All Forum Posts by: Ali Boone

I'd say read some of both. The first step will be figuring out what your next move is, and the more you read about the options and how to do those options, the more likely you're going to be able to hone in on what the next best step will be, and you can go from there.

Quote from @Matt Corso:

@Ali BooneAppreciate your reply. 

We are looking for turnkey or cosmetic rehab. We have narrowed down our markets to Indi, KC, Columbus and Detroit Suburbs. Because of the small spread in median home price, we are open to SFR or MFR.

Indy is pretty tough these days, inventory is sparse and the returns aren't what they used to be. Still possible, just a lot tougher. KC is still a great market, and there are SFRs and MFRs both. I work with a turnkey provider there who also does 'turnkey lites', which gives some value-add opportunity without the requirement for it. I've been looking around Columbus, hoping to find turnkey-style properties there but nothing solid yet. And a turnkey provider I know today just asked me if I thought people would be interested in Detroit suburbs. An example being East Pointe. All of that to say- definitely some options on those cities!

Quote from @Julie A.:

@Ali Boone what a cool story! Now that you have a portable business and some rental income, what are your aspirations? Are you happy to work while having some cashflow, or are you building toward the ability to cover your lifestyle in rental cashflow?

Right now happy to be working! I can do it when I want, from where I want, etc. so my lifestyle is still in my power. Having fun with it, but eventually I'll look to cover my lifestyle with cash flow, in whatever format it may come in.

Ooh, so many options! I live in CA too and all but one of my properties are out-of-state. My biggest DO and DON'T:

DO learn how to do proper due diligence on properties

DON'T not do due diligence on properties

After that, DO start by finding a solid team. If you want to BRRRR or rehab or something fancy, that's fine but DON'T start out with that (unless it's a simpler variety of it rather than an extensive rehab on a shack) or do it before you have a good bit of knowledge on how to do it. DO learn to run numbers and analyze what makes a property successful (ties into that due diligence thing). DO ask for help, DON'T try to reinvent the wheel and do everything on your own. DO invest in a solid growth market!

They need to be able to speak [accurate] investor language. What are the numbers, what are the qualities of the different neighborhoods that will affect an investment property, and what traits about the market as a whole are going to help me as an investor?

Quote from @Cody Morrell:

Quote from @Ali Boone:

Since @Charles Carillo hit all the good ones, and you already said Rich Dad Poor Dad, can I plug my own book? ;) It's on Amazon- NOT Your How-To Guide to Real Estate Investing: Life Lessons on Hacking Your Mind Before You Hack Your Wallet.

Also, any idea what strategies you're interested in or what you'd like to learn from books? That will make a difference for recommendations, too.

@Ali Boone

Mindset is huge! I’ll have to check your book out. 

Anything BRRRR, STR, LTR, and mindset related. I'm a newbie here so I'm trying to read pretty much anything but I plan to focus mostly on BRRR.

BRRRR can be great! I think the best strategy for anyone is the one that fits them personally the best. The book dives into all of that, and there are interviews in there with people who do BRRRRs and other strategies as well. Thanks for checking it out, and would love your feedback on it! Reach out anytime directly if I can ever be of help.

Do you have enough to do some of both? Put some into syndications and some into a property. Try each one, see which ends up being a better (more enjoyable, more profitable, etc.) fit. Either can be great, just depends on your goals and interests.

Due diligence! I wish I had known how to better do due diligence on properties (and markets and rents and property managers). I now have a way better feel for it, partially due to the mistakes I made in overlooking things.

How to build a team--one of the best ways to start is to ask other investors for referrals. Once you meet one really good person, they tend to know other people (managers, contractors, etc.) and that can get you a solid team pretty quickly.

What kind of OOS investment property are you wanting to get? Rental, needs work, turnkey/rent-ready, flips, SFR vs. MFR, etc?

I think it's always smart to buy a [good] home. Real estate is historically very profitable. Now what kind of home or investment property you buy, that's another story. There are a million options. Are you wanting to be more passive with anything you buy, do you want to put work into something... what are your general interest levels for investing and what would you like to accomplish with it?

Yesssss. So much happier! I don't live off just my rental income, but I've structured my work so that I can work from where I want, when I want, and don't work when I don't want to. It's absolutely game-changing.

I absolutely love your story. Not the part where you lost money, but the whole story of everything. I'm a big believer in--if someone ever wanted something when they were younger, there was a reason for it. Life happens, money gets lost, kids get born, etc., but I think after those are dealt with, it's always worth revisiting.

What's the worst case? You dive in, grab one rental property, and call it a day? You won't know until you try!