Bay Area, CA Newbie ready to open new doors of opportunity

26 Replies

Good evening BP, Happy 4th!

After browsing BP forums, reading blogs and listening to podcasts for a few months now I have finally decided to jump into the forums and introduce myself. I am a home owner here in Bay Area, CA and after a lot of research I have been shifting my interest in turn key out of state as I feel that is potentially my best opportunity to break through into the business as a start. It would be very complimentary to my current career as well.

I have been looking into opportunity in Kansas City, Memphis, Ohio and Indy. I've bookmarked http://turnkey-reviews.com/ to gauge user reviews from those who have used these companies and have been doing active research on all of the companies out there to try to find those who are reliable and reputable as well. Look forward to potentially learning and networking with all of you here on this site. Very great place from what I have experienced even being on the outside looking in 

Hi, @Daniel Harris .

Welcome to BiggerPockets!

That's great that you've already found the blogs, podcasts, and forums.  As you know, you can learn a ton from the real estate experts on the site.

What specific questions do you have so far?

Best of luck to you!

Daniel,

Congrats on you choice to come onto the site and saying hello.  Turnkey Reviews has been a great site with lots of info, like on here.  I was there 2nd interviewee if I remember correctly. 

I have many properties in Memphis and just got home from looking at turnkey homes in Kansas City.  I've talked with Engelo Rumero in Ohio and considered purchasing there.  (I think it's too cold and too much snow for my preferences so far but not ruling it out. )

There are hundreds of people on here who will be willing to help out.  Ask questions here and let everyone know what it is you are looking for and what your goals are.  You will get many responses.

I live in Sacramento, so not far from you, and it is very easy to invest out of state but make sure you do inspections and verify everything, twice, that you are told about the properties you are looking to purchase.

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Originally posted by @David Hutson :

Daniel,

Congrats on you choice to come onto the site and saying hello.  Turnkey Reviews has been a great site with lots of info, like on here.  I was there 2nd interviewee if I remember correctly. 

I have many properties in Memphis and just got home from looking at turnkey homes in Kansas City.  I've talked with Engelo Rumero in Ohio and considered purchasing there.  (I think it's too cold and too much snow for my preferences so far but not ruling it out. )

There are hundreds of people on here who will be willing to help out.  Ask questions here and let everyone know what it is you are looking for and what your goals are.  You will get many responses.

I live in Sacramento, so not far from you, and it is very easy to invest out of state but make sure you do inspections and verify everything, twice, that you are told about the properties you are looking to purchase.

Thanks for the mention David,

Much success :)

@Daniel Harris Welcome Daniel.  A lot of Bay Area investors are investing out of state (for obvious reasons) and I think it's a great way to leverage your capital. If you have any questions about legal issues with out of state investing, feel free to reach out. 

Welcome @Daniel Harris ! I live in Milpitas, CA and am also looking to buy property out of state. I'm sure you'll learn a lot from BiggerPockets. I recommend you go out and join some Real Estate Investor Groups in your local area to meet people face to face. Turn-Key properties are a great way to make passive income. Best of luck to you!

-Sean

Thank you everyone for the welcoming and all of the responses, hope everyone days has been great.

@Larry Fried thank you for the feedback. After narrowing down all the area's of interest to one I do plan to visit. I'd definitely like to meet face to face with the turnkey provider and see inventory up close and personal.

@Ryan Landis Thank you for suggesting the local meet ups, I most definitely would love to attend. anyway I can know how to be in the loop on all up and coming events?

@Sean Pan Thank you for also suggesting the local meet ups. I am going to make sure i attend frequently. Best of luck to you as well!

@Naseer Khan Thank you I will make sure to reach out if I have any questions

@David Hutson Thank you for the advice and providing a solid reference. If I have any questions in regards to the memphis area i will reach out to you. I do plan to visit the area's I have interest in myself in the near future as well.

Thanks again to everyone for the responses 

Welcome Daniel! Turnkeys = rock :) I'm not far from you, just down in Venice. Used to live in West LA so was probably right by you. I've always bought and worked with turnkeys (for last five years). Of the markets you mention I'd lean towards KC and Indy over Ohio and Memphis, but that's just personal opinion. Everything offers something different, and a lot of it is a combo of market fundamentals + turnkey provider quality, in terms of how I decide where I'd buy. If you need any help along the way, don't hesitate to reach out neighbor!

Originally posted by @Daniel Harris :

Good evening BP, Happy 4th!

After browsing BP forums, reading blogs and listening to podcasts for a few months now I have finally decided to jump into the forums and introduce myself. I am a home owner here in Bay Area, CA and after a lot of research I have been shifting my interest in turn key out of state as I feel that is potentially my best opportunity to break through into the business as a start. It would be very complimentary to my current career as well.

I have been looking into opportunity in Kansas City, Memphis, Ohio and Indy. I've bookmarked http://turnkey-reviews.com/ to gauge user reviews from those who have used these companies and have been doing active research on all of the companies out there to try to find those who are reliable and reputable as well. Look forward to potentially learning and networking with all of you here on this site. Very great place from what I have experienced even being on the outside looking in 

 Hello Daniel,

Welcome to the world of REI! BP is a great place to get started. Out of state investing is a great way to get things moving. Many times your local market is not the ideal market to invest in. Investing into different states allows you to find the market YOU want. Turnkeys are an excellent way to make sure your property is managed for you while you are unable to get to it. It gives you the freedom to invest in outside markets and know that it is taken care of.

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Welcome to BP @Daniel Harris !  Newbie here as well.  I'm starting to think that out of state purchases may be my best move right now as well.  

@David Hutson :  I'm curious, Do you always travel to check out the properties before purchasing?  Do you have "boots on the ground" in these areas to keep an eye on things in your absence?  Do you use property management?   would you say there are any drawback for out of state investing?

@Kim Stofan ,

No, I don't always check the properties I have purchased.  I have been in less than a third of them and driven by about half.  I'm not going to live in them so I don't worry about that as much.  I do property inspections to ensure there are no physical issues I need to worry about and the inspector takes pictures of anything that may be of a concern to me.  I almost always use the same inspector so he knows what I'm looking for.

I use property management for all of my out of state homes.  You need someone qualified to ensure the houses are maintained and that the tenant is paying on time.  It would be hard for me to post a 3 day notice if a tenant doesn't pay.

Drawbacks?  Not having an unlimited supply of money to keep buying more is a good one.  Really, the only drawback I have found is that I can't visit the properties to verify tenant issues.  If I were there I would most likely do some of the repairs that come up myself.  I am able to complete most maintenance myself so paying a small premium to a PM bothers me but it keeps the tenants happy.

Being able to physically drive by the properties and follow up on issues is my biggest problem.  I'm more of a hands on type of landlord but overall it's working out well in Memphis.  I just found more funding, above 10 conventional loans, from a private bank so I'll be purchasing out there again in the next few weeks.

@Ali Boone Would love to connect with you and chat about what you offer/ I am a Bay Area investor looking for out of state cash flow rentals. Currently looking in San Antonio, Sacramento and Grand Rapids...but would love to hear your thoughts around Chicago and Kansas. 

I only physically went to one company as I was running out of time and felt the companies I talked to had the same type of investments, returns and practices. 

@Oliver Hoeller , I'll send you a PM.

@Daniel Harris Welcome to the board! I'm from the Bay Area and invest out of state in Columbus, OH. I've been to KC, Indy, and Ohio several times over the last year and can share my experience with you (talked to 20+ teams including turnkeys, regular Brokerage/PM, rehabbers, etc) . You may want to check out the Oakland RE Summit that @J. Martin is running the weekend of August 27. You'll meet a lot of other like minded folks like me there and many different aspects of RE! You can PM if you'd like!

Originally posted by @Daniel Harris :

Thank you everyone for the welcoming and all of the responses, hope everyone days has been great.

@Larry Fried thank you for the feedback. After narrowing down all the area's of interest to one I do plan to visit. I'd definitely like to meet face to face with the turnkey provider and see inventory up close and personal.

Daniel, depending on the area you select, it would likely be advantageous if you met and toured with more than one provider on your visit.  Be sure to meet with the PM as well. 

welcome to BP. There's so much information currently on the internet to research the best TurnKey providers in the country. I think you're currently looking in the best markets. I personally do business in all those markets and I think you're going to get great Returns on your investment. Call me anytime if you want my opinion on who the players are in each of the markets

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