What are your experiences? my city (Bismarck, ND) is kinda growing, but I can't find any fourplexes (or I should say is very harder" around this area. How much harder/less profitable is it to do something like turnkey and buy a deal out of state when is the first property?.
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
5y
Would have to know what the deals near you could profit to be able to say if turnkey or out-of-state is "less profitable" than what's near you. I'd compare the entry prices for both options as well as the cash flow for both options, and see what you come up with.
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
5y
Would have to know what the deals near you could profit to be able to say if turnkey or out-of-state is "less profitable" than what's near you. I'd compare the entry prices for both options as well as the cash flow for both options, and see what you come up with.
Investor · Las Vegas, NV · Member since 2019 · 499 posts · 259 votes
5y
I'd also add to Ali's comment above that everything has pros and cons. You can invest turnkeys, find deals yourself off mls, do brrrrs remotely (very risky), etc. But based on what your goals are, some strategies may work for you and others may not. Hope this helps.
Rental Property Investor · Tallahassee, FL · Member since 2018 · 55 posts · 48 votes
5y
Karlo,
That's a great question and one I feel every investor has been through at some point or another. I would say do an in depth market analysis. If you search Market Analysis in the blogs, there are a few great step by step examples of how to perform them. I have always done at least 3 markets at a time, and think this is a great way to decide. The three markets I would do are 1.Where you live, 2. Somewhere you are somewhat familiar with that interest you, and 3. a strong market you are interested in. Take the time to do an in-depth analysis, and you may find that there are more strengths to one market vs another. Also if you do decide to buy outside of your area, you don't have to settle for a completely turnkey investment, while there are definitely advantages to that, if you build a team in the area you can truly take down any strategy you want.