New Investor from Glendale, CA

[Mitchell Rubinstein]

I'm a 52 year old new investor (I guess better late than never). I am leaning towards investing in out-of-state rental properties (either SFH or small multi-family to start) to create some passive income that I can continue to reinvest. I am an entertainment marketing and production exec and love my job so I am not looking to quit (at the moment). I make a good income and am initially looking towards turnkey investments as I've got capital and good credit, but not a lot of free time. I've been listening to the BP podcasts and reading boson RE investing. Starting to do research as to which areas and turnkey providers to contact. Hoping to purchase first property within the next 6 months.

Looking forward to making some great connections here in the BP forums. What a great community.

[Alan Kahanu]

@Mitchell Rubinstein

@Abhishek B.

@Jeff Wallenius

I haven't made it out to Indy yet. However, with a lot of reading here on BP and other sources I've built a small ground team of realtors, PM and contractor. Over the past 5 months i've made 6 offers, 5 were accepted, I walked from 3 post the home inspection, and closed on 2 that are cash flowing nicely with some built in equity. All have been off the MLS and for the most part turnkey or rent ready.

Thru my readings and analyzing turnkey investments, they don't meet my requirements in working toward the bottom line. i noticed that they will have the TK companies profit built into the price, the proforma often has a lower repair expense %, and none of them factor in CAPEX even on 50-100 yr old properties where it is due. Do your DD and analyze according to your method for what is a great deal. Of course finding great deals off the MLS will be far fewer compared to the bundles that TK companies have on hand, I've searched hundreds upon hundreds of properties and can do a mental assessment of rental comps in a few minutes. Being patient, when the right one comes on the market i can have an offer in within an hour and my realtor on site shortly after.

Best to you.