All Forum Posts by: Todd Dexheimer

Multi-South Property management and Elmington Property Management are your best options.  

Check out this article on picking a top performing market: https://www.biggerpockets.com/...

Here are my top markets in 2021: https://www.biggerpockets.com/...

 Make some good connections with people that live in different areas. Attend virtual and live conferences and look for and meet like-minded people. 

I've heard good things about Riverside, CA. I haven't done research on that market, but I see it pop up on a lot of lists. Possibly worth checking out.

It is all about getting referrals. You will want to really dig into their track record and verify that they can actually do what they say that they can. Contractors can be one of the least professional industries to deal with. There are a lot of one man (or woman) shows that will promise that they can handle your job and do it for a great price, only to later find out that they cannot. You will be better served dealing with an outfit that has employees and that can handle the job that you are asking them to do. When dealing with contractors, be sure that you have a contract signed with deadlines and penalties as well as payment schedules spelled out. Quick tip: don’t pay them before they do any work. You will be better served finding a contractor that can handle a few weeks without payment and that will allow you to pay them based on the work completed. If they need payment up front or want to get paid the same day that they complete the work, that is a bad sign. 

@Lee Yoder I agree with the broker relationships. You have to be able to find properties. The comes down to the availability of properties that fit your criteria and relationships with the brokers in the market. Also, another huge factor in the property management company. I have decided not to invest in certain markets because I could not find a PM that I trusted. 

All 3 markets are vastly different. 

Austin, TX is a growing market, with a large amount of companies coming in and people relocating. It is a highly competitive market and has become expensive. 

St Louis, MO is a shrinking market and is loosing population. You will be able to buy cheap properties here. 

I don't know much about Baltimore, other than it's had it's ups and downs, along with crime issues (like most cities)

I think you need to really understand what type of market you're looking for. Do you want growth or cash flow or both? 

We own 2 group homes. This is a great field, but is highly hands on, with a lot of regulations. I would suggest buying existing buildings that already have the staff in place. Two big factors in your profitability: First, keeping your residents alive and the bedrooms full, 2nd is keeping good staff.

As others have said, it depends. You have the General Partnership and Limited partnership. In the general partnership, you may have as few as 1 person, but often times more. You can have partners that are in charge of the asset management, investor relations, market analysis, etc. Then you may also have a Key Principal, that brings the experience, liquidity and/or net work to qualify for the loan. On the LP side you will have passive investors that typically average within a small range of you minimum investment. For instance, if your minimum is $50k, your average will likely be between $60-90k.

Yeah, if you can get access to CoStar, that is a great resource. There are many public websites including broker websites, government websites, etc that are free and are a great place to start. Once you dial in a market, then paying for detailed data makes a lot of sense. Until then, though save your money. 

Yeah, that makes sense. No one is successful investing out of state, just too complex...

Not sure how I figured it out and how the many other connections of mine have figured it out?