All Forum Posts by: Chico Ford

I've been investing out of state for the last year.  I started with the people (person) first and then did the research on the market.  I had been interested investing for a number of years but never pulled the trigger. By chance while I was catching up with an old friend I mentioned I wanted to start investing.  My friend said you should invest in Wichita, Ks, the market where he lives.  He even had a great property he owned that he wanted to sell.  I quickly did the research on the market first and then the property and discovered it was a solid (not great) market to invest in.  My friend who was a new realtor and property manager would manage the property for me so it was a great all around deal.  I purchased that first property for $123K and it's now worth $152K after a few repairs.  To me when investing out of state it's really important to find a property manager/realtor you can trust.  I had known and worked with my friend for 13 years so I knew I could trust him.  I've since gone on to purchase 2 additional properties that have done equally as well as the first.  

I would highly recommend choosing the people first.  At the very least choose your market and go really deep on researching the people who will manage the properties for you.  I sleep really well at night knowing i have someone I trust watching over my properties.

All the books previously mentioned are all great.  Having read 80% of them, I would contend that reading any 2 to 3 of them will get you off to a good start.  What's most important however, is taking action.  You can read all the books on the topic at Amazon, but if you don't take action it's just a waste of time.  Commit to the getting educated AND taking immediate action.  Gain the knowledge but also work on getting your mindset ready to take action.  Good Luck! 

Great Question.... Even better are the various responses.  I get out of bed so that I can start getting better than I was the day before.  I focus on winning the AM so that I can WIN the day.  The days I get up and execute my MORNING MIRACLE routine are the days I'm more productive.  Those productive days are the ones I make the greatest difference in the lives of others.  For me the most rewarding days are the ones where you add value to the people you interact with during the day... family, colleagues, clients and customers.  Lastly, I would contend the morning starts the night before with preparing for the next day and getting to bed at a decent time.  

@Hobart King I would advise that you shop around to get 3 to 4 quotes from insurance agents who understand the rental investing market. Preferably, agents that also own rental properties.  I would certainly advise against forgoing insurance.  Insurance is a critical component of your risk mitigation plan as a business owner.  Further, not having insurance would likely increase your probability of lawsuits.  Lastly, I would recommend increasing your deductible if all else fails.  Good Luck!

Thanks everyone for your prompt replies.  I will incorporate your advice into our business plan.  

As a result of the pandemic, my job in corporate america was recently eliminated.  My wife and I made the decision that I would join her as a real estate agent and create a husband and wife team. She's been an agent for 8 years and it will certainly help in the transition.  While her business is more traditional seller and buy sales, I want to focus my business on the investor.  I currently own 3 rental properties (5 doors) and understand the process.  Any advice from current real state agents on how to best serve the real estate investor community as an agent?  Thanks for the assistance.

@Oscar Jara  I've read many of the books available on real estate investing and my favorite is Gary Keller's The Millionaire Real Estate Investor.  It covers what I believe is the most essential element of real estate investing and that's mindset.  Additionally, it covers the finer details of the real estate investing process as well as the various stages of investing.  Good Luck!

For the last year, I've been investing long distance in the Wichita, Ks area.  I will be in the Wichita area this week for the first time since I purchased my first property.  I now own 3 properties in the area.  While I've done a lot of research on the market, I would welcome local insight on where I should continue to invest in the area.  Which areas of town are the hot places to invest for cash flow?  I'm primarily focused on investing in small multifamily and building the number of units I own. My investing goals are to continue to acquire cash flowing properties generating 15% to 20% cash on cash returns.  Thanks in advance for any local insights you could provide. 

@Dustin Burke thanks...  I would appreciate any assistance you could provide.  

I'm new to real estate investing. I'm looking for a small multi-family property in the Wichita, Ks area. My preference is 67207 or 67208.  I currently own one property in 67208 and I'm looking to build my rental portfolio.  If you would like to connect please let me know.