All Forum Posts by: Bill Manassero

@Anthony Sim Great!  Contact me when you're back in town and we'll get together.

Anthony Sim Hi Anthony! Welcome to BP! I live in Mission Viejo and am a multifamily investor who invests primarily out-of-state. One very key point is that you can still invest in real estate with very little money of your own. You do not need a lot of money or very much to get started. Brandon Turner, here at BP, bought a 24-unit apartment with almost none of his own money. He also wrote the book "Investing in Real Estate With no or low Money Down" -- available through BP or Amazon. Read it. It's a quick read. If you want to talk I'd be happy to buy you a cup of coffee. Just let me know. Best, Bill

Hayley Henning Welcome to BP! I am a Mission Viejo-based multifamily investor who purchases all properties out-of-state. If I can be of assistance just let me know. Best, Bill

Rita Bock Welcome to BP! I am a Mission Viejo-based multifamily investor who purchases all properties out-of-state. $30k can purchase multiple properties in other states. If I can be of assistance just let me know. Best, Bill

Patrick ONeill Welcome to BP! I'm a multifamily out-of-state investor from Mission Viejo. Happy to meet for coffee if you are interested. Just let me know. Bill

@Michael Bardelmeier,

Welcome to BP! I'm a Mission Viejo-based buy 'n hold investor purchasing multifamily properties out-of-state. I'm also the founder of the Old Dawg's REI Network podcast and blog which targets seniors/50 plusers - so we have something in common. I'm very interested in what you are doing and would like to hear more. Feel free to PM me if you are interested in meeting. Best, bill

@Pam Starnes

Congratulations!  You are doing it right!  Researching and knowing your market well are fundamental to real estate investing success.  I, too, am a Southern California-based Memphis investor.  I have two properties in Memphis (and others in Atlanta and Indianapolis) and am looking into buying a large multifamily apartment in Memphis.  In fact, @Derrick Craig is my property manager for my Memphis properties.  If I can be of any assistance regarding Memphis, out-of-state investing or multifamily properties, feel free to PM me.  Best, bill

Terry Power Are you kidding? Real estate investing rocks for retirees! I started at 59 and am set on a course to have 1,000 units by 2020. Real estate investing is the best way I have found to achieve the retirement we've always dreamed about. I talk to seniors all the time who are also using real estate investing to generate cash flow now for their retirement and for a legacy for their families. This is a great time to start. PM me if you have any questions.

@Shawn Tang

Funny you should write because I am preparing for a podcast I am doing on "Why I Buy Properties Out-of-State." California is ridiculous for multifamily investing so I really had no choice but to go out of state. Regarding picking properties, I actually search for "emerging markets" first. When I determine the emerging top markets, I next starting checking out properties in those areas - looking at things like price, CAP rates, cash-on-cash returns, etc. Then I narrow down to maybe 2 or three main markets. Then, I start calling brokers in those areas to see if I can find a really great broker -- one who will feed me great off-market deals. Once that happens and I start making offers, then I start developing my team, which often starts with referrals from my broker. Once a team is in place and an offer accepted, I will fly out (usually in coordination with the property inspection). On that trip, I interview and solidify team contacts (provided the inspection goes well). After that, I have the option of closing remotely or flying out again. It all depends on what is needed.

I hope that helps.

@Shawn Tang

Some people definitely cannot handle out-of-state investing.  It's not for everyone.  However, there are lots of BPers that prefer it.  I've generally have had good experiences but I've also had some narly ones.  It really depends on your team on the ground.  But, overall, I am committed to generating real passive income -- meaning I don't want to mess with the property unless I absolutely have to.  If the properties were close to me I know I would be there all the time.  Instead, I chose to call my property managers weekly (only if necessary) and have people I know in the area of the property periodically check on it out for me.  As long as we get good tenants, minimal turnover, the property is well maintained and we meet our cash flow projections, I'm good.  But, as I'm sure you can imagine, I also go through a great deal of effort upfront to make sure I have an excellent property management team in place first.

I hope that helps.

bill