Starting Out
Market News & Data
General Info
Real Estate Strategies

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal


Real Estate Classifieds
Reviews & Feedback
Updated almost 5 years ago on . Most recent reply
First Deal - OOS MF?
Hello BP Forums,
I have been grinding towards my first deal for a few months now - and with all of the chaos today, my private lender backed out days before closing on a flip. Maybe that was a good thing. With the future outlook, I have been looking further into investing out of my state (Colorado). I have around 80k to put as a down payment, so I can hopefully afford up to 360k worth of real estate, hoping for 4 doors +.
I have done some research and determined the following markets to be hot, with good job growth, and possibly within budget:
-Winston-Salem, NC
-Pittsburgh, PA (and maybe Indiana, PA?)
-Indianapolis, ID
-Orlando, FL
-Greater Phoenix Region
-Irving, TX and surrounding
-Upstate NY and around Syracuse
I was hoping I could get some experienced insight on how to properly invest OOS, what areas to avoid, and what might be the most promising for my budget. I am looking to hold on to it for a year or two before upgrading to more units. Would it be worthwhile to look in cheaper markets, such as areas around Cleveland, OH, or shoot for some higher priced areas closer to the top of my budget? Thanks for any responses in advance.
Dave
Most Popular Reply

We are still buying in Colorado Springs and Pueblo. The investors we wholesale to are also still buying. Honestly the only thing slowing us down is lenders increasing their fees and down payments, and the trustee closing so we can record deeds. With everything done on computers these days, would have thought they would have at least processed records remotely so we could continue to do business.
On a related subject as to how Coronavirus in impacting Colorado businesses, I looked into the SBA loans Colorado is offering to help with this crisis. Don't need the money, but figured it couldn't hurt. It was absolutely ridiculous the documents they were requesting to even apply. Basically every financial record for you and your entire extended family, along with every detail about where you will spend the money. Figures that would come out of our congress that says they're there to help, but only in very specific circumstances and if you allow them to track and run your business for years to come. And here I thought they were trying to get money in the economy.