Feeling Unmotivated and Lost

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Feeling Unmotivated and Lost

Sino U.
Member since 2023 · 38 posts · 28 votes

Honestly, I thought I would go ahead and start with Columbus market and based on some of the data that I have seen it made sense. Now I am just not sure. I guess for few reasons;

1) fear of out of state investing - yes I have read all the posts about how some oos investors made it, podcasts sharing their stories and etc. My issue is finding it hard to believe someone's be it realtor or PM word oh how they can help and etc. 
2) Realtors - I mean based on my few interactions, they all seem to be enthusiastic and stuff but when you jump on call it's like YES and NO answers and pretty much. 

For those who started with out of state investing I would love to hear some of your advice that you can give to me. 

Cheers. 

3Reply
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John McDonald
Member since 2023 · 158 posts · 96 votes
2y

Who would have ever thought that the midwest would be such a "hot market". How times have changed. 

@Sino U., don't worry about others enthusiasm, only about your own. Realtors work for you. Have a plan and leverage them towards your goal. They're not going to do it for you, no one will. You have to apply pressure when necessary to keep the ball rolling. There's LOTS of wanna be investors who start down the road, make a lot calls and take no action. If you want it to happen, YOU have to make it happen. 

Good luck with your journey.

Cheres,

6Reply
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  • Clayton Plummer
    Investor · Manhattan, KS · Member since 2020 · 80 posts · 52 votes
    2y

    @Sino U. why not invest in your area?  Get your feet wet and learn at home.  Invest out of state for #2 property. . .

    5Reply
  • Sino U.
    OP
    Member since 2023 · 38 posts · 28 votes
    2y
    Quote from @Clayton Plummer:

    @Sino U. why not invest in your area?  Get your feet wet and learn at home.  Invest out of state for #2 property. . .

     @Clayton Plummer - that would have been ideal. I live in NJ and the prices are out of this world and plus the tenant friendly laws. This is not an excuse, I guess 😅

    1Reply
  • John McDonald
    Member since 2023 · 158 posts · 96 votes
    2y

    Who would have ever thought that the midwest would be such a "hot market". How times have changed. 

    @Sino U., don't worry about others enthusiasm, only about your own. Realtors work for you. Have a plan and leverage them towards your goal. They're not going to do it for you, no one will. You have to apply pressure when necessary to keep the ball rolling. There's LOTS of wanna be investors who start down the road, make a lot calls and take no action. If you want it to happen, YOU have to make it happen. 

    Good luck with your journey.

    Cheres,

    6Reply
  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    2y
    Quote from @Sino U.:

    Honestly, I thought I would go ahead and start with Columbus market and based on some of the data that I have seen it made sense. Now I am just not sure. I guess for few reasons;

    1) fear of out of state investing - yes I have read all the posts about how some oos investors made it, podcasts sharing their stories and etc. My issue is finding it hard to believe someone's be it realtor or PM word oh how they can help and etc. 
    2) Realtors - I mean based on my few interactions, they all seem to be enthusiastic and stuff but when you jump on call it's like YES and NO answers and pretty much. 

    For those who started with out of state investing I would love to hear some of your advice that you can give to me. 

    Cheers. 


     In 30 minutes I can change your mind about columbus I'm not selling existing inventory and not putting you on a drip. most of our strategies are new construction and land and planning and working with investors on their goals one on one. I'm a general contractor and builder and we do this for people all over the United States here in columbus / Central Ohio I'll send you a PM 

    [email protected]786-494-6766
    Section 8 Launch52 Reviews
    WebsiteView Page
    1Reply
  • John Mausteller
    Real Estate Agent · Outer Banks, NC · Member since 2019 · 168 posts · 116 votes
    2y

    I agree with Clayton - invest in your market first, or atleast a easy drive (within 3 - 4 hours) and get your feet wet.   This alone can make a huge difference when investing out of state because you already have the experience of dealing with real estate, tenants, etc.    

    2Reply
  • Alan AsriantsBusiness Member
    Real Estate Agent · Philadelphia, PA · Member since 2019 · 1k+ posts · 1k+ votes
    2y

    Find a Realtor who doesn't care about bashing a market. The enthusiasm part is so true. Realtors tend to lean into peoples ideas even if they arent good. 

    For example, I am not a fan of the center city market right now because it is tough to sell/rent on the back end (and most realtors know this), but as soon as you mention something like: "Yeah i've been thinking about point breeze", they will immediately turn their gears and say something like: oh yeah, that's a very up and coming area. 

    Lol I feel you man. I always tell my clients exactly whats going on and if any area is struggling or booming. but maybe I'm just one of those Realtors too hahah. 

    So to test this to see how the realtor reacts, you can study about neighborhoods, and focus on an A neighborhood and D neighborhood (you can generally find this online). Be enthusiastic about the D neighborhood, and not so enthusiastic about the A neighborhood and see how they react. Are they just rolling with you, or are they setting the market straight for you?

    But like others have said, invest in your market first to learn first hand!

    [email protected]267-767-0111
    Alan Asriants - New Century Real Estate 590 Reviews
    View Page
    5Reply
  • Shawn McenteerBusiness Member
    Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
    2y

    House Hacking locally in a state that literally has one of the worst reputations for landlords is how my wife and I got to financial freedom.  I live in New Jersey and invest in New Jersey. When first starting out we almost pulled the trigger with out of state investing, looking back and running the numbers of what it could have been compared to what it is today no way we would be anywhere near what we have right now had we decided to invest out of state.  House hacking in the market you live in is such an unfair advantage that compounds in ways you will not believe. 

    973-975-3895
    House Hacking New Jersey563 Reviews
    WebsiteView Page
    6Reply
  • Clayton Plummer
    Investor · Manhattan, KS · Member since 2020 · 80 posts · 52 votes
    2y

    100% and Amen to what @shawnmcenteer said about house hacking.  My wife and I are house hacking our first duplex currently.  It's HUGE.  I've been able to pay for all kinds of maintenance and updates with the money earned from the rent on the other side.  It's awesome.  Definitely a fan of the house hack strategy.

    2Reply
  • Logan LaperriereBusiness Member
    Real Estate Agent · Grand Rapids, MI · Member since 2023 · 333 posts · 124 votes
    2y
    Quote from @Sino U.:

    Honestly, I thought I would go ahead and start with Columbus market and based on some of the data that I have seen it made sense. Now I am just not sure. I guess for few reasons;

    1) fear of out of state investing - yes I have read all the posts about how some oos investors made it, podcasts sharing their stories and etc. My issue is finding it hard to believe someone's be it realtor or PM word oh how they can help and etc. 
    2) Realtors - I mean based on my few interactions, they all seem to be enthusiastic and stuff but when you jump on call it's like YES and NO answers and pretty much. 

    For those who started with out of state investing I would love to hear some of your advice that you can give to me. 

    Cheers. 


     Hi Sino,

    Look for an agent who owns investment properties themselves. They will be able to speak from experience, and help you avoid potential pitfalls. Building a team in the area where you invest is extremely important. Your "Core 4" (Realtor, Property Manager, Lender, Contractor) will be your key to success.  I work with several out of state investors. Part of what makes me a great agent for them is I personally invest in the markets where I buy and sell properties. Look for an agent that will help you run numbers on potential properties, not just send you listings. If you would ever like to chat about the market in Michigan feel free to reach out. We still have several areas that exceed the 1% rule. Good luck with your real estate investing journey!

    0Reply
  • Sino U.
    OP
    Member since 2023 · 38 posts · 28 votes
    2y
    Quote from @Alan Asriants:

    Find a Realtor who doesn't care about bashing a market. The enthusiasm part is so true. Realtors tend to lean into peoples ideas even if they arent good. 

    For example, I am not a fan of the center city market right now because it is tough to sell/rent on the back end (and most realtors know this), but as soon as you mention something like: "Yeah i've been thinking about point breeze", they will immediately turn their gears and say something like: oh yeah, that's a very up and coming area. 

    Lol I feel you man. I always tell my clients exactly whats going on and if any area is struggling or booming. but maybe I'm just one of those Realtors too hahah. 

    So to test this to see how the realtor reacts, you can study about neighborhoods, and focus on an A neighborhood and D neighborhood (you can generally find this online). Be enthusiastic about the D neighborhood, and not so enthusiastic about the A neighborhood and see how they react. Are they just rolling with you, or are they setting the market straight for you?

    But like others have said, invest in your market first to learn first hand!


     thanks for the tip, Alan. But yeah, generally it's just been them sending a list, which I asked myself but they all act differently when commenting on a post vs on a call. Will try to find some other way. 

    0Reply
  • Sino U.
    OP
    Member since 2023 · 38 posts · 28 votes
    2y
    Quote from @John McDonald:

    Who would have ever thought that the midwest would be such a "hot market". How times have changed. 

    @Sino U., don't worry about others enthusiasm, only about your own. Realtors work for you. Have a plan and leverage them towards your goal. They're not going to do it for you, no one will. You have to apply pressure when necessary to keep the ball rolling. There's LOTS of wanna be investors who start down the road, make a lot calls and take no action. If you want it to happen, YOU have to make it happen. 

    Good luck with your journey.

    Cheres,


     I totally agree with your sentiment. I guess my issue so far has been like the knowledge of a realtor, they just seem to be rolling with what I said vs giving a detailed explanation of the neighborhood. Maybe I am the one who is asking the wrong question :) 

    0Reply
  • Sino U.
    OP
    Member since 2023 · 38 posts · 28 votes
    2y
    Quote from @Shawn Mcenteer:

    House Hacking locally in a state that literally has one of the worst reputations for landlords is how my wife and I got to financial freedom.  I live in New Jersey and invest in New Jersey. When first starting out we almost pulled the trigger with out of state investing, looking back and running the numbers of what it could have been compared to what it is today no way we would be anywhere near what we have right now had we decided to invest out of state.  House hacking in the market you live in is such an unfair advantage that compounds in ways you will not believe. 


    mind if I ask where you guys investing in NJ? Is it Newark area? I can not do house hacking now, given that I have my own SFH where I live with my family. Maybe you and I should connect and see maybe I can learn a thing or two about NJ areas :)

    0Reply
  • Shawn McenteerBusiness Member
    Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
    2y
    Quote from @Sino U.:

    mind if I ask where you guys investing in NJ? Is it Newark area? I can not do house hacking now, given that I have my own SFH where I live with my family. Maybe you and I should connect and see maybe I can learn a thing or two about NJ areas :)

     New Jersey is a state that gets a bad reputation,  a lot of that comes from city's like Newark that have extremely strict landlord laws.  I will not invest in Newark, NJ nor refer my clients to the area.   Since starting my wife and I have yet to miss a single payment of rent, we have batted 1000 for over a decade (just made youtube video on it that goes into greater detail) but the main reason behind it is because we avoid areas that are extremely tough for landlords.  We also have children so wanted to make sure the house hacks we lived in were in safe areas with good schools.  Shoot me a DM, happy to connect.

    973-975-3895
    House Hacking New Jersey563 Reviews
    WebsiteView Page
    1Reply
  • John McDonald
    Member since 2023 · 158 posts · 96 votes
    2y
    Quote from @Sino U.:
    Quote from @John McDonald:

    Who would have ever thought that the midwest would be such a "hot market". How times have changed. 

    @Sino U., don't worry about others enthusiasm, only about your own. Realtors work for you. Have a plan and leverage them towards your goal. They're not going to do it for you, no one will. You have to apply pressure when necessary to keep the ball rolling. There's LOTS of wanna be investors who start down the road, make a lot calls and take no action. If you want it to happen, YOU have to make it happen. 

    Good luck with your journey.

    Cheres,


     I totally agree with your sentiment. I guess my issue so far has been like the knowledge of a realtor, they just seem to be rolling with what I said vs giving a detailed explanation of the neighborhood. Maybe I am the one who is asking the wrong question :) 

    In terms of the neighborhood, you can learn alot from demographic data(this tells you what it's like right now), sales trend data(this tells you how it's projecting - are you seeing an increase in property values) and new listings..are now homes being built, are other rehabbers in the area, are there LOTS of rentals or only a few. These data will direct you to neighborhoods that meet your investment criteria. Then contact a realtor and let them know that you're looking for homes in those areas.

    I find that most realtors aren't really interested in "working with investors", they're only interested in closing a deal. Once you start getting some volume under your belt, they'll be reaching out to you with deals. But that takes time to build that trust.

    In the mean time, it'll be up to you to trudge through the deep snow to make a path. The first one is always the hardest. 
    1Reply
  • Nicholas L.Pro Member
    Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
    2y

    @Sino U.

    it's not clear from your post what you've actually done so far.  did you go to Columbus in person?  it's very hard to buy real estate from phone and Internet.

    here's what I would do if I were you. pick 2-3 markets within 2 hours of where you live that are lower cost. drive to those markets as often as you can. go to the REIA meetings, meet investors, agents and PMs in person. start looking at properties. call lenders.

    the solution to feeling lost is taking action.  

    hope this helps

    1Reply
  • Joe FunariBusiness Member
    Real Estate Agent · Keller, TX · Member since 2017 · 850 posts · 825 votes
    2y

    @Sino U. I would recommend you speak to realtors that are fellow investors in the market they work in. I help out-of-state investors buy and sell here. I have been doing it for several years. I really love helping other investors. You will get a lot more than YES and NO answers from me. Taking a drink from a fire hose is the best way to describe the info I share with clients. Also, my contacts become your contacts. So happy to recommend the PM that manages my rentals too.

    0Reply
  • Joseph Guzzardi Jr
    Rental Property Investor · Member since 2019 · 411 posts · 148 votes
    2y

    @Sino Usmonov I am certainly biased but I think there is a lot of value in investing in your own back yard. I believe it's very helpful to get the hands in experience, see things in person and physically drive to the property. I am based out of NJ as well. Ultimately, you need to figure out what your goals are, and the WHY behind it. Hope you find this helpful.

    1Reply
  • Carlos Valencia
    Lender · 92703 · Member since 2022 · 326 posts · 538 votes
    2y

    Hello Sino, 

    I would agree with you getting started is challenging. There's so much noise out there and people trying to sell the dream of investing in real estate that its easy to see everyone's success and ask your self why not me and take action. Once your in it then you begin to see all the bad of real estate investing that not many people like to share because no one is proud of sharing their bad investments or fails. They only share the good and not enough of the bad. Out of state investing is very risky as there's so many things to consider to make sure you made the right investment. I would highly recommend to invest in your area first to gain the experience and so you can be involved in the whole process and not have to rely on realtors, property managers etc.. because their opinion will be bias as they obviously want your business. There's also so many ways to invest as well that it can be overwhelming to take the leap on one strategy. What many of our new investor clients tend to do is go the house hack route as its the least risky investment to get started and begin really learning hands on. House Hacking is when you buy your primary and you intend to rent out the other rooms or units if its a multi family 2-4 units. Why new investors like this strategy better is because you can invest as little as 3.5 % to get in, you'll have a place to live, you can rehab the property while living there. The goal is to find out how much value can you add to maximize your rents and be able to move out and cashflow or at least break even then rinse and repeat. After gaining experience via house hacking then you may start feeling more comfortable taking on greater risk for investing out of state because now you have a better understanding of what it takes to do it but this time without you living there. Something to consider. Hope this helps shine some light on the topic. 

    @Albert Bui @Matthew Kwan

    4Reply
  • Carlos Ptriawan
    Member since 2019 · 7k+ posts · 4k+ votes
    2y
    Quote from @Sino U.:

    Honestly, I thought I would go ahead and start with Columbus market and based on some of the data that I have seen it made sense. Now I am just not sure. I guess for few reasons;

    1) fear of out of state investing - yes I have read all the posts about how some oos investors made it, podcasts sharing their stories and etc. My issue is finding it hard to believe someone's be it realtor or PM word oh how they can help and etc. 
    2) Realtors - I mean based on my few interactions, they all seem to be enthusiastic and stuff but when you jump on call it's like YES and NO answers and pretty much. 

    For those who started with out of state investing I would love to hear some of your advice that you can give to me. 

    Cheers. 


     just invest IN your own state dude

    out of state would not grow you as investor

    2Reply
  • Carlos Ptriawan
    Member since 2019 · 7k+ posts · 4k+ votes
    2y
    Quote from @Carlos Valencia:

    Hello Sino, 

    I would agree with you getting started is challenging. There's so much noise out there and people trying to sell the dream of investing in real estate that its easy to see everyone's success and ask your self why not me and take action. Once your in it then you begin to see all the bad of real estate investing that not many people like to share because no one is proud of sharing their bad investments or fails. They only share the good and not enough of the bad. Out of state investing is very risky as there's so many things to consider to make sure you made the right investment. I would highly recommend to invest in your area first to gain the experience and so you can be involved in the whole process and not have to rely on realtors, property managers etc.. because their opinion will be bias as they obviously want your business. There's also so many ways to invest as well that it can be overwhelming to take the leap on one strategy. What many of our new investor clients tend to do is go the house hack route as its the least risky investment to get started and begin really learning hands on. House Hacking is when you buy your primary and you intend to rent out the other rooms or units if its a multi family 2-4 units. Why new investors like this strategy better is because you can invest as little as 3.5 % to get in, you'll have a place to live, you can rehab the property while living there. The goal is to find out how much value can you add to maximize your rents and be able to move out and cashflow or at least break even then rinse and repeat. After gaining experience via house hacking then you may start feeling more comfortable taking on greater risk for investing out of state because now you have a better understanding of what it takes to do it but this time without you living there. Something to consider. Hope this helps shine some light on the topic. 

    @Albert Bui @Matthew Kwan


     this is very sincere advice and bit abnormal in biggerpockets hahaha, good advice !

    2Reply
  • Erin AzarPro Member
    Rental Property Investor · IN · Member since 2021 · 47 posts · 36 votes
    2y

    I would definitely advise you to start local (3-4 hrs away) and then go out of state for the 2nd property. So much to learn that you will miss out on, by it being remote. If that is an option, I suggest going at it that way. That will build you confidence and then you can try remote investing. I know lots of people sing the praises about their success with going out of state immediately, and I do think it can be done, if that is your only option. However, I am sure there are many stories out there of failures with out-of-state investing. Those folks are less likely to share their story. 

    1Reply
  • Salvatore Lentini
    Rental Property Investor · Doylestown, PA · Member since 2008 · 1k+ posts · 1k+ votes
    2y

    @Sino U. - invest locally first.  I'm born and raised in NY, lived in Jersey City and Hoboken NJ after college and now am in PA.  NJ is expensive, especially the taxes.  But you're close enough to PA and DE where you can find properties that cashflow.  Investing out of state looks good on paper but you will NEVER achieve the numbers the sellers and realtors are telling you.  Repairs will cost more and vacancies (while waiting for repairs and remarketing the property) will be higher.  You'll wish you invested closer even if it means a 2-3 hour drive.  Over the past 10 years I've invested in OH and here in PA and over time the closer the properties are to me the better the returns I've gotten.

    1Reply
  • Donnie Tucker
    Long Island, NY · Member since 2019 · 29 posts · 21 votes
    2y
    Quote from @Robert Ellis:
    Quote from @Sino U.:

    Honestly, I thought I would go ahead and start with Columbus market and based on some of the data that I have seen it made sense. Now I am just not sure. I guess for few reasons;

    1) fear of out of state investing - yes I have read all the posts about how some oos investors made it, podcasts sharing their stories and etc. My issue is finding it hard to believe someone's be it realtor or PM word oh how they can help and etc. 
    2) Realtors - I mean based on my few interactions, they all seem to be enthusiastic and stuff but when you jump on call it's like YES and NO answers and pretty much. 

    For those who started with out of state investing I would love to hear some of your advice that you can give to me. 

    Cheers. 


     In 30 minutes I can change your mind about columbus I'm not selling existing inventory and not putting you on a drip. most of our strategies are new construction and land and planning and working with investors on their goals one on one. I'm a general contractor and builder and we do this for people all over the United States here in columbus / Central Ohio I'll send you a PM 


     Hello Robert. Would you mind sending me your info as well.  I'm considering Columbus and Canton.

    1Reply
  • Donnie Tucker
    Long Island, NY · Member since 2019 · 29 posts · 21 votes
    2y
    Quote from @John McDonald:
    Quote from @Sino U.:
    Quote from @John McDonald:

    Who would have ever thought that the midwest would be such a "hot market". How times have changed. 

    @Sino U., don't worry about others enthusiasm, only about your own. Realtors work for you. Have a plan and leverage them towards your goal. They're not going to do it for you, no one will. You have to apply pressure when necessary to keep the ball rolling. There's LOTS of wanna be investors who start down the road, make a lot calls and take no action. If you want it to happen, YOU have to make it happen. 

    Good luck with your journey.

    Cheres,


     I totally agree with your sentiment. I guess my issue so far has been like the knowledge of a realtor, they just seem to be rolling with what I said vs giving a detailed explanation of the neighborhood. Maybe I am the one who is asking the wrong question :) 

    In terms of the neighborhood, you can learn alot from demographic data(this tells you what it's like right now), sales trend data(this tells you how it's projecting - are you seeing an increase in property values) and new listings..are now homes being built, are other rehabbers in the area, are there LOTS of rentals or only a few. These data will direct you to neighborhoods that meet your investment criteria. Then contact a realtor and let them know that you're looking for homes in those areas.

    I find that most realtors aren't really interested in "working with investors", they're only interested in closing a deal. Once you start getting some volume under your belt, they'll be reaching out to you with deals. But that takes time to build that trust.

    In the mean time, it'll be up to you to trudge through the deep snow to make a path. The first one is always the hardest. 
    Hi John.  Do you have any websites you can recommend for finding this data?
    0Reply
  • Account Closed
    Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes
    2y
    Quote from @Sino U.:

    Honestly, I thought I would go ahead and start with Columbus market and based on some of the data that I have seen it made sense. Now I am just not sure. I guess for few reasons;

    1) fear of out of state investing - yes I have read all the posts about how some oos investors made it, podcasts sharing their stories and etc. My issue is finding it hard to believe someone's be it realtor or PM word oh how they can help and etc. 
    2) Realtors - I mean based on my few interactions, they all seem to be enthusiastic and stuff but when you jump on call it's like YES and NO answers and pretty much. 

    For those who started with out of state investing I would love to hear some of your advice that you can give to me. 

    Cheers. 

    This might get you started
    Time Wasters: Lurking & Never Getting Started – Never Buying https://www.biggerpockets.com/forums/311/topics/1166874-time...
    1Reply
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