All Forum Posts by: Allan Bishop Jr.

@Brianna Andreola - you can obviously do a member search here on BP and search Real Estate Agents in the Network section. But two big questions will be “do you Invest in real estate” and “how many investors buyers have you worked with”. As a former agent I know someone can claim to be investor friendly but have zero experience. Everyone has to start somewhere so I wouldn’t avoid those with no experience with investments but you use different math than a residential buyer does. As long as the agent understand your needs as an investor you’ll be good.

Welcome to BP @Brianna Andreola!

There can be any number of factors to consider when looking at a new market. I’d say population growth and median income are probably two of the more popular.

With population growth not only consider how much the city is growing but look at what is causing that growth? Some folks also look really hard at cities with blue collar jobs that can’t outsourced overseas (large hospitals, distribution centers, major airports, etc). 

Median income can be used several ways but one way would be in comparison to average rents. You could also compare to state and national averages. Is the median income trending up, etc.

Once you start getting into individual neighborhoods you probably want to look at crime statistics, foreclosure rates, etc.

Is it possible to find a deal in a well established market using the 1% rule? No, but realize you might not find it on the MLS. You'll probably have to search using more non-traditional off-market approaches.

And I’d look at Dallas and Salt Lake City first. 

Hope this helps!

Click on the “Create an Event” button. 

I’d recommend doing a member search first and see who lives near you. Message them and see if they’d be interested in attending. Figure out the details first then post the event. On the Meet Up app there is a monthly fee to host an event ($15?) but it’s free to post on BP.

After posting your event don’t just rely on that post. Get on other social media sites / apps and advertise it.

Welcome to BP @Katrina E.! 

Besides posting here in the forum you can look and see what local REI groups meet in your area. You can do that through BP (under Network and then Events) and through the Meet Up app. If you don't see one then you can start it up. Either way you'll soon be connected with like minded folks in your area.

Good luck!

Welcome to BP @Nick Sorensen - your strategy to start by house hacking a small MFP is a smart one. You’ll be able to scale much quicker with MFP’s.

Besides the podcasts, forums, blogs, and books you can also look into finding a local REI group. You can find them on this site or with the Meet Up app.

I see you already went PRO so take advantage of the unlimited use of the calculators. That will really help you get the math right so you can identify a “good” deal.

Good morning @Daphney Jacques - yes, you can get into a property even if the owner is out of state.

Once you identify a property that you believe is vacant you can look in the tax records to find their name & mailing address. Send them a personal letter explaining who you are and how you can help. 

I did this when I was an active residential agent. The owner called me and turns out she had two properties in the area that were vacant. She had bought them as a BRRRR investment when a family member lived in the area but got a bad contractor and the project stalled. She mailed me keys so I could look inside and let her know what I thought. I ended up listing one essentially as a wholesale deal (bought by a flipper). For the other one I was able to connect her with a good contractor and property manger. She got it fixed and rented and I got an investor added to my database.

If you can find a phone number you can also cold call the owner. Good luck!

Hello @Johan Yang - I recommend you contact @Katherine Blazer for Tampa and surrounding areas. I had a chance to meet with her on a trip to Tampa and she can provide you with access to off market properties. Lots of opportunities in that market. Good luck!

Welcome to BP @Ghith Alrestom - it’s good to have you here. You live in a good market and even Texas is generally a good state for finding profitable deals. 

Going multi-family buy and hold is a good choice for scaling fast. Finding a particular target like that to focus on in the beginning is important. You can always branch out to other areas of REI (wholesaling, flipping, etc) later if you want.

Who to consult? You can find folks on BP willing to answer questions, review deals, and otherwise help. You can also use this site (and the Meet Up app) to find a local REI group. That will help build your local connections.

In the meantime dig into the podcasts, webinars, books, blogs, and forums. Get good with the “math” by using the calculators so you can identify a good deal. PRO members get unlimited use of the calculators.

In the forums don’t forget to tag someone by username with the “@“ symbol if you want a response. Doing that will trigger an e-mail to them so know to return to the forum.

Good luck as you get started!

@Scott Kimber - I just moved to KY last summer to an area south of Louisville (Elizabethtown / Radcliff). If you need a local contact to get eyes on a property in this part of KY feel free to reach out. Good luck on your upcoming move!

Welcome to BP @Alexander Celestina! With your experience you’re off to a great start. You understand the math and that determines the difference between a good deal and a bad one. 

You’ll find plenty of resources here on BP and even more so since you’ve upgraded to PRO. 

If you’re interested in flipping you should reach out to @Katherine Blazer. She’s over on the west side of FL and can provide you with some quality opportunities. 

Good luck as you begin!