New, Inspired, and Overwhelmed

[Steve Y.]

Hi Everyone, 

Just want to make a quick new member introduction. I've been sitting on the sidelines, reading, learning, getting inspired and now I'm ready to dive right in. Great timing right?? Better late than never. I have a bunch of cash saved up so funding is not an issue but finding deals are nonexistent around my area. I'm from the Boston area and man, it's brutal here. I've been working with a local agent, scouring the MLS listing, driving for dollars but nada. The home prices are astronomical ($600k+) within a 1 hour radius and I just can't do rough neighborhoods. Forget about cash flow, 1%, 50%, 70% rules. I started to look out of state toward Midwest. I'm a bit hesitant on out-of-state investing being that it's my first but I don't want to give up because I can't find local deals. I'll do my due diligence and narrow down my market then work on the core four (lender, agent, contractor, property management). Well here we go. If anyone has a market they would like to suggest, please let me know! Words of wisdom? I would love it.

I've been traveling to Cedar Rapids, Iowa for my day job so I may start there. 

Looking forward to connect with many of you BP'ers! Cheers!

Steve

[Marisa Aceves]

@Steve Y. I know you said you were hesitant about out of state deals, but would you be interested in the Northern Nevada area? Connect with me and if you are interested I can find you a great deal. 

[Steve Y.]

@Marisa Aceves Hi Marisa, thanks for the reply. Definitely open for any good markets that makes sense with the numbers for rentals. I’ll connect with you. Thanks!

[Dan K.]

Hi Steve,

There are still opportunities in the Boston proximity that have significant value-add opportunities; however, most of these deal inside of 95 are well over $600k all-in.

You might want to connect with @Charlie MacPherson via BP. He has a lot of information on multi-families south of the city.

[Martin L.]

Hi Steve.  If you're interested in the 300k range, I can direct you to my realtor/PM in Vegas. I'm basically OOS, and she handles all the details for me. I personally love my experience in Vegas so far, but I've mostly stuck with A/B (hence the higher price range).

[Dennis M.]

Start expanding your area . Be open to the idea of investing in c class neighborhoods. Be open to out of state investing . There's way more cash flow to be had In those Tougher areas . The big secret is There's never any true deals on the mls !! you must get creative and start looking into doing things different than everyone else . I do t know your area at all but I can say With confidence there's guys killing it in your area making good money doing what seems impossible to you . Think outside the box ! Go to a local REI meet up and offer to take some of these investors out for dinner and pick their brains for ideas and copy what they do

[Steve Y.]

Thanks @Dan K.!  I'll reach out to Charlie.  I have searched north, south, east, west and coming up blank. Perhaps I'm doing it all wrong.

Thanks @Martin L.!  Yes, please! If the number look decent then I'm definitely open to discussion.  Thanks so much!

Thanks @Dennis M.! Great idea on the local REI meet up. Will do that!

[AJ Leman]

Hey @Steve Y., welcome to BP!

CR is not a bad place to start.  Plus the surrounding towns are also decent areas to invest! Best of luck!!

[Steve Y.]

Thanks @AJ Leman!  I'll be out there next week! Looking forward to getting my boots on the ground and start contributing to the BP community. I have learned a lot. If you have any agent/lender referrals in the area, please let me know. Cheers!

[Marisa Aceves]

@Jacque Sacramento @Jacque Sacramento I’m not a licensed agent yet, but thanks for the encouragement. I said Northern Nevada, Las Vegas is Southern Nevada. Being a wholesaler, I look for deals not retail priced properties nor am I asking anyone to buy houses at above asking prices. It’s cool, don’t buy. Stay in your stagnant, safe ways and see your money grow from that. Don‘t come on here making negative comments that add no value to the thread.

[Brandon L.]

Hello! @Steve Y.

Welcome to BP, and congratulations on making the decision to invest in your future via real estate.

I have written a few blog posts that may help you get started here on BP, and with your investing. Please click on the links, give them a read, and share your thoughts in the comments.

First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:

https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp

The second is a post that will help get you focused with your real estate investing goals:

https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciated

The last one is a post that will help you choose an “investor friendly” real estate agent.

There are many agents out there, but it’s important to choose the right one.

https://www.biggerpockets.com/blogs/5868/52724-im-new-to-investing-how-do-i-find-an-investor-friendly-agent

I love answering questions if you have any! Good Luck :)