All Forum Posts by: Steven Story

@Ali Boone Yelp! Brilliant! I use Yelp for everything else, seems like a logical way to find a PM.  I'm glad investing out of state has worked well for you.  I'm closing in on some deals and hopefully will be making some offers soon.  How do you go about choosing your properties if you don't live in the same area?  Do you make trips to stomp on the floors or do you have people that help you do that kind of stuff.  I would always prefer checking a place out on my own but I suppose if you have a trusted partner or inspector that could work.

@Daniel Chang I agree that the IE is expanding.  It all depends on your situation, your contacts...etc.  I know appreciation isn't the game out in the mid-west (Wisconsin, Milwaukee specifically), but we have family out there and our personal situation makes it a little bit easier.  I wouldn't expect much in the way of appreciation in Wisco, but cash flow and equity are everywhere and at the moment that is what attracts me to that area.  I would love to invest in Murrieta but I haven't found the deals, although I admit I haven't looked hard enough, and I'm not sure I'm capitalized well enough to make any deals happen in the Murrieta/Temecula area...yet.  My plan is to get something going in Milwaukee, or maybe Hemet or San Jacinto, or both, or all three, and eventually be able to invest in Murrieta or Temecula.  I'm really focused on multi-family's and in So-Cal everyone want's a McMansion so duplex's and triplexes aren't as plentiful as they are in the Milwaukee area.  So that's where I'm coming from.  Don't get me wrong, if I had my way, I would be buying apartment buildings and all the duplex's and triplex's I could get into in Southern California's wine country, just not savvy enough to recognize or structure those deals and make them happen.  That's why I'm here on Bigger Pockets though! To figure it out!  Thanks for the message and the colleague request.  Do you own some investments in So Cal Daniel?

@DL Martin-- I just slapped my forehead...I work in Grand Terrace, my daughter was in the NICU at LLUMC for two weeks (she is fine now)...Loma Linda never even crossed my mind.    I always figured it was out of my price range...will be checking it out for sure now though.  Thanks, and I like your analogy of an oasis in a sea of poop haha!

Steve

@Bruce May thank you! I will let you know when I can make it down! Much appreciated 👍🏻

Thanks @Matt R.!  I need to do a lot more research out here in Riverside county.   We have a good friend who is a realtor out here so I think I will start picking his brain.  I'll check out that podcast too.  Thanks for the info!  

@Adrian Chu-- Hi Adrian, @Ali Boone said there are appreciation flips all over southern California.  Just driving around my neighborhood there seems to be less and less inventory on the market, and foreclosures are harder to come by than they were 4 or 5 years ago.  However I imagine there are still plenty of deals out there if you know the right places to look.  

Hi @Ali Boone!  That's awesome you buy out of state, I'm excited and nervous about the prospect.  How has that experience been for you?  How did you pick the right property manager?  I'm looking into the buying multi-families to build some equity over the long term, not so much into flipping and appreciation.  All my cash flow will go into acquiring more properties.  My wife and I both have full time jobs so don't need the cash flow to live off of.  Anyway thanks for replying to my post, what type of properties do you invest in and in which state?  Sorry about all the questions, I only have about a thousand or so more ;)

@Marco Santarelli Thank you sir!

@Marco Santarelli I'm not even dating my local market. I'm looking in certain areas of Milwaukee because I have good contacts out there and it's hard to find multi-family's that DONT cash flow! It's definitely where I plan to start and I will be using a management company to help me with those buildings.  I've found 3/3 duplexes that rent for 800 each and are listed for between 60-75,000.  The math works and based on the capital I have to invest it's not a price point that is outside my comfort zone. If I was more seasoned maybe I could do something creative to get into a more expensive market but I'm just trying to keep it simple for now.

@Steve L. haha none taken, don't want to start a mid-west versus west coast war on BP!  Yeah San Jac and Hemet are where I have been looking out here.  They are about the only markets that are within my "management radius" that I could afford at the moment.  I'll have to research that investor club in Riverside.  Trying to do my due diligence and gain some knowledge but hoping to buy something soon somewhere!