is this realistic?

Question

Hello everyone! A lot of this might seem dumb so I sincerely apologize but thank you for your patience and more importantly honesty.  Is it possible to even find deals right now that would not need major work  just by looking on Zillow? Seems almost impossible but I am looking at any market with a  350k  budget. I don't have the time or interest in a rehab project and struggling what I should even be looking at when analyzing deals.  Open to any market. Would love to work with an honest realtor who is not going to say everything is a deal just to get a sale.

Joseph Crunkilton · Answer

@Robb Silverstein Hi Robb. If you're looking for an easy way to get into REI I'd recommend connecting with @Zach Lemaster and his team. They helped me buy my first few deals. It really eliminated all the frustrating legwork a new investor faces.

Not only that, but I did BRRRR for a year working long hours. My rentals that they helped me buy performed better than anything else I had put together. Save yourself the time and headache.

Dave Skow · Answer

@Robb Silverstein- thanks - 1) getting a  solid  realtor  in your corner for  whatever  specific location you want to  look is essential ....this will allow you to be more efficient and  locate  more  options  versus  just looking at  Zllow or RF   2)  try to  get a  set of  characteristics and locations  developed as narrowing  things down will help with the  search   3) if you are needing  financing - get formally pre approved using whatever  hypotehtical scenario you want to use

Drew Sygit · Answer

@Robb Silverstein you're going to need to pick a market or waste a lot of time looking at properties you don't understand.

You might want to follow the "Deep Dive" series we're doing on our BiggerPockets blog about Metro Detroit cities, City of Detroit Neighborhoods and comparing Metro Detroit to other hotspots investors usually consider:

https://www.biggerpockets.com/...
(BP search feature can be problematic, so we’ve also added links @ our website under View Cities & Neighborhoods We Service)

Doubt you'll find this much info for any other market in the country. So, why would you invest remotely anywhere else?

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Marcela Hoag · Answer

+1I suggest looking at the macro socio-economic factors for each market at a state/city level to narrow down what/where you're targeting, and then, like @Drew Sygit said, really taking the time to understand a specific market. That will 100% help you in finding great deals.  For instance, here in Seattle, people are pushing out north and south because of how expensive Seattle has become, and the lack of inventory/building space/regulatory burdens. Light rail is beginning to connect everything along the i5 corridor, meaning that property values will rise accordingly in neighboring cities. Remote work also means people are willing to live further out, meaning an influx of money in affordable suburbs that are a fairly distant commute. Etc. etc.

Travis Biziorek · Answer

Rob, you absolutely can find deals especially if you're open to different markets.

I own 12-doors in Detroit and I live in California. My partner and I run a turnkey company there, so you wouldn't have to worry about rehab yourself.

Happy to talk options and what might fit with your goals or simply talk shop about Detroit in general.

Dylan Speer · Answer

Hey Robb,

I surely believe that this is all realistic.

I am an analyst at a real estate investment advisory firm and my main job role is to underwrite properties in our two midwestern markets of focus. I send these deals to clients who either wait for another one or ask me to have our local real estate agent partners in those markets to conduct video walkthroughs of the properties. We have worked with these agents for years and have a high level of trust in them. If the client is interested in the property after viewing the walk through video, we connect them with our realtors and let them represent the client's offers.

Because many of my clients are first-time investors, we offer in-house asset management services and walk the client through the first 90 days of ownership - How do set up utilities, how to 'manage the property manager', etc...

Because these markets are out of state for most of our clients who reside in Denver (where we are located), we also connect the client with property management companies in those midwestern markets whom we have worked with for years.

If you'd like to hear more, feel free to shoot me a PM. Thanks.

Joseph Crunkilton · Answer

Totally up to you. They do have significantly more positive reviews than negative ones. I had a major tenant issue on my first rental and they really stepped up to help get me through it. Just wanted to chime in as it was what really helped me along.

On them not buying, it's a different business model. Most investors aren't constantly acquiring. For example, I personally am only looking for a handful of doors. Even if a great deal came along I wouldn't buy it because it doesn't fit my long term plan. Their business model is more of a broker/consulting one.

Let me know if I can help!

Robb Silverstein · Answer

Heard mixed reviews on them... If it was a deal that good cash flow right away and had potential to have high appreciation they would just invest themselves.

Michael Dumler · Answer

@Robb Silverstein, it all depends on your goals and what you consider to be a good deal. What does a good deal look like to you? Intended cash flow? CoC? Investment strategy? Submarket/tenant class? Property type? The only aspect you have told us about is your budget which is only slightly helpful. As others have mentioned, if you're trying to acquire a turnkey LTR with minimal risk then you're up against hundreds if not thousands of other competitive investors. Needless to say, to make deals work in this market you have to get creative with your investment approach. Many of my clients in the Atlanta market have shifted their strategy to rent-by-the-room investments. While the strategy is a bit unorthodox and assumes more risk than a traditional rental, the cash flow potential is quite lucrative if the correct systems and management are in place. If you have any interest in the Atlanta market or the investment strategy I just mentioned, feel free to reach me via cell or email to discuss more (contact info is listed in my bio).

is this realistic?

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