Newbie in Toledo... For almost 3 years!

9 Replies

Hi all!

I have finally decided to take the plunge and start doing. So, I am on here, uploaded a picture, and discovered I first joined on December 31, 2015...

Wow...

Too much wasted time.

So here I am, with my first post. Getting my feet wet. Books and magazines I am at least going to open and look at every page to my right, Amazon Prime music streaming my favorite play list over my Echo, and cats more or less subdued... which is strange because their feeding time in only 30 minutes away...

I am not proud to say this intimidates me. Not ashamed, as intimidation is Nature's way of saying, "Make sure the ice is six inches deep before you go running across the lake." Just not proud of how long it has taken me to begin to tentatively slide my feet across the pond.

Oh well. Enough self-checking on my self-checking. Time to glide a little.

Can anyone recommend any good Toledo groups? (Ohio, not Spain :) Or any good books on the numbers of investing in property? And, they can be technical. In fact technical is better. I have an MBA, and have helped prep 20-year budget and finance reports for companies. (TY professor Chichernea for one of the most intensely challenging Corporate Finance classes ever!)  I want to know that when I am crunching the financials I am not missing anything!

So, suggestions? Questions? Idle chit-chat?

I'd love to hear it all!

Best,

DC

I found this site after listen to one of Brandon Turner's audible books.  I would recommend you start there.....I found it very informative and entertaining. 

Hi Darrell,

Check out the Property Investors Network, PIN

Lots of locals do very well in rentals, it’s really a matter of having standards and a system, holding to them, and deciding how you want to focus your investments. 

Neighborhood...decide where in Toledo or surrounding is comfortable for you...the seedier the better the return and the greater the headache.  Invest in $100k Maumee properties and you will certainly have better tenants and fewer headaches but commensurately lower returns. 

I focus on North Toledo 43612/43613...$40k single family properties there with $800 rent. Pretty reliable income and the tenant population is reasonably stable. 

Jump in, the water is warm!

Bigger pockets has some good books, I'd pick up J Scott's book on estimating rehab, and his flipping book is useful, even if you don't plan on flipping. 

The podcast had a wealth of information given the volume of episodes they have as well, and any direct questions you have personally, asking on the forums is always a good idea.

@Darrell Crosgrove I've been a member of PIN since it started about 2 years and Toledo REIA for many years. I find REIA is a lot more beneficial especially for beginners. The topics, the professionalism and the knowledge you gain from REIA is absolutely priceless.

We meet 3 times monthly including a round table 1 on 1 for dinner at Bigboy and Breakfast at Uncle John. Also, the 20% off discount you get on paint at Home Depot alone is worth the membership.     

Try them both and find out for yourself.

Adam Atassi  

Originally posted by @Rob Lee :

I found this site after listen to one of Brandon Turner's audible books.  I would recommend you start there.....I found it very informative and entertaining. 

 I will have to find them! Which one do you  recommend first?

Originally posted by @Andrew Fidler :

Hi Darrell,

Check out the Property Investors Network, PIN

Lots of locals do very well in rentals, it’s really a matter of having standards and a system, holding to them, and deciding how you want to focus your investments. 

Neighborhood...decide where in Toledo or surrounding is comfortable for you...the seedier the better the return and the greater the headache.  Invest in $100k Maumee properties and you will certainly have better tenants and fewer headaches but commensurately lower returns. 

I focus on North Toledo 43612/43613...$40k single family properties there with $800 rent. Pretty reliable income and the tenant population is reasonably stable. 

Jump in, the water is warm!

A local! And, yes, I plan on starting smallish -- $40K range. Lower down payment, and less capital at risk per transaction. I did not know those would yield higher returns, but it makes sense. The more headaches there will be, the more return people will demand for putting up with the headaches. The pricier properties should either have a higher rate of return (to compensate for the higher capital at risk) or be safer overall. 

I do like your advice of focusing on a neighborhood/region. Seems like it would be easier to learn 1 region and get good at it--at least at first.

TY for the input!

Originally posted by @Alan Fitzpatrick :

Bigger pockets has some good books, I'd pick up J Scott's book on estimating rehab, and his flipping book is useful, even if you don't plan on flipping. 

The podcast had a wealth of information given the volume of episodes they have as well, and any direct questions you have personally, asking on the forums is always a good idea.

 Many thanks for the info! I will grab that one. And, yes, I am listening to the podcasts. Tidbits in each and every one, plus it helps to absorb the feel of the business. 

Originally posted by @Adam A. :

@Darrell Crosgrove I've been a member of PIN since it started about 2 years and Toledo REIA for many years. I find REIA is a lot more beneficial especially for beginners. The topics, the professionalism and the knowledge you gain from REIA is absolutely priceless.

We meet 3 times monthly including a round table 1 on 1 for dinner at Bigboy and Breakfast at Uncle John. Also, the 20% off discount you get on paint at Home Depot alone is worth the membership.     

Try them both and find out for yourself.

Adam Atassi  

Total noob question -- What is PIN?

REIA Toledo sounds good, but I am planning to hold off membership until I at least start dipping my toes in the water. I want to know I can make a go of this before I start investing in the annual fees.

Having said all of that, I can see why getting involved would be wise as soon as one actually started in the business... Groups of professionals are created because everyone benefits from being involved with other professionals. 

And, I appreciate the feedback. ALL of it goes into my "future to do" list :)

DC

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