All Forum Posts by: Steve Kontos

@Joseph S.

In my experience it is always best to go with the longer amortization and take the cash out so you can continue to grow your portfolio.  It is a great time to buy so the pros outweigh the cons.

@Ali Syed

Based on my experiences, I would highly recommend investing out of state.  Your money goes a lot further and the laws back YOU up as an owner.  NY's laws are ridiculous and unless you want the burden of being told how to run your rental property by local government, I would stay away from here. 

My best recommendation is read, keep listening to podcasts, and find real estate investors who are successfully investors.  Reach out to those people (assuming their open to talking) and ask important questions. 

It is a great time to buy but you want to be adequately prepared.  Like in any business, take the proper time to "learn the ropes" before buying.

I wish you all the best!

@Shakira Patterson

While a good accountant is important, the biggest thing to understand at the beginning is that it is a numbers game.  Do the numbers in the potential new investment make sense?  What type of areas are you looking at?  Also, make sure you work with a good realtor who has adequate experience.

@Steve Totino

You are going to need to build a team in whatever area you ultimately choose.  This is key to running a successful out of state portfolio.  

Hi guys,

I would like to purchase multi-family properties in the Knoxville area and am looking for anyone with local real estate experience to help.

@Todd Powell

I can totally relate to what happened to you.  Ten years ago when I was working for a financial institution, any time I walked away from my desk it was automatically assumed I was talking real estate (9 times out of 10 I wasn't).  All my superiors felt unsettled with the fact that I actually created a side business.  The truth was a lot of colleagues and supervisors had no idea how to think outside of their little "knowledge box".  They knew nothing outside of their jobs and limited experiences. 

At first I really disliked these individuals but you know what I quickly realized, some people are meant to work in those cubicles for 50 years and others are meant for different things.  There is nothing wrong with that and it's important to respect each other's views.

Best of luck to you and great post!

@Roee Hazut

We live in 2020 not 1940.  The technology and accessibility to doing business nationally as well as globally is evident.  I can attest to investing out of state as I have been doing it for close to 13 years now.  You need to speak to SUCCESSFUL out of state real estate owners.  In regards to the gentlemen you spoke to, older generations tend to be stuck on their ways because it worked well for them during that time period.  Well guess what, markets and trends change do they not?  What was once a buyer friendly market in an area can very much turn the other way through local government actions, economic change, etc. I always tell people who are looking to succeed in this industry to research and surround yourself around those who have successfully invested.

@Katie Miller

This all depends on what my level of real estate investing is.  If I am a newbie, I would invest a bit in educating myself.  I would also find those who have successfully invested in real estate and offer to buy them dinner.  There is nothing better than talking one on one with an expert.  Then I would take a small portion of my money and begin investing.  

If I am an experienced investor, I would scale up and use the majority of it to purchase a property with partners.

@Weston Cole

Joining a team will help you immensely.  Learn from others who have succeeded.  It'll save you years of learning things the hard way.

@Ozzie Sezen

Jersey is tricky and especially that it's your first investment just do it with caution.  As a fellow Queens born and raised, I would recommend considering further out of state.  Your funds could go a lot further in terms of cash flow and opportunities.