All Forum Posts by: Allie McAlister

Hi, @Celine Besson

I work exclusively to help my out of state investor clients find great deals in the Memphis real estate market. And many of my clients are taking on the BRRRR method. So, yes, you can absolutely have a great rental business as an out of state ( and even international ) investor, as long as you have a solid team that are your boots on the ground.

You need a rock solid property management company and a great general contractor that will keep a close eye on everything that's going on with your property, especially being out of country. It is essential to have a great team. 

Will this be your first time investing in real estate?

Hey, Femi. 

Education is a great goal to start with as you look to purchase your first investment property. Have you already chosen a market(s) that you're looking to get started in, or are you still evaluating market trends in order to make a decision? 

Bigger Pockets has tons of podcasts and forums like this one to help you get started. 
 

@Anthony DiSanzo

If you're looking for low entry point properties that will stay in demand with a strong tenant base, I'd advise you take a look into the Memphis market. 

Amazon and Nike both have large plants in the northwestern part of the city and Memphis is also home to FedEx world headquarters. In the next year, Blue Oval is about to provide 6,000 jobs from the manufacturer alone, and these are just a few of the companies feeding into the surplus of job opportunities ( and therefore tenants )  in the city. 

If you have questions, I'm happy to give you a better picture into what the rental market is currently looking like. 

Hi, Shawn!

Welcome to Bigger Pockets. Definitely a great place to learn and connect with other investors and start to get your feet wet. 

Are you looking to explore out of state markets, or in NC? 

Hi, Radhika. 

I understand your concerns and anxiety about getting started as an OOS investor when trying to choose a good market. There's some great choices, but what it comes down to is what your buying strategy/criteria is. 

Other than an area that has landlord-friendly laws, what are you looking to see in the market you'll get started in? 

If you're looking for a lower entry point for your first property, and that's landlord friendly, Memphis might be a good place to look into. I work with newbie ( and seasoned ) CA investors every single day, helping them find some great properties in the Memphis area. 

Let me know how I can help, and best wishes on your new journey!

 Hi, Lorenzo. 

What markets are you looking to buy a small MF in? 

Or, if you're unsure of what market, what are you looking for in these properties other than value-add opportunities? 

Hi, Trevor!

Good luck with your first BRRRR. What are you looking for in a secondary market to invest in?

I'd love to give you some insight into what the Memphis market might have to offer you depending on your goals. 

Hi, Jei!

When I pull comps, I use nearby and recently sold ( within 3-6 months ) properties with similar or matching bed and bath count, and as close to the same sq. footage as possible. Brick v.s siding and covered v.s no converted parking also make a large difference and are items that have to be adjusted for. 

Generally, using comps that are over 12+ months sold are not reliable to be an accurate reflection of current market values. A lot can change during that year time frame. 

If you're unable to find comps within a 3 year time frame, I'm interested to know what your other search parameters typically are ( sq. ft. range, bed/bath count/ etc. ) , and also the locations you are unable to source these comps. 

But, hey, that's what I'm here for! If you have addresses you need more info on, let me know and I'm happy to pull together some good comps for you.

Hi, Rafael. 

I've worked with many investors who began their journeys with turnkey providers. As a first time out-of-state investor, I completely understand how the upside looks on paper when it comes to working with these companies. It's easy- often the properties are already rented and managed, and you can be arms reach away from the property while someone else takes care of it. 

However, it's not uncommon for these providers to charge a 20-30% property premium, considering the services they provide. You may be willing to pay that extra percentage off of the top, but at the end of the day, you do not have to go through a turnkey provider to find a rent-ready ( and oftentimes, already tenant-occupied ) property, and a good property management team to manage the property for you. 

My advice to you would be to find and develop a relationship with a knowledgable realtor in the market(s) you're taking a look into. They'll be able to find you turnkey deals in the open market, and help you stay in those A and B class neighborhoods it seems that you're looking for. And, if you're working with an investment-focused Realtor, they'll most likely be looking to keep you as a long-time client and not just sell you an "ok" house to make a quick commission off of you. 

If you're seriously considering Memphis as a market you'd be interested in, I'd be happy to connect with you and discuss the turnkey options I see in this market, and see if those could be a good fit for you. I also have connections with a couple of great property management teams that would alleviate that out-of-state management anxiety. 

Hi, @Keegan Felix!

Welcome to Bigger Pockets. You're starting in the right place. 

Since you're looking for suggestions for where to start investing, I'd love to hear more about what your goals are to see if Memphis might be a good jumping off point. If you're starting with lower capital on the front end, Memphis would be worth looking into, as there are plenty of low-entry point opportunities. 

I work with a ton out of state investors that are just getting their feet wet, so I'd be happy to connect and see how I can help you as you're coming into the game!