Quote from @Aileen Soriano-Pisaturo:
Hello, I read Rich Dad, Poor Dad in my 30s and I thought I would be in real estate by 40. Fast forward 10 years later I have yet to invest in real estate. Lurked around BP site for the past year, have listened to the BP Rookie Podcast on my drive to work, read books Skip the Flip and Financial Freedom with Real Estate Investing; then decided to FINALLY make an account the other day, just accept my vulnerability and ask the forum for direction. I find all the info very overwhelming, but decided to commit myself to making my first deal this 2024. I tried Fundrise which i thought was dipping my feet into real estate investing, but find I want to do more of the actual owning of the property myself. The intent is for cash flow so I can be released (even partially) from my 9-5 grind. Possibly start with one duplex or a 3-family home as a long term rental. I wish I could invest in my backyard but I live in RI and our inventory here is very expensive. I also wish I could get my hands dirty but with my job responsibilities currently, I do not have the ability to directly oversee property rehab and will also have to rely on property managers. A few questions:
1. What US states would you recommend to invest in for a newbie like me looking to invest out of state, but hoping for something simple to start with? I was thinking of limiting it to a couple of states where we have direct flights from RI so it would be easier to fly in/out to oversee things. I read about OH, FL, NC…?
2. Once I do narrow it down to a state, how do I find reliable people to work with? Locally, we would rely on connections and word of mouth, but for an out of state person, where do you even start?
2. I found a couple of online property groups that rehab/rent out/property manage units and they help you from finding the property then manage it for you long-term. The sites do not really divulge the specifics. I have emailed them but did not get a response. I figured maybe they deal with investors who are more nuanced than a newbie? How do you get taken seriously when you have never done a deal??
Looking forward to hearing from anyone. Even just writing this post felt cathartic.
Aileen
Congrats on finally taking the first step. Brandon Turner on the BP podcast puts its pretty well & says "You can't see a mile into the fog but as you being driving you can see further and further and eventually you will be out of the fog". It sounds like you have been in the drivers seat but have finally started driving!
1. I can only speak for the DFW, Texas market and I work with plenty of out of state investors like yourself. I would love to connect with you and help you find some great properties here. Duplexes and 4 plexes alike from $350K-$500K
2. Once you narrow it down to your state working with a investor friendly real estate agent is top priority. A solid agent will have a data base of reliable contractors, home inspectors, foundation specialist. I can send you a contact of someone I am working with now and you can reach out and ask how its going.
3. You will be taken seriously by an agent who is knowledgeable working with investors. If Texas isn't the state you want to do business in go the top of the BP website and click on FIND AN AGENT. From there you will answer a few questions & will be connected with 3-5 investor friendly agents
I'll send you a connection request! : )
