All Forum Posts by: Joseph Schweizer

Hi @Dov Klitnick!

I did exactly what you described this past October 2020 (detailed in post below). I live in Philadelphia, which is not as expensive as New York, but not very cheap either. I was looking to get started with RE investing and I was not looking to learn how to flip or BRRRR right now, which I felt was the only way to get into the market in my hometown. I work full-time outside of real estate and do not have any real estate or rehab/construction background. I would be happy to share 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!

@Sean L. I would get in contact with the turnkey provider and see if this is starting to be a common problem with the PM. Find out if the provider is willing to step in and help, whether they help get the PM to better communicate, or to find a new PM. 

Does the PM have an online portal you may be able to get some more information from?

Hi @Phillip Tyrrell!

I am not sure if this route fits your situation or if would be the best option for your goals, but I have started RE investing with a turnkey property (detailed in post below). I work full-time outside of real estate and live in a market where prices are a bit high. I was looking to get started with investing out of state while minimizing time and risk. I thought turnkey would work well for me, and so far it is (only closed in October 2020)! Turnkey might be an option you want to explore to see if it fits your goals. I would be happy to share 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 @Sean L.!!

Have you contacted the turnkey provider? They should be able to step in on your behalf, and should have no problem doing so if they are a reputable turnkey provider. I would not let this continue to go on. You need to have this resolved immediately. Also, the property is yours, if you are unhappy with the PM, you can find a different one. You have no obligation to stick with the PM.

Hi @Fran Dixon!

I closed on my first investment property in October 2020. The biggest thing for me was my masterminds group. Meeting with them, having discussions, hearing each others stories and experience really made me feel confident that I knew enough to make my first investment. 

My advice would be clearly define your real estate goals and surround yourself with a great group of people with similar/related goals. 

Another point I would like to make is I learned more in the process of buying my first investment and owning it these past fews months than I learned in any book, from any podcast, etc.. Definitely build a good base of knowledge and make sure you always do your due diligence, but at some point make a decision to make that first investment. 

Best Wishes!

I would definitely start with talking to the turnkey provider and go from there. If the provider is unwilling to help, I would not be working with them in the future. They should help you resolve any issues you are having though.

Hi @Rebecca A.!

Have you spoken to the turnkey provider about the issues with PM? The provider should be able to assist you with your current PM or help you find another company. If the turnkey provider wants you to come back and work with them again, they should be willing to support you in getting this all taken care of. 

Hi @Brad Piper!

I made my first investment out of state in October 2020! It was a turnkey property (see post below). You can use BPinsights, among others resources to find comparable rents. I would be happy to connect to share those other resources as I do not think I can post about them in a forum. 

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

Best Wishes!

Hi @Rommel DeGuzman!

I invested out of state in Kansas City, MO. I was able to secure a loan for around $55k with a local bank. The lenders are out there. Once you find a location you are looking to invest, reach out to local lenders, search BP for previous posts about lenders in specific markets, or search the BP network for mortgage lenders. You should be able to find someone who will lend.

Best Wishes!

Hi @Pascal Cohen!

I recently closed on my first investment in October 2020 (see post below). It is in Kansas City, MO. I liked Kansas city for its population growth, cash flow, appreciation, diverse economy, rent to income, price point, among other things. I used city-data and census data for a good amount of information about different areas. Also, a search in the forums will direct you to many good markets. It will really depend on your investment goals though, which market will be best for you. 

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

Best Wishes!