All Forum Posts by: Tiffany Colter

 Thank you so much. This is helpful. I would like to ask a quick follow-up question. I see you're in NY, NY. Did your client have close proximity to Laundromats? This unit the people would have to drive about 5-10 minutes to get to the closest one. So here in Ohio, I am not sure. But, your point about maintenance is well taken. Thank syou.

Thanks, Scott. These are each about 800-900 sq ft 2/1 that would rent around $750/mo. But I will put that information in my notes to keep in mind. Very helpful, thanks.

We are closing in a few days on a bi-level duplex. [It is currently empty] Both units have a space for a small stackable washer/dryer BUT there are no dryer ducts/exhausts/vent AND in the upstairs unit the plug would need replaced [it doesn't work and the inspector doesn't know why]

I don't plan to buy washer and dryer because of the other expenses we already have [new flooring, plug for downstairs stove, need downstairs appliances] putting us near the top of what we can spend right now, but if I put in the new plug and ductwork, they could potentially buy their own.

This is not a high rent area [think 05, 09, 13], but what do you think the positive/negative impact on rents would be to either: a) not repairing plug or adding vent and saying, "Sorry, no washer/dryer" or b) repairing it so they have the option if THEY want to spend the money.

I would love to do it just to make my units nicer, but I have to be cognizant of what I'm currently spending. But if I'm GOING to do it, it would be easier while it is without a tenant, particularly if they have to go through walls.

And I have considered the water cost issue too...your thoughts on any of this as Toledo landlords would be super helpful.

Thanks! Tiff

We have an accepted offer on a duplex we are buying in Toledo, OH. We live in MI [but 3 miles from Toledo...so we consider ourselves Toledoans]. We need to get insurance for our property while it is empty and then after we get tenants. Our LLC is registered in MI even though our properties are/will be in OH. Can you tell me who you've worked with and love [or I should avoid] and why [if possible]. We aren't financing, so we will take possession pretty quickly.

I am NOT interested in transferring my personal insurance etc. I'm only looking for someone who specializes in investment properties, liability exposure, etc.

I have lived in Toledo, or 5 miles from it since 1994. 3 of my 4 adult daughters now live in Toledo in 43606. Let me tell you something about the market: 43606. You NEED to know your areas. 43606 includes Ottawa Hills which is one of the top school districts in the state of Ohio. Very expensive homes and insane property taxes. You can buy multi-family properties that will rent high on Bancroft, but a mile either side of that town is still 43606 and it is a very different story. 43606 has Middlesex. Where you need to be aware and vigilant. The northpart is almost as dangerous as downtown, but the southern end puts you in expensive homes...then suddenly you are almost to Bancroft again where you have...You have the entire campus of the University of Toledo in 43606. You have student housing and all the problems that can encompass that along with $300k-$400k homes [which are an expensive house for our area. I am buying a duplex for $75k now in Toledo and got it in a bidding war.] One part is reasonable, another is D or D-. a block away you are in the legit hood where I wouldn't go from dusk to dawn. And there aren't streets or zipcodes...or even really crime maps that can give you the full nuance of the town. I struggle with out of town people who come in for our low prices and try to jack up rents. Toledo is a $15/hr town. You can't market for $1,000-$1,500 rents and air b&b and bought too high and then realized we don't need 100 air b and b in our little town. Or people who watched too many "flipper" shows on HGTV came here seeing cheap real estate and I see a ton of poorly done [or incomplete] flip projects when I look at properties. Unfortunately, they could out buy local home owners and didn't know their market. I am now watching these houses bought at $100K, listed at $340k dropping by $20k increments because the house behind it sold for under $100k...and is 2 blocks from high crime. They didn't know their market and got conditioned to high numbers on TV or other markets and didn't realize that $180k is VERY expensive for many parts of our town.

The danger is because our real estate is so affordable people are coming in from out of town seeing potential to increase rents...well, again, it depends on neighborhood. If you say the house is "By the Zoo" which part. One spot would be a legit drug house we walked in to [and immediately out of] and then just down the road you have nice, safe homes that can demand 2x-3x as much. 

If you want to invest in real estate here I truly suggest "boots on the ground" in addition to your agent. Even as someone who has lived here since I was 18, I actually physically GO to these places in addition to my research and crime due diligence. It is street by street. Neighborhood by neighborhood. It is a $15/hr town and you must plan to price accordingly. The water recently went WAY up and beware of the lead laws. But I love my town. It is a great place to live whether you want to watch the "World Famous Toledo Mudhens" or go to one of the top Zoos or Top art museums in the country. But we are unpretentious. It is a strong union town, but also quite conservative. It is a dichotomy really. 

If you want to be a good landlord from a distance there is real potential. The less attractive areas [crime] demand more rents, so they cashflow better. If you want to treat people well in those areas I've met many VERY good people who just don't have a high paying job living in these houses. There are also beautiful buildings [I'm thinking one in particular I walked through 2 weeks ago]. In the basement were 2 bigboi (that is not a misspelling) converted coal to gas furnaces....entirely wrapped in asbestos. So, again, be careful. Even gems here can have hidden [money] dangers.

Know your numbers. Know our prices are low because that is what the community can afford. Know what is going on politically [these forums are great for that--lead law, for example] and try to get to know some locals because, while I agree with the zipcodes given in other replies, as I told you on 43606, even a zipcode can deceive. I primarily look in 09, 05, 12, and 13, but that is because I am local and can go there. I am happy to answer questions. I am not against outside investors, I am against ignorant investors. It works out poorly for the investor and the tenant and the market [on our comps].