Buy and Hold Newbie Accountability Group

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Buy and Hold Newbie Accountability Group

Todd Krzeminski
Rental Property Investor · Northern Virginia · Member since 2015 · 106 posts · 51 votes

Hey everyone!

I’ve been a lurker on BP for several months and decided it’s time to get serious. I’m a 39 year old software engineer from Northern Virginia. I’m new to investing, although my wife and I had a rental condo back in 2005-2006, a former primary residence -- so we have brief landlording experience. We’re extremely excited and motivated to get started in real estate investing in earnest. I’ve read several books, listened to many podcasts and read lots of articles

My wife @Amy Krz and I have a short term goal of getting an out-of-state Turnkey property under contract by the end of May. We’ve already contacted several turnkey providers, and have been preapproved for a loan.

I'm looking for other buy and hold newbies that are interested in holding each other accountable in achieving our real estate goals. My thought is a group (or even an individual) that can push one another, act as a sounding board, provide referrals, funding ideas and expand our REI knowledge as we go would be a valuable resource to have during our journey to financial independence. I'm not looking for partnerships, although perhaps that's an option down the line.

I’m not really sure of the logistics — perhaps just email threads, chat sessions, Skype calls, in-person coffee meetings, etc. Those details can be worked out.

Anyone have interest in something like this? I’m looking for people ready to take action! PM me or reply if you are!!

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Andrew Brooks
Investor · Hampton, VA · Member since 2015 · 16 posts · 7 votes
10y

Todd I am definitely all in for that

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  • Todd Krzeminski
    OP
    Rental Property Investor · Northern Virginia · Member since 2015 · 106 posts · 51 votes
    10y
    Originally posted by @Michael Dunn:

    Hey Todd, I'm curious as to why you are seeking "out of state" rental property rather than in your local area. 

    It's just not cost effective. Home prices in the DC area are very high, and I still have a full time job so I don't have time to find distressed properties, fix them, etc. I like the idea of a turnkey solution in an affordable area.

    0Reply
  • Todd Krzeminski
    OP
    Rental Property Investor · Northern Virginia · Member since 2015 · 106 posts · 51 votes
    10y
    Originally posted by @Tom Ott:
    Originally posted by @Todd Krzeminski:

    Hey everyone!

    I’ve been a lurker on BP for several months and decided it’s time to get serious. I’m a 39 year old software engineer from Northern Virginia. I’m new to investing, although my wife and I had a rental condo back in 2005-2006, a former primary residence -- so we have brief landlording experience. We’re extremely excited and motivated to get started in real estate investing in earnest. I’ve read several books, listened to many podcasts and read lots of articles

    My wife @Amy Krz and I have a short term goal of getting an out-of-state Turnkey property under contract by the end of May. We’ve already contacted several turnkey providers, and have been preapproved for a loan.

    I'm looking for other buy and hold newbies that are interested in holding each other accountable in achieving our real estate goals. My thought is a group (or even an individual) that can push one another, act as a sounding board, provide referrals, funding ideas and expand our REI knowledge as we go would be a valuable resource to have during our journey to financial independence. I'm not looking for partnerships, although perhaps that's an option down the line.

    I’m not really sure of the logistics — perhaps just email threads, chat sessions, Skype calls, in-person coffee meetings, etc. Those details can be worked out.

    Anyone have interest in something like this? I’m looking for people ready to take action! PM me or reply if you are!!

    Hello Todd,

    Welcome to BP! I am sure you have already seen how useful this site can be in terms of advice, and professional knowledge. 

    What states are you looking into for turnkey properties? Those types of investments can be the best for out of state  investors.

    Feel free to reach out to me and I will be able to answer any questions.

    Happy investing!

     Indianapolis is the market we'll start with for our first property.

    1Reply
  • Stephen Edwards
    Investor · Murrieta, CA · Member since 2015 · 4 posts · 0 votes
    10y

    I like this idea. I have bought 7 properties without the knowlege of what I'm doing and have been very lucky. I didn't know about CapEx and Cap rate and the various formulas I'm learning about now.

    0Reply
  • Mitzi Castiglione
    Residential Real Estate Agent · Tampa, FL · Member since 2014 · 24 posts · 14 votes
    10y

    I'm in!

    0Reply
  • Michael Dunn
    Investor · New Westminster, British Columbia · Member since 2016 · 15 posts · 6 votes
    10y
    Originally posted by @Todd Krzeminski:
    Originally posted by @Michael Dunn:

    Hey Todd, I'm curious as to why you are seeking "out of state" rental property rather than in your local area. 

    It's just not cost effective. Home prices in the DC area are very high, and I still have a full time job so I don't have time to find distressed properties, fix them, etc. I like the idea of a turnkey solution in an affordable area.

     Makes sense. I'm the Vancouver area. Home prices are insane here but you can still get some postive cashflow with a well chosen condo.

    0Reply
  • Alex Ho
    Hialeah, FL · Member since 2016 · 2 posts · 1 vote
    10y

    Count me in. Im a total newbie at this and if all goes well, planning on purchasing my first investment in year. 

    0Reply
  • Account Closed
    Investor · Honolulu, HI · Member since 2013 · 3k+ posts · 1k+ votes
    10y
    Originally posted by @Todd Krzeminski:
    Originally posted by @Tom Ott:
    Originally posted by @Todd Krzeminski:

    Hey everyone!

    I’ve been a lurker on BP for several months and decided it’s time to get serious. I’m a 39 year old software engineer from Northern Virginia. I’m new to investing, although my wife and I had a rental condo back in 2005-2006, a former primary residence -- so we have brief landlording experience. We’re extremely excited and motivated to get started in real estate investing in earnest. I’ve read several books, listened to many podcasts and read lots of articles

    My wife @Amy Krz and I have a short term goal of getting an out-of-state Turnkey property under contract by the end of May. We’ve already contacted several turnkey providers, and have been preapproved for a loan.

    I'm looking for other buy and hold newbies that are interested in holding each other accountable in achieving our real estate goals. My thought is a group (or even an individual) that can push one another, act as a sounding board, provide referrals, funding ideas and expand our REI knowledge as we go would be a valuable resource to have during our journey to financial independence. I'm not looking for partnerships, although perhaps that's an option down the line.

    I’m not really sure of the logistics — perhaps just email threads, chat sessions, Skype calls, in-person coffee meetings, etc. Those details can be worked out.

    Anyone have interest in something like this? I’m looking for people ready to take action! PM me or reply if you are!!

    Hello Todd,

    Welcome to BP! I am sure you have already seen how useful this site can be in terms of advice, and professional knowledge. 

    What states are you looking into for turnkey properties? Those types of investments can be the best for out of state  investors.

    Feel free to reach out to me and I will be able to answer any questions.

    Happy investing!

     Indianapolis is the market we'll start with for our first property.

    So you don't want to invest locally because real estate is so profitable there that rents and values are high but want to start investing in an area where rents and values have remained virtually unchanged over the last several decades? 

    0Reply
  • Kevin Darrell
    NY · Member since 2015 · 101 posts · 43 votes
    10y

    @Bob 

    @Account Closed Is it better then to wait to you're able to invest in your own area?

    0Reply
  • Colleen Raponi
    Pavilion, NY · Member since 2015 · 7 posts · 3 votes
    10y

    Todd,

    If you still have availability to join the group I'd love to be a part of it. 

    Colleen

    1Reply
  • Account Closed
    Investor · Honolulu, HI · Member since 2013 · 3k+ posts · 1k+ votes
    10y
    Originally posted by @Kevin Darrell:

    @Bob 

    @Account Closed Is it better then to wait to you're able to invest in your own area?

    I would say no unless you think your market has peaked.  Able?  What are you waiting for?  Less sacrifice? Maybe you'd be better to team up with a BP member that is in the same situation as you.  Wouldn't that be better AND easier that creating and managing a team from hundreds of miles away? 

    1Reply
  • Steven Gesis
    Investor · Miami, FL · Member since 2015 · 1k+ posts · 390 votes
    10y
    Originally posted by @Todd Krzeminski:

    Hey everyone!

    I’ve been a lurker on BP for several months and decided it’s time to get serious. I’m a 39 year old software engineer from Northern Virginia. I’m new to investing, although my wife and I had a rental condo back in 2005-2006, a former primary residence -- so we have brief landlording experience. We’re extremely excited and motivated to get started in real estate investing in earnest. I’ve read several books, listened to many podcasts and read lots of articles

    My wife @Amy Krz and I have a short term goal of getting an out-of-state Turnkey property under contract by the end of May. We’ve already contacted several turnkey providers, and have been preapproved for a loan.

    I'm looking for other buy and hold newbies that are interested in holding each other accountable in achieving our real estate goals. My thought is a group (or even an individual) that can push one another, act as a sounding board, provide referrals, funding ideas and expand our REI knowledge as we go would be a valuable resource to have during our journey to financial independence. I'm not looking for partnerships, although perhaps that's an option down the line.

    I’m not really sure of the logistics — perhaps just email threads, chat sessions, Skype calls, in-person coffee meetings, etc. Those details can be worked out.

    Anyone have interest in something like this? I’m looking for people ready to take action! PM me or reply if you are!!

     Todd, Welcome! The official welcome, I know you mentioned just poking around and researching the last few months, sounds like you have been doing some groundwork towards your wealth building goals on BP.  This is a really interesting topic, I had encountered challenges when I decided to make my first investment, I always thought it would be fantastic to have some similar minded, similar positioned individuals I can align with and just share honest and open information. BP for the most part, greater majority seems to be very honest and candid about experiences, this is a good ground that you can align with people that have engaged in similar activity and build a club around that. I would interested to participate if you do define a way for one. A simple google hangouts can be a good new avenue to conduct these meetings. Using google docs, you can keep a log and assign a designation, control workflow, email flow etc....

    I hope both you and your wife have fun during your investment process as much and as serious as this process is. 

    You mentioned an interesting topic accountability. I battle with this topic all the time as I strive to help and influence IT solutions for our operations, this is something that is beyond just the words. Really drilling down and defining what accountability is as everyone may have a different variety of flavor for accountability.

    • IS IT?
    1. ROI Performance promised on Pro-Forma?
    2. Maintenance Exposure VS Actual Exposure? 
    3. Loss of Rent for Eviction or Vacancy?
    4. Property Tax Cost?
    5. Property Insurance Cost?
    6. Accountability of the Turnkey Provider or the actions taken by the Turnkey Provider (Acquisition, Construction, Management, Communication, Tenant Placement, Maintenance, Disposition)?
    7. Actual Appreciation ? 
    8. A hybrid of all the aforementioned?
    9. This is not a complete list..... It may be a hybrid or all of the aforementioned and more...

    A true Turnkey provider is one that will give you the accountability that you reference, the ability to build wealth, with a true passive income. The reason I say true turnkey provider is that many people loosely throw around turnkey. But true Turnkey, the provider will be able to give you a good value property, properties already acquired, property renovation completed to a high quality using resilient products, tenant has been vetted and placed and the asset is managed by the provider = Full Accountability..... just a though to expand on the keynote item that seemed to me to be a major area of concentration as part of your overall global investment strategy. 

    When considering a TK provider you want to take nothing on Faith, complete extensive due diligence, get acclimated with the area, the team and the company you intend on doing business with.  You want to zoom in on your acquisition and make sure it meets your goals and the people responsible for helping you attain those goals have a vested interest in doing so.

    #TeamTurnkey

      0Reply
    1. Todd Krzeminski
      OP
      Rental Property Investor · Northern Virginia · Member since 2015 · 106 posts · 51 votes
      10y

      We're opening our group to more people. Looking for people that are highly motivated and plan to be active!

      If you're interested, reply or send me a PM. 

      0Reply
    2. Andrew Halbert
      Macomb, MI · Member since 2015 · 141 posts · 45 votes
      10y

      Hi Everyone, I am back online and ready to roll.  End of school year and beginning of summer I usually drop of the face of the earth for a few weeks due to kids/family/vacations etc. 

      I'll be bouncing back in our group asap. 

      1Reply
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