I just closed my first two out of state rentals in February, so far so good. I wanted to let the first month or so pass before I posted. I am super excited and plan on doing at least 3 more this year. I bought turn Key and have property management. I learned a lot, good and bad. Not really a lot of bad but a couple things i would have done different. I now believe that when People say the hardest step is buying the first property they are correct. I wish i would have started sooner when i first started looking into real estate investing. I am now hooked and want to expand my portfolio as fast as i can.
Tell us a little bit about your numbers, where you decided to buy and why?
To your success!
Good deal, tell us more
@Kenny Lundgren congrats!
Hey @Kenny Lundgren ! Congrats on your first of many out of state rentals! Which areas did you invest in? I'm also looking to invest out of state.
Congrats @Kenny Lundgren ! That first step is the hardest, and now you are well along the path.
Thank you every one, I invested in Memphis Tn. I have family in the area and travel out there at least a couple times a year. The reason i chose Memphis was, I figured i could always check on the properties when i am in the area.
I paid $75,000 Each with 20% down, just over 1% rent to value and they each cash flow about $150 a month after figuring in vacancy loss and repairs. If i had it to do over again i would have bought more expensive properties first since, this is my second and third loan i only have one more at 20% down, then it goes to 25% down. other than that, so far i am happy with the deals. I am looking forward to many more.
Thank you Lane, I doubt you remember having a phone conversation with me at the end of last year, but you helped me realize I just needed to take that first step. Now that I took the leap, I just want to keep going and growing. Thanks again.
@Kenny Lundgren awesome!
Awesome to hear man. HUGE congrats on taking that first step and not getting analysis paralysis.
@Kenny Lundgren , what was your biggest challenge you'd say?
Congrats @Kenny Lundgren . I am also from LA (Pasadena) and invent in Memphis. I just have one house, but it has performed nicely. Definitely need to buy more!