Buying real estate out of state

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Buying real estate out of state

Andrew Z.
CA · Member since 2020 · 8 posts · 4 votes

Hello All, I am looking to purchase a turn key property with a management company. I am looking at Ohio, Tenn, Texas, or the Kansas City area. Does anyone have a turn key/management company they recommend and some pros/cons of these different states. I am in California and out of state investing makes more financial sense, as well as California not being landlord friendly. Thanks

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Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
6y
Originally posted by @Andrew Z.:

Hello All, I am looking to purchase a turn key property with a management company. I am looking at Ohio, Tenn, Texas, or the Kansas City area. Does anyone have a turn key/management company they recommend and some pros/cons of these different states. I am in California and out of state investing makes more financial sense, as well as California not being landlord friendly. Thanks

I recommend you skip the turnkey model and just create your own turnkey team. You can do this by developing your Core 4. The core 4 is David Greene’s strategy for long-distance and made up of a realtor, contractor, property manager, and lender. Once you have this team in place, you should be able to confidently invest in any market.

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  • Aigo Pyles
    Flipper/Rehabber · Memphis, TN · Member since 2020 · 758 posts · 285 votes
    6y

    @John Erlanger Cap rate formula does not include mortgage. CAP Rate = noi / value


    Hope this helps.

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  • Calvin OzanickBusiness Member
    Property Manager · Janesville, WI · Member since 2017 · 708 posts · 297 votes
    6y

    I run a property management company in Janesville, WI. I would love to pick your brain about the Rock County market, including Beloit. This market is one that has grown exponentially in recent years. Amazon, ABC Supply Co, Hendricks Commercial Properties as well as Dollar General Co have all opened large business operations in the area which have led to massive job growth as well as large developments to the city. The lower cost of entry into the Wisconsin market allows for investors to go further with their money and grow their portfolio. I would love to pick your brain about your goals and see how we can best help you out! Best of luck along the way!

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  • Brian Hosier
    Investor · Port Coquitlam, BC · Member since 2013 · 203 posts · 119 votes
    6y

    Hi @Andrew Z., I currently invest with a Canadian company that is expanding into Cleveland next month. They offer a turnkey model that is really more like a syndication so it's truly passive and no headaches. Typical properties are $100k with $20k DP and a 15% Cash-on-cash return. They have close to 800 "doors" under management in Canada and the US. 

    I have 3 rentals with them and will be purchasing more in 2021. Message me if you want more info.

    Good luck with your RE journey.

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