Best resources for long term rentals? I'll pay to learn
Hello!
So I live in South Florida, which needless to say has had an insane growth in real estate price.
The prices are prompting me to look elsewhere to purchase my first rental property. I don't mind taking a risk, its how I've built my entire business that I have now. I just want to make sure its a calculated risk and want to learn everything I can about long-distance landlording.
What resources do you recommend?
Would any of you be interested in coaching? I will pay to learn, I'm a big proponent of investing in oneself and paying others for their knowledge.
Any advice would be great. I'm a shoot-first, aim later type of person. But I don't want to make a disastrous mistake.
@Justin Vom Eigen, before jumping ships and investing in a new state, is there any other niche market in Florida that you can explore first? You may not know it, but you could already be missing out on potential opportunities in your backyard. If indeed investing out of state is your only viable option, then start by reading David Greene's book, "Long-Distance Real Estate Investing", otherwise, I usually advise all newer investors to invest locally. Moreover, is house hacking an option for you? The investment strategy is one of the best and safest ways to get started in real estate. Hope this helps!
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
Anything in specific you want to learn more about? Can help if you know what you are looking for
Kissimmee of Orlando
Quote from @Huiping S.:
Share some statistics outcome of myself for Kissimmee of Orlando area.
Close to 5 month inventory looks like still not lower than past 10 years season related change ...
Please share your thought.
Hey Justin! I understand the frustration of the high prices right now in the south florida market, but I would start with your first rental in the local area. Since it's your first deal I would want to make sure you have as much control over it as possible. With anything new comes mistakes. If you're in the same area as your property at least you can take care of minor mistakes yourself. If your property is in another state then you will have to travel there or have a very good team built to handle those issues. I can imagine the headache and worries of long distance investing can be a lot, even for a veteran investor. It's a great idea and if you're committed to building a solid team then I bet it can go great for you. I have even considered it myself as well.
If you're interested in meeting up sometime over coffee or a call I'd love to hear more about where you're at in your real estate journey and maybe bounce some idea's off each other.
One deciding factor can be the quality of your team. Your real estate broker should have all the right connections and should be the backbone of your team in any given market. Connecting with a great, full-service broker is a great place to start!
Quote from @Eliott Elias:
Anything in specific you want to learn more about? Can help if you know what you are looking for
Hey man! I want to buy units/single family houses to rent out to people for positive cash flow each month. I don't have any units yet but have some money and want to have it work for me. I just finished Brandon Turner's book, The Book On Rental Property Investing.
Quote from @Dalton Lauer:
Hey Justin! I understand the frustration of the high prices right now in the south florida market, but I would start with your first rental in the local area. Since it's your first deal I would want to make sure you have as much control over it as possible. With anything new comes mistakes. If you're in the same area as your property at least you can take care of minor mistakes yourself. If your property is in another state then you will have to travel there or have a very good team built to handle those issues. I can imagine the headache and worries of long distance investing can be a lot, even for a veteran investor. It's a great idea and if you're committed to building a solid team then I bet it can go great for you. I have even considered it myself as well.
If you're interested in meeting up sometime over coffee or a call I'd love to hear more about where you're at in your real estate journey and maybe bounce some idea's off each other.
yea man shoot me a text 774-606-6847 lets connect.
Quote from @John Williams:
One deciding factor can be the quality of your team. Your real estate broker should have all the right connections and should be the backbone of your team in any given market. Connecting with a great, full-service broker is a great place to start!
Awesome ty John!
TBH I assumed that if I got a long-distance rental, I would probably not turn a profit on it until I learned how to handle a long-distance property. I was going to consider it a "pilot property" haha.
I mean if I could find a property that's like $50-60k that's far away, my mortgage would be so low that I really wouldn't care if I lost on it a little bit for the first year or two if it meant that I would learn how to make it profitable moving forward. It wouldn't impact my current quality of life right now, my income far exceeds my expenses.
If you don't want to build your own out of state team, a turn-key provider might be a good choice for investing out of state. You won't get the built in equity advantages of buying and rehabbing a below market deal, but it will be a bit less of a learning curve at the beginning.
Hey I just finish reading The Hands-off investor book.
Is a great reading I have 18 years of real estate but this book is right on the Money.
Is an investor point of view... so yes there is a process research, location, type of deals, tenants, repairs, maintenance management etc
Enough to get you paralyzed and live the money in bounds. But ask all the millionaires and financially free families. if real estate investment is a bad deal.
Well, the conclusion of the book is to find the best ever.. SPONSOR he will do all the work for you and you learn with a partner that has experience.
you share profits but you accelerate the learning curve and you will make no expensive mistakes.
Good luck,
Quote from @Justin Vom Eigen:
Danger, Will Robinson! Danger!
Here's your first lesson, and it's completely free: don't offer money to strangers for information that is free and readily available.
You have no idea what their experience is. Even if they have some success, you don't know if they are honest, good coaches, etc. One person has already shared their phone number, but they don't explain why they should be your coach, they have nine posts and only one vote, and could just as easily be a shark looking to take your money.
Start by reading books, listening to podcasts, and asking questions on the forum. You can learn everything you need to know in 3-6 months and it won't cost you more than $100 for books and a little of your time.
1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.
2. Get your finances in order. Get rid of debt, build a budget, and save. The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money. A wise investor will not try to get rich quick with shortcuts. If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing. Check out my personal favorite, Set For Life by Scott Trench , or The Total Money Makeover by Dave Ramsey.
3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.
4. Now you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books for this or you can learn by watching podcasts, reading blogs, and interacting on the forum. There is a handy search bar in the upper right that makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator you can use to analyze deals and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.
5. Study the market. You can learn to do this on your own or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR that works with investors and knows how to best help you.
6. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. The truth is, you could read 100 books and still not know enough because certain things need to be learned through trial-and-error. You don't need to know everything to get started; you just need a foundation to build on and the rest will come through experience and then refining your education.
You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g. "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is a pretty forgiving world and the average person can still make money even with some pretty big mistakes.
Quote from @Nathan Gesner:
Quote from @Justin Vom Eigen:
Danger, Will Robinson! Danger!
Here's your first lesson, and it's completely free: don't offer money to strangers for information that is free and readily available.
You have no idea what their experience is. Even if they have some success, you don't know if they are honest, good coaches, etc. One person has already shared their phone number, but they don't explain why they should be your coach, they have nine posts and only one vote, and could just as easily be a shark looking to take your money.
Start by reading books, listening to podcasts, and asking questions on the forum. You can learn everything you need to know in 3-6 months and it won't cost you more than $100 for books and a little of your time.
1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.
2. Get your finances in order. Get rid of debt, build a budget, and save. The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money. A wise investor will not try to get rich quick with shortcuts. If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing. Check out my personal favorite, Set For Life by Scott Trench , or The Total Money Makeover by Dave Ramsey.
3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.
4. Now you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books for this or you can learn by watching podcasts, reading blogs, and interacting on the forum. There is a handy search bar in the upper right that makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator you can use to analyze deals and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.
5. Study the market. You can learn to do this on your own or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR that works with investors and knows how to best help you.6. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. The truth is, you could read 100 books and still not know enough because certain things need to be learned through trial-and-error. You don't need to know everything to get started; you just need a foundation to build on and the rest will come through experience and then refining your education.
You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g. "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is a pretty forgiving world and the average person can still make money even with some pretty big mistakes.
TY so much!!
Quote from @Justin Vom Eigen:
Man...maybe I should have charged a six-pack? ;)
@Justin Vom Eigen, before jumping ships and investing in a new state, is there any other niche market in Florida that you can explore first? You may not know it, but you could already be missing out on potential opportunities in your backyard.
Well said...
Look in your backyard first. I tell you from experience, your cost-learning curve is going to be smaller than buying elsewhere.
good luck
Look up "Investwithace" on instagram, tiktok youtube etc. You don't even need to pay to learn everything you could ever learn from him.
There is so much info out there you just need to know where to look!
Best of luck!
Quote from @Michael Dumler:
@Justin Vom Eigen, before jumping ships and investing in a new state, is there any other niche market in Florida that you can explore first? You may not know it, but you could already be missing out on potential opportunities in your backyard. If indeed investing out of state is your only viable option, then start by reading David Greene's book, "Long-Distance Real Estate Investing", otherwise, I usually advise all newer investors to invest locally. Moreover, is house hacking an option for you? The investment strategy is one of the best and safest ways to get started in real estate. Hope this helps!
@Michael Dumler will you please elaborate on house hacking?
@Justin Vom Eigen I strongly suggest staying local for a beginning landlord. As a current landlord and realtor, your resources are so much stronger being planted locally. For example, my tenant's AC was acting up and would have cost us at least $2000 (and I'm being modest) to remedy the problem. However, being that we have a small network of trusted local (emphasis on TRUSTED) HVAC technician, we paid him $300. It's works just fine now. If you are going to be a distant landlord, hire a vetted property management company in that area. It will cut into your profits but some things are just worth paying for.