First time long distance

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First time long distance

Lance Stokes
Member since 2019 · 28 posts · 10 votes

Hi BP fam - looking to get into the game with our first small multi family (2-4 units) rental in the Midwest (Toledo OH, Cincinnati OH, Indianapolis IN, etc). 

I’ve researched the areas and am currently analyzing properties and talking with realtors daily to get even more understanding. 

Would greatly appreciate any experienced investors advices on finding and structuring jv partnerships? 

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Marc RiceBusiness Member
Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
4y

@Lance Stokes

It’s great to identify a market and then find a good investor friendly agent who can connect you to contractors, property managers, and lenders. Without a good deal you can’t buy anything.

Not sure what you mean by joint ventures specifically though

[email protected]614-363-2787
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  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    4y

    @Lance Stokes

    It’s great to identify a market and then find a good investor friendly agent who can connect you to contractors, property managers, and lenders. Without a good deal you can’t buy anything.

    Not sure what you mean by joint ventures specifically though

    [email protected]614-363-2787
    Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews
    WebsiteView Page
    4Reply
  • Shlomo Koheler
    Rental Property Investor · centervill in · Member since 2019 · 86 posts · 49 votes
    4y

    @Lance Stokes

    I say focus on one market one methodology build up your connections and then once you are kind of established and have some credentials expand your areas of interest and markets.

    If I were you I would pick Indianapolis IN

    I think it will be a bit easier than Cincinnati but still need better bigger market than Toledo

    1Reply
  • Lance Stokes
    OP
    Member since 2019 · 28 posts · 10 votes
    4y

    Hey @Marc Rice thanks for the reply here. By joint venture I mean I do all analysis and due diligence of an opportunity and bring it to a partner to fund the project. 

    1Reply
  • Lance Stokes
    OP
    Member since 2019 · 28 posts · 10 votes
    4y

    @Shlomo Koheler thanks for the feedback! My methodology is buy-n-hold a turnkey small multi family. 

    Can you maybe give some insight on why you’d choose Indianapolis and any preferred agents, contractors, lenders, etc that I could reach out to would be awesome!

    1Reply
  • Sunil Kurian
    Investor · Bucks County, PA · Member since 2020 · 41 posts · 52 votes
    4y

    @Lance Stokes Also being a long distance investor, I'd say that one of the best things to do is to first establish good local business relationships ....then only do you look for deals in those areas where your relationships can help you.

    I feel like I've read too many stories of out of town investors jumping on what they thought was a good deal only to struggle through a tough rehab or even through bad property management. What good is a great deal if you are hundreds of miles away with no trusted support? Instead, if you work the other way around (relationships first then the deals), you put yourself in a position to confidently pursue deals knowing that you already have people on your team who can support your success.

    2Reply
  • Nate Sanow
    I​nvestor & Agent · Tulsa, OK · Member since 2016 · 1k+ posts · 1k+ votes
    4y

    @Lance Stokes

    Are you wanting to JV in like the way wholesalers JV ?

    If so, willingness likely is plentiful and qualitative value is minimal in most cases, as you filter out crappy wholesalers and move towards better deals / partners.

    Are you wanting to JV as in flip / hold?

    If so, I’d suggest a lot of zoom / meet calls. I’d message people in your market. I wouldn’t pitch hard on my first message. That’s like asking a girl to marry you as a pick up line. I’d be patient and build the relationships slowly and authentically. Can be as simple as a hello, expressing interest in a message about a market, and seeing if that person has 15-20 minutes on a scheduled call.

    I've been that person for a lot of calls and have made friends and types of JV partners from it.

    I hope this helps.

    1Reply
  • Lance Stokes
    OP
    Member since 2019 · 28 posts · 10 votes
    4y

    @Sunil Kurian great point - having a solid team is key to becoming confident investing out of state. Definitely taking that into account while doing my best to speak with realtors, lenders/banks in the area. thanks for the comment!

    0Reply
  • Lance Stokes
    OP
    Member since 2019 · 28 posts · 10 votes
    4y

    @Nate Sanow i am looking to jv as in buy-and-hold properties. thanks for the feedback - taking the relationship building route, rather than just asking up front makes a ton of sense. Being more active here and in a few fb groups I've joined is pretty much my strategy to initiate those relationship. thanks again for response!

    0Reply
  • Joseph Cornwell
    Real Estate Agent · Cincinnati, OH · Member since 2015 · 474 posts · 580 votes
    4y

    @Lance Stokes Congrats on getting started! If you have any questions about the Cincinnati market feel free to reach out! As for JV partnerships, the best way I have found is to build relationships with people who would be a good fit with each others goals. It can be difficult to equate 50/50 value so you would need to find someone who complements your skills and lack there of, or someone who can contribute skills, time, money, or knowledge into the deals. Good luck!

    1Reply
  • Shlomo Koheler
    Rental Property Investor · centervill in · Member since 2019 · 86 posts · 49 votes
    4y

    @Lance Stokes

    I do primarily creative financing on the buying and selling,

    So I don't have yet much of the contacts you are looking for.

    And again Indianapolis is a big city with diverse 'hiring powers'

    But I feel it's ain't competitive and crazy as Cincinnati.

    2Reply
  • Nick GiulioniPro Member
    Rental Property Investor · Carmel, IN · Member since 2016 · 1k+ posts · 615 votes
    4y

    Hi Lance! I'm from Indianapolis. I started my RE journey here. Now, I have a hundred doors. I would love to share my experiences and chat you more if you're interested.

    1Reply
  • Kerry Noble JrPro Member
    Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
    4y

    Definitely open to connecting in Indianapolis 

    1Reply
  • Mike Mocek
    Property Manager / Licensed Realtor · Toledo/Columbus, OH · Member since 2019 · 244 posts · 262 votes
    4y

    Good Afternoon @Lance Stokes The very first thing I would do is get your core 4 in your pocket!  Understanding OOA markets can be tricky.  If given an opportunity, I would plan a trip to these areas.  Spend a day in each area and drive around to learn the areas, the local traditions etc.  Ask questions, talk to multiple people in different areas of real estate and find your niche in these markets.

    1Reply
  • Lance Stokes
    OP
    Member since 2019 · 28 posts · 10 votes
    4y

    @Shlomo Koheler yeah creative financing is certainly an aspect I am studying up on more to feel confident talking through that option with the seller - definitely opens up the ability to put less money down to start

    0Reply
  • Lance Stokes
    OP
    Member since 2019 · 28 posts · 10 votes
    4y

    @Joseph Cornwell thanks for the response and well wishes! I have not done a ton of research on Cincinnati so I will definitely take you up on the offer and message you separately to talk specifics about that market. thanks again 

    1Reply
  • Lance Stokes
    OP
    Member since 2019 · 28 posts · 10 votes
    4y

    @Nick Giulioni hey thanks for the response. Always great to speak with someone who has "been there done that" 
    look out for a direct message from me to set up a time to discuss your experiences going from starting out to now a hundred doors - huge congrats on that by the way!!

    0Reply
  • Lance Stokes
    OP
    Member since 2019 · 28 posts · 10 votes
    4y

    @Kerry Noble Jr thanks for the response  - ill shoot over a message separately to chat all things Indianapolis 

    0Reply
  • Lance Stokes
    OP
    Member since 2019 · 28 posts · 10 votes
    4y

    @Mike Mocek thanks for the response here - Im going to hop in the forums to understand core 4 a little better

    planning for a trip to the area early 2022!

    0Reply
  • Dell J.
    Member since 2010 · 210 posts · 158 votes
    4y

    Make sure you have a good property manager

    1Reply
  • Lance Stokes
    OP
    Member since 2019 · 28 posts · 10 votes
    4y

    @Dell J. yes for sure, finding solid pm is a high priority 

    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    4y

    You might want to follow the "Deep Dive" series we're doing on our BiggerPockets blog about Metro Detroit cities, City of Detroit Neighborhoods and comparing Metro Detroit to other hotspot cities investors usually consider:

    https://www.biggerpockets.com/...

    [email protected]248-209-6824
    Logical Property Management4.9458 Reviews
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  • Kenny Hall
    Property Manager · Indianapolis, IN · Member since 2020 · 122 posts · 64 votes
    4y

    @Lance Stokes hi! I’m a local investor in Indy and have 5 doors. I’d be happy to connect and share more about Indy as well as share my network.

    1Reply
  • Lance Stokes
    OP
    Member since 2019 · 28 posts · 10 votes
    4y

    @Kenny Hall thanks for the response - ill message you to work on a time to connect!

    1Reply
  • Lance Stokes
    OP
    Member since 2019 · 28 posts · 10 votes
    4y

    @Drew Sygit thanks for the info - following for sure

    0Reply
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