Starting out

[Michael Roberts]

New to BP and new to investing. Live in Maryland and am looking to buy my first property.

My problem is that I am finding myself going in too many directions at once.... looking in several different markets, etc....

I am looking more for a turnkey property, no time or knowledge to do the rehab myself. Looking for reputable, quality property mgmt.

I have looked at Norada, Equity First, Memphis, Texas, as well as some of the other well placed turkey companies via google search.

I know I have to reign it in and get focused on one area, etc.....

Looking for guidance on good turnkey companies and advice on type of property (condo, single family, etc)

I have 10-20k that I have liquid to move into a deal. Looking to buy and hold long term.

I appreciate all information shared.

Thanks

[Chris Clothier]

Hey Michael -

Are there any areas of the country or cities where you have knowledge of the area? Have you lived anywhere else or have family in other cities? I think if you are wanting to go outside of your city, a good place to start is what you already know. Research cities where you have a comfort level. If there are none, then research cities that you have already identified through BP as possible cities for investment. Read local blogs - both business and social. Read articles in the business and real estate sections of the local paper and research business journals and see if there is one in the cities you are narrowing down.

You really just need to find a city that you can research the direction and vibe of the city and get a comfort level. Narrow it down and THEN start looking for a good partner/provider. Once you do your research on companies or individuals to work with, schedule a trip to see if your research and opinions are validated. Finally, you can start to look at houses and opportunities. There is nothing wrong with going the passive route (meaning you are not actively searching, rehabbing or managing the deal, but still actively managing the companies you are working with), but there is not rush. Just try to get yourself focused on areas or cities that you are comfortable and then take the next steps of due diligence.

Hope that helped a little bit.

Chris