First time poster, new to real estate, very hungry
Member since 2022 · 16 posts · 9 votes
First time poster, new to real estate, very hungry
Most Popular Reply
Rental Property Investor · Oregon City, OR · Member since 2020 · 324 posts · 780 votes
3yQuote from @Robert Gibbs:
Quote from @Joseph Crunkilton:
Welcome! Out of state investing rocks. I've been doing it for a few years. Any markets you're looking at?
Yeah! So I've been looking through a few markets in Ohio. I like the price to rent ratio. The state seems to provide a good amount of cash flow. Currently I have been sorting through the Toledo market and I've been seeing some good results for small multi-family with a buy and hold strategy. In my opinion the market is a C+ to a B- with more than enough room to improve. I know some people over there that live close to Toledo and they say they like going in for the nightlife it provides as well as family restaurants and they like all the outdoor activities it provides.
In addition to Ohio, I also have interests in southern markets along Interstate 10 or close by the interstate. I have a close buddy who has expressed interest in investing with me and he runs a trucking route mostly along the southern states so I believe it would be an incredible insight to markets. It also helps having years worth of trust to have eyes going through new markets to give an "on the ground" opinion about the markets.
If you have any advice on anything I would love it. I want to learn more and I am eager to learn and keep learning everything I can!
Check out @Zach Lemaster and his team. They help out of state investors put together profitable rental deals. Helped me through my first few deals.
28 Replies
- 3yDevin JamesPro MemberDeveloper · Orlando, FL · Member since 2018 · 502 posts · 306 votes
Hey Robert,
Congrats on getting started on your journey! You are definitely in the correct group to grow your portfolio.
Good Luck!
- Investor · Member since 2021 · 591 posts · 695 votes3y
@Robert Gibbs welcome, and good luck on your investing journey.
My two cents: a house hack (which can be a single fam or small multifam property) is the best way to start off--and is a far better strategy for a beginner than an OOS property.
A good house hack will simultaneously lower your living expenses while increasing your income (the fundamental recipe for building wealth), it will teach you many of the essential skills you'll need to succeed in REI (like due diligence, tenant screening, property management, etc.), and--importantly--it's MUCH simpler and easier than other strategies like OOS investing (which tends to have a lot more risk and a much steeper learning curve).
Unfortunately, we regularly see beginner investors on the forums with nightmare scenario properties (non-paying tenants, crime, property destruction, and MIA PMs), and their story is almost always the same: it was their first property, and they bought OOS because the cashflow was great (on paper), and "it looked great in the photos", but the property was a lipsticked pig rehab in a C or D neighborhood, and they learned the hard way that PMs have no incentive to put in the significant effort required to manage in a C or D area for the minimal revenue such a property produces....that's a lesson I'm glad I haven't had to learn through experience!
Fortunately, there are simpler, easier REI strategies (like house hacking) that have lower risk profiles.
Good luck out there!
- Rental Property Investor · Oregon City, OR · Member since 2020 · 324 posts · 780 votes3y
Welcome! Out of state investing rocks. I've been doing it for a few years. Any markets you're looking at?
- Member since 2022 · 16 posts · 9 votes3y
Quote from @Joseph Crunkilton:
Welcome! Out of state investing rocks. I've been doing it for a few years. Any markets you're looking at?
Yeah! So I've been looking through a few markets in Ohio. I like the price to rent ratio. The state seems to provide a good amount of cash flow. Currently I have been sorting through the Toledo market and I've been seeing some good results for small multi-family with a buy and hold strategy. In my opinion the market is a C+ to a B- with more than enough room to improve. I know some people over there that live close to Toledo and they say they like going in for the nightlife it provides as well as family restaurants and they like all the outdoor activities it provides.
In addition to Ohio, I also have interests in southern markets along Interstate 10 or close by the interstate. I have a close buddy who has expressed interest in investing with me and he runs a trucking route mostly along the southern states so I believe it would be an incredible insight to markets. It also helps having years worth of trust to have eyes going through new markets to give an "on the ground" opinion about the markets.
If you have any advice on anything I would love it. I want to learn more and I am eager to learn and keep learning everything I can!
- Member since 2022 · 16 posts · 9 votes3y
Quote from @Leo R.:
@Robert Gibbs welcome, and good luck on your investing journey.
My two cents: a house hack (which can be a single fam or small multifam property) is the best way to start off--and is a far better strategy for a beginner than an OOS property.
A good house hack will simultaneously lower your living expenses while increasing your income (the fundamental recipe for building wealth), it will teach you many of the essential skills you'll need to succeed in REI (like due diligence, tenant screening, property management, etc.), and--importantly--it's MUCH simpler and easier than other strategies like OOS investing (which tends to have a lot more risk and a much steeper learning curve).
Unfortunately, we regularly see beginner investors on the forums with nightmare scenario properties (non-paying tenants, crime, property destruction, and MIA PMs), and their story is almost always the same: it was their first property, and they bought OOS because the cashflow was great (on paper), and "it looked great in the photos", but the property was a lipsticked pig rehab in a C or D neighborhood, and they learned the hard way that PMs have no incentive to put in the significant effort required to manage in a C or D area for the minimal revenue such a property produces....that's a lesson I'm glad I haven't had to learn through experience!
Fortunately, there are simpler, easier REI strategies (like house hacking) that have lower risk profiles.
Good luck out there!
Thanks for the feedback Leo! I am not closed off to the opportunity to house hack. I would actually love to find a deal. The only issue I run into is that I live in Southern California and home prices keep going up and up. My ideal house hack would be a small multifamily and I am currently looking for one so any inquiries would be much appreciated! lol
I completely understand all the risk in OOS and understand a lot of investors either fail or don't do well with it. My personality is a go-getter when it comes to work. I'm either going to do it 100% or I'm not going to waste my time. I strive to be the best in everything I do. So OOS investing is a challenge that I want to take head on because I don't know anything other way. I would love any advice you have or any tips you may have when it comes to OOS. Anything helps!
- Investor · Member since 2021 · 591 posts · 695 votes3y
Quote from @Robert Gibbs:
Quote from @Leo R.:
@Robert Gibbs welcome, and good luck on your investing journey.
My two cents: a house hack (which can be a single fam or small multifam property) is the best way to start off--and is a far better strategy for a beginner than an OOS property.
A good house hack will simultaneously lower your living expenses while increasing your income (the fundamental recipe for building wealth), it will teach you many of the essential skills you'll need to succeed in REI (like due diligence, tenant screening, property management, etc.), and--importantly--it's MUCH simpler and easier than other strategies like OOS investing (which tends to have a lot more risk and a much steeper learning curve).
Unfortunately, we regularly see beginner investors on the forums with nightmare scenario properties (non-paying tenants, crime, property destruction, and MIA PMs), and their story is almost always the same: it was their first property, and they bought OOS because the cashflow was great (on paper), and "it looked great in the photos", but the property was a lipsticked pig rehab in a C or D neighborhood, and they learned the hard way that PMs have no incentive to put in the significant effort required to manage in a C or D area for the minimal revenue such a property produces....that's a lesson I'm glad I haven't had to learn through experience!
Fortunately, there are simpler, easier REI strategies (like house hacking) that have lower risk profiles.
Good luck out there!
Thanks for the feedback Leo! I am not closed off to the opportunity to house hack. I would actually love to find a deal. The only issue I run into is that I live in Southern California and home prices keep going up and up. My ideal house hack would be a small multifamily and I am currently looking for one so any inquiries would be much appreciated! lol
I completely understand all the risk in OOS and understand a lot of investors either fail or don't do well with it. My personality is a go-getter when it comes to work. I'm either going to do it 100% or I'm not going to waste my time. I strive to be the best in everything I do. So OOS investing is a challenge that I want to take head on because I don't know anything other way. I would love any advice you have or any tips you may have when it comes to OOS. Anything helps!
I would suggest studying up on all the OOS resources you can find (books, podcasts, forum posts), and asking OOS investors for their biggest lessons learned (a lot of these are already discussed frequently on the forums). One of the most important things with OOS is creating and incentivizing a team of boots on the ground--this is notoriously difficult to accomplish, but it's absolutely necessary for success.
When comparing OOS properties to in-state house hacks, always remember to factor in the reduced (or eliminated) housing expense the house hack brings. For instance, if the house hack grosses $2k/month in rent AND saves you $1k/month in housing expenses, your gross is $3k.
Good luck!
- Rental Property Investor · Oregon City, OR · Member since 2020 · 324 posts · 780 votes3y
Quote from @Robert Gibbs:
Quote from @Joseph Crunkilton:
Welcome! Out of state investing rocks. I've been doing it for a few years. Any markets you're looking at?
Yeah! So I've been looking through a few markets in Ohio. I like the price to rent ratio. The state seems to provide a good amount of cash flow. Currently I have been sorting through the Toledo market and I've been seeing some good results for small multi-family with a buy and hold strategy. In my opinion the market is a C+ to a B- with more than enough room to improve. I know some people over there that live close to Toledo and they say they like going in for the nightlife it provides as well as family restaurants and they like all the outdoor activities it provides.
In addition to Ohio, I also have interests in southern markets along Interstate 10 or close by the interstate. I have a close buddy who has expressed interest in investing with me and he runs a trucking route mostly along the southern states so I believe it would be an incredible insight to markets. It also helps having years worth of trust to have eyes going through new markets to give an "on the ground" opinion about the markets.
If you have any advice on anything I would love it. I want to learn more and I am eager to learn and keep learning everything I can!
Check out @Zach Lemaster and his team. They help out of state investors put together profitable rental deals. Helped me through my first few deals.
- Member since 2022 · 13 posts · 9 votes3y
@Robert Gibbs - sound like you are a go-getter! Having a supportive team to help you find a good property is key. Take a look under the Network tab and start connecting with agents, lenders, and successful investors in markets you are interested in. Having a boots-on-the-ground team that will honestly advise you can make a big difference.
- 3yJacob St. MartinPro MemberInvestor · Charlottesville Virginia · Member since 2021 · 348 posts · 346 votes
Hello Robert, I am so glad that you are looking to get out of what sounds like a draining job through real estate. I will say that learning to invest for the first time, out of state, while working 7-7, with a baby sounds like a really difficult task. Have you considered the option of partnering with someone or investing in a syndication to leverage all of the benefits of real estate without having to take on all of the work yourself? This might be a more sustainable option for you until you can quit your full time job. If you want to discuss the different ways that can work feel free to send me a private message. I am looking for a partner on a deal right now where the partner should get 20-30% ROI and I have a friend that is capital raising for a multifamily syndication who I would be glad to refer you to if that makes more sense for your goals. I hope you can find the best path for your family, I am getting married in may and am trying to forge a better path for my future family as well!
- Rental Property Investor · San Jose, CA · Member since 2020 · 75 posts · 44 votes3y
Welcome to the real estate investing community, Robert! It's great to hear that you are passionate about real estate and are looking to invest in small multifamily properties. Here are a few tips to help you get started:
- Educate yourself. There is a lot to learn when it comes to real estate investing, so be sure to do your due diligence. Read books, listen to podcasts, and join online communities like this one to learn from others.
- Create a plan. Before you start looking for properties, it's important to have a clear idea of what you're looking for and how you plan to achieve your goals. Consider factors like your budget, the type of property you want to invest in, and your long-term investment strategy.
- Network and build relationships. Real estate investing can be a social business, so it's important to build relationships with other investors, real estate agents, and other professionals in the industry. Attend local meetups, join online groups, and reach out to others in the community to learn and network.
- Find a mentor. Working with a mentor can be a great way to gain valuable knowledge and experience. Look for someone who has experience in the type of investing you're interested in and is willing to share their insights and guidance.
- Take action. Don't be afraid to get out there and start investing. The only way to gain experience is by doing, so start looking for properties, make offers, and learn from your successes and failures.
I hope these tips are helpful as you embark on your real estate investing journey. Good luck!
- Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes3y
Check out Taco Bell, it will really help you with your hunger, you can thank me later, but whatever happens the morning after is not my problem.
- Real Estate Agent · Lancaster, OH · Member since 2022 · 15 posts · 25 votes3y
Quote from @Robert Gibbs:
Quote from @Joseph Crunkilton:
Welcome! Out of state investing rocks. I've been doing it for a few years. Any markets you're looking at?
Yeah! So I've been looking through a few markets in Ohio. I like the price to rent ratio. The state seems to provide a good amount of cash flow. Currently I have been sorting through the Toledo market and I've been seeing some good results for small multi-family with a buy and hold strategy. In my opinion the market is a C+ to a B- with more than enough room to improve. I know some people over there that live close to Toledo and they say they like going in for the nightlife it provides as well as family restaurants and they like all the outdoor activities it provides.
In addition to Ohio, I also have interests in southern markets along Interstate 10 or close by the interstate. I have a close buddy who has expressed interest in investing with me and he runs a trucking route mostly along the southern states so I believe it would be an incredible insight to markets. It also helps having years worth of trust to have eyes going through new markets to give an "on the ground" opinion about the markets.
If you have any advice on anything I would love it. I want to learn more and I am eager to learn and keep learning everything I can!
Welcome Robert! I'm an agent here in central and south east Ohio. If you're searching for cash flow, you may want to look a further south than Toledo. Don't forget the new $20 billion Intel chips factory going under construction. 10 years of well paid transient workers. Send me a message if you have any questions.
- Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes3y
If you're hungry go eat, enough out there to fill up.
- 3yNicholas L.Pro MemberFlipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
if you're going to invest OOS, at least go to the market(s) in person and build your core 4.
also note how much more house you can get with a low down payment owner occupant loan, vs. a 20-25% down payment on a "much cheaper" OOS turnkey.
- 3yPeter MckernanBusiness MemberResidential Real Estate Agent · Irvine, CA · Member since 2013 · 2k+ posts · 1k+ votes
Quote from @Leo R.:
Quote from @Robert Gibbs:
Quote from @Leo R.:
@Robert Gibbs welcome, and good luck on your investing journey.
My two cents: a house hack (which can be a single fam or small multifam property) is the best way to start off--and is a far better strategy for a beginner than an OOS property.
A good house hack will simultaneously lower your living expenses while increasing your income (the fundamental recipe for building wealth), it will teach you many of the essential skills you'll need to succeed in REI (like due diligence, tenant screening, property management, etc.), and--importantly--it's MUCH simpler and easier than other strategies like OOS investing (which tends to have a lot more risk and a much steeper learning curve).
Unfortunately, we regularly see beginner investors on the forums with nightmare scenario properties (non-paying tenants, crime, property destruction, and MIA PMs), and their story is almost always the same: it was their first property, and they bought OOS because the cashflow was great (on paper), and "it looked great in the photos", but the property was a lipsticked pig rehab in a C or D neighborhood, and they learned the hard way that PMs have no incentive to put in the significant effort required to manage in a C or D area for the minimal revenue such a property produces....that's a lesson I'm glad I haven't had to learn through experience!
Fortunately, there are simpler, easier REI strategies (like house hacking) that have lower risk profiles.
Good luck out there!
Thanks for the feedback Leo! I am not closed off to the opportunity to house hack. I would actually love to find a deal. The only issue I run into is that I live in Southern California and home prices keep going up and up. My ideal house hack would be a small multifamily and I am currently looking for one so any inquiries would be much appreciated! lol
I completely understand all the risk in OOS and understand a lot of investors either fail or don't do well with it. My personality is a go-getter when it comes to work. I'm either going to do it 100% or I'm not going to waste my time. I strive to be the best in everything I do. So OOS investing is a challenge that I want to take head on because I don't know anything other way. I would love any advice you have or any tips you may have when it comes to OOS. Anything helps!
I would suggest studying up on all the OOS resources you can find (books, podcasts, forum posts), and asking OOS investors for their biggest lessons learned (a lot of these are already discussed frequently on the forums). One of the most important things with OOS is creating and incentivizing a team of boots on the ground--this is notoriously difficult to accomplish, but it's absolutely necessary for success.
When comparing OOS properties to in-state house hacks, always remember to factor in the reduced (or eliminated) housing expense the house hack brings. For instance, if the house hack grosses $2k/month in rent AND saves you $1k/month in housing expenses, your gross is $3k.
Good luck!
Always good to keep the options open for in state to reduce the expenses on a house hack then go right into an out of state to increase the income for cashflow. Unless you are sitting on a pile of cash, your income will not get replaced overnight. Some people build this up over a few years, some six to seven years and some hit one property at a time for ten years. Whatever the goal is just know that either you are going to go it alone and it will take longer to replace an income of SoCal status along with getting the amount of money to live on; and it is something that will take some time gaining the knowledge.
Another option to get there quicker is partnering as someone mentioned on this thread. That is an option too, you just need to build that plan and go after it. Also, I agree, the plan for how you will do it and building those relationships either here in SoCal to partner or on the ground in those markets you pick. You need to be methodical about it as you are on BP asking questions I can see you are being methodical about it! Good luck!
The McKernan Group4.954 Reviews - Member since 2022 · 16 posts · 9 votes3yHi Jacob!
Quote from @Jacob St. Martin:
Hello Robert, I am so glad that you are looking to get out of what sounds like a draining job through real estate. I will say that learning to invest for the first time, out of state, while working 7-7, with a baby sounds like a really difficult task. Have you considered the option of partnering with someone or investing in a syndication to leverage all of the benefits of real estate without having to take on all of the work yourself? This might be a more sustainable option for you until you can quit your full time job. If you want to discuss the different ways that can work feel free to send me a private message. I am looking for a partner on a deal right now where the partner should get 20-30% ROI and I have a friend that is capital raising for a multifamily syndication who I would be glad to refer you to if that makes more sense for your goals. I hope you can find the best path for your family, I am getting married in may and am trying to forge a better path for my future family as well!
I am very open to partnerships but I would like to use OPM only because I want to be hands on and bring the sweat equity. Being able to manage the company and all the properties really drives me and I want to learn the ins and outs! So I would have no problem partnering with someone who brought the cash for a deal I’ll have. In the future I will for sure look for syndications on large multi family deals. I’ve always been interested in that. Congratulations on the upcoming wedding also! I know for me it was the best day of my life so truly enjoy it! - Member since 2022 · 16 posts · 9 votes3y
Quote from @Ramandeep Sidhu:
Welcome to the real estate investing community, Robert! It's great to hear that you are passionate about real estate and are looking to invest in small multifamily properties. Here are a few tips to help you get started:
- Educate yourself. There is a lot to learn when it comes to real estate investing, so be sure to do your due diligence. Read books, listen to podcasts, and join online communities like this one to learn from others.
- Create a plan. Before you start looking for properties, it's important to have a clear idea of what you're looking for and how you plan to achieve your goals. Consider factors like your budget, the type of property you want to invest in, and your long-term investment strategy.
- Network and build relationships. Real estate investing can be a social business, so it's important to build relationships with other investors, real estate agents, and other professionals in the industry. Attend local meetups, join online groups, and reach out to others in the community to learn and network.
- Find a mentor. Working with a mentor can be a great way to gain valuable knowledge and experience. Look for someone who has experience in the type of investing you're interested in and is willing to share their insights and guidance.
- Take action. Don't be afraid to get out there and start investing. The only way to gain experience is by doing, so start looking for properties, make offers, and learn from your successes and failures.
I hope these tips are helpful as you embark on your real estate investing journey. Good luck!
Thank you! These tips are going to help a lot. Right on line with the path I’m taking!
- Member since 2022 · 16 posts · 9 votes3y
Quote from @Peter Mckernan:
Quote from @Leo R.:
Quote from @Robert Gibbs:
Quote from @Leo R.:
@Robert Gibbs welcome, and good luck on your investing journey.
My two cents: a house hack (which can be a single fam or small multifam property) is the best way to start off--and is a far better strategy for a beginner than an OOS property.
A good house hack will simultaneously lower your living expenses while increasing your income (the fundamental recipe for building wealth), it will teach you many of the essential skills you'll need to succeed in REI (like due diligence, tenant screening, property management, etc.), and--importantly--it's MUCH simpler and easier than other strategies like OOS investing (which tends to have a lot more risk and a much steeper learning curve).
Unfortunately, we regularly see beginner investors on the forums with nightmare scenario properties (non-paying tenants, crime, property destruction, and MIA PMs), and their story is almost always the same: it was their first property, and they bought OOS because the cashflow was great (on paper), and "it looked great in the photos", but the property was a lipsticked pig rehab in a C or D neighborhood, and they learned the hard way that PMs have no incentive to put in the significant effort required to manage in a C or D area for the minimal revenue such a property produces....that's a lesson I'm glad I haven't had to learn through experience!
Fortunately, there are simpler, easier REI strategies (like house hacking) that have lower risk profiles.
Good luck out there!
Thanks for the feedback Leo! I am not closed off to the opportunity to house hack. I would actually love to find a deal. The only issue I run into is that I live in Southern California and home prices keep going up and up. My ideal house hack would be a small multifamily and I am currently looking for one so any inquiries would be much appreciated! lol
I completely understand all the risk in OOS and understand a lot of investors either fail or don't do well with it. My personality is a go-getter when it comes to work. I'm either going to do it 100% or I'm not going to waste my time. I strive to be the best in everything I do. So OOS investing is a challenge that I want to take head on because I don't know anything other way. I would love any advice you have or any tips you may have when it comes to OOS. Anything helps!
I would suggest studying up on all the OOS resources you can find (books, podcasts, forum posts), and asking OOS investors for their biggest lessons learned (a lot of these are already discussed frequently on the forums). One of the most important things with OOS is creating and incentivizing a team of boots on the ground--this is notoriously difficult to accomplish, but it's absolutely necessary for success.
When comparing OOS properties to in-state house hacks, always remember to factor in the reduced (or eliminated) housing expense the house hack brings. For instance, if the house hack grosses $2k/month in rent AND saves you $1k/month in housing expenses, your gross is $3k.
Good luck!
Always good to keep the options open for in state to reduce the expenses on a house hack then go right into an out of state to increase the income for cashflow. Unless you are sitting on a pile of cash, your income will not get replaced overnight. Some people build this up over a few years, some six to seven years and some hit one property at a time for ten years. Whatever the goal is just know that either you are going to go it alone and it will take longer to replace an income of SoCal status along with getting the amount of money to live on; and it is something that will take some time gaining the knowledge.
Another option to get there quicker is partnering as someone mentioned on this thread. That is an option too, you just need to build that plan and go after it. Also, I agree, the plan for how you will do it and building those relationships either here in SoCal to partner or on the ground in those markets you pick. You need to be methodical about it as you are on BP asking questions I can see you are being methodical about it! Good luck!
SoCal income is super hard to replace and that will take time I know that. Everyone always has to keep their options open because you never know what’s ahead. I‘ve been really thinking about house hacking and building more up to it because I want to lower my monthly expenses. Putting all of that into an OOS is a super good tip that I’m going to for sure use! You have to be methodical just like you said and that’s why I’m asking questions from people who have done it.
- Real Estate Agent · Columbus, OH · Member since 2019 · 292 posts · 364 votes3y
I like Columbus, OH and I am biased lol! There are several potential reasons why someone might consider investing in real estate in the Columbus, Ohio market. Some potential benefits of investing in real estate in Columbus include:
- Strong economic growth: Columbus has a strong and diversified economy, with a number of major employers in fields such as healthcare, education, and technology. This can help to support demand for housing and potentially increase property values over time.
- Affordable housing: Compared to many other major cities, housing in Columbus is relatively affordable. This can make it a more attractive market for real estate investors looking for good value.
- Positive population growth: Columbus has seen a steady increase in population over the past few decades, which can help to increase demand for housing and drive property values up.
- Strong rental market: Columbus has a strong rental market, with a relatively high number of renters compared to other cities. This can make it a good market for investors looking to buy rental properties.
- Access to amenities: Columbus is a mid-sized city with a range of amenities, including cultural attractions, sports teams, and a number of universities. This can make it an attractive place to live and potentially drive demand for housing.
Let me know how I can help!
- 3yJay ThomasPro MemberReal Estate Agent · Houston, TX · Member since 2021 · 1k+ posts · 715 votes
You have taken the first step in investing, and that is great! With the right strategies, you are sure to see your portfolio grow. All the best on this journey - may it be successful and rewarding for you! Enjoy learning more about investing, and don't forget to celebrate all your successes along the way. Good luck!
- Rental Property Investor · Columbia SC · Member since 2022 · 13 posts · 13 votes3y
Hey Robert!
Nice to hear from you. Like you, I'm in the same boat - work 9-5, young kids, hungry for opportunities in RE, and looking to build financial freedom so I can escape the corporate world. I've started with Single family long-term rentals and have been doing well with it so far.
My question for you is "Why small multi-family out-of-state" ? That seems like a difficult place to start... - Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes3y
@Robert Gibbs- welcome...I would recommend getting a loan pre approval started so that you can learn/ understand where you stand with reagrds to qualifying for financing and also to learn the process and the numbers for a multi family purchase
- Property Manager · Leominster, MA · Member since 2022 · 103 posts · 50 votes3y
@Robert Gibbs. Between my partner & myself we have over 1,000 transactions under our belts and we do NOT invest out of state. Start investing locally. Real estate is the ultimate information business, the closer you are to the asset the better your information. Real estate is extremely rewarding, but the rewards it offers are directly related to the errors market actors make (all investing is zero sum, if you are winning someone is on the other side).
- 3yKerry Noble JrPro MemberInvestor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
Welcome! Definitely open to connecting about OOS investing
- 3ySam McCormackBusiness MemberReal Estate Agent · Cincinnati, OH/NKY · Member since 2021 · 1k+ posts · 833 votes
Hi Robert, welcome to BP! Have you thought about where you want to invest? Are you looking for as much cash flow possible or maybe taking in a little slower and buying in a more "appreciative market" and waiting for appreciation then increasing rents lower?
Sam McCormack Realtor
Join the conversationCreate a free account to reply, vote on answers and follow this thread.