Updated about 6 years ago on . Most recent reply
Hello! Seeking advise on out-of-state purchasing
Hi fellow investors, my name is Sebastian and I joined BP a couple of months ago. Since first listening to the BiggerPockets podcast and reading several books on rental properties, I closed in on a duplex in Lake Charles! I used the "Analyze a rental property" tool and am now cash flowing $350 total each month. I have learned a ton by performing some cosmetic repairs on the unit which was vacant, but becomes tough when at work for 12 hours/day. My business partner and I are looking for new opportunities to continue to grow our portfolio but our areas are not hot right now (Lake Charles) or are too expensive (NY/NJ). We have been looking at the different types of rentals and potentially purchasing a turnkey in a different state, but would appreciate advise on what to look out for and how to develop a trusting relationship with people over the phone/email who you have never met in person. Can anybody comment on this and share your experiences?
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If you're interested in Memphis area or other parts of West TN, I can help you understand a little better about what's going on in the current market and what to expect from investing here. It's tough building a team of boots-on-ground and choosing an area, but you're in the right place to get suggestions!