Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full and managed with reasonable care, it is about the safest investment in the world. — Franklin D. Roosevelt
Everyone knows the value of investing. We are constantly told that to retire with ease, or at least less worry, we must invest now and be patient with our investments. The push for personal investment is as loud and constant as the push for better health. Ever since the first advisor uttered words like 401K, IRA, and Roth, investing for both future needs and current financial security is a well-grooved part of our culture.
“The great thing about property investing,” says Carol Walls of the Toledo Property Investor’s Network, “is that it is both immediate and local. When you invest in a property you can see it, rent it, improve it, and if the time is right, sell it. With a little bit of knowledge and patience, anyone can securely and profitably invest in rentable property”
The Power of Group Think
According to a recent Forbes Magazine article, the number one trait of a successful real estate investor is knowledge. High up on that list is relationship building. The mission of the Property Investor’s Network (PIN) is to gather local investors, from highly experienced to those just getting started, and use the group’s knowledge to successfully invest in rental properties.
“First and foremost,” says Walls, “PIN is an educational nonprofit designed to share our
knowledge about property investing, including how we write and maintain contracts and leases, current financing strategies, current laws and ordinances, and of course sharing our experiences with vendors and contractors who we have had success with and who we might not recommend.”
Besides the local networking group, Toledo PIN is a part of the Ohio Real Estate Investor’s Association (OREIA), which provides members additional access to vital investing information along with statewide connections. “Our current membership represents over 2000 properties,” says Walls. “Although it is possible to learn all you need to on your own, why do it? No matter what problem you are facing, whether it be your first property or your tenth, someone in the group has probably faced a similar issue. That is an incredible way of increasing your chances of success.”
PIN on Display
Providing an expo of vendors, contractors, legal experts and of course other landlords has become another mission of Toledo PIN. Now in its 3rd year, the group’s Annual Expo and open meeting is a great way to investigate the possibilities of property investing.
“I always look forward to our expo,” says Walls. “First, even though I have experience in the area with property investment, getting a lot of the companies and vendors together in one spot is a great way for all of us to build our team and strategies for our business. Plus, talking to those who are new to this kind of investment gets me excited all over again and reminds me how much I love investing in real estate.”
During the meeting, an attendee can expect to hear from seasoned investors about strategies for buying and selling, what to look for in a property, and of course, the benefits and value of investing in property. Above all, many of the people at the meeting are dedicated not just to being profitable but doing so in a responsible manner.
“In the broad scheme of things,” says Walls earnestly, “landlords want to make money. We are, after all, personally financing a property for rent. However, the more cost-effective we are as property investors and managers means that we can offer our properties at reasonable prices in a responsible manner. Our group is a great way of learning from each other so that we can avoid costly mistakes. Finally,” Walls says, “PIN will help you decide whether property investing is the right choice for you. No pressure, just local people who have come together to share their success stories. Thanks to groups like PIN, I have never regretted choosing to invest.”