Attempting to narrow down my options

[Hailey Brown]

Hello all,

I currently work remote as a project manager and have no strong ties to any one location or area, I am very flexible. This is all great, but it also gives me way too many options, which makes it hard to narrow down where I should invest, but also what strategy I should use. I have a few rental properties (oakland, baltimore, orlando), but I am looking to make the transition into a full time investor. 

I am really interested in doing some BRRRR properties as I have done some similar remodeling in the past. I am interested in multi-family investments. I am open to relocating and doing house hacking, or out of state investing. I am wiling to relocate for short or long periods of time to follow through with any BRRRR's or house hacking I can get my hands on. I also have a good amount of capital so I would potentially be a cash buyer or possibly a hard money lender.

So as you can see, I am all over the board. 

I am looking for real estate agents that are investor friendly in up and coming markets, or just any agents that have good deals. 

I am looking for multi-family, BRRRR, or flix and flip deals - wholesalers?

I am seeking advice on markets if anyone has any insight on how I should narrow my search. 

I am very open to any ideas? 

Hope to hear from some of you! 

Thank you,

Hailey

[Chris Mason]

Hi @Hailey Brown,

You are indeed all over the board. 

And in answering this keep in mind the biases of those answering -- everyone is biased towards what worked for them. Me telling you to buy in Oakland where I "coincidentally" write mortgages, for example, would be an example of that. Or the person that's had great success amassing turnkey rentals in the Midwest, again it worked for them so they're a huge fan of it. One thing we know for certain from this website is that there are a LOT of different ways to find success.

Write a list of all the strategies you are considering. Then write pros/cons of each. Cross out anything they all have in common (like "dealing with tenants," that's true with all rental property investing so no reason for it to be on your list multiple times), and when a pro and con are similar, cross them out too. If one "pro" is good enough to negate two minor "cons," great let it be so. Pare this list down. Ben Franklin used to do this; if it reminds you of algebra where you "divide both sides by X to cancel out X," that's no coincidence. Once you're pared down, you will see where the "action is" after eliminating all the small/trivial things that can jam up our thought processes. Compare that to your goals, timeframes, risk tolerance, etc, because at this point it's a matter of preference.