New Investor from Canada looking into REI in the midwest market

[Morshed A.]

Hello all the great BP members,

I am a new investor living in Calgary, Alberta, Canada and looking for my first rental property in the Midwest (Kansas City, MO; Indianapolis, IN; Memphis, TN) markets and eventually grow my portfolio over the years through cash flowing SFRs with a BRRRR strategy. I have a full time so called "W-2" job in IT and Software Development. My goal to achieve my financial freedom through passive income from REI in next 5 years.

Canadian real estate markets are so hot to enter with good cash flowing properties. I am new to the BP forum, however, have been learning a ton for several years from reading books, listening to podcasts, and watching YouTube videos. Enough of siting on the sidelines, I have finally decided to jump in and learn from you good people and start making deals!

I would like to connect with wholesalers, agents, and property managers serving in the Kansas City, MO; Indianapolis, IN; Memphis, TN markets. I am trying to narrow down a single market. 

Any fellow Canadian investing in the US midwest markets? I would love to connect with you!

Thank you in advance. 

[James Wise]

Originally posted by @Morshed A.:

Hello all the great BP members,

I am a new investor living in Calgary, Alberta, Canada and looking for my first rental property in the Midwest (Kansas City, MO; Indianapolis, IN; Memphis, TN) markets and eventually grow my portfolio over the years through cash flowing SFRs with a BRRRR strategy. I have a full time so called "W-2" job in IT and Software Development. My goal to achieve my financial freedom through passive income from REI in next 5 years.

Canadian real estate markets are so hot to enter with good cash flowing properties. I am new to the BP forum, however, have been learning a ton for several years from reading books, listening to podcasts, and watching YouTube videos. Enough of siting on the sidelines, I have finally decided to jump in and learn from you good people and start making deals!

I would like to connect with wholesalers, agents, and property managers serving in the Kansas City, MO; Indianapolis, IN; Memphis, TN markets. I am trying to narrow down a single market. 

Any fellow Canadian investing in the US midwest markets? I would love to connect with you!

Thank you in advance. 

Welcome aboard Morshed. Figured I'd drop you some best practices that I like to give to newer turnkey investors. Should help you keep your risks lower.

• Don't buy in the roughest neighborhood in the urban core. Pick a solid B-Class suburban area. Perhaps a nice 1950's built bungalow.
• Always hire a 3rd party property inspector to give you an unbiased feel for the home. The reports are 40-90 pages long and go through the entire house in great detail.
• Get an appraisal. If your using financing the bank requires this. This is good. The bank isn't going to let you blow their money. They have more skin in the game then you do.
• Make sure you get clear title. If using a lender this is a non issue. They will make you do this. It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.
• Make sure your property manager is a licensed real estate brokerage.
• Understand you can not eliminate all risk, only mitigate it. If you are risk adverse real estate, (especially out of state) is not for you.