1st out of state investment property
I closed on my first out of state SFH, yesterday. All of the bids on the work that needs to be done are coming back around or under my initial estimates.
This makes my 2nd investment property, and a big thanks goes to the BP community. One of the most important lessons I learned from BP was analysis paralysis. This community definitely helped me over come that, and jump into what is shaping up to be a good deal.
$8,000 down, and I expect the home to cash flow roughly $150/month after expenses (including property management), and putting money aside each month for future vacancies and repairs.
Thanks to everyone who takes the time to post their insight on this website!
Congratulations on your purchase, after the first few it will becomes easier. Stay focus and be persistent is key.
Yay you!!!
Hey Paul, congrats! Mind if I ask where you're buying? Did you buy this turn key from a company or did you buy distressed and are putting cash toward repairing the property before it's rented?
I'm buying in an area in Illinois. It's on the border of Illinois and Iowa. The prices of houses in this particular area make more sense than where I live.
I'm buying distressed and putting cash toward repairing the properties before it's rented. I can get 3 bedroom homes for anywhere from $20,000 - $50,000. However, they often need quite a bit of work.
@Paul Hoeppner -- congratulations on your first out-of-state property. The BIGGEST hurdle most investors face, aside from analysis-paralysis, is the psychological block of investing in a market outside of their immediate driving radius.
Now you need to work on property #3.
Continued success!
@Paul Hoeppner CONGRATS!!!! Great feeling when all of the hard work is paying off right out of the gate.
@Paul Hoeppner Congratulations Paul!
Congratulations! That is awesome. All of our last 5 houses have been distressed either being short sale or foreclosure. They are my favorite type of properties.
Not sure if your interested but we have been able to self-manage our out of state properties from a distance. It has allowed us to keep more control and cash flow in our pocket for future rentals.
How are you managing your out-of-state holdings yourself? Do you have a local handyman to contact?
I honestly I have no real "handy men". I use google to find things when it comes up. Check out reluctantlandlord.net . It is my website were I discuss in great detail how I do what I do. I create it as a resource.
Way to go @Paul Hoeppner I'm trying to buy out of state as well and I'd love to hear more about your process.
How did you find the property? MLS?
Do you have someone there locally helping you out? Contractor? Realtor? If so, how did you find those people?
And, finally, did you even have to travel there or did you do it all from a distance?
Thanks and again congrats on your investment!
