All Forum Posts by: Joseph Schweizer

Hi @Tyler Tapp!

I am not sure of your current living situation, but house hacking could be a way to decrease your living expense and be able to save more for investments. For investing out of state, you most important thing would be a finding a great team to work with. You can find people individually (realtors, PMs, contractors, lenders, etc.) or find turnkey groups. I went turnkey myself for my first investment this past October.

Best Wishes!

Hi @Chris Swier!

I work full-time outside of real estate and I was looking for a way to get started with investing while minimizing my time and risk. I thought turnkey would be a good option for me and closed on my first property in October 2020. The post below shares my experience. As you work full-time, this could potentially be an option for you as well. I would be happy to discuss more about my experience if you have any questions!

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

Best Wishes!

Hi @Briette Awbrey!

I am not sure if you are looking for a specific area, but I know @Zach Lemaster has some new builds in Florida.

Best Wishes!

@John Garcia

For the property I purchased, the PM fee is 9%. PM ranges from 8-10% typically.

A new tenant is one month's rent. You are not required to stay with the PM put in place when you buy the company, so you can look for different PM if you are looking for specific rates.

Hi @John Garcia!

I recently (October 2020) closed on my first turnkey investment in Kansas City, MO. I had a great experience purchasing this property and everything is going well with regards to numbers so far! I wrote a post of the property. Feel free to reach out if you have any questions about my experience!

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

Best Wishes!

Hi @Cristina Enriquez!

Welcome to BP and Real estate investing! I am not sure where you are in your real estate education, but the link below might be a good place to start. It has guides on various different areas of real estate investing.

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

One of the biggest things with real estate investing is clearly defining what your goals are. These goals will help determine the best strategies to use.

Best Wishes!

@JD Mims

Well now that you mention the provider is Rent to Retirement, I made my first investment with them this past October and plan to make another one later this year. I wrote a post about my experience and would be happy to share more if you have specific questions. I have only done one purchase with them, so I would also recommend reaching out to someone who has done multiple investments with them as well.

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

Hi @JD Mims!

Lenders should have a license. You should be able to do an online search for your lender. Maybe google map them and see their actual building. You could hire someone to look at the property that lives in the area (realtor, BP member, etc.). I definitely recommend you find your own inspector even if the provider provides you with an inspection report. This will let you know if you are getting an unbiased report. You could ask if the provider could do a video call from the property as well.

Have you contacted anyone who has previously worked with the provider? Some investors who have purchased recently and some who have been working with the provider for an extended period of time?

These are just some recommendations, but hopefully this helps!

Best Wishes!

Hi @Hardik Rana!

House hacking is always a great way to get started with investing. You would still need to understand the numbers very well on the property, for when you are living there and when you move out. Find a investor friendly agent in the area you are considering house hacking in and see what kind of opportunities might be available.

I am from Philadelphia and I decided I wanted to start my investing out of state. I actually went the turnkey route for my first investment the past October (see post below). I would be happy to share more about my experience if you had any questions!

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

Best Wishes!

Hi @Joe S.!

Thank you! Also great first name and initials!