Aloha Bigger Pockets Ohana

[Tanner Kimura]

Aloha,

My name is Tanner Kimura I'm a 19-year-old entrepreneur living in Honolulu, Hawaii, with a passion for diving into the real estate world. My primary focus is on multifamily units and mid to long-term rentals out of state. While I have little to no experience in real estate, I'm eager to learn and explore the strategies needed to achieve my goals in this field. Alongside this journey, I’ve started my own car detailing company, which has given me a solid foundation in business management and customer service. Now, I'm looking for guidance on how to make my mark in real estate. What's the best piece of advice you can give someone just starting in multifamily real estate investing? What strategies have worked for you when transitioning into mid to long-term rental properties? What are some common pitfalls to avoid as a new real estate investor, especially in the multifamily sector?

Any Insight or advice would be greatly appreciated!!!

[Andrew Syrios]

Welcome to BiggerPockets Tanner and best of luck investing!

[Samuel Diouf]

Welcome to Bigger Pockets Tanner! Having experience building a business will help with your real estate investing, as you'll have the communication and organizational skills required to be successful.

If you’re looking to invest long distance, I definitely recommend building your core-4 team. This team consists of an Investor Focused Agent, Lender, Contractor, and PM.

Read this article on the "core 4". It explains the team that you should develop to have a strong foundation under you while investing remotely.

https://www.biggerpockets.com/blog/core-four-real-estate-team

[Preston Dean]

Hi @Tanner Kimura
As you begin to try and invest in different zip codes and areas I would recommend using this website:
https://www.areavibes.com/
Use this rating and classification system I have created over time to get an idea of the "Class" for the area - A class B class & so on
Here is my rating & classification for each livability score.

80 and above A+
78/79 A
76/77 A-
74/75 B+
72/73 B
70/71 B-
68/69 C+
66/67 C
64/65 C-
60/63 D
59 and below F


SECONDLY 

One thing to remember when you are getting into RE investing is to have your team of people or as Brandon Turner from the Bigger Pockets Podcast calls it your CORE 4

1. Your contractor

2. Your deal finder (agent/wholesaler)

3. Your property manager

4. Your Lender

My suggestion to find #2 & #4 would be to go to the top of this page and click on FIND AN AGENT & FIND A LENDER. There you will be asked your criteria and then after answering a few questions you will be matched with 3-5 agents or loan officers in your area. My suggestion would be to select someone with the most forum posts or most reviews. That way you know they are active in the BP community!

[Min Zhang]

Welcome to BiggerPockets Tanner! I recommend starting with a turnkey cash flow rental. It’s the simplest way to get a feel of what it is like to be a landlord without going through the hassle of managing rehab projects especially when you're investing out-of-state. I started purchasing a small multifamily in Columbus, Ohio 2 years ago. Columbus has seen rapid growth in jobs and population. Let me know how I can help you.

[Mike Paolucci]

Hey Tanner. Congrats on taking the first steps and asking the right questions. I started off as an out of state investor myself and would be happy to share some experiences & tips. 

I'd agree with Min, turnkey single family for your first investment is a solid way to start. Less financial risk and less wear & tear on the property while you figure out if OOS REI is right for you.

Step 1 - figure out your target asset class & then your target market. 

Biggest key is to make sure you have the right teams in place and boots on the ground to help you manage / inspect / repair the property. Get good at running your numbers and don't get stuck in analysis paralysis. Once you have a solid base, then start exploring other investment strategies. REI is a marathon, not a sprint.

[Joel Bongco]

Quote from @Tanner Kimura:

Aloha,

My name is Tanner Kimura I'm a 19-year-old entrepreneur living in Honolulu, Hawaii, with a passion for diving into the real estate world. My primary focus is on multifamily units and mid to long-term rentals out of state. While I have little to no experience in real estate, I'm eager to learn and explore the strategies needed to achieve my goals in this field. Alongside this journey, I’ve started my own car detailing company, which has given me a solid foundation in business management and customer service. Now, I'm looking for guidance on how to make my mark in real estate. What's the best piece of advice you can give someone just starting in multifamily real estate investing? What strategies have worked for you when transitioning into mid to long-term rental properties? What are some common pitfalls to avoid as a new real estate investor, especially in the multifamily sector?

Any Insight or advice would be greatly appreciated!!!

Aloha @Tanner, wow! 19?  Thats awesome!  I was flipping burgers at McDonalds in Hawaii at 19!     I invest in Hawaii and Out of State!  I live in Mililani and can walk you through some of our STRs/MTRs locally.  Obviously,  your cost of entry will be a lot lower out of state compared to Hawaii.  Please DM me and we can meet up!   Mahalo!