Building My Foundation

[Chris Lane]

I've been lurking a bit and messaged a few people, but I figured it is time to make a post.

I'm a new member, looking to start my REI journey. Getting started a little later in life than some, but that's ok. I have an IT career, but like some others, I'm looking at economics these days and realizing that I need to make a change to get to where I want to be. 

A couple of months ago, I ran across one of Dave Meyer's videos, and that led me to the podcast, and that led me to the Real Estate Rookies podcast, and a host of others who I won't mention, but were nevertheless valuable. I realized that I have more to work with than I thought (both financially, and just "knowledge"). So, now I'm reading and listening to books, gathering my thoughts, and getting ready to start the climb.

I want to build the right way, so I'm still reading, still learning, and getting my feet under me. That said, I'm eager to get started. I'm already looking at listings and doing deal analysis (or at least practicing at it).

From an economics standpoint, I'm going against the grain and starting outside Nashville. Even though I know more about this town than just about any other, the numbers don't meet up for me right now. So, I'm looking to start out of state - looking in Birmingham and Montgomery, AL, primarily. Ultimately, I'd like to go into MFR, LTR, but I think maybe I should walk before I run, so I'm evaluating the markets for both MF and SF properties. BRRRR is going to be a strategy, but to do that, I need to get to know some people, get a better idea of costs, and build my team accordingly.

Here is one question though - there's a pretty strong real estate community in Nashville already. Is there value in networking here, knowing that I'm really looking out of state at the moment? Obviously, I need to network "there", but in the meantime. I don't know how others who invest remotely have built their contacts and knowledge.

[Mike Paolucci]

Quote from @Chris Lane:

I've been lurking a bit and messaged a few people, but I figured it is time to make a post.

I'm a new member, looking to start my REI journey. Getting started a little later in life than some, but that's ok. I have an IT career, but like some others, I'm looking at economics these days and realizing that I need to make a change to get to where I want to be. 

To answer your question - yes, it's worth networking in your local markets. Ask plenty of questions because most of the information should be applicable to investing anywhere outside of the local ordinances and laws. I would also recommend connecting with realtors / investors / property managers in the markets you're looking to target to help you understand the markets better + doing your own research on the side. 

I started off as an OOS investor back in 2021. Happy to answer some questions and share some experiences as an OOS investor.