All Forum Posts by: Alex DeYo

I've been an active reader for quite a while and have benefitted significantly from the invaluable advice offered by this community. Now, I am reaching out for some specific assistance.

I am an out-of-state investor who has been studying the Nashville, Tennessee, and Raleigh, North Carolina markets for a while now. Both cities have displayed great economic growth and real estate potential, and I am eager to delve into these markets.

However, as you know, having a reliable, local team is critical for the success of any out-of-state real estate venture. I am on the hunt for trustworthy and experienced individuals or teams in both Nashville and Raleigh who are well-versed with the local real estate markets.

Here's what I'm looking for in a potential team:

Real Estate Agent: Someone with deep understanding of the local market, including neighborhoods, rental rates, and trends. An agent who's investor-friendly and understands the financial analysis side of the deals (goes without saying here on BP).
Property Manager: A reliable individual or company that has a proven track record of managing properties effectively, with experience working with out of state investors.
Contractor: An experienced, reliable, and fairly priced contractor or handyman for property improvements, repairs, and maintenance.

If anyone has recommendations for these roles in either city (Nashville or Raleigh), I would be very grateful.

In addition, I would also appreciate any tips, advice, or personal experiences related to investing in either of these cities. What should I look out for? Any neighborhoods that are particularly promising or should be avoided?

Thank you for your assistance!

Alex

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Very much appreciate everyones contributions and advice! Makes a lot of sense.

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Quote from @Amir Khan:

Quote from @Alex DeYo:

I have been looking to purchase my first investment property for almost two years now... I have made several offers on properties all over the country but have not closed. In all this time, I still can't seem to decide on a market. I find myself jumping from market to market, state to state, and just can't seem to narrow in on any one place. Grass always just seems to be greener and I end up sitting on the sideline. I want to pick a market and put my blinders on and feel confident that THIS is where I am going to focus.

How do you all decide and commit to one area? Are there tools that you use to help inform your decision? Is paying for tools such as Mashvisor worth it? Any others recommended?

Appreciate the help/discussion!

This is a great question! So here are few tips:

1. Know that whichever market you choose, it will be almost impossible to check ALL the boxes.

2. Decide on 4-5 major criteria that are important to you when investing in your first REI project. For example, only buy in a market where there is job growth etc.

3. Based on these criteria, decide on one REI strategy (ex; flips, wholesale, BRRRR).

4. Then scan BP forum for favorite cities where BP investors are investing based on this strategy. Short list 5 cities.

5. Then reach out to BP investors in these 5 cities and see if they'll connect you with their local contacts (agents/brokers/contractors etc).

6. From these 5 cities - choose 1 and then fly/drive in and meet/create your team.

7. Now begin researching properties in this city (with the assistance of your team). Your team will help you focus on specific parts of city that will be more profitable for your REI strategy.

Hope that helps. DM me if you have question or want to chat..

This is awesome. Thank you for the helpful advice! Sounds like using BP to aid in picking a market based on criteria is your recommendation? Have you tried other tools like heat maps etc.?

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Quote from @Theresa Harris:

I'm assuming you are priced out of your local market? Pick a place where the numbers look good and you know-perhaps you went to college there, had family there, grew up in the area. then go for it. There will always be other homes that come up, but the important thing is to buy one where the numbers work and get it done.

Questions to ask yourself-Why didn't the offers you make go through? Was it a hot market or did you get cold feet? Look at a few of the places you put offers in and see where you'd be now had you bought them.

I bought places in my local market as well as the area I want to retire to in less than 10 years. The markets are very different, but where I want to retire is where I have family and spent a lot of time growing up.

Appreciate the insight! Ultimately pulled out due to foundation issues and other large issues that weren't disclosed initially... so basically cold feet. These were all LTRs in low price markets. I had concerns around a large project like that out of state. Good idea though on looking up those properties now.

I think I typically try to tick too many boxes. I get stuck on wanting to use a property for personal use as well (i.e vacation rental) which puts me into high price markets that don't have the best ROI. Definitely need to pick a strategy and stick to it.

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Quote from @Tony Jarusook:

Have you tried your local market?

Yeah, coastal California :/

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How do you all decide and commit to one area? Are there tools that you use to help inform your decision? Is paying for tools such as Mashvisor worth it? Any others recommended?

Appreciate the help/discussion!

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All Forum Posts by: Alex DeYo

Alex DeYo has started 2 posts and replied 6 times.

Post: Looking to build a team in Nashville, TN & Raleigh, NC

Post: Why can't I pick a market?

Post: Why can't I pick a market?

Post: Why can't I pick a market?

Post: Why can't I pick a market?

Post: Why can't I pick a market?