Newbie based in California looking to invest out of state.

[Kana Watanabe]

Hello!

This is our first post. We're very excited to be here. Neither of us (my husband and I) work in real estate but we've always wanted passive income from "buy and hold" rental properties. We're interested multifamily units (i.e. duplex, triplex, etc.), mobile home properties, and traditional single family homes / condos. We live in California and know it's VERY expensive, so we've decided to invest out of state. Every market is different and trying to figure out the best one for our humble budget is becoming frustrating if not overwhelming... (sigh) However, you have to start somewhere so here we are!

We have so many questions:

- Recommendations on investing out of state? *Already read David Greene's books. Looking for additional experience / insight / perspective. (No two paths are the same)

- How is Covid-19 affecting your market? Higher prices, lower supply?

- How is Covid-19 affecting landlords and their ability to pay mortgages? Has anyone seen an increase in rent delinquency? Is there relief for rental property owners?

- Are there special loans for mobile home parks?

Thank you for taking the time to read our post! We look forward to connecting with you.

Kana & Landis

[Jon Schwartz]

Originally posted by @Kana Watanabe:

Hello!

This is our first post. We're very excited to be here. Neither of us (my husband and I) work in real estate but we've always wanted passive income from "buy and hold" rental properties. We're interested multifamily units (i.e. duplex, triplex, etc.), mobile home properties, and traditional single family homes / condos. We live in California and know it's VERY expensive, so we've decided to invest out of state. Every market is different and trying to figure out the best one for our humble budget is becoming frustrating if not overwhelming... (sigh) However, you have to start somewhere so here we are!

We have so many questions:

- Recommendations on investing out of state? *Already read David Greene's books. Looking for additional experience / insight / perspective. (No two paths are the same)

- How is Covid-19 affecting your market? Higher prices, lower supply?

- How is Covid-19 affecting landlords and their ability to pay mortgages? Has anyone seen an increase in rent delinquency? Is there relief for rental property owners?

- Are there special loans for mobile home parks?

Thank you for taking the time to read our post! We look forward to connecting with you.

Kana & Landis

Hi Karen,

Fellow LA investor here!

Firstly, have you considered househacking a duplex here in LA? I'm doing that now with my family, and I'm glad I am. Cashflow is great; longterm LA appreciation is the bomb.

Secondly, your COVID questions should be directed toward property management companies in the markets that interest you. Lots of small investors will have their anecdotes, but you need to talk somebody managing hundreds of doors within a market to get a real sense of how the average landlord in that market is faring.

Thirdly, out-of-state advice: I spent all of 2019 looking for an out-of-state market before deciding to keep my investments in LA. You've read Greene's book, so I won't repeat the platitudes. What I learned through experience is that you'll find more solid markets than solid teammates. I'd invest in a number of markets on metrics alone: Columbus, OH; St. Louis, MO; many spots in North Carolina; Fayetteville, AR; a few cities in Tennessee, etc...

However, I only found one or two agents who made the process feel doable. I'm going to recommend one right now because he's the bomb: Remington Lyman in Columbus, OH. Very good market, great agent.

That's my two cents!

Good luck!

Jon