All Forum Posts by: Doug Spence

@Sergio Olvera Why do you want to partner with someone for this?

@Robert Pritchett I've had success investing out of state in Wisconsin and Oklahoma. I'm still a big fan of Oklahoma, specifically Oklahoma City and Tulsa. 

I've done 2 out of state BRRRR's and 2 out of state flips in Oklahoma! Don't hesitate to reach out if I can help with anything.

@Cara Sides is your go-to agent and PM for Tulsa. 

@Emma Santana I like to run it all through the property management company that I use. They already have a connection with local contractors, they have a system for payments, and they're used to dealing with contractors on jobs. Many will argue that its more expensive, which it can be, but its also a great way to leverage other people! For context, I've done 2 out of state brrrr's and 2 out of state flips in oklahoma. 

Good luck!

@Chris Ochsner Overall this is a good plan. The key is finding the right people! Start by being very clear on your long-term goals and vision, then get clear on your market. You probably want a landlord-friendly state, and a city/town attracting lots of businesses, which drives populations, which drives rental rates and property values. 

I've done a fair amount of out-of-state investing myself (from San Diego) and I'm happy to share my experience with you and your dad. 

Good luck and keep us updated on your journey!

@Cristina Ortega How many pads? We buy 100+ pad RV Parks in the sunbelt.

@Brian Taylor Have you listened to his podcast? It could be a good way of seeing if you like his coaching style. He spends about 30 minutes coaching w different guests. I have not personally coached him or his team though.

Also, keep in mind that you wouldn't be coaching directly with him, rather you would be coached by someone on this team. Unless you wanted to pay big bucks for him directly. 

@Sean Haran You can successfully invest out of state!

I'm also in a high-cost-of-living area (San Diego) and most of my real estate portfolio is NOT in California. I currently own one property in Florida, three in Wisconsin, and two in Oklahoma (those were BRRRR's) and I've done two flips in Oklahoma. Plus I'm an LP investor in 4 syndications - all are outside California.

I'm happy to chat more with you about my experience and help out in any way I can! 

@Rhett Tullis Thanks for the reply! I'd love to chat with your friend about it. It seems there aren't many people doing it, and those that are doing it tend to be tough to find. And they're not hanging out on the BP forums, unfortunately!

@Phillip Lebron These come to mind:

How many properties do you manage? 

What types of properties do you specialize in managing?

What management software do you use?

How did you get into property management?

Do you manage properties for out of state owners? If so, ask for their info and reach out to them to see how their experience has been.

What fees do you charge for management? Is there a leasing fee? Do you markup the maintenance fees?

How do you screen tenants?

What do you do if a tenant hasn't paid rent? How do you begin the eviction process? Is there an attorney you work with regularly on this?

@Sendhil Krishnan Thanks for all the great info!

My challenge has been finding the operators that are willing to have a conversation about RAL. The one's I've been able to find either own/operate and aren't open to a partnership.

I'm interested in doing this is Oklahoma (where I already have rental properties) and I'm also interested in doing this in San Diego with our primary residence once we move in a few years (we're a military family). 

I even googled "residential assisted living in san diego" and got nothing!

Looking to connect with folks who are doing or have done this in the San Diego area or Oklahoma! Thanks!