All Forum Posts by: Joseph Schweizer

Hi @Jonathan Shnoravorian!

I closed on a property in October 2020 with the help of Rent To Retirement. The whole process from intro phone call through closing was great. Also, the experience owning the property is going as expected so far. My goal for 2021 is to save capital and make another investment towards the end of the year. 

I would be happy to discuss more!

Best Wishes!

Hi @Jag C.!

I was able to obtain about ~$58k loan from Stifel Mortgage for this property

HI @Connor Klenke!

I am using 3 to 5% for vacancy. The turnkeys I am looking to purchase have longer term leases of 2-3 years. 

Repairs and Capex are a bit trickier and should probably be accounted for with actual dollars values instead of %. Example replacing a furnace costs around the same whether you are making $650 a month in rent or $1200 a month in rent. You need to have a good understanding of the condition of the Capex components. I am setting aside $100 for my first property based on condition of the home and my current reserve cash.

See Brandon's article for a good explanation of Capex.

https://www.biggerpockets.com/...

Hi @Rosanna Garcia!

If you are considering out of state investing, a great book is long distance real estate investing by David Greene.

Best Wishes!

Hi @Connor Klenke!

For my next turnkey property, I want to be at a purchase price point around 100k-125k. I plan on financing with 20% down and I am going to look for 12%+ CoC. I am also looking for cash flow of $200+ after all expenses. I really like the Kansas City, MO market right now (it is where I have my first property) and I will definitely be looking there when I am ready to purchase my second investment later this year.

Best Wishes!

Hi @Tyler Harris!

I would say the biggest contributing factor for me to actual move forward and make an investment was my "masterminds" group. A group of 4 of us meet almost every week and discuss investing, goals and progress.

REIAs, Facebook groups, BP forums are all great ways to find like minded individuals with varying experiences levels.

Best Wishes!

I started researching RE investing at the beginning of 2020. I read books, listened to podcasts, researched online, etc.. Eventually decided to view a BP webinar in April. After the webinar, I decided to sign up for BP as a Pro member. I was set up with a masterminds group and we started meeting weekly to get to know each other and discuss investing. Continued my learning, saving capital and defining my real estate goals. In August of 2020, I decided turnkey would be a good way to get started and get some experience with owning a rental property. I closed on my first investment in October of 2020. 

Surrounding myself with like minded individuals was probably the biggest factor in actually moving forward and buying an investment.

Hi @Michael T Lyons!

Great work on finding and closing this investment! I was just curious what state is the property in and if you are willing to share, what is your cash flow?

Hi @Fernando E.!

As yourself and others have mentioned, Ohio has good potential for cash flow. Another to consider would be Kansas City, MO. I recently invested there myself (see post below) and I am able to cash flow.

https://www.biggerpockets.com/forums/850/topics/895660-my-first-investment-property-an-out-of-state-deal

Best Wishes!

Hi @Julie Sisnroy!

I purchased my first OOS turnkey property this past October. I also had a great experience. The process was simple, communication was excellent, concerns were addressed immediately and so far the property is performing as expected. Biggest thing is making sure you do your due diligence on whoever you decide to work with and on the properties themselves as you would with any other type of investment. I would be happy to share more about my experience if you are interested.

Best Wishes!