BRRRR Investing out of area
Hi guys,
I'm looking to try and do a BRRRR out of area and was hoping one of you pros or someone who's simply done it before might be able to shed some insight (this might be a bit broad, i know.). Anyways, some background of where I'm at right now. I'm currently living in Vancouver, Canada and as most of you know this market is quite expensive and makes almost 0 sense to own rental property in. So, I own a principal residence here in Vancouver and 10 months ago i purchased a rental property in Windsor, Ontario. I came across this market on biggerpockets actually and after some research decided it looked like a good market to invest in. I bought my first rental, pretty well turnkey, for 151k and it appraised at 163k on closing. Since then, its appreciated to roughly 200k. After all expenses this property is cash flowing at roughly $500/mo (without factoring repairs and vacancy though).
Now, I'm looking to buy a second property in Windsor, however, this time i want to try and do it the professional-non turnkey way. I already have, what i think is a good team located out there (lender, realtor, PM). I don't have a trusted GC although my property manager seems to be pretty well connected. Annnnyyywaaays, I'm wondering what my first step might be here. I guess i would either start a direct mail marketing campaign or possibly try to network with wholesalers? Should I consider flying out there to walk properties with a GC ect ect. I know this is a super broad question and is quite subjective but i'm just curious to know what others think.
Also, I've read David greens book on investing out of state 3 times and its helped tremendously but kind of stuck at a stand still here.
Thanks again Biggerpockets!