Out of state boots on the ground

BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Out of state boots on the ground

Tyson Thurman
New to Real Estate · Los Angeles County, CA · Member since 2021 · 37 posts · 10 votes

Hi all, how did you assemble your team when approaching an out of state market using the BRRRR strategy? Did you start with a realtor and build the team the same way you would build it if you were local? Or are there specific differences in how I should start building a team in my target market? I have a few markets in mind that I'd like to pursue but just want to make sure I am taking the proper steps in building a trustworthy team out of state. I also am not sure if I should still be targeting properties on the MLS when searching for these deals out of state or if my boots on the ground will be able to help me locate properties fitting the BRRRR strategy a bit better? Thanks so much.

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Lara White
Rental Property Investor · Oklahoma City, OK · Member since 2020 · 309 posts · 184 votes
5y

@Tyson Thurman After you narrow down your market (or markets), I would definitely start with a realtor (or two). They can set you up on the MLS for free, and go take video or do facetime with you (that's what I do with my clients) to help explore the property and the street that it's on. The realtors should also have some vendor contacts that will give you a leg up on getting some bids/ideas of cost. Be sure to interview the realtor though...most of them have little to NO idea about investing!! Good luck to you. What markets are you looking in so far?

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  • Lara White
    Rental Property Investor · Oklahoma City, OK · Member since 2020 · 309 posts · 184 votes
    5y

    @Tyson Thurman After you narrow down your market (or markets), I would definitely start with a realtor (or two). They can set you up on the MLS for free, and go take video or do facetime with you (that's what I do with my clients) to help explore the property and the street that it's on. The realtors should also have some vendor contacts that will give you a leg up on getting some bids/ideas of cost. Be sure to interview the realtor though...most of them have little to NO idea about investing!! Good luck to you. What markets are you looking in so far?

    3Reply
  • Tyson Thurman
    OP
    New to Real Estate · Los Angeles County, CA · Member since 2021 · 37 posts · 10 votes
    5y

    @Lara White thanks so much for the reply. That definitely helps. Now I can get started on building my team. Right now, I’m looking in Ohio, specifically Toledo right now.

    I honestly have a list of about two dozen other markets such as Birmingham, AL and Atlanta, GA and some areas in the Midwest. I still haven’t 100% committed to a market but am leaning towards some of the Ohio cities right now.

    How’s the market in OKC? I’ve heard some good things about some areas out there but haven’t dove into the markets much. I’d love to hear more.

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  • Lara White
    Rental Property Investor · Oklahoma City, OK · Member since 2020 · 309 posts · 184 votes
    5y

    @Tyson Thurman Oh I love the Birmingham area!  I'm originally from that area, but I don't know about the rental/rehab scene there.  It's a decently large metro area, so I'm sure there's lots of options. 

    OKC/Oklahoma is pretty hot right now (like everywhere else! lol). But it feels (anecdotally) that it is slowing/leveling out just a tad.  Earlier this year, I had clients (non investors) bidding $20,000-30,000 over and not getting their offers accepted.  There is not much in the multi-family arena here, one big downfall. But you can find SFR's still. It's definitely a growing metro, with lots of good employers (Tinker AFB being the largest I believe, followed by the University of Oklahoma/all it's entities, Boeing, Hobby Lobby, Paycom, Sonic, tons of energy companies!)

    1Reply
  • Account Closed
    Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
    5y
    Originally posted by @Tyson Thurman:

    @Lara White thanks so much for the reply. That definitely helps. Now I can get started on building my team. Right now, I’m looking in Ohio, specifically Toledo right now.

    I honestly have a list of about two dozen other markets such as Birmingham, AL and Atlanta, GA and some areas in the Midwest. I still haven’t 100% committed to a market but am leaning towards some of the Ohio cities right now.

    How’s the market in OKC? I’ve heard some good things about some areas out there but haven’t dove into the markets much. I’d love to hear more.

    Hey Tyson, I invest in Toledo remotely, I've bought deals right off the MLS, as well as plenty of off-market deals as well. Definitely a strong team is a must regardless of the market. I also had one house in OKC but the market got so hot I sold it for a nice profit.

    As far as assembling the team I guess I got lucky my rock star agent @Mike Mocek is with LaPlante Real Estate who also do property management and renovations, so they were pretty much a one stop shop.

    3Reply
  • Jason CoryPro Member
    Real Estate Broker · Birmingham, AL · Member since 2018 · 264 posts · 381 votes
    5y

    I'm in Birmingham. It's saturated with Hedge Funds. 

    If I can make a suggestion that will be foreign & not make much sense unless you look into it, Oklahoma will be a massive money maker for the next 10-15 years. Thank the SEC. Go back & do some analysis of state economies when Arkansas, Missouri, & South Carolina joined the conference. Texas A&M doesn't really count because Texas is Texas. They did a $100m renovation to their stadium & facilities a couple years after they joined. 

    Oklahoma will be the same. Their fanbase is crazy like the rest of us. 

    The state that sends the most students to the University of Alabama is California. 

    When the state university makes money, the state makes money. The SEC writes very large checks to their member schools. 

    It brings companies to the state & helps their economies thrive. 

    1Reply
  • Brenden MitchumBusiness Member
    Rental Property Investor · Atlanta, GA · Member since 2019 · 1k+ posts · 872 votes
    5y

    Hey @Tyson Thurman

    Sounds like you already got a fantastic answer to your original questions from @Lara White!

    However, I did want to add that you should aim to connect with agents who focus mainly on investors because they will have the right mindset and team around them to support you. Even better is if they have repeat OOS investors buyers since this means they already have the systems in place to support you. Newer agents are great because it means they're hungry and will go the extra mile for you but be careful that they aren't so new that they have no clue what they're doing or how to help you find what you're looking for. Hopefully, they are also connected to several wholesalers - that's always a good question to ask.

    I'm here in Atlanta, so please feel free to reach out anytime if you want some boots on the ground knowledge of the market. Also, happy to share how my clients are finding success here!

    [email protected]404-737-0018
    2Reply
  • Brandon GoldsmithBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2020 · 1k+ posts · 1k+ votes
    5y

    It seems that most people usually start with a Realtor because learning the market is the first step of OOS investing. They should be able to connect you to other resources and really help to build your team. @Tyson Thurman

    [email protected]614-963-3340
    1Reply
  • Mike Mocek
    Property Manager / Licensed Realtor · Toledo/Columbus, OH · Member since 2019 · 244 posts · 262 votes
    5y

    Hello @Tyson Thurman before I became a realtor I worked with other investors and learned the trade.  When I purchased my first portfolio in Cleveland, OH, I worked with a wholesaler.  My second was in Tampa, FL and I worked with a Realtor and my last in Akron, OH I purchased from a colleague.  I guide my clients to have a diverse outlook, work with wholesalers, realtors, market and off-market properties, at the end of the day, your investment is what you should be looking at.  We can chat more about how I find deals and you can pick my brain, I will send you a message now!

    2Reply
  • Tyson Thurman
    OP
    New to Real Estate · Los Angeles County, CA · Member since 2021 · 37 posts · 10 votes
    5y

    @Lara White Thank you so much again I appreciate you tapping in and providing some good info!

    1Reply
  • Tyson Thurman
    OP
    New to Real Estate · Los Angeles County, CA · Member since 2021 · 37 posts · 10 votes
    5y

    @Account Closed Hey Michael thank you for the response. I have connected with Mike and look forward to learning more!

    Were your off market BRRRR deals found by the local team in Toledo as well?

    0Reply
  • Tyson Thurman
    OP
    New to Real Estate · Los Angeles County, CA · Member since 2021 · 37 posts · 10 votes
    5y

    @Jason Cory This is some good info I will definitely do some research in these areas. Thanks again!

    0Reply
  • Tyson Thurman
    OP
    New to Real Estate · Los Angeles County, CA · Member since 2021 · 37 posts · 10 votes
    5y

    @Brenden Mitchum Hi Brenden, I'd love to connect some more to learn about the market in Atlanta as well as get some boots on the ground knowledge there as well. I'll shoot you a PM. Thanks so much.

    1Reply
  • Tyson Thurman
    OP
    New to Real Estate · Los Angeles County, CA · Member since 2021 · 37 posts · 10 votes
    5y

    @Brandon Goldsmith That makes perfect sense. Thank you so much!

    0Reply
  • Tyson Thurman
    OP
    New to Real Estate · Los Angeles County, CA · Member since 2021 · 37 posts · 10 votes
    5y

    @Mike Mocek Thank you Mike that sounds great. I will chat with you shortly some more!

    1Reply
  • Caleb Brown
    Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
    5y

    When I connect with OOS clients I connect them with vendors and start sending deals. From there we analyze different suburbs and neighborhoods to find one that fits you. You should find an agent or contact that can do the same. 3 biggest members are agent, PM, and GC. The most crucial is GC and PM. 

    1Reply
  • Tyson Thurman
    OP
    New to Real Estate · Los Angeles County, CA · Member since 2021 · 37 posts · 10 votes
    5y

    @Caleb Brown Noted! Thank you Caleb. I'll keep that in mind as I build my OOS team.

    1Reply
  • Duane Alexander
    Investor · Atlanta, GA · Member since 2020 · 253 posts · 240 votes
    5y

    Find a deal. The team will form around you then. Going to be hard to form a team without any kind of momentum or a deal in hand as a newbie. Agents and the like are busy. Trust me, I wasted time trying to form the "rockstar" team when I first started too thinking that the deals were going to be served to me on a platter. Boy I wish things were that easy. Take things into your own hands, do a ton of research, learn how to market and build a lead and deal pipeline. Then people will come to you!

    1Reply
  • Tyson Thurman
    OP
    New to Real Estate · Los Angeles County, CA · Member since 2021 · 37 posts · 10 votes
    5y

    @Duane Alexander this helps a lot Duane I appreciate you chiming in. This is good information that I will use moving forward.

    0Reply
  • Doug Spence
    Investor · San Diego, CA · Member since 2016 · 1k+ posts · 975 votes
    5y

    @Tyson Thurman

    You need to find that one rockstar agent/property manager/lender that knows all the other rockstars in your local area. 

    I would just start connecting with as many people as possible in that area based on recommendations you get from BP forums, google reviews, local meetups, etc. 

    Eventually you'll find that person that is already connected with the other team members you'll need. Another advantage of this strategy, is if you can plug into that one person's network of people, those people are likely already used to working together anyways so it will run more smoothly that finding every team member separately, and trying to make them work together. 

    Best of luck and keep us updated on your progress!

    1Reply
  • Tyson Thurman
    OP
    New to Real Estate · Los Angeles County, CA · Member since 2021 · 37 posts · 10 votes
    5y

    @Doug Spence Thanks so much Douglas. Makes total sense to find that one rockstar that can help to bridge the gap to other resources. I will definitely keep you all updated on my progress. Thanks again.

    1Reply
  • Jorge VazquezBusiness Member
    Real Estate Broker · Tampa, FL · Member since 2017 · 1k+ posts · 699 votes
    5y

    After doing this for 20 years to me there are two straightforward ways of doing this. Doing a "JV" with somebody that has done it before. Or contacting a very active title company in the area are you planning to farm. They should be able to point you in the right direction and give you names of investors, lenders, and even contractors! Only with the "promise" that you do future business with them.

    Graystone Investment Group517 Reviews
    WebsiteView Page
    3Reply
  • Account Closed
    Contractor · Los Angeles, CA · Member since 2015 · 887 posts · 323 votes
    5y

    @Tyson Thurman

    David Greene wrote a pretty good book called Long Distance Real Estate Investing.

    Also when looking into a market look up that city's Comprehensive Annual Financial Report- if you scan through them it will let you know about things such as job growth, population growth, etc. 

    All the best!

    1Reply
  • Linda LabbePro Member
    Investor · North Bay, Ontario · Member since 2015 · 709 posts · 263 votes
    5y

    HI all I live in Canada we do a lot of investing in the US use to be easier when one could just jump in the car and drive over to look at properties and meet people  now its zoom and face time but a great team on the ground is essential  we are not investing in Ohio Toledo and Dayton, Memphis  and Montgomery  would love to have a few more teams going and am always open to meeting  new people but a great location will fail without a great team and a marginal location will succeed with a great team its all about the people you work with the tribe you have on the ground...more then willing to share what we have learnt with anyone who wants to chat

    1Reply
  • Melanie MurphyPro Member
    Member since 2019 · 4 posts · 1 vote
    5y

    @Lara White Can you hit the 1% rule in OKC? $100,000 property commands $1,000/mo rent? What kind of price points for investors?

    0Reply
  • Steven Foster Wilson
    Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    5y
    Originally posted by @Tyson Thurman:

    Hi all, how did you assemble your team when approaching an out of state market using the BRRRR strategy? Did you start with a realtor and build the team the same way you would build it if you were local? Or are there specific differences in how I should start building a team in my target market? I have a few markets in mind that I'd like to pursue but just want to make sure I am taking the proper steps in building a trustworthy team out of state. I also am not sure if I should still be targeting properties on the MLS when searching for these deals out of state or if my boots on the ground will be able to help me locate properties fitting the BRRRR strategy a bit better? Thanks so much.

    Try reaching out to realtors who have successfully done BRRRR's in the city. That way you know they are leading you in the right direction!

    1Reply
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