All Forum Posts by: Andrew Bateman

@Moustafa Qaddora I agree with Michele! You need to be able to get it in your head that you are never going to know everything going into your first deal, or any deal for that matter. You need to do your analysis, make sure the numbers work and just go for it. I’ve only been doing my REI research for the last two months and plan on closing on my first deal by the end of the year, and have kept it in my head this entire time that once I find that deal where the numbers work I am going to have to just go for it. Adjust your mind set little by little day by day and by the time you find that first deal, you’ll have already prepared yourself to make the jump! Best of luck to you.

@Lana Lee Lana, that is a main reason my potential partner and I were interested in PA because of the rapid appreciation going on there. It appears we are late to the party though when it comes to buy and hold.

@Jeremy Chaudet Hi Jeremy, what are your thoughts on the northern Philadelphia area? La Salle and Temple are both good Universities and I think that would be a good entry point to the market, given a good deal presents itself of course.

@Jake Buto I realize Philly is an established market already and there are definite areas to shy away from, which is why I’m asking the people that know the market better than me what they think. Thanks for the feedback!

Hello BP! A college friend of mine recently turned me on to the world of real estate investing, and the thought has taken me by storm. I currently live in the MA Cape Cod area and prices are too high for me to invest local so I plan on going out of state. I have been reading books as frequently as I can to get a foundation of how this whole real estate thing works, and am starting to feel confident enough to begin contacting agents and property managers sometime soon. However I’m hitting the wall that every OOS investors hits: deciding which market to in which to invest. Currently I have 3 places in mind: 1) Upstate NY (Syracuse, Rochester, Buffalo) Housing prices are relatively cheap and rents are high, which would produce decent cashflow. Cheaper housing also means a smaller deal, which eases my mind since it is my first deal. The markets are generally stable due to large universities in each area, however certain areas have very high crime rates to be wary of. I went to Syracuse University and have a decent idea of which areas to avoid in that city. Investment strategy: Small multifamily buy and hold rentals 2) Metro Minneapolis/St. Paul, MN SO is from the area and has family there, including her father who is a contractor. Utilizing him as a team member would already be one less challenge down with investing OOS. The Twin Cities area has seen significant population growth in the last decade, and certain areas of either city are not inflated yet to the point positive cashflow is unrealistic. Investment strategy: BRRRRing and renting SFH 3) Metro Philadelphia, PA Philly is seeing decent growth and the potential for cashflow is definitely there with a good enough deal. I have a potential partner, who is also a first timer, that has family and friends with real estate experience the city and would be good first “boots on the ground” when establishing a team. The benefits of having a 50/50 partner would also ease the mind when getting a first time deal and would hedge my own losses financially if the deal went sour, at the risk of losing a friendship. Investing strategy: BRRRRing SFH or buy and hold small MFH, whichever method has more/better deals and can be agreed upon with partner. Now truthfully so, I’m not really sure what to ask here. Perhaps I’m making my first post to hold myself somewhat accountable and to move myself forward mentally. I’ve been listening to the podcast and always hear how great of a tool the BP forums can be to meet other like minded investors, so perhaps I’m using this post as my first foot in the door to being involved on the site. I guess if I had to ask one question, it would be “is my thought process on the right track?” I laid out areas I am looking at investing in and the reasoning for those areas. Using what I have learned so far I choose them because of familiarity as well as the potential for cashflow. Although not easy, my research is telling me getting that first property is a straightforward process. I want to dive in and learn through experience, and I feel like my knowledge and mindset are on the right track but I won’t know without feedback on that mindset from those that have already been where I plan on going. So anyone with feedback/thoughts for me, knowledge of the 3 areas I listed, or new investors with questions of their own please feel free to post and let’s have a few discussions! Thanks for taking the time to read. Best, Andrew