Newbies from Torrington, CT

[Ilmar Molder]

Hello all, my name is Ilmar Molder and my wife’s name is Beth. We have been researching real estate investing for quite some time and now we want to take the plunge and actually do it. My work background is actually in IT and engineering so I tend to check things out thoroughly sometimes to the point of analysis paralysis. Now that I have found this site and see that there are experienced REIs willing to share their knowledge and help newbies like me I hope to get over this bad habit.

I was just downsized after 10 years which was quite the blow. I want to use this down time to kick start our real estate investing business; with a little luck I will not have to go back to the old rat race grind. We are interested in rehabbing to flip but also want to learn about other exit strategies to generate cash flow.

We will be looking for partners so my first question is “is it better to look for or work with REI partners locally in my state or does it really not matter where they are?â€

Thank you for your time,

Ilmar and Beth

[Kevin J.]

Welcome to BP Llmar

[Jon Holdman]

Welcome to BiggerPockets.

As to your question, I'd suggest you do some reading about out of state investments. There are a wide variety of opinions and not real correct answer. What sort of investing are you looking to do? If you're trying to to fix and flips, I frankly can't imagine trying to do that without hands-on involvement. Doesn't mean it has to be local, but you need to be there.

Have you considered moving? I'm in the IT industry, too, and I've moved twice in the last 15 years as a result of job changes.

[Jason Cousar]

Hello Llmar,

I agree w/Jon and suggest start working w/a high volume reo realtor in your area...

We offer investment properties in Memphis and Atlanta. We occasionally sell to new investors but all our new investors take a tour of our properties before and after rehab.

Good Luck

Jason

[Ilmar Molder]

KJ, thank you for the welcome.

Jon, Moving is not really an option or at least not in the top 10 due to family issues. As far as what type of investing I am looking to do, we have always bee interested in rehab and flip but in the course of my research we discovered a whole world of other opportunities. Another area that peaked out interest is getting a house under contract then assign it to someone else to make a few dollars quickly. I may try this first as unemployment isn’t going to cut it.

Jason, I too agree with Jon, I want to keep it fairly local so I can check in to see how things are going.

I feel I may have not been clear in my original question. What I meant to ask was since I am planning on looking at local properties should I look for local partners or can the partners be anywhere?

Thank you,

i