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Hi All,
I'm looking to buy my first investment property. I live in California and am looking to buy something out of state, ideally in the midwest, with good cash flow. Some markets that I have been considering are Memphis, Indianapolis, St. Louis, Milwaukee, Chicago, Cincinnati, Grand Rapids, and Minneapolis. My target price range is $75-200k and would be interested a SFH or multifamily residential.
If anyone has any advice or turnkey properties that they would recommend, please feel free to message me directly or comment below.
If you PM me I can give you an honest take on my TK experience so far.
- Real Estate Broker
- Memphis, TN
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@Matthew Holland The key is to find a great team! Ideally you would find a company that has everything under one roof. Acquisitions team, renovation crews (fully licensed and insured), Property Management, and a Real Estate Investment Brokerage in case you ever decide to sell.
By teaming up with a solid firm you can mitigate your risk and have some "boots on the ground" that have your best interest in mind. You should connect with @Mark Hart or @Sean Tagge
Caleb,
I would be interested in hearing what you have to say. But, as someone new here, I do not have access to PM you at the moment.
I connected with Retire with Real Estate in Cincinnati/Dayton and took a trip out there recently. I was impressed with the operation they are running. Everything under one roof, over 1,400 homes they have renovated, sold to investors and manage. I asked my friend who is a local real estate agent about this company and she suggested that if I go this way to always use a title company, get my own appraisal and find a lawyer to go over the contract before I buy. Other than that she says it's a good option. I found them through BP podcast interview with The Real Wealth Network owner Kathy Fettke.
I would look up The Real Wealth Network, talk to an advisor (it's free) and they will suggest a few good markets based on your goals. They connect turnkey companies to investors and focus on education. I just looked into Cincinnati because I used to live there and am considering buying something there if I want to move back.
@Matthew Holland - I would be more than happy to talk about TK and non TK experience in various markets. I consider the following link the best for REI education.
https://www.biggerpockets.com/forums/311/topics/227602-difficulty-selling-rental-properties-at-loan-amount
Good Luck Investing
Vivek
@Matthew Holland if you are looking in GR give me a shout. We have a turnkey operation here for out of state investors.
Originally posted by @Matthew Holland:
Hi All,
I'm looking to buy my first investment property. I live in California and am looking to buy something out of state, ideally in the midwest, with good cash flow. Some markets that I have been considering are Memphis, Indianapolis, St. Louis, Milwaukee, Chicago, Cincinnati, Grand Rapids, and Minneapolis. My target price range is $75-200k and would be interested a SFH or multifamily residential.
If anyone has any advice or turnkey properties that they would recommend, please feel free to message me directly or comment below.
I always recommend starting here:
A Simple Guide for Buying Out of State Turnkey Investment Property
Its simple, you are in need of an ultimate one stop solution, the main focus of your journey should be really focused on accountability. As you seek to place money outside of your immediate living area, you must be certain that the home is your investment, as you are not going to be a hands on landlord. In order for this to work effectively, you want to work with a solution based company, not one that will farm out or piecemeal your process. Time is money, you want this money to work for you and produce not only continuously but consistently with little or no participation on your end.
Hope this helps, wishing you a positive investment experience!
Would be happy to talk about Pittsburgh. Good rent to price ratios, cash flow potential, and a historically stable market with a lot of growth in the tech industry.
If you'd like send me a PM and we can link up to talk more. I work almost predominantly with out of state investors.
Hi @Matthew Holland I live in California, and am closing Thursday on a duplex in Indianapolis. It isn't turn key but I have a great property manager and realtor I have been working with. This property came with tenants in place because it was already an investment property but most deals I have been looking at have been SFR and because of the extra costs of a duplex I would go SFR on my next few. (less down payment & lending hurdles)
I would say first find the area you are interested in, then research that area to see what fits your investing model. After that you can reach out for referrals in that area and interview the property manager and realtor. The realtor can bring the deals, you analyze and then when you find something to offer on perhaps forward and get the opinion of the property management they know the area and have a vested interest in putting a new property under contract that will rent easily, be less maintenance and bring a good rent in that market.
If you buy "turn key" you are paying a premium - I did speak with 2 mega companies and they are great - but greatness comes at a price ;) It has not been very time consuming, and I have a much better understanding of the area I am investing in. Also turnkey companies want to look at only cash flow. This is exactly what I am looking for but I prefer to have exit options which were much more limited with turnkeys mainly due to the price you purchase at which is slightly over market.
Good luck, and I look forward to hearing which market you chose and why.
Hello Matthew,
I'm not sure if you're interested in these areas but I have partners who have turnkey properties in Detroit, Michigan; Cleveland, Ohio; and Buffalo, New York. PM me if you're interested or if you want to chat.
-Victor
@Matthew Holland I might be of some assistance in the Milwaukee area. Feel free to reach out to me anytime.
@Matthew Holland @Michael Henry is a great resource to connect with here in the Milwaukee market. Best of luck to you.
I am in Milwaukee doing some house shopping this weekend. Feel free to reach out if you ever want to hear about our experience. It's not that hard to find properties without doing TK.
@Ham Merritt We have an accepted offer on a duplex on 84th and a second offer submitted on another duplex. Too, there is SFR we may put an offer in on but the tenant is going through eviction so we have to see if they will accept an offer contingent on getting the tenant out.
Oh, and my realtor found a bank sale that we put an offer in on. Not sure if that one will fly or not, time will tell. Will start working on remote offers this week.