I see there are a bunch of rental properties for sale dirt cheap in Toledo, Ohio. How is the market rental wise? What is the average rental price you would see in that area. Is there potential to get good returns? I would like to stay away from HUD housing is there a lot of that in the area?
is this your area? If it is put in some leg work and find out the answers to those questions. It will help you if you decide to do business there anyway
no not my area at all… thats why I thought I would ask it here
Although I am not a big fan of rentals, I would recommend that you contact some R.E. Agents in this market to get a handle on the rental market as they would know. Also, you can find out through the Section 8 office what they are paying for rentals.
Having said that, you could resell these at a good mark up if you use ‘owner financing’ or lease purchases to the end user. I have found over the past 20 years that this works much better than rentals and you can demand a higher monthly price as well as more up front money. The more up front, the more solid the deal will be for you.
Make sure you have a strong contract for your resale or lease purchase. This can be found online or through a local attorney who is familiar with any special rules or laws in this area.
Hope this helps.
Rob
R.E. Investor/Mentor