All Forum Posts by: Casey C.

I hope this is the right spot for this question. I am a new OOS investor - currently 1 door via wholesaler. That was a learning experience, but overall net positive.

My PM who has done a great job and so far and I'm aggressively looking to expand the number of doors. With both interest rates and housing pricing increasing, I'm looking for properties that need more work - my first one didn't need work. The PM company owner mentioned to me in our initial  phone conversation that they also do contracting work. I thought that this was great because it's a one stop shop.

I've thought about it now, 4 months later, and I have a few "concerns" since the relationship is still very new. I want to check the work that the contractor is doing, but I feel if I ask my PM, it would be a conflict of interest. Maybe it's just me, but it also seems a little weird that I would need my PM to show other potential contractors the site for bids.

My questions are, would you hire an external contractor and keep your PM as your PM and not blur those lines? Or would you continue with the one stop shop, and have an external contractor check up on their work for additional $$$?

Hi Angel,

Welcome to the world of OOS Investing. I'm not too far removed from you - I just purchased my first OOS property this past February after maybe 3 years of prepping myself through analyzing and changing my mindset. Yes, it was partial analysis paralysis, however I also don't think I was ready when I first started looking.

I say, do whatever makes you most comfortable. Turnkey properties have their pros and cons. You going out there, building connections and doing it yourself also has their pros and cons.

Personally, I'm the type of person who will get comfortable in the shallow end, then explore into the deep end until I feel comfortable and understand what I'm doing. That said, I purchased a turnkey property, but not from a turnkey company. I was able to interview my own PM. I went this route because I went in with the mindset that I'm going to make mistakes and similar to you, I don't want to take too large of a bite. I have yet to jump into a (even minor) rehab project, but I know that after a few more properties under my belt, I'll be talking to contractors to expand my knowledge.

Feel free to reach out, I'd be more than happy to discuss!

I'm an aspiring out of state investor looking around since I can't afford in my market (Bay Area, California). I stumbled onto Indianapolis IN when this pandemic started, but then more recently Louisville KY. I'm more drawn to Louisville due to the prices and rent, and I have not been to Louisville, yet. I haven't started yet due to some other opportunities locally. Now I'm getting my ducks back in order. 

As I continue my research, crunching the numbers, I would be looking at SFHs, up to $150k. Searching on Trulia/Zillow, I've seen a lot of deals in Portland, but after glancing at the crime map, I'm not certain that would be the best place for me to start. That being said, what areas of Louisville would you recommend for a beginning OOS investor to look at?

Thank you in advanced, and I look forward to connecting with you.

I wouldn't classify myself as a successful real estate investor yet. I just bought my first property and am in the process of renting it out and learning. (yay!) But that's not what this post is about.

I already want to scale my real estate portfolio, however I used all my funds in my first property. I also need to learn before I move onto more properties. So as I'm learning with my first property, wanted to see what suggestions or experiences that the BP community has when using OPM.

I keep hearing Brandon and David on the podcasts that (verbatim) "if you bring the deal and do the leg work, then it's okay that they bring 100% of the financing."

Since I'm brand new to this, how did you convince your friends and/or family members to finance 100% of the deal in exchange for half of the equity and cashflow (for those buy and holders)? Did you start with financing half, build a track record, then eventually get to that point? Or did you do something different?

Since I live in a HCOL, I was going hoping to use OPM and invest long distance in more cashflow friendly markets.

I'm an aspiring out of state investor and I'm doing research about PMs in my market in parallel with properties. I finally found a realtor that matches my personality. I honestly don't know what to expect when it comes to PMs.

What are some services/criteria/communication/fees that you require your PM to have before considering using their services?

@Simon Stahl, I am currently looking at PMs in the area and wanted to see, after 9 months from your post, how has your experience been with Cityplace PM? 

I know the "emergency fund" for your investment properties varies on your comfort level, experience with the market and number of doors you have. 

My question revolves around capex/vacancy/repairs. From what I've seen on the podcasts, people put a % of rent away to cover for those costs. At least that's what Brandon does. 

What I'm curious about is how long do you continue to contribute into this? Is there a threshold where you stop after you've reached a certain point, or do you contribute until you're able to cover the cost of the purchase price? Also, does this amount change as your portfolio grows, or do you do have funds for each door/property you have?

Thanks!