All Forum Posts by: Jennifer Cramer

@V.G Jason - great analogy (I used to work at the NHL) - great advice. I cut and pasted a lot of the advice here for in a doc so I can reference! And I totally agree with you on asset protection!

@Justine Veal ATL is one of my top choices!

@Alfath Ahmed and @Min Zhang OH is getting a lot of love! Kind of crazy but with this much buzz, kind of hard not to look it!

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@Jake Andronico - appreciate the advice! The proximity advice is what made me add CT to the list of states I'm looking into. Just need to understand what the landlord/tenant laws are in that state.

@Marci Stein Where in upstate NY do you invest if you don't mind me asking?

@Melissa Nash Great advice. I figured out my WHY (diversification of wealth, future investment strategy), The TIME is where I'm stuck. I have limited time right now so I am worried about the commitment. Zero time and passive seems like heaven to me but not sure it really exists unless i look at REIT's

@Juan Lizarazo Love your post - so helpful. Thank you for the great advice - DM'd you

@Henry Clark Great advice and I've read all these books and posts about the different strategies and compiled my WHY and HOW but will admit that I haven't thought about a number. The reality is that I've been fortunate with my fulltime job and other investments so this is really something intended for the future to help me balance the portfolio and to see if it's something I can transition to in 5-10 years.You've given me something new to think about - thank you!

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Quote from @Nicholas L.:

@Jennifer Cramer

OK, you got a ton of replies. What's your latest thinking on next steps? What I'm used to is:

-OP posts about where to invest

-OP gets tons of replies

-OP never responds or does anything

To be fair, I’m not purposefully ignoring anyone and am grateful for the responses received. I fully intend to follow through but want to be thoughtful on my approach. My timeline is to research from now until Feb (which is when I’ll have cash available) and then pull the trigger then.
This is an amazing community but my pace is a little slower than others as I’m juggling another job and other things. Thank you for your continued interest - I do think it’s important to follow through and follow back up, especially as people here are taking time out of their busy schedules to respond to me.

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OP Here. Just want to start off by saying Thank you for the incredible advice and support. I 'm trying to respond to all of you individually but life keeps getting in the way so apologies if I'm slow to respond.

There's so much to digest but the different advice, suggestions, resources and connections from this post alone is amazing. Not to mention, the infinite advice I've gathered from reading other posts. As mentioned, this is a long-term plan for me and this is just the beginning of my journey. I see myself slowly transitioning from full time rate race job in the next 5-10 years with real state supplementing other income.

What are my next steps?

1) I've narrowed down the markets and am reaching out to various people to learn more about each one. GA, NC, OH, CT for now. What I didn't mention is that I work for in professional sports and some of the markets I would consider buying in are markets were we have teams and that I frequent.

2) My strategy remains LTR/Buy and Hold. I may look into turnkey but for now will try to do it myself

3) Timing is key. I will have the first set of funds in Feb so will be ready to move by then
Thank you all.

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Quote from @Kyle Hoffman:

I like both the LTR and MTR options if investing from out of state. LTR lacks cash flow, but requires less active management and offers peace of mind especially in class A/B areas. The MTR option seems to be especially beneficial in areas where remote employees might travel and work, snowbirds in Florida, or any area with a flourishing medical center for traveling nurses, physicians etc. I would look to land a 2-4 unit multifamily, find a quality property manager specializing in mid-terms (usually between 15%-20% of rent), and find it in a market with a growing population and rent-growth. MTR may be a bit riskier, but the advantage is cash flow. MTR can often be rented out at double the monthly rent of a LTR. On the other hand I definitely understand the desire for a single-family buy and hold, so just make sure that there is good appreciation in these areas(at or above national average). A quick plug for the Indianapolis market...there is a $4B expansion to the downtown hospital which could bring in more potential for travel healthcare professionals. Try and decide which strategy will work best for you, then find an investor-friendly agent to work with and learn from and they can usually network you with other successful investors, property managers, etc. in that area.

Thank you! Great advice. Thinking of going LTR for my first property to get me out of the analysis paralysis stage and then when I gain some experience, move on to MTR. This is a marathon for me as I plan on being in this for the long haul. I see a lot of more affordable homes in Indianapolis but have only been there 1-2x. I'll admit that the locations I've chosen are ones that I frequent for work which is why they're more on my radar.

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Quote from @K S.:

Quote from @Jennifer Cramer:

Quote from @Nicholas L.:

@Jennifer Cramer

pick an area where you can spend time in-person.

if you can go to Atlanta every weekend to set up your team there and look at properties, great. but if you can't, pick an area in NJ or CT or PA that is within driving distance - maybe 2 hours or less from where you live?

there is just no substitute for being hands-on. and it's going to take some work. in your chosen area, if you're in-person, you can go to REIA meetings and network, look at as many properties as you like in-person, meet other investors, meet agents, meet property managers, talk to contractors, make offers, get feedback, etc.

it is not possible right now to push Internet button, buy random property in a place you've never been, hire random people you have never met, and get the best outcome. see this thread. don't do this.

https://www.biggerpockets.com/forums/52/topics/1144300-turno...

Thank you! Great advice though I admit that buying in my immediate area is not as appealing due to the cost but maybe there are deals out there. Atlanta is a place that I go to fairly often and I do have connections because of my old job, Based on what you're telling me, I should lean into those locations? I do wonder how others out of state investors are able to make it work from a distance

My first house was in Texas and I lived in California. I saw the house once in 15 years and I'm finally selling it. I had no problem with the tenants or the property management company. You only need to be local when you're in lower class neighborhoods and like to hustle with renovations, repairs etc but that's not your case as it wasn't mine.

Thank you - That's very encouraging to hear.

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Quote from @Remington Lyman:

Quote from @Jennifer Cramer:

I'm a new member and this is my first post so please go easy on me! I'm interested in investing in my first LTR or MTR. I have a full-time job in NYC and travel excessively for work so I will need a property manager. My goal is geared towards long-term wealth and eventually reaching a point where I don't have to work as hard because I'll have passive income to offset some of the income I will lose when I "take my foot off the gas". I am not interested in house hacking as my plan is more centered around Buying and Holding.

The idea is to start in one area, build my team and then purchase my first property. Eventually, I hope to build my rental property portfolio in the area I choose. Initial budget is small, up to 300K with 25% down for the first property. Looking for Class A/B areas. I don't really care about making a profit off the monthly rent in the short-term (though it will be nice!), I just want to build equity and not "lose" money. Right now, I can't even narrow it down by state, much less city!!! Here are my options:

1) Georgia - my old company was headquartered in ATL so I know the area well and have friends in the surrounding areas. Hower, it seems really over saturated so not sure if I should still look there

2) NC - I'm drawn to this state but am not as familiar with the cities. Looked at the Wilmington area but open to any suggestions

3) NY - upstate, NYC or even far out in LI (mastic Beach?). It's my home state but property and taxes are so expensive outside of the city and in NYC you're dealing with maintenance fees, boards etc. I just think my money will go further elsewhere

3) Maine - I'm drawn here because eventually I want a second home in this state but this is my heart talking, not my brain

My question is, how did you go about deciding where you to invest? What resources did you use? Who did you talk to initially? Does anyone have feedback on any of the areas I listed above? Are there other areas I should consider? I realize this is incredibly broad, so I apologize but I'm feeling a bit overwhelmed. Once I narrow it down, I feel like I will move but right now I'm stuck. Thanks in advance for your help. Looking forward to learning from all of you.

It does not matter where you start as long as you develop your Core 4. The core 4 is David Greene’s long-distance investing strategy and consists of a realtor, contractor, property manager, and lender. Once you have this team in place, you should be able to invest in any market confidently.

As for picking a specific market - I would go after one with an increasing job and population growth. I invest and work in Columbus, Ohio. I am also looking to invest in Cincinnati and Cleveland.

Thank you! Core 4 is key. I usually was going to start by finding a realtor in the area first but wondering if I need to start with another member of the Core 4?

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Quote from @James Wilcox:

Quote from @Jennifer Cramer:

1) Georgia - my old company was headquartered in ATL so I know the area well and have friends in the surrounding areas. Hower, it seems really over saturated so not sure if I should still look there

2) NC - I'm drawn to this state but am not as familiar with the cities. Looked at the Wilmington area but open to any suggestions

@Jennifer Cramer just keep in mind the importance of proceeding at your own pace and approaching it step by step. It can be quite daunting to consider the entire country and select a specific market, but it's wise to choose the market that aligns most closely with your objectives and where you can assemble the most effective team. Based on the states you've already considered – North Carolina and Georgia – they seem to be the best choices for your price range in comparison to Maine or New York. I would also suggest considering Kentucky, as other members of the BP community have already recommended. Additionally, you might explore Ohio, southern Indiana, Tennessee, and northern Alabama. If you have any questions about Kentucky, feel free to reach out to me via direct message, and I'd be delighted to assist you.

Thank you!!! I love your first line. As the most impatient person in the world, I tend to rush headfirst into things. Since I posted, I'd added some states (OH, CT) and eliminated others (NY and ME). Kentucky is interesting. The only part I know is the part closest to OH. Will look into it and let you know if I have questions. Appreciate it.

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Quote from @Jay Hinrichs:

check out Allentown Bethlehem area. @Mark Gallagher is a rock star agent there and I think 300k gets you a pretty nice place in a nice part of town all within easy driving distance of NYC.

if your going far afield and have to fly then I like Vegas.

for these reasons.

1. weather No winter issues at all.

2. stucco houses tile roofs easy maintenance

3. huge renter pool billions upon billions of new construction.

4. landlord friendly

5. some of the lowest property tax's in the US this gives much higher purchasing power for the same rental income as cheaper areas with higher prop taxs.

6. easy to get to and fun things to do when your there.

@Jay Hinrichs _ Thank you for the suggestion and the recommendation. Bethlehem was not on the list but has been added :)

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Quote from @Jordan Tinning:

@Jennifer Cramer if you are working full time, and travel a lot start with an LTR. MTRs are way more work. Even with a property manager. Start slow, see how you like it and then build form there.

Don’t do what I did, which was buy a lot all at once and try to learn while working. It but me in the butt. I’m good now, but wouldn’t recommend newbies taking on too much, especially if you’re a still working.

Hope that helps and good luck!

@Jordan Tinning -- Great advice!!! Thank you

1 Vote

All Forum Posts by: Jennifer Cramer

Jennifer Cramer has started 2 posts and replied 40 times.

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