All Forum Posts by: Randall Joseph

The latest from Ashcroft -- in the of the AVAF1 August Recap email -- does not seem terribly encouraging.

"With the original capital call amount of $27.9M, we have a $11.7M gap in funding and have a plan to bridge most of the gap by selling Elliot Baymeadows."

And, later in the update, Ashcroft acknowledges that the prior listing for Elliot Abernathy needs to be pulled because offers were too low (or...non-existent). "Upon receipt of initial offers, for Elliot Abernathy it is likely that we will pull the listing and work to season net operating income so the asset is valued based on the recent NOI growth."

It's hard to avoid connecting the dots, and to expect that the planned listing of Elliot Baymeadows will also be met with anemic offers. Such is life when you're forced to sell into a less-than-favorable market.

Are other folks still following along with this slow-motion trainwreck? Foolish to still hope that Class B investors won't be wiped out entirely?

 I'm also in AVAF1 and received the same communication.

IMHO, 43609 is not a particularly desirable zip code for flipping. You may be seeing some great buy-side deals because that area is economically depressed, but I think that you might struggle on the sell-side finding buyers at the right price point, post-remodel. That being said, there might be some pockets of 43609 that are an exception, for example, very close to the Toledo Zoo.

I'll second the comment from @Daniel Kramer about Washington Local Schools; being a separate school district but still within the city, this area seems to hold its value fairly well. There are also some neighborhoods adjacent to nicer suburbs -- like South Toledo near Maumee, or West Toledo near Sylvania -- that benefit from proximity to those areas.

Best wishes on your endeavor!  I have to admit, part of me is a little jealous given how frustrating it's been looking for opportunities in the Bay Area where high prices can be prohibitive; I think you'll definitely have greater flexibility getting started in the Midwest.

I'm originally from Toledo, but live in San Francisco now. We're searching for our first property in the Bay Area, but the thought of continuing to rent out here while pursuing out-of-state investment (likely somewhere familiar in the Midwest) has definitely come up more than once.

Best wishes, and feel free to reach out if you have any questions about the area. I grew up in West Toledo (Washington Local schools) and own a SFH in South Toledo (43614), near Maumee.

Greetings, OP and BP community!

I'm a long-time lurker, first-time poster.

Had to chime in here because this is very similar to my own situation -- buy in the Bay Area, or keep renting and invest elsewhere.

Lately, I've been leaning much more toward the "keep renting and invest elsewhere" option; I'm originally from the Midwest and, even after 2+ years in California, can't get past how expensive real estate is here. I also seem to have a mental block around being far away from a rental property if anything goes sideways or otherwise requires some hands-on intervention. That, and househacking would have been my first preference, but it doesn't seem like there are many options for that here in the Bay Area.

For folks that have experience owning property remotely, did you just opt to use a management company? If so, any tips on identifying a good property management company, particularly for remote property owners?

Thanks, and best wishes to all!

-Randall