All Forum Posts by: Eric Puffenberger

I live in Nashville, TN. I'm looking to buy a couple income properties in Toledo, Ohio. I've been scouting on Zillow for the good deals, but it looks like a good amount of the properties that were recently sold are not showing up on my search. Where do you guys search for properties?

I'm an O.G. I was doing biz in Toledo before weed was legal. Good spot for cash flow........and weed.

Can conceal and carry also mate.

Toledo is the place to be 😁

Guns, Reefer & Cash Flow.....If Toledo gets a River Boat Casino, I'm moving there tomorrow.

haha love it

Hollywood Casino mate

It's not bad - https://www.hollywoodcasinotoledo.com/

I prefer your Jack Casino tho in Cleveland

Am I witnessing a budding bromance between

@Engelo Rumora and @James Wise?

1 Vote

Nashville, Tennessee

Quote from @Robert Ellis:

Quote from @Michael P.:

Quote from @Robert Ellis:

Quote from @Engelo Rumora:

Quote from @Robert Ellis:

I'm from Toledo I wouldn't touch it unless it was suburbs and the market could support new construction but that is the zone we are in. WE can get numbers to work in Columbus Ohio but I don't think anywhere else in ohio unless it was a city school district within 2 miles of urban core and new construction is above $210 per square foot and even then we'd have to look at land cost because land is cheap in columbus. we are expanding now to florida since the numbers are even better. not the opposite. just my 2 cents.

Each to their own mate,

Personally, I would never touch new construction.

But there many ways to skin a cat, right?

https://www.realtor.com/realestateandhomes-search/Toledo_OH/...

CHeck out new construction in Toledo it's a bunch of trailers my friend. when the average price for a house that's 100 years old is 111k like Toledo, this is what the market looks like. I couldn't touch Toledo and couldn't build houses and I'd love to see the value add strategy. our worst areas in columbus I can build 700-800 sq ft house for 100k, 20k for land and taps, resale 200k and I can do that over and over and sell it as a rental or as a single family home. I wouldn't compare your market knowledge of Toledo to new construction in columbus. it's not the same. I'm just saying anyone who has a solid value add strategy that can be repeated over and over like buying and selling new trailers like this is an example of a strategy. but buying discount houses without rehab knowledge for out of state investors is risky

That's part of the reason Toledo prices are rising, lots of primary home buyers, lots of investor home buyers, but no new houses being constructed. Its not California or anything but buying houses at 80k (3-4 years ago) or 40k (5-9 years ago) you can sell them now for 125k which is especially nice if you own a large portfolio.

I don't disagree I'm from Toledo I love the city I just don't think it's on the map for national investment from reits. I sell to funds every day and have list after list of cities and columbus barely makes it so it's hard to believe Toledo can. I'm not saying there isn't interest but just it's harder with the age of the housing stock, average home price, etc. I'd be looking at discounted homes built after 1960s to make any money and would have to be 60% of value which I just don't think exists anywhere right now at scale. not 100 year old homes boarded up with knob and tube wiring, old HVAC, cast iron plumbing, etc. might as well build. a house

@Robert Ellis Can you post a link to the houses you are building for $120K all in? How many have you sold to prove your concept?

1 Vote

Toledo, Ohio

@Ertha Luma-Gruber Welcome to the forum! I am a realtor in the greater Toledo area who specializes in helping out of state investors get started. The Toledo market still has very low inventory, but in the 2-3 weeks, we have seen a load of new investment opportunities hit the market. The properties that don’t need any work go extremely fast. The value add properties with minor cosmetics move fairly fast as well. If you are looking to do a large value add, there are a lot of properties to choose from. Having a professional on your side that knows the marker street by street will be very important as you get started. I’d love to show you around our awesome city.

0 Votes

Nashville, Tennessee

Quote from @Christopher Abele:

@Thomas Haessig
Keys to investing in Toledo:

1.) Know your neighborhoods. Property values and rent rates can be very different just by crossing a street.
2.) Contractors are a challenge at best, with lots of local investors having dealt with shoddy work IF it even gets done at all; a decent number of contractors have been known to get started on a project and then disappear so that they can get started on the next project.

If you're an OOS investor, be sure to work with a realtor investor like @Eric Puffenberger who can share information on the street-by-street differences and can provide contractor references.

Chris, thanks for the mention. If anyone would like to schedule a 30 minutes meeting to discuss the Toledo market, click the link and pick a time and date that works for you! I am happy to answer any questions you have.

https://calendly.com/ericpuffenberger/30min

0 Votes

Quote from @Michael P.:

I dunno man after watching this educational Holton-Wise video it looks like Toledo is a dying rust belt town and not up and coming.

https://youtu.be/XlWNRURXAOw

He runs an "interesting" business that is for sure...

0 Votes

Quote from @Thomas Haessig:

Hey Friends, I've been doing research for a few months now and have been running the numbers on different markets. Is it just me, or does it seem like Toledo, OH is up and coming? I am curious about everyone's thoughts. In terms of cash flow, Toledo seems to have the highest profitability metrics.

I would appreciate all and everyone's thoughts, feelings, and insights.

I am an agent in Toledo who helps investors get started in our area. Toledo has always been a strong investor market (our local investor organization claims it’s the most active market in the US), but lately it seems it’s getting even more attention. Turnkey properties are flying off the market and are going 10-15% over asking. But prices are still low enough to meet the 1% rule and cash flow nicely. For example, a nice 2/1 duplex in a fringe area (C area), is going for $120,000-$140,000. You can get $950 for each unit. Therefore it’s going to pencil out for most. Prices are definitely creeping up
and we have extremely limited inventory, so deals are harder to find, but they are out there. In my opinion, I feel rental rates have plateaued a bit, but I do see the nicest properties pushing rental rates higher.

1 Vote

Quote from @Michael P.:

There are many ways to research areas to avoid in Toledo. One way that came up recently from @Eric Puffenberger is a map of properties the city is going to demolish. These are mostly D/F areas to be avoided.

Thanks for the mention @Michael P. Toledo has done a nice job the past 4-5 years removing a lot of the run down homes. At one point, they were demolishing one house per day, but I am not sure of the current rate. Getting rid of the blight gives the well maintained homes a chance to anchor the neighborhood.

Investors who buy a home with a vacant lot beside it can usually buy the lot for $150 and make a nice side yard out of it. I especially like this strategy on properties that are in the Garfield and Vistula District.

0 Votes

Toledo, Ohio

Quote from @Braeden Cobb:

Hello, I am looking to dive into the Toledo Ohio area with section 8 investing and looking to pick up 2-3 homes in the area. I am looking for a well seasoned investor friendly realtor in the area that is familiar with section 8. Also anyone with any with experience I’m Toledo with section 8 investing I would love to hear about it. Thank you!

As a local realtor, I have helped a few out of state investors get set up with a section 8 strategy in Toledo, OH. There are plenty of opportunities in Toledo for section 8 rentals. It helps to know a few good property management companies that have built solid relationships with the inspectors at the housing authority (Lucas metropolitan housing authority). lucasmha.org is a well organized website with a ton of good information for current and potential landlords.

0 Votes

Quote from @Chris Seveney:

@Eric Puffenberger

Have you done a detailed market analysis to determine if there is this type of demand ?

Furnished finder sends us data on the number of people who have searched for Rossford. They also send us leads that we can follow up with. Looking at those numbers, I’m confident we will get plenty of applicants. We don’t have it listed at moment as we are transitioning to another unit (moving it from first floor to top floor)

0 Votes

Toledo, Ohio

All Forum Posts by: Eric Puffenberger

Eric Puffenberger has started 2 posts and replied 40 times.

Post: Toledo Turn Key Property for sale

Post: New to BiggerPockets

Post: Surge in Demand and Rising Home Values in Ohio

Post: New to BiggerPockets

Post: What's the word with Toledo, OH?

Post: What's the word with Toledo, OH?

Post: What's the word with Toledo, OH?

Post: Searching for Turnkey Property

Post: Section 8 investing Toledo Ohio (looking for investor friendly realtor!)

Post: Convert 8 unit multifamily to MTRs