All Forum Posts by: Billy Maloney

@Chris Collins anytime man. PM me with any questions.

@Chris Collins

I was in the a very similar spot as you beginning of the year. I closed on my first out of state SFH two months ago and things are going great so far. As @Jay Hinrichs

 mentioned I used a "turn-key" company. Its not the only way just an easier way to start out at least.  I saw it as a training wheel deal.  I still have some hope I will find something that works in LA one day but studying other markets in the mean time.  Have you taken a good look at Hawthrone ? Might have a shot at a duplex or 4 plex there if you live in one unit at first. 

Best of luck

First off Im not smarter haha and yes I have already invested out of state for my first and only deal at the moment.  I bought a 5 br 3 ba for 150k in Memphis TN, so at that price imagine how many houses you could get a hold of with your money.  Im not a very experience investor so I bought my from a "turnkey" company.  Im now working on figuring out what my next step will be.  I still hold on to some hope I will find something more local while studying other markets. 

@David H. I would consider looking for your own 4 plex for that money. You may even consider moving into one unit. I have been seeing 4 units on the MLS between 650k in a not great area, to 850k in a ok area in Los Angeles. If your open to any area in So Cal then your chances of finding something just under 800k and putting 20% down are greater.

Welcome @Dustin McDaniel

Im a new investor living in L.A. I actually just bought my first rental property in Cordova, TN. There are some great opportunities right in your back yard. I would love to be living in a market like yours.  

Best of Luck.

@Rollan Dizon

 Congrats Man. Glad to see you got your first property.

I wish i remember who it was that recommended this.

I recently became an out of state landlord/investor and I heard about this site Nextdoor.com.  Its sort of a social media website but just for your specific neighborhood.

You can only join a neighborhood that you live in or own.  You have to prove that your the owner.  Once you are signed up its a great tool to see what is going on in your properties neighborhood.  Anything from: Beware!!! someone is poisoning cats in the neighborhood to who bought the land across from the high school? and what are they doing with it?, both real examples btw.

It just gives you a sense of the area and what people are talking about and what they care about. It was created to be used in the area you live but its definitely a useful tool as a landlord. The only downfall is that you can only use one email per neighborhood.

Welcome @Alexis Laboure

 I'm in LA also, I started investing this year. I bought my first investment out of state, however Im exploring the idea of getting a fourplex in LA that I can live in one and rent the other three.  Some people from BP like to meet up in LA once a month you should by. Not sure when the next one is.

Best of luck

@Joe Gemma I went back and forth about it. In the end I decided not to go out there. I hired an independent inspection and had him take pictures with his report. I was able to get the turnkey company to pay for the inspector to go back for a second inspection after some fixes were made, so I felt satified with not going out there. I did however spend lots of time on google maps "driving" around the area haha. 

Sure. Well im in LA and there isnt much opportunites for someone with little experince to find. I have an agent in LA sending me properties everyday but not much that makes sense. I started looking in Riverside CA where prices are more reasonable however its still hard to find 1% and if i did find one in Riverside its 2 hrs away so if i managed it myself then i could take up a lot of my time. 

I began hearing about turnkey properties and starting looking around. The thing that was appealing about TK was that it was a way for me to have someone hold my hand through the process. Its basically a training wheel deal. I ended up coming across memphis invest. I heard nothing but good things from other investors who have had success with them. I felt confident in working with them becuase they are so accountable. One of the owners @Chris Clothier is a regular on BP and very accecable. TK was a good option for me getting starting. Im hoping i can find a way to take the training wheels off for the next one.

Im looking into MFH possible. REI is addicting before i even closed i was looking for the next one.