Somebeach (Forum Supporter) said:
I am in northwest Ohio. So the other side of the state from Akron. Just guesswork but around me I see single family houses maybe 1,200 to 1,500 square feet go from 650 to maybe 900ish a month.
A developer also just built a neighborhood of age 55+ condos I think they are either one bedroom or two and go for about 1,300 to 1,500 a month rent. They are just built on a slab, renter pays ultilies. I think they are about half full, they have been available to rent for about a year.
I don't know how much inventory is available but the town near where I live, Findlay Ohio I think is pretty nice overall and still growing.
Thank you. I put Findlay on the list to look at.
I have a friend in NM, he owns a old people trailer park. Interesting to say the least. ROI isn't worth the hassle on that if you ask me.
trigun7469 said:
In reply to mr2s2000elise :
I like Lakewood, Ohio it is a hipster area with a steady flow of tenants. In your price range you would be renting a Condo, the houses average $240k. Pro of a Condo is that it theoretically is little maintenance, panting, plumbing and condo fee. Rent averages $1k. Otherwise you are looking at section 8 in that price range in Cleveland.
That is great info! I am not opposed to 240K places. Basically if you are standing with $1M instead of 10 Akron you can buy 4 Lakewood - which is fine. This is just a ROI issue, and not a price issue, because the end amount of money is finite that I have to spend.
The lakefront condos in the area you mentioned have about a $700 HOA. That is about 1/3 the HOA similarly located places here.
Hipsters make great tenants. I love all my tenants who can buy the $18 avocado sandwich and have Tesla Y, but prefer to rent instead of buying. SilverLake/Echo Park of Los Angeles - what a great market to be a land owner there. Ironically before the gentrification we had to deal with demographics that wouldn't pay rent, sold drugs....
THANK THE LORD FOR HIPSTERS
Beer Baron said:
I live in Columbus. It's growing, but still sane. Everywhere I've looked on the East Coast that I'd consider relocating too is significantly more expensive. Houses in my fairly nice, but not trendy neighborhood are generally in the mid-$200's for 3 bed, 2 bath, 2 car garage houses built in the 80's and 90's.
If you wanted to start an investment... Intel is building a new massive campus East-Northeast of Columbus. Property values there are still pretty low, but the development is starting in preparation for the massive influx of money. I live in the northeast corner of Columbus, and I'm expecting our housing prices to jump significantly when that kicks online.
But who knows how long that will take. I wouldn't take on that kind of investment with hopes of getting rent payments within the year. I'd do that expecting large returns in 5 years.
That is excellent info. Albany OH- anywhere else you would look? Our investments in Chandler and Alpharetta have paid huge dividends due to Verizon and Intel as well.
pheller said:
Mountain towns, especially those surrounded by national forest and non-developable land, will always bring a premium.
Here in Flagstaff our summer months have actually been better for tourism, due in part to all the people from Phoenix who come up here to escape the heat. Snow play certainly still draws people in, but the majority of that traffic is day-trippers.
Our real estate market then gets hit with demand from all sides - we've got the college and high rental demand from that, the high demand on the housing market from "university families" - ie, people buying property for their kids, and then all the tourism traffic propping up STRs.
I've thought about investing in some property near my BIL in Pittsburgh. We go back at least once a year. My wife would like to go back more often. My BIL could manage the place alongside his current rentals, but property in Pittsburgh is cheap and plentiful. My BIL has no intention of making any money off his properties when he sells, he's all about future cash flow. His goal is merely keep the places standing and pay them off as quickly as possible so he can live off that cash flow. Although he's got so many kids (8) they might all live in his properties eventually anyway!
I'm not sure I want to wait 10-20 years to see that cash flow.
Pittsburgh is interesting for sure. I have a friend lives downtown and man that area has changed.
Retirement cash flow from rental is something a lot of people do... essentiallly others are "paying your mortgage"
As with everthing, it doesn't work for everyone, if you do the math right.. but different strokes for diff folks.
mr2s2000elise said:
Somebeach (Forum Supporter) said:
I am in northwest Ohio. So the other side of the state from Akron. Just guesswork but around me I see single family houses maybe 1,200 to 1,500 square feet go from 650 to maybe 900ish a month.
A developer also just built a neighborhood of age 55+ condos I think they are either one bedroom or two and go for about 1,300 to 1,500 a month rent. They are just built on a slab, renter pays ultilies. I think they are about half full, they have been available to rent for about a year.
I don't know how much inventory is available but the town near where I live, Findlay Ohio I think is pretty nice overall and still growing.
Thank you. I put Findlay on the list to look at.
I have a friend in NM, he owns a old people trailer park. Interesting to say the least. ROI isn't worth the hassle on that if you ask me.
I live around Findlay as well; one reason there was so much housing shortage there is that Cooper tires and Marathon Oil are both headquartered there. Marathon requires all salary employees to work at "home office" for x amount of time. Those people aren't buying because they are going somewhere else and they are making plenty of money to rent nice houses.
chandler said:
I live around Findlay as well; one reason there was so much housing shortage there is that Cooper tires and Marathon Oil are both headquartered there. Marathon requires all salary employees to work at "home office" for x amount of time. Those people aren't buying because they are going somewhere else and they are making plenty of money to rent nice houses.
Which part of Findlay you like?
In reply to mr2s2000elise :
If you are looking for the higher values and higher rents you would stay in the liberty Benton and Van Buren school districts.
Otherwise near the university of Findlay if you wanted college type renters.
The problem around here from a resident owner perspective ( maybe not a landlord perspective) is lack of inventory.
Findlay floods as well, there are entire neighborhoods that go under six inches of water at the drip of a hat. I agree with Dan that the school districts pull in the rental money. Van Buren and Lb will pull the most, Findlay Arcadia and van lue will pull the least.
mr2s2000elise said:
chandler said:
I live around Findlay as well; one reason there was so much housing shortage there is that Cooper tires and Marathon Oil are both headquartered there. Marathon requires all salary employees to work at "home office" for x amount of time. Those people aren't buying because they are going somewhere else and they are making plenty of money to rent nice houses.
Which part of Findlay you like?
In Findlay proper, on the left from w Sandusky st and south is a pretty good rental area. The middle school is buried in there, and it's between Cooper and marathon.
Somebeach (Forum Supporter) said:
In reply to mr2s2000elise :
If you are looking for the higher values and higher rents you would stay in the liberty Benton and Van Buren school districts.
Otherwise near the university of Findlay if you wanted college type renters.
The problem around here from a resident owner perspective ( maybe not a landlord perspective) is lack of inventory.
Excellent info, thank you. I have been looking at school districts.
Thanks @chandler - great help as well.
Anybody have any thoughts of Ravenna, OHio?
