All Forum Posts by: Keith K.

Jonathan, nice response. I forgot to think about it from the DIY perspective. I don't come from a computer science/programming background and didn't have the patience to learn Java or Objective-C. I even tried Corona SDK and didn't have patience for that. You need to have a real commitment to learn - similar to the commitment required to be a successful REI - if you want to get through learning programming from scratch. And after that, you still have to be a good designer, marketer, and a good businessperson if you want to make a good app that people actually want to download and use. When I made my apps, I did the tasks that I enjoyed the most and contracted others to do the parts that I didn't know how to do, didn't want to do, or didn't have the patience to do. Incidentally, this venture introduced me to outsourcing and further developed my people management skills. Those lessons will be invaluable as I grow my REI passive income portfolio.

Hi Eric, if you have the funds, you can outsource the programming and graphics design.  If you have enough ability to thoroughly communicate your idea to these contractors and enough experience at managing people, you could make one successfully.  You can post a job at elance.com or odesk.com and get some price quotes.  I've got about four apps on iTunes and Google Play app stores that I conceived and designed from scratch.  They do pretty well, but I am definitely not retiring any time soon.

You are all amazing!  Thanks so much for your replies.  

@Rusty Thompson  thanks for the tip on Salem.  I was considering that as I have a mentor (from another career) who owns property there and may want to become the bank soon instead of the landlord.  Do you find there is enough job variety there to support a rental tenant pool or do the politics of the state capitol provide enough customers?

@Victoria Winters I follow your story's message. I was originally going to look long distance because so many folks on BP are getting good cash flow in other parts of the country. For a less experienced REI such as myself however, I don't think 'long-distance' rentals is a good strategy -- sounds like people chasing the next shiny object. I don't want this thread to turn into an argument about that topic, so I'll leave it at that. Targeting neighboring towns (within an hour drive) for better cash-flow is really my way of investing long distance without blindly throwing my money to others who probably don't care as much about it as I do.

@Elizabeth Colegrove thanks for your insight regarding the makeup of the population (transient versus permanent).  Have you found other professions or industries that have similar transient populations offering a good rental tenant pool?

@Jonathan Cochran Wow... 2,400 people? If there was a hard population minimum for successful REI, I thought it would be greater than that! You gave me hope. Thanks so much.

Hi Folks,

I've been looking at communities surrounding my area (Portland and SW Washington) and considering investing there for a buy and hold strategy.  I am wondering, though, if I should be excluding any of them by population.   I've heard a podcast guest mention filtering out cities smaller than 250,000 people, but then I know Josh jokes about Brandon owning his whole town...

So, is there point at which a small town becomes too small to invest, all other things being equal like job growth, rental rates, etc.?  Why?   

Thanks!

@Alexander Merritt

Your original question was great and the replies you are getting from folks on here are amazing as well, but it sounds like you are trying to convince them of a decision you've already made.  You should reread all these great replies and then decide what is best for YOU.  Good luck and let everyone here know how you did.

 Hi Mike, thanks for your detailed reply.  I really appreciate it.  I did notice you have investor meet-ups every month in the Village and I'll try and attend one sometime because I am nearby (in SW) and really have no excuse.

 Steve, thanks for your reply and advice.  Having the title company involved is definitely a must for the process, in general.  When following through with an opportunity, I just check for outstanding liens through my county's office computer terminals.  Would there be things that a title company could discover with outstanding liens that couldn't be found just through a search through county records?  

Hi BPers.  I took the advice of several BP podcasts and just drove (actually walked the dog) through my nearby neighborhoods.  I was mostly looking for properties that appeared vacant and/or unkept in an otherwise nice neighborhood.  Now I am using my city's online information tool for properties (portlandmaps.com) to find out things like whether these properties are owned by absentee owners and also checking on the sales history.  My goal from these walks and information searches is to get a list of properties that I may be able to get under contract off-market and at a good price and, at the same time, help out the owner by taking the property off their hands.  I've been just cold calling the owners to find out their situation and their plans for the properties. My goal, once I take ownership is to fix them up and have them as rentals.  

I have three questions:

1.  Are my criteria good for this strategy of 'driving the neighborhoods' or did I miss the point?

2.  When checking property information on sites like portlandmaps.com, what other information would be helpful to take away for each property.  I've been pulling the owner information and the sales history.  What else would be helpful for the strategy I've described above?  I wouldn't be opposed to moving over to other sites like agentpro247 or similar, but what information would help me to determine if these kinds of properties are worth cold-calling at all... like a first screen?

3.  Do you have any advice for how I should conduct a strategy like this, any changes I should make to it, and how to make it successful?

Thanks for taking your time.

 Steve, I know this an old post of yours, but I really appreciate that you put this bunch together.  Thanks for your help.