out of state for a newbie

Investor · franklin, MA · Member since 2015 · 5 posts · 2 votes

Hi everyone! First week on this site and I find it amazing! I live in an expensive market so am going to try out of state investing. I have a decent down payment but I guess I'm like every newb....Nervous! I'm just a regular guy trying to provide a better life for his fam. Thank you for sharing all of your stories (good and bad).

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Michael S.Pro Member
Biggerpockets Support · Las Pinas, Metro Manila · Member since 2015 · 7k+ posts · 1k+ votes
9y
Welcome to Biggerpockets Brad. Glad to have you here in the community.
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Brad Kesell
OP
Investor · franklin, MA · Member since 2015 · 5 posts · 2 votes
9y
thank you Mike.
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J.R. Gutierrez
Contractor · Denver, CO · Member since 2017 · 45 posts · 40 votes
9y
Hi Brad Kesell and welcome! I'm a fellow newbie. Just joined last Tuesday. I totally get the nervousness of going after the first deal but I'm also anxious and excited! I've met some people through BiggerPockets already and I'm actually going to start checking out potential flips with them. Just make sure you do your homework and ask questions! Some people may be rude, mean, jerks in their responses but you'll find that most are extremely insightful and helpful
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Mark Pantak
Investor · Houston, TX · Member since 2016 · 16 posts · 19 votes
9y
Hi @Brad Kesell and welcome! I am an experienced investor, over 300 deals over almost 30 years. have made and lost money in most market cycles. We are over due for our NEXT Market Cycle? so be careful! Prices have run up to new highs in most markets, true wholesale deals are harder to come by?
They are National Gurus pitching over priced training around every corner. BP is one of the best places to get help and get your questions answered. At this point, if you are going to get into a rehab to retail flip? make sure that you have multiple exit strategies? including holding as a rental if you have to?
Make sure that you know the landlord-tenant laws in that state before you buy! Many newbies have been watching too many reality TV shows about how easy all of this is? then they 1) Pay too much!
2) Hire the wrong team / realtor / contractor / and lose money
3) The house can not sell for what they projected and sits? something is wrong?
it can be the location? hard to fix! or the price? often the case? or the agent? or not a good rehab?
It needs staging? it needs marketing? it needs something! make sure you go slow enough to cover your bases? and if you are a buyer? maybe I can find you a wholesale deal? Which markets are you looking to buy in? Feel free to let me know how I can help? I am new to BP too! Best wishes, Mark
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Brad Kesell
OP
Investor · franklin, MA · Member since 2015 · 5 posts · 2 votes
9y
thank you Mark and J.R. your advice is always appreciated. I'd prefer to buy and hold when I finally get over my insecurities and buy. I'm trying to get an understanding of different markets.
.
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Kate Stephens
Rental Property Investor · Ventura, CA · Member since 2016 · 62 posts · 34 votes
9y
Welcome to BP. I'm changing my investment strategy to out of state and have found the people and resources on BP to be a tremendous help. Good luck on your out of state journey. I'm happy to chat and share what I have learnt so far if that is helpful. Just pm me if needed. Lots of really experienced and helpful people on here.
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