Looking to research first REI property

[William Kim]

Hi BP, I am completely new to REI, but have been reading the BP blogs, discussion boards and listening to the podcasts for the past few weeks. A lot of good information and am very excited about REI and what it has to offer. At least to start off with, I am looking for some advice on what next steps to take in researching into the first REI property. I've narrowed down my niche to single family homes or small multi units (2-4). The strategy i like the most is to buy and hold and rent (and likely renovate in the long run). Mainly looking for turnkey type properties. Will likely use a PM, which I know I will have to vet and vet and vet. I know there will have to be a lot of researching, vetting and so on. Can you guys suggest some good resources for finding properties, realtors, and PMs? I am most likely looking to invest out-of-state. Thanks! Ps any other suggestions/advice in starting off this very exciting journey would be appreciated!

[Ali Boone]

Hey William! I think you ask great questions and there are different ways to go. As far as vetting everyone, take that as it comes. When you meet people or are introduced to different options, work your due diligence/vetting processes as you go. 

The main things you will want to be able to address in looking for what you are talking about are:

• knowing what makes for a strong market to invest in (since you basically have your choice of where to invest)
• finding a solid team on the ground (because you will be reliant on other people for the success of your investment since you won't be in control of it full-time)
• understanding the numbers (knowing exactly what you are buying and why, and numbers play a big role in that)

I have a few articles that address those things, but not sure which to refer you to just yet. I have some about how to tell the differences in markets and I have some that are specific to running numbers. The one I'll give you now is specific to out-of-state buying and the different ways to do it. Hope it helps-

https://www.biggerpockets.com/renewsblog/2012/12/2...

Let me know of other specific topics you are wondering about and I can send some more info over. 

I live in LA and have always only invested out-of-state, and I work with folks only buying out-of-state now, so happy to talk markets or properties or options anytime. Feel free to reach out.