All Forum Posts by: Bryan Blankenship

@Leo Myatt Good advice so far! There's a lot of options out there for sure. You need to research them and decide which ones you might want to pursue. Depending on which of those you choose, you'll then do more investigating into areas, budgets, etc.

If you want to do your own rehabs, that's a pretty major undertaking that requires a lot of planning and networking and negotiating. If you're wanting something more set-it-and-forget-it, you might consider turnkey. Each option has its own pros and cons!

Best of luck, sir :)

@Chloe Teasley Welcome aboard! It's a wild and bumpy ride, but it's tons of fun :)

I just wanted to pop in for two seconds to say: Cincinnati/Dayton! LOL. Seriously, though, either city can be great if you know where and how to look! I think a lot of it boils down to: are you going to be on the ground personally, or do you have people on the ground where you're looking that you can really, truly trust? Competition can get fierce in some areas. :)

@Randy Hucker Welcome aboard, sir! You're in a great market to start out, so read, listen to podcasts, learn and absorb all you can here. Ask questions. Analysis paralysis is a definite hurdle to overcome once you've got some knowledge under your belt! 

Best of luck :)

@Timothy Vint Welcome aboard, sir! Learn, absorb, listen and dive right in. :) Ask a ton of questions and do your due diligence, but don't get caught in analysis paralysis. That's the shortest and sweetest version I can give you.

Best of luck!

@Jenna Herr It all depends on how much capital you have to start out with, how risk averse you are, and what your timeline and goals are. Are you planning on doing renovations yourself, or trying to outsource that from a distance? If you've never done this before, you need to make sure you have enough in reserves for unforeseen circumstances that pop up during rehab/leasing/etc. They happen!! :)

Alternatively you could purchase a turnkey property that's already renovated and leased up. That might be a great option for you so that you're learning things one step at a time. That will get you familiar with all of the paperwork bits and overarching concepts without having to dive into renovations and finding tenants and property management companies yourself. That does come with a higher price tag, though (depending on the market, anywhere from $110K-$180K for a solid B class SFR).

I could ramble on about all of the pros and cons of each strategy for about 24786 more paragraphs, so I'll just stop here and sum up LOL - Research markets you're interested in. If these are going to be investment properties, it all comes down to a few important factors: 

1. Desirability of the area for renters (access to major roadways, attractions, shopping, nice neighborhoods)

2. Low crime rate

3. Solid economy with a variety of industries 

4. Cost-of-Living/Household Income (obviously these go hand-in-hand. Can the class of tenant you want afford to live where you're investing? Do they have good jobs there? This reflects back onto #3 a bit)

5. Affordability for you.

Once you've narrowed your options down based on those factors, it's a matter of speaking to locals on the ground, whether that be a turnkey company if you're buying turnkey, or a real estate agent and his/her contacts and network if you're trying to do most of it yourself, etc. Some people will utilize friends & family and form partnerships, but that can get DICEY if anything goes awry (and it will). 

Best of luck to you! :)

@Kyle Kline Oh man, LOL! Once I bought a property and found an ancient box behind a fake wall, so I feel your pain on that one!

@Pete Storseth Yup! Land contracts are great for that sort of thing, too! :)

@Pete Storseth Nah. If anything, rents may go UP. If more people turn into renters/tenants, there's more demand in the market, which often will drive prices up a bit. The last recession is proof of that, at least for most of the country. :)

@Cole Holloway One step at a time! @Enrique Huerta gave you an AWESOME starting point. The Midwest is solid, affordable, and can be diverse in the RIGHT areas/regions.

Investigate different states and areas, find a few you like, and then locate some great people to connect with that live and work there and can help you invest there. This could be a turnkey provider if you're interested in the full service package, or a realtor if you want to try to piecemeal it all together yourself (NOT recommended for beginners!). Do your due diligence on whoever you might want to work with, and then figure out how much you can realistically afford in the area you choose. Keep in mind that these are long-term, buy-and-hold strategies. 

One last thing - property management is KEY. It can easily make or break your investment, so make sure you get good property management lined up no matter where you invest. :)