All Forum Posts by: Eric Puffenberger

@Antonio Coa  The Toledo, OH market is very reasonably priced and there is a great range of C to A condition rentals available. Some of the surrounding suburbs house companies like Amazon, First Solar, and Walgreens which provide a lot of renters. Actually, the stats show that over 40% of people in Toledo rent!  I could show you around town on a zoom.  

@Joseph Blum  Have you ever thought of using a service like rentometer.com?  We have been pretty satisfied with Rentometer and it's allowed us to use local data to make our rent price decisions. 

Our preferred lender does a mortgage rate update twice a week on youtube and sends it to agents via text.  Twice a week might seem like a lot, but lately the rates have been moving a lot in a single week!  Today's update allowed me as an agent to make my own video about how rates affect buyers and sellers using the latest rates from our preferred lender.  Not only does that educate the public and my sphere, it gives them a local lender option.  

@Mike Mocek I appreciate your thorough review of the current economic conditions. I agree that there are still deals, but you have to adjust your underwriting process a bit.  Your suggestion to invest into your investments is a great idea as well.  It's never a bad idea to maintain or improve the properties you already own.  

 @Michael Magee  I read up this article on subject to agreements and it was very comprehensive and informative.  Thought maybe it could help you and others consider what Maurice suggested.  

https://www.fortunebuilders.co...

Attention northwest Ohio investors...are you still finding deals in NWO and the greater Toledo area? I am seeing a lot of investment properties come to the market that are selling for 50-75% more expensive than they were just a few years ago (and they are not necessarily in great shape).  What is interesting is that most of these properties still easily pass the 1% rule and work out well when you completely analyze the deal. 

What are you all seeing? 

LVP is the go to material for most, but I would challenge everyone to think about long term durability.  Not all LVP is created equal that is for sure. I have seen LVP buckle, chip, and generally just look like crap after 4-5 years. On the other hand, I have lived in a few old homes that have original hard wood floors in them that are over 100 years old. I understand hard wood gets scratched and can be difficult to refinish, but it will out live LVP 10x. 

@Joshua Hughes  Unfortunately repairs in the first few years of owning a place are fairly normal. When you did your original deal, did you account for repairs and capital reserves?  Moving forward, I would think padding your repairs and capital reserves would help you avoid obtaining another property draining all your capital.  But also know that you can do all the calculations in the world and things still happen!  You might just have to wait a bit until your reserves build up to buy the next one. 

Thanks all for information and debate on when it's best to post a listing! I agree, having the data presented in the posts above would be valuable information for sellers. 

We have not seen that type of downturn in the NW Ohio markets. Homes in the lower price bracket that are fully renovated are still in very high demand.  Investment properties that need substantial work are staying on the market for a longer period of time..most likely because most investors are not willing to spend top dollar for a place that needs work.