First things first, I am not a real estate investor. It pains me to write that but it's not to say I don't WANT to be a real estate investor I am just stuck. Stuck for so many reasons:
1. I live in Santa Monica, CA. There isn't a market within manageable driving distance that isn't overrun with professional real estate investors and insane market prices.
2. Investing out-of-state is scary. How do I invest out-of-state if I can't be there for an extended period of time to manage the closing period and renovations (a seemingly necessary step to get the most equity from RE investing)? I've never had to rehab/renovate a home, where do I begin to estimate rehab costs? So many factors here...
3. What are all the factors to a thorough market analysis?
4. Should I just focus my efforts instead on finding a more lucrative job?
These are just a few items that discourage me from "sticking with it" on the research and demotivates me from analyzing properties. I do have a friend in Orlando I am looking at maybe partnering with on a buy and hold, but I haven't known him for a LONG time and would have to rely on his perspective - he is also brand new to real estate.
Now that you understand where I am coming from, if you are in a similar position and need accountability to keep thinking about real estate and analyzing markets - most of all need accountability to TAKE ACTION once you have analyzed a deal where the numbers make sense...please join me in creating a group of people near the Santa Monica area to share information and keep each other accountable.
I do not have a plus account to create events, but this is not for the purpose of creating "clout" in the RE industry or promoting a turn key or RE company I'm involved in. This is just a group of people getting together maybe 2x a month to share information and establish goals. I wouldn't be writing this if such a group already existed on the events page in BP, there isn't one - at least not a consistent one and one that doesn't cost $$$ to go to the events.
If interested, please send me a message and I'll create a What'sApp thread, thanks!
Hey Kyle! Well, two things first. 1. There are solutions, so don't panic. 2. There's a monthly meet up in Santa Monica led by @Jeff Greenberg (he can add you to the mailing list if you want). It meets the 2nd Saturday of every month and it's extremely casual and everyone there just introduces themselves and then the floor opens up for anyone to ask questions. I was there this past Saturday and there were several people, if not the majority, who all do out-of-state and via different strategies and means and lots of great questions got answered by everyone. So it may be the perfect place to come and hang out and just see what other people are doing, you can network with anyone there, ask your own questions, and get a feel for the big bad world of investing (even out-of-state investing).
Hands-down, you are in no way required to buy an out-of-state property that needs a rehab. I've been buying out-of-state properties, from LA (I live in Venice) and I've never once bought one that needs a rehab.
Don't even worry about market analysis yet. There's plenty of ways to do that, plenty of people who are steps ahead of you that you can piggyback off of, and it can be dealt with as you go.
So, breathe, relax, check out Jeff's meet up next month and meet some locals, and go from there. You don't have to buy anything by any certain time, so just enjoy the journey of starting to learn stuff. The more you learn, the less you have to panic. :)
Reach out anytime if I can be of help! Real estate is too much fun to blow off or reject due to panic. There's lots of answers for you, lots of resources and help, and nothing that needs to be stressed over this early in the game.
@Kyle_Horjus I’m in the same boat as you, and have been seeking a group in the area for the same accountability and to learn from others about their first hand experiences with out of state properties and turn-key investment strategies. I’m not sure how to message you directly, but please include me on the WhatsApp thread if you do start one.
@Ali_Boone I’m definitely interested in finding more about your company Hipster Investments, and would like more details about where and what time the group meets up in the Westside. Thank you for sharing the info.
@Ali Boone Thanks for your message Ali, I know we've had a few discussions in the past! I actually went to one of the group meetings you are talking about back in October last year, but I didn't know this was a regular occurrence. I definitely want to be added to the mailing list.
@Jeff Greenberg Could you add me to the mailing list for the group meet in Santa Monica? The one at the coffee shop in October was super informative!
@Christine Palmer I may still start a small WhatsApp group for accountability partners and dig a little deeper into market analyses. The group meeting was a bit too large of a forum for that purpose although a fantastic resource nonetheless.