All Forum Posts by: Michelle Mapp

@Jill Williams  I am somewhere between relatively new investor and experienced but I will say in the experience I have had it has been critical to have an investor friendly/knowledgeable realtor and other team members. I have also found that if you are doing anything out of state make sure you are working with someone who is familiar,  comfortable and experienced with that.   

I worked with a realtor for years in VA and she was great at getting us new renters when the lease was up, etc. but when we went to sell that property she fell way short. The subtle challenges of working with an out of state investor made it really hard. She is not a bad realtor just was coming from a very different perspective.

Michelle 

Hi Brian,  

I am an investor from Pasadena as well.  However, right now I buy out of state.  Congrats of taking such a big step in finishing your first flip and making the commitment to do real estate full time.  

The local meetings in Pasadena and Arcadia are great both in terms of learning and the opportunity to meet people in all aspects of the real estate investment world.  

Also, as others have said BP is fantastic!  

Michelle 

Junior,  

Looks good and the video.  Keep us posted as to how the number do.     Good luck with the open house this weekend.  

Michelle 

Hi.  Okay, it looks like I made a mistake because of the holiday.  FIBI usually meets the 3rd thursday - so it actually would have been the 17th.  However, the greater FIBI is having a holiday event down in Long Beach on Dec 10 so that must have taken the local meeting for this month.  

You can join the Meetup to get notices of upcoming meetings.    

http://www.meetup.com/FIBI-Real-Estate-Pasadena/

James,  

Hi.  Welcome.  BP, the site and the podcasts are great resources.  Also, check out the Pasadena FIBI (for investors, by investors) coming up on the 18th.  

Michelle 

@Ryan Worley  Fellow So Cal investor here.  I decided to go out of state for now for a couple of reasons. 

1) couldn't quite make the numbers work for me in CA for cash flow 

2) risk was lower out of state (based on my own personal preferences and experiences) 

3) lower entry costs 

If you decide to go out of state, I would say to research some more markets based on what you want to achieve.  Then look for ones where you have an advantage - such as knowledge of the city, friends or family in town, a place you want to visit, etc.  I don't know much about Cleveland and it might be right for you.  I think it is important for the investor to feel really comfortable with the city they are investing in.  

Cross reference some data, unemployment, city growth, key industries in town, school data for target areas, also just Google "investing in X city" and its amazing what kind of data you can come up with.  This might be able to help you narrow down a market.  

Of course, make sure to do the numbers as well and make sure it makes sense for you based on the rents to costs.  For years we thought we had a good thing going in No Va.  Well, umm, nope not really!  We just didn't know any better.  :)  

@Trenton Irons There is great advice here so far but as you can see it really "depends" a lot on your specific situation, location and knowledge base.  My family and I moved to CA less than a year ago and have decided not to purchase our own home for the time being.  We are focussing more on out of state investing and other assets for our portfolio for now.  However, we have a timeline and a plan to eventually buy our own home as we don't see leaving CA for quite some time.  We also already have some experience (including lessons learned)  managing out of state so it makes sense for me.  

My advice is do some more research, both in terms of what are the options and what are the financial and other pros and cons.  I have found that the more you really look at the specifics of your situation (where you live, who you live with, how much money you have, what your knowledge base is, etc.) the immediate path becomes much more clear.  

Also, think creatively.  So, 120K in So Cal doesn't get much, but say you really don't feel comfortable investing out of state.  Okay, so can you find a 2BR apt/condo and do AirBNB, VRBO in the 2nd bedroom (assuming you live alone)  to make money so you can save to invest more?  Can you find someone to go in on a MFH with you?  Can you buy a totally run down house and turn it around?  (not sure what prices are like in Canyon County and if this is even feasible - also assuming you either know how to rehab or are willing to learn how along the way)   

Sorry no easy yes or no answer here.  

Welcome to the site.  This sounds very interesting.  Can you explain a little more?  Are people buying these units for themselves or are they buying multiple units for investment instead of buying a business?  Or is it a mix?  

If you have time, it would be great if you could share a little more about what this looks like?  

Michelle  

Oh the timing is okay, it just happened that I had conflicts both times which is not that usual for a Sunday evening.   I am also open to daytime or weekday evening meetups as well.  

Thanks  @Jeremy Pace!  Do you have the name of someone in particular who would be good for me to talk to at Craig/Craig?  

Thanks

Michelle