged 3 of them together to get a good price. Once we had an accepted offer, we requested residential disclosures forms, and the seller's agent informed us that the seller is not providing residential disclosures for these properties. Does anyone have recommendations on what to do when a seller refuses to provide a residential disclosure?

@Stefhen Offutt My properties are in the 45801, 45807, and 45893 zip codes. I live in 45893, which is north of a small town north of Lima. I would recommend Hartsock Realty for property management. What zip code are you looking at? I know Hartsock won't manage properties in certain parts of town just because the drug and crime rates tend to create too many problems for the properties and tenants.

 https://www.hartsockrealtyrent... 

@Stefhen Offutt

Currently you might be able to do a little better than the rental calculator depending on the neighborhood and condition of the home. We just rented out a 2 bed 1 bath 1,152sqft with detached garage for $800, which is above the 75th percentile for that property on the BP Calculator. I was speaking with a property manager a few weeks ago, and of the 300+ units he manages he didn't have any vacancies. So if the property is in decent condition, you should be able to do well on rent.

I have researched some of those markets, but decided to stay local in Lima. Sorry I don't have any contacts to pass along.

I would only do the college students with a property management company that handles college rentals, like Hartsock. They have specialty leases set up to manage the college students. I haven't done a college rental yet, but I am planning to get one next year. A property management company would be able to give you more details on what to expect.

As for other areas that would be larger than Lima for around the same price, you could look at some mid-size markets like Toledo, Dayton, Akron, Youngstown, or Canton. Columbus is a great market for appreciation, but prices are very high and the market is competitive. Cleveland doesn't have as much appreciation upside, but you can find more affordable prices, and the price to rent ratio is more favorable there than in Columbus.  

Matthew,

  I live near Lima and invest in the area. There is a smaller tenant pool than a larger city, but the supply of rental properties is slim compared to the demand. The last rental property I had with a vacancy had a new tenant lined up within a week.

For property management, I would recommend Hartsock Realty Property Management. 

That area of town on Hazel is a C- class neighborhood, so I wouldn't expect you to be able to increase the rent that much over time. Lima is a great market for rentals due to the high percentage of people who rent and low cost to purchase properties. Like any town, there are neighborhoods you want to stay away from due to the high crime/drug/vacancy rate, but the opportunities are there.

Another note, a good strategy in Lima right now is college rentals. University of Northwest Ohio is only a few miles from Hazel. The school has been growing beyond what they can provide in housing, so they frequently send students off campus and provide them with a voucher for housing. You can typically rent by the room and get 300-400 per room, which would be an ideal way to capitalize on a 4 bed house. Students are going to want a house with a garage and parking space, as most of the students go to UNOH for their automotive, diesel, and high performance motorsport technology programs.

I am looking to use LVT to floor the entire first floor of a rental (Kitchen, Bath, Dining, Living and one Bedroom). I've seen the floating vinyl plank flooring work well, but I was wondering if the self-adhesive LVT which costs half as much works holds up just as well. Does anyone have experience using both?