All Forum Posts by: Austin McAnena

I'm flying out in a couple weeks to research my OOS market, and would like any advice on recommendations when out there. My current plan is to visit the neighborhoods I've identified to get a feel for the area, speak to neighbors, learn about the resident perspective. I'm meeting with my realtor, as well as prospective property management team to interview. But any specific advice for this trip is appreciated!

Thanks for sharing @Lane Kawaoka. What did you see in cash flow on average with your turnkey properties after incorporating fixed and variable expenses? Seems like this is the better option relative to value-add in terms of hours required, although it always will take work and a team you trust for any deal. 

@Mark H. Porter great to see your success story, looks like you had all the right team members around you to make it happen. Thanks for sharing.

@Andrew B. great perspective on OOS and already purchased the book recommendation, thank you!

Thanks for your thoughts @Mary M., definitely very tough to do rehabs from OOS. I live in Orange County, CA so it is really challenging to find lower cost/cash flow opportunities in our expensive appreciation market. But definitely something to consider. 

I've identified the markets I want to explore out-of-state, connected with an agent and am evaluating properties daily. Looking for MF buy & hold B class properties. I've seen many turnkey duplexes on the market with new builders, and have the perception turnkey would be easier but not always yield the best returns. Value-adds may have more upside but also more risk. Knowing I'm outside of state, naturally I'd lean to turnkey, but want to know if the juice is worth the squeeze with a value-add deal.

I understand there's no right or wrong answer here, but just curious to hear about other experiences in addition to pros & cons. 

@Ben Stoodley very helpful and I really appreciate your insights, which reinforce my initial strategy to focus on long term rentals. With an expensive Southern California market, I’m now really looking to expand to out of state emerging markets, where I can look to do multi family. My only previous apprehension was the ability to be close and/or need to travel constantly, but with advice from others I know it can be done with the right analysis and due diligence.

Thanks for helping out a rookie!

@Bill Manassero 3 years overdue but I'm definitely interested in taking you up on your offer to connect if still on the table. Thanks for reaching out previously

That's a really good point @Melissa Wesling, having the option to move from STR to LTR as long as the situation makes sense for the property and regulations in the area. A lot of great ideas to evaluate!

Thank you @Ben Rodriguez, that's super helpful to see the other side of STR's with the incremental costs associated, along with any city-wide regulations. Considering a STR management company as well could make all the difference.