All Forum Posts by: Joseph Schweizer

I purchased my first investment this past October at the age of 28. Hopefully making another investment before the end of 2021!

Hi @Joseph Ovadia!

I will echo others and say educating yourself on how to analyze markets and on the different RE investing strategies is very important. You will also want to pick a strategy that aligns with your overall goals for investing in RE. The two strategies you described have some very distinct differences and you will want to clearly understand those differences before deciding on one or the other. 

For myself, I work full-time outside of RE and I felt like turnkey would be a good way for me to get started with investing (see post below for my first investment). However, I still needed to know how to analyze markets and analyze properties to understand the investment. Also, I needed to understand how to build a team and make sure I was working with trustworthy and knowledgeable people. 

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

You are definitely at an advantage for getting started in RE since one of the biggest hurdles is having capital to invest. I would recommend making sure you gain a base of knowledge about the different strategies and identify what strategy best fits your goals before making your first investment. 

Best Wishes!

Hi @Olga Andrukh!

I went with a turnkey property for my first investment this past October (see post below). I had an excellent experience purchasing the property and so far the property is performing according to my expectations. I would be happy to discuss more if you had specific questions about my experience.

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

Best Wishes!

@DaVon Nelson

First you are going to want to find a turnkey provider you want to work with. You will want to do extensive research on the provider and have conversations with the provider and previous investors. Once you are connected with a provider, they can walk you through the whole process. Typically, you will need a proof of funds (for cash purchase) or a pre approval from a lender to get started. Providers can recommend lenders or you can find your own. Once you select a property, you will go through the standard home buying process including deposits, inspections, appraisals, insurance, and have to sign a lot of documentation (dead, lease agreement, etc..). 

Did you have any specific questions?

Hi @DaVon Nelson!

Are you looking to work with a turnkey provider? Or are you just looking for a property in your market that is rent ready?

I worked with a turnkey provider for my first investment (See post below). I can share more about that experience if you had specific questions.

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

Best Wishes!

Hi @Adam Frantz!

If you have not read it already, David Greene's "Long Distance Real Estate Investing" is a great book for understanding how to be successful investing out of state. Basically, as you probably already know, it is all about the team of people you work with.

I work a w2 outside of real estate and my market is also quite expensive for real estate, so I wanted to get started out of state. I purchased my first investment in October of 2020 (see post below). I would be happy to share more about my experience if you had specific questions.

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

Best Wishes!

Hi @Curt S.!

I have seen numerous posts about turnkey recommendations in the forums this year. I would recommend trying to search some different terms and/or specific turnkey providers to see if you can get those posts to come up. 

With that said, I did make an investment that was turnkey, OOS for me (see post below). If you have any specific questions about my experience, I would be happy to share more.

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

Best Wishes!

Hi @Oscar Coronado!

I am curious if you are trying to use as little money out of pocket as you can, why are you looking to pay all cash? I know there are some complications with getting a loan as a foreign investor, but have you explored the potential options?

Have you researched turnkey providers? Turnkey providers work with clients from all over and they may be able to provide some additional insight to how to maximize your investment as a foreign investor. 

I invested in a property myself that I never have personally been to (see post below), but I worked with a great team and utilized all available resources to make sure I got the full picture of the property and its condition along with the market/neighborhood.

I recommend also searching the BP forums for other posts from foreign investors to see what kind of responses they received (if you have not done this already).

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

Best Wishes!

Hi @Chris James Hariski!

I believe I remember @Brian Hosier purchasing some turnkey investments in Canada. Might be worth connecting with him to discuss more.

Best Wishes!

Hi @Kevin Ivey!

I went with a turnkey, out of state property for my first investment in October 2020 and I had a great experience (see post below). I would be happy to share more about my experience if you had specific questions.

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

Best Wishes!