All Forum Posts by: Karla Talancon

Hahahahaha thanks!!! great words of advice haha it definitely will not protect me from myself. Will add this to my ongoing to do list. 

Hey guys, I am new to bigger pockets. And also kind of new to real estate investing. I am partnering with my father to create an LLC for real estate investing. Is anyone else doing the same ? What tips do you guys have about structuring? Taxes? Capital contributions? What states are you guys working in ? What to look out for ? Pros and cons? Anything helps!

Thanks @Larry Fried, the plan is to go into each market, build a team in person (agent, contractor and property management), rehab, rent, and refinance. I will be moving to each city so it will be one by one to make sure that everything is running smoothly. Do you have experience with out of state investments with the BRRR model?

@Kim Younkin Wow wish I had known about this sooner. Very good report!!! Such a great resource!!

@Alex Franks . Yes! Charlotte actually has excellent numbers based on my research. The drawbacks for me was the slight lack of diversification in industries and high rental vacancy rate. High rental vacancy rate can be taken care of by finding a very good property management team, but since I have never even found a property management team out of state at all I wanted to wait to hit places with lower rental vacancy rates. Once I feel more comfortable finding property management I will be more inclined to try a city with higher vacancy rates. Other than that Raleigh and Charlotte both have excellent numbers and meet our criteria. Let's keep in touch because like I said Raleigh and Charlotte are both on my radar!

Hey @Meagan Ruxer I see you are from Indianapolis! What neighborhoods do you recommend? And do you work with a property management team or do you do it on your own? do you have any contractor, agent or property management recommendations? We also plan to use the BRRR method! Just a bit anxious about not knowing the area well enough.

Hey @Ryan Poske so your company offers contractor services in Indiana or all over the U.S.?

I am a recent graduate got a Major in Urban and Regional Planning as well as a Minor in GIS (Geographical Informations Systems). I have partnered with my father to invest in real estate. I have grown up believing that my first pay check would be saved for my first real estate deal. The market in California is extremely difficult and filled with risk for my particular investing goals so we have decided to invest in out of state real estate. As an urban planner I naturally gathered as much data as I possibly could and decided on the criteria that I would use to judge a city for "high cash flow" investments. After hours of podcasts, books, blogs, and presentation, in addition to applying some of what I learned in school I came out with about five markets I would like to invest in. I am looking to find others that may have different approaches to determining where to invest for high cash flow cities. The cities I have decided to focus on are Chicago, Indianapolis, Kansas City, Atlanta, and Jacksonville. If anyone has any tips or advice. I am all ears! If anyone would like to have an in depth conversation about picking locations and research feel free to contact me. 

@Shawn M. Agreed. I am just trying to narrow down the search by city. Cities that are more likely to survive an economic down turn. This way I can break it down further by zip codes/neighborhoods within a strong city. I'll looking for homes ranging from 80k-150k in A and B neighborhoods. Willing to look at C neighborhoods if they are likely to increase in value due based on development in that neighborhood (gentrification likelihood). Once i determine the area I am going to focus on I am going to look for a good deal (below market value, preferably at or below cost of the actual home). I tend to have a heavy research background and sometimes i get carried away and do too much.

I hope you don't mind if i ask you a couple of questions. So do you drive down neighborhoods and search for foreclosures and/or people that want to sell their home immediately? do you invest in out of state or do you stay in the neighborhoods that you personally know? 

@Gene D. Nice good to know. I was also considering Pittsburgh but still a bit hesitant there. I think I may have missed the opportunity for deals in that area. I was looking at prices in the winter and they have drastically changed. I am not sure exactly how much the weather impacts I'm the Northeast sales but I imagine its significant. Sales also slow down in California but we also don't really have a "harsh" season so its hard to tell.