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Best Advice!

Mary Chapman
Lender · Portland, OR · Member since 2015 · 33 posts · 7 votes

Hi all, 

My partner and I are very excited about the potential opportunity to get started with real estate investing.  Of course we are NOT the type to jump in without doing our due diligence and research.  Just by the nature of who we are, but I am also on my last leg of an MBA program, and definitely don't take spending money anywhere lightly, anymore.  If all of you PROS out there had just ONE word of advice that you wished you would have known, or someone would have told you, what would it be and why?  

Thank you all in advance!!  Looking forward to this journey :)

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Paul Timmins
Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
11y

@Mary Chapman 

Welcome. 

Check out the Start Here page http://www.biggerpockets.com/starthere

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers.

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

To find out about an area go to IREM.org search for ARM certified property managers. Call 5 ask them what parts of the city they like/dislike and why. Ask them what they see expenses running per category per unit. What do they see them selling for per unit, what is the market occupancy rate. What are the market rents? Ask them if they know anything coming up for sale. Great way to pick up some good info and possibly a deal.

You can also search NARPM.org for the RMP (Residential Management Professional) and MPM (Master Property Manager) certified.You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul 

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  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    11y

    @Mary Chapman 

    welcome to the site.

    One word of advice: Protect your cash @ all times.

    1Reply
  • Alan Cohen
    Portland, OR · Member since 2015 · 2 posts · 0 votes
    11y

    I'm in PDX as well. Been trying since October to find a fixer with enough spread between purchase price and ARV. It's been tough.

    0Reply
  • Mary Chapman
    OP
    Lender · Portland, OR · Member since 2015 · 33 posts · 7 votes
    11y
    Originally posted by @Alan Cohen:

    I'm in PDX as well. Been trying since October to find a fixer with enough spread between purchase price and ARV. It's been tough.

    0Reply
  • Mary Chapman
    OP
    Lender · Portland, OR · Member since 2015 · 33 posts · 7 votes
    11y

    Hi Alan, 

    We have not attempted to look in the Portland area.  We are actually, strongly considering looking for investment opportunities in the U.S.  Considering Texas and possibly Florida.  Have you looked into investing in other states?  We are still researching this idea, and so far it SEEMS reasonable.  

    Thanks, Mary

    0Reply
  • Alan Cohen
    Portland, OR · Member since 2015 · 2 posts · 0 votes
    11y

    Yes. I'm beginning to look in Texas as well. Have you had any training on house flipping?

    0Reply
  • Mary Chapman
    OP
    Lender · Portland, OR · Member since 2015 · 33 posts · 7 votes
    11y
    Originally posted by @Alan Cohen:

    Yes. I'm beginning to look in Texas as well. Have you had any training on house flipping?

    0Reply
  • Mary Chapman
    OP
    Lender · Portland, OR · Member since 2015 · 33 posts · 7 votes
    11y

    Alan,

    Absolutely none.  But we are researching our little hearts out, and attempting to weed through all of the illegitimate websites and marketing to educate ourselves.  I am really happy to have found Bigger Pockets to have a forum that allows us the opportunity to communicate and network with those that have the experience and expertise.  

    Mary

    0Reply
  • Paul Timmins
    Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    11y

    @Mary Chapman 

    Welcome. 

    Check out the Start Here page http://www.biggerpockets.com/starthere

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers.

    Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

    To find out about an area go to IREM.org search for ARM certified property managers. Call 5 ask them what parts of the city they like/dislike and why. Ask them what they see expenses running per category per unit. What do they see them selling for per unit, what is the market occupancy rate. What are the market rents? Ask them if they know anything coming up for sale. Great way to pick up some good info and possibly a deal.

    You can also search NARPM.org for the RMP (Residential Management Professional) and MPM (Master Property Manager) certified.You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

    Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

    http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

    Good Luck

    Paul 

    2Reply
  • Mary Chapman
    OP
    Lender · Portland, OR · Member since 2015 · 33 posts · 7 votes
    11y
    Originally posted by @Paul Timmins:

    @Mary Chapman 

    Welcome. 

    Check out the Start Here page http://www.biggerpockets.com/starthere

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers.

    Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

    To find out about an area go to IREM.org search for ARM certified property managers. Call 5 ask them what parts of the city they like/dislike and why. Ask them what they see expenses running per category per unit. What do they see them selling for per unit, what is the market occupancy rate. What are the market rents? Ask them if they know anything coming up for sale. Great way to pick up some good info and possibly a deal.

    You can also search NARPM.org for the RMP (Residential Management Professional) and MPM (Master Property Manager) certified.You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

    Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

    http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

    Good Luck

    Paul 

    0Reply
  • Mary Chapman
    OP
    Lender · Portland, OR · Member since 2015 · 33 posts · 7 votes
    11y

    Wow!  Paul, 

    Thank you SO much for this reply!!  THIS is, yet another reply, that we have been hoping for!  I will absolutely follow your advice, and keep everyone posted as we move along in this first stage of learning.  I really appreciate it!  

    Mary

    0Reply
  • Billy ConesPro Member
    Harker Heights, TX · Member since 2014 · 98 posts · 12 votes
    11y

    Welcome to Bigger Pockets @Mary Chapman, good luck on your quest.

    0Reply
  • Larry Fried
    Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
    11y

    @Mary Chapman 

    Hi and welcome to BP!  I am just down the road in Eugene.  I have bought turnkey properties out of state for buy and hold, including Jacksonville, Fl.  I got good deals there at the time, but I know that it is a lot more difficult now, the market has shifted/recovered so much.

    0Reply
  • Randy Johnston
    Residential Real Estate Broker · Beaverton, OR · Member since 2014 · 335 posts · 149 votes
    11y

    @Mary Chapman Welcome to BP, you've found a great resource for real estate investing. As @Paul Timmins mentioned, you should look at getting involved in the local real estate investor associations in the Portland area. The two that I would suggest are Northwest REIA and Rarebird Investors Network. They both have multiple monthly meetings and there are many seasoned investors in these groups that are willing to help the newer investors.

    Let me know if you'd like to meet-up sometime for a coffee to discuss real estate.

    Randy

    0Reply
  • Mary Chapman
    OP
    Lender · Portland, OR · Member since 2015 · 33 posts · 7 votes
    11y
    Originally posted by @Larry Fried:

    @Mary Chapman 

    Hi and welcome to BP!  I am just down the road in Eugene.  I have bought turnkey properties out of state for buy and hold, including Jacksonville, Fl.  I got good deals there at the time, but I know that it is a lot more difficult now, the market has shifted/recovered so much.

    0Reply
  • Mary Chapman
    OP
    Lender · Portland, OR · Member since 2015 · 33 posts · 7 votes
    11y

    Hi Larry, 

    Thank you for your welcome!  It is good to know that someone has actually bought properties out of state.  We don't know exactly what that looks like for us yet, but we are strongly considering it, as this Portland market seems to be pretty saturated.  Though, I don't know that for sure, as I am just getting started.  What is it like, investing in real estate outside of your home state?  Are there networking opportunities for out of state investors? Do you know if it is frowned upon in other states?  I remember always hearing about "those Californians" who came up here to Oregon to take advantage of lower prices and better investing opportunities.  It seemed to be frowned upon by the "locals".  

    Thank you for your time!

    Mary

    0Reply
  • Mary Chapman
    OP
    Lender · Portland, OR · Member since 2015 · 33 posts · 7 votes
    11y
    Originally posted by @Randy Johnston:

    @Mary Chapman Welcome to BP, you've found a great resource for real estate investing. As @Paul Timmins mentioned, you should look at getting involved in the local real estate investor associations in the Portland area. The two that I would suggest are Northwest REIA and Rarebird Investors Network. They both have multiple monthly meetings and there are many seasoned investors in these groups that are willing to help the newer investors.

    Let me know if you'd like to meet-up sometime for a coffee to discuss real estate.

    Randy

    0Reply
  • Mary Chapman
    OP
    Lender · Portland, OR · Member since 2015 · 33 posts · 7 votes
    11y

    Hi Randy, 

    Thank you for this great information!  I will look into both of these networking opportunities for sure!  

    We would love to meet with you sometime for coffee.  We actually don't live too far away from Beaverton.  Is there anytime next week that works best for you?  

    Thanks so much!

    Mary

    0Reply
  • Larry Fried
    Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
    11y

    @Mary Chapman 

    Hi Mary,  I buy only turnkey properties out of state and they come with PM in place.  I think your comparison to Californians coming to Oregon to buy up property is not really accurate to other states.  There was so much devastation to the markets all across the country due to the 2008 crash, that out of state investors are actually necessary in many places to help recover those markets and communities.  I think we are being helpful, or at least I hope so.

    0Reply
  • Mary Chapman
    OP
    Lender · Portland, OR · Member since 2015 · 33 posts · 7 votes
    11y
    Originally posted by @Larry Fried:

    @Mary Chapman 

    Hi Mary,  I buy only turnkey properties out of state and they come with PM in place.  I think your comparison to Californians coming to Oregon to buy up property is not really accurate to other states.  There was so much devastation to the markets all across the country due to the 2008 crash, that out of state investors are actually necessary in many places to help recover those markets and communities.  I think we are being helpful, or at least I hope so.

    0Reply
  • Mary Chapman
    OP
    Lender · Portland, OR · Member since 2015 · 33 posts · 7 votes
    11y

    Hi Larry, 

    Well, that is good to know!  I just wanted to make sure that we wouldn't be too unpopular going into other states to buy properties.  And, I am certain that you are being helpful.  It would stand to reason that real estate investors, no matter what state they reside it, are helping the economy, and I can see how there would be a whole list of benefits accompanying that fact.  

    Thank you for the insight,

    Mary

    0Reply
  • Keith Shoemaker
    Real Estate Agent · Jacksonville, FL · Member since 2008 · 16 posts · 3 votes
    11y

    It is common for me to work with out of state investors.  Jacksonville being one of the best parts of the state now for investment.

    Prices are still good.  Are you a buy and hold?  Lots of experience on this website.

    With electronic signatures and proof of funds.  It is very easy to buy a home in Florida.  It is only way I write offers for the last couple of years.

    Good Luck.

    0Reply
  • Brie SchmidtBusiness Member
    Moderator
    Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
    11y

    @Mary Chapman - My advice: (especially if buying out of state, which I do as well) Learn your target market so you can buy on instinct.

    It took me awhile to learn my out of state market to the point where I could make a decision on a purchase in under 5 minutes and never have doubts, but it is the most valuable thing I ever did.  I look at every listing every day in every market I would consider.  I talk to anyone who will talk to me about what is going on and how they view their market.  When I am in town I stop the mailman, talk to strangers in restaurants, and grill the gas station attendants, people give me funny looks but I have no doubts buying out of state cause I feel I have a handle on things.  

    Podcast Guest on Show #132
    Second City Real Estate4.821 Reviews
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    0Reply
  • Ali Boone
    Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
    11y

    Learn how to calculate the numbers! You'd be surprised how many people miss that part and then buy a deal that doesn't actually put any money in their pockets.

    0Reply
  • Aaron Thivierge
    Investor · Jacksonville, FL · Member since 2014 · 172 posts · 73 votes
    11y

    Mary, hello and welcome. One source of knowledge that sheds light on your inquiry is the biggerpockets podcast (free on iTunes). I started on number 1 and have learned so much from each 50-60 min podcast. 

    This has been a great thread. Lots of excellent tips. My brother lived in Hood River for two years. It's a beautiful region of the country. 

    0Reply
  • Victoria Winters
    Laguna Beach, CA · Member since 2014 · 263 posts · 140 votes
    11y

    @Mary Chapman 

    Hi Mary,

    One word of advice that served me well is to get started now and take action. You will continuously learn as you go.  Just in time learning is worth more than complied knowledge never put to use. 

    0Reply
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