All Forum Posts by: Aileen Soriano-Pisaturo

I recommend all new investors start local, ideally with a high LTV house hack. If you live Iin a HCOL area, the house hack is likely to appreciate significantly and the high LTV will magnify the appreciation. If you are in a LCOL area the property could have good cash flow. In both cases the tenants will be paying down your debt, you will learn a lot, and if owner occupied the cost of entry is lower than OOS due to LTV as high as 96.5%.

After you have some experience and success, if you still want to venture into OOS rentals, you will be much better prepared and more likely to succeed.

good luck

Dan, I own a home and house hacking not an option. Cost of good investment properties here make the initial foray into investment properties more daunting unfortunately.

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Quote from @Shyd Coloma:

Hi Columbus investors. Anyone in the group running their properties as fully furnished mid-term rentals (outside of traveling nurse programs)? I recently received an inquiry about one of my properties from summer interns working for JPMorgan Chase and it got me thinking about what other traveling professionals outside of the healthcare industry are out there that we could market our property to. I’d love to connect with somone whose done this strategy for awhile and see how they run and advertise their mid-term rentals.

Hi Shyd, Im researching MTR in Columbus and found your post from 2 years ago. How has your experience been in the MTR market since?

1 Vote

Columbus, Ohio

Quote from @Abbey Humphreys:

Hi Aileen- welcome! There is SO much information out there about REI and it definitely can become overwhelming. A book that really helped me understand OOS investing is David Greene's "Long Distance Real Estate Investing". He outlines how to build your team to optimize your understanding of a market that you may not otherwise be familiar with and how to get everything you can out of of an agent, a property manager, a lender, and a contractor, if need be.

Here is a link to his book on BP: https://store.biggerpockets.com/products/long-distance-real-...

and on Amazon here: https://www.amazon.com/Long-Distance-Real-Estate-Investing-S...

Best of luck! Congratulations on getting started :)

Just bought the book! Thanks!

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Hello, I read Rich Dad, Poor Dad in my 30s and I thought I would be in real estate by 40. Fast forward 10 years later I have yet to invest in real estate. Lurked around BP site for the past year, have listened to the BP Rookie Podcast on my drive to work, read books Skip the Flip and Financial Freedom with Real Estate Investing; then decided to FINALLY make an account the other day, just accept my vulnerability and ask the forum for direction. I find all the info very overwhelming, but decided to commit myself to making my first deal this 2024. I tried Fundrise which i thought was dipping my feet into real estate investing, but find I want to do more of the actual owning of the property myself. The intent is for cash flow so I can be released (even partially) from my 9-5 grind. Possibly start with one duplex or a 3-family home as a long term rental. I wish I could invest in my backyard but I live in RI and our inventory here is very expensive. I also wish I could get my hands dirty but with my job responsibilities currently, I do not have the ability to directly oversee property rehab and will also have to rely on property managers. A few questions:

1. What US states would you recommend to invest in for a newbie like me looking to invest out of state, but hoping for something simple to start with? I was thinking of limiting it to a couple of states where we have direct flights from RI so it would be easier to fly in/out to oversee things. I read about OH, FL, NC…?

2. Once I do narrow it down to a state, how do I find reliable people to work with? Locally, we would rely on connections and word of mouth, but for an out of state person, where do you even start?

2. I found a couple of online property groups that rehab/rent out/property manage units and they help you from finding the property then manage it for you long-term. The sites do not really divulge the specifics. I have emailed them but did not get a response. I figured maybe they deal with investors who are more nuanced than a newbie? How do you get taken seriously when you have never done a deal??

Looking forward to hearing from anyone. Even just writing this post felt cathartic.

Aileen

10 Votes

All Forum Posts by: Aileen Soriano-Pisaturo

Aileen Soriano-Pisaturo has started 1 posts and replied 4 times.

Post: Newbie thinking of multi family or duplex out of state

Post: Mid Term Rentals in Columbus

Post: Newbie thinking of multi family or duplex out of state

Post: Newbie thinking of multi family or duplex out of state