Where to go next and lessons learned

5 Replies

Hey BP, I’m new to RE and am taking in as much information as I can through BP forums, podcasts, books etc. This community really is awesome, but this is the first time I’ve actually posted, reaching out and truly utilizing the resource.

I live in southern Utah but am primarily working on investing out of state. After reading as much as I could and feeling comfortable up to a point, I realized the only way I would really learn more and know what it takes to invest would be to take action and purchase a property. So, A couple months ago I pulled the trigger and purchased my first SFR rental property in Kansas City Missouri. A local friend of mine has a great team out there and really helped me out and walked me through the process. I am towards the end of my rehab and have learned A LOT, some good some bad. The purchase was primarily to be a learning experience and not a homerun, but it will cash flow enough to pay for the education and make a little money too!

I’m reaching out because I want to purchase a couple small multifamily units (2, 3 or 4 plex) within the year. I want to branch out of Missouri to improve my odds of finding a property that meets my criteria and increase my inventory pool. From the research I’ve done, below are some locations I think will be beneficial to start moving forward with and begin making connections and forming a team. To keep it simpler, I think I’ll pick 2 or 3 of these locations.

I’d really like to hear some lessons learned, suggestions or advise from investors that have properties in these areas. Any other advice in narrowing down a location would be great too. 

Fulton County Georgia

Hamilton County Indiana

Washington & Benton County Arkansas

Fort Bend, Comal, Williamson or Tarrant County Texas

Williamson & Rutherford Tennessee

Baldwin county Alabama

Originally posted by @Scott Petty :

Hey BP, I’m new to RE and am taking in as much information as I can through BP forums, podcasts, books etc. This community really is awesome, but this is the first time I’ve actually posted, reaching out and truly utilizing the resource.

I live in southern Utah but am primarily working on investing out of state. After reading as much as I could and feeling comfortable up to a point, I realized the only way I would really learn more and know what it takes to invest would be to take action and purchase a property. So, A couple months ago I pulled the trigger and purchased my first SFR rental property in Kansas City Missouri. A local friend of mine has a great team out there and really helped me out and walked me through the process. I am towards the end of my rehab and have learned A LOT, some good some bad. The purchase was primarily to be a learning experience and not a homerun, but it will cash flow enough to pay for the education and make a little money too!

I’m reaching out because I want to purchase a couple small multifamily units (2, 3 or 4 plex) within the year. I want to branch out of Missouri to improve my odds of finding a property that meets my criteria and increase my inventory pool. From the research I’ve done, below are some locations I think will be beneficial to start moving forward with and begin making connections and forming a team. To keep it simpler, I think I’ll pick 2 or 3 of these locations.

I’d really like to hear some lessons learned, suggestions or advise from investors that have properties in these areas. Any other advice in narrowing down a location would be great too. 

Fulton County Georgia

Hamilton County Indiana

Washington & Benton County Arkansas

Fort Bend, Comal, Williamson or Tarrant County Texas

Williamson & Rutherford Tennessee

Baldwin county Alabama

Congrats Scott for taking action and not being a BP podcast junkie who don't buy a property.

If you want some lessons learned about landlording, here's a story about a 48-unit apartment building that made me money but I eventually sold it and made over $1M on it.

https://www.biggerpockets.com/forums/311/topics/64...

I like Indiana and the midwest. There are good parts of Texas too. You're on the right track. 

Thanks Michael. That was a great story and very good advice! Congrats on the success and driving that deal to an amazing payout. 

The more I look into Indiana, I hope you don't mind if I contact you to learn more about the area from someone local.

Right on @Scott Petty congrats on your first rental. If you are ever looking to do things locally I have a number of properties in the St. George area and love doing real estate down there although my primary residence is up by SLC. If you're ever looking for somebody in your area to help with something let me know. Your areas in the midwest look amazing. I have good friends that do awesome in a couple of those areas. Definitely money to be made there. Keep at it.