Making connections while living out of states

6 Replies

Hi friends!

I am a newbie living in Israel, been a member in BP for about 2 months now. I tried focusing in the Atlanta market but it turns out that you need about 100K to start investing there, while currently i can get 50-60K to start with. My main investing plan is start with flipping to expand my financial abilities, and slowly add rentals to get constant  cash flow. I want to focus on 1-2 markets for the near 5-10 years.

I some cardinal questions I am dealing with:

1. Do you know a market that 50-60K are enough to start making flip deals (Did some research and foun Cleveland is pretty cheap now but not sure how cheap)? If not I will be really happy to get an advise what to do then (really want to getstarted!!)?

2. This question is mostly directed to long distance investors. How do you find agents, PMs etc. in a distaned area? and more importantly how do you develop trust? how do you know that when a wholesaler offers a deal and says it's a good one, that he is honest? I an really interested in creating long term relationships with good and serious people in the market i choose to invest in, I am jist afraid that untill you know your market well people will take advantage and con me.

3. What books are recomended to long distance investors? I want to focus on what i need to know from my specifןc point of view (as i won't be the one in charge of managing the rehab myself) and get some insights of how I can be effective and proכessional (I am sure tht some long distane investors are!).

Thanks!

Welcome to the site @Isaac Geller I recommend you check out The Ultimate Guide to Grading Cleveland Neighborhoods if you are looking to invest in the Cleveland area. We have many neighborhoods with ROCK BOTTOM PRICES. What is important though is that you ask yourself WHY are some of these homes so cheap? It's not all sunshine & rainbows. If there is something that seems similar to something in a nicer neighborhood you need to know why that is & what risks are associated with it.

@Isaac Geller 50k flips is a little low and in my opinion d class in Atlanta.

@Isaac Geller Welcome to BP! There is a wealth of information on here. It is possible to start investing in the cleveland market with about 60k. With the said you will be limited in your search (you might want to see about use more funds. It is never a good idea to invest on a budget).  Also, more important than the money is the knowledge.  Although, The Ultimate Guide to Grading Cleveland Neighborhoods gives a glance at the cleveland market it obviously does not go into great detail and does need someone to interpret more information for you. It can be tough trying to find boots on the ground that have your interest in mind and not try and sell you on every deal or one that they might represent. It is best to have an impartial consultant in the area you are looking to invest. Wish you the best and hope you find what you are looking for. 

Originally posted by @Isaac Geller :

Hi friends!

I am a newbie living in Israel, been a member in BP for about 2 months now. I tried focusing in the Atlanta market but it turns out that you need about 100K to start investing there, while currently i can get 50-60K to start with. My main investing plan is start with flipping to expand my financial abilities, and slowly add rentals to get constant  cash flow. I want to focus on 1-2 markets for the near 5-10 years.

I some cardinal questions I am dealing with:

1. Do you know a market that 50-60K are enough to start making flip deals (Did some research and foun Cleveland is pretty cheap now but not sure how cheap)? If not I will be really happy to get an advise what to do then (really want to getstarted!!)?

2. This question is mostly directed to long distance investors. How do you find agents, PMs etc. in a distaned area? and more importantly how do you develop trust? how do you know that when a wholesaler offers a deal and says it's a good one, that he is honest? I an really interested in creating long term relationships with good and serious people in the market i choose to invest in, I am jist afraid that untill you know your market well people will take advantage and con me.

3. What books are recomended to long distance investors? I want to focus on what i need to know from my specifןc point of view (as i won't be the one in charge of managing the rehab myself) and get some insights of how I can be effective and proכessional (I am sure tht some long distane investors are!).

Thanks!

 It looks like it has already been stated in here, but yes, RESEARCH! You have to wonder why homes are so cheap in ANY market. It is not 2008 anymore and there is normally a reason the property is so affordable. 

Look into the neighborhood, do your inspections, etc. It will take some time, but be prepared to be looking for awhile. 

Good luck to you!

Thanks all for all the good advice! I  learned a lot and made some new connections that will help me to get more knowledge.

Thank you BP!

Hi there @Isaac Geller ! Just wondering, have you considered or looked into the option of a hard money loan? You can easily get into a property here in Atlanta with 50-60k if you use hard money to leverage that capital. Message me directly if you need more info, I'd love to help as I do believe strongly in this. Thanks, and good luck to you!

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