New to Real Estate 路 MA 路 Member since 2023 路 5 posts 路 8 votes
Hello Everyone,
I am fairly new to real estate and my husband and I have a baby portfolio so far that we have build. A property in Canada and Kenya and are now looking to grow in the US. After spending hours in research and watching countless hours of YouTube videos, we are kind of - sort of ready to jump into the BRRRR method but are still a little hesitant. Our main issues are that we live far from the areas we are looking into to invest in...so here are a few questions I have:
1) We are looking primarily in Austin, TX, Pittsburg, PA, Waco, TX and in Birmingham, AL - and I would appreciate any insights into what you think of these areas?
2) How do I start building my team in these areas? In Canada, we have a real estate agent who takes care of everything that comes up with our property...how do you all create your teams?
One of the most important pieces to this strategy will be finding the right lender and what your rate will end up at following your rehab. It's become increasingly difficult to work with local banks since they are taking a much more conservative approach to real estate loans.
I know that the rental market has slowed down quite a bit in Waco, so the days of shooting for the moon are over. With today's current real estate market, I would recommend you pay close attention to your numbers. Especially since you are out of state. One of the big items here that will kill your numbers most often is property taxes. You can expect somewhere near 2.5%
Hey Megha and welcome to BiggerPockets! I am a licensed agent here in Pittsburgh and would be happy to chat more specifically about some of the surrounding areas.
Hi Megha, best to start with a licensed realtor who has years of experience working with investors. They should in-turn have access to lenders, contractors, property managers etc. Best to interview 3 then stick with 1 that serves you best. I've lived here my whole life and know the area and market very well as I'm in and out of properties every single day. Now with that said I'm very curious as to what kinds of properties you are interested in. You'll find Pittsburgh a very affordable market for investors and can be a money maker as long as you know the area. Properties, prices and your investments earning potential varies by neighborhood and sometimes by street within those neighborhoods. Feel free to reach out further.
Is your main goal cash flow or appreciation? Birmingham, AL still has some great cash flow opportunities. Guaranteed appreciation is harder to come by, as the areas with the highest upside, also have the highest upfront costs, with no actual guarantee of appreciation (a lot is already over-appreciated depending on who you ask). Any decent investor-agent already has a team, or multiple, that they've worked with. I have vendors in a few different categories that I work with depending on the desired end goal.
Hey Megha! I currently live, invest, and am an agent in Texas, my wife and I invest in Bryan/College Station. We are always looking for deals in Texas, especially in Austin since that is where we have lived since the Spring of 2020.
I can only speak for the Texas cities you listed but I believe they are strong markets for a variety of different investment methods. I would ask the same question that has been asked, what your goals are? Do you want to do STR or LTR, or rehab, or something else? We have a long-term investment that has been doing well for a little over a year and are considering buying a STR in College Station. College Station and Waco are similar as they are medium-sized cities with large universities and have great potential for STR.
Of course, there are a lot of mixed reviews on STR right now but with a creative financing plan and good marketing of your rental, I believe both markets (Waco and Austin) have strong potential to cash flow and do well. If you have questions about other areas or anything specific to Texas, I would be happy to help out!
@Tatum Littleton@Devin Cordell our main goal is start with a property using the BRRRR method and then renting it out under LTR. That is our goal right now.
One of the most important pieces to this strategy will be finding the right lender and what your rate will end up at following your rehab. It's become increasingly difficult to work with local banks since they are taking a much more conservative approach to real estate loans.
I know that the rental market has slowed down quite a bit in Waco, so the days of shooting for the moon are over. With today's current real estate market, I would recommend you pay close attention to your numbers. Especially since you are out of state. One of the big items here that will kill your numbers most often is property taxes. You can expect somewhere near 2.5%
One thing I'll say is compounding returns aren't just reserved for financial stuff. I see folks jump around from market to market looking for deals.
But if you can focus your efforts on one market for as long as possible that effort will compound on itself. Whether that's relationships you build, market knowledge, etc. I've realized that's been a big part of my success.
Hi Megha, best to start with a licensed realtor who has years of experience working with investors. They should in-turn have access to lenders, contractors, property managers etc. Best to interview 3 then stick with 1 that serves you best. I've lived here my whole life and know the area and market very well as I'm in and out of properties every single day. Now with that said I'm very curious as to what kinds of properties you are interested in with the BRRR method. You'll find Pittsburgh a very affordable market for investors and can be a money maker as long as you know the area. Properties, prices and your investments earning potential varies by neighborhood and sometimes by street within those neighborhoods. Feel free to reach out further.
I am located in Austin Texas and we uniquely have Kenya 馃嚢馃嚜 in common. Feel free to reach out I am happy to collaborate and see how I can be of service.