All Forum Posts by: Danielle Wolter

@Account Closed Thanks for the insight! I am a rookie. I own a couple properties in my own market (San Diego), but am definitely not a seasoned investor. I've lived here for 15 years and still likely don't understand the market! As far as OOS investing, I like the idea of partnering with someone who is familiar with the area (Memphis in this case) and am working on making some connections.

I originally was against turnkey properties, but it seems more and more like it may be a good option for someone starting out in a new market like myself. I've seen some recommendation for good companies, so I may check them out. And I'll definitely look into Realquest. I'm a data driven research oriented person, so I'm sure I can hunt down some photos.

Based on everyone's comments, I've decided it would most definitely be worth my time and money to spend a few days out there to check out the market and meet some people.

Thanks again!

Thanks so much @Cassi Justiz and @Jordan Smith!

@Scott Anderson I am looking at Memphis right now. While population growth has been a bit stagnant over the last couple of years, the unemployment rate is pretty low, and the property taxes aren't too bad. There are areas with higher crime, but I plan to invest in lower crime areas in B type properties. It's also a landlord friendly state, which is great for investors. And it's a higher cash flow market, which I prefer at this point in my investing "career." That's how I came up with my assessment. 

@Aaron Lietz I can't really provide a solution but am in the same boat as you. I work 50 hours a week at my day job, run a business on the side and sometimes struggle to find time to hunt for properties, analyze deals, really learn my market, and connect with others. I also have a well paying job, but many days it feels like it's sucking the life out me LOL! The age old problem, either you have time and no money, or money and no time. I guess that's why we work together. Anyways, great suggestions on on some more passive investing I may look more in to. 

@Scott Anderson It is one of the most difficult parts! I have read so many stories of people being burned by investing in the wrong areas, I am trying to do my due diligence. But it is hard from afar. I love the idea of getting a good team together, but it is more difficult to find good people willing to work with new investors. I do think population trends, employers, crime and Landlord friendliness are very important. I have analyzed this for all the areas I was looking at, and that helped me decide on a location. 

@Mike D'Arrigo Thanks so much! Yes I do look at the crime stats, but your right that nothing really takes the place of seeing it with your eyes. Appreciate the input.

@Kevin Dean Thanks so much for the tips! I have definitely been using Google Maps a lot right now. Great tip on confirmation bias - I wouldn't have considered that. 

@Damaso Bautista Thanks so much for the tips! Definitely a great idea to visit during a string REI meeting. I hadn't of that. I'm still working on making connections, so will certainly be making a number of phone calls and meetings. Thanks again!

@Damaso Bautista Thanks so much for the tips! Definitely a great idea to visit during a string REI meeting. I hadn't of that. I'm still working on making connections, so will certainly be making a number of phone calls and meetings. Thanks again!

I am a new OOS investor looking for some good ways to get to know your market. I’ve spent time scouring through the BP forums reading everything I can about different areas. I’ve checked out crime stats, average rents and average home sale prices for different areas. I’ve also researched areas for trending markets (ie up and coming). However, without boots on the ground, I can’t be 100% sure about areas. 

I guess my question is, would you recommend flying out to visit the area, or is that an unnecessary expense. I obviously can’t fly out to check out every deal, but a one time (or even once a year) visit may be able to give me some insight. Note, I’m looking to invest in Memphis. Thanks for your thoughts!