All Forum Posts by: Dan Portka

@Tyler Foshe invest out of state for cash flow, invest in LA for appreciation.

I live in Torrance and decided myself to start investing out of state a couple years ago because I couldn’t find anything local that cash flows. Now that I have a few out of state rentals I’m considering buying a house hack in San Pedro.

Biggest advantages investing locally in my opinion are the financing and SoCal appreciation. I need 20-25% down when buying out of state but I can buy a duplex in SoCal for 3.5% down. I can control a million dollar appreciating asset in SoCal for 50K OR 100K house in a stable cash flow market for 25K.

Reach out any time if you’d like to chat.

Dan

@Michael Castillo I have a few rentals in Birmingham and doing it from SoCal, been using the BRRRR strategy and has worked fairly well. My advice, do plenty research (books, podcasts, networking) but theres no need to over do it. The biggest thing I've seen with aspiring investors is that they never take action and jump in.

-Dan

@Eli Alon

My 2 favorite areas for rentals are Pinson and Hueytown. I stay away from city of Birmingham (except for parts of 35215 and 35214)

Check out @Rob Drum he’s a great agent for out of state investors! He has a great network and has a lot of good info on his YouTube.

Reach out anytime if you want to chat

-D

@Rory Coyle

Congrats! Exciting times. I’ve also been looking for a duplex in Pedro. Would love to connect and hear more about yours!

@Ryan Boltman

Look off market. I have good wholesaler that has about 10 homes available at the moment - except all of their inventory is under 100K. Let me know if you want to chat or would like the contact

@Marco Morkous good deals go quick and for over list price, but for what it’s worth I just closed on one last week. The market is competitive, but in my opinion there are opportunities if you’re willing to be persistent and patient.

@Dana Combs I have a few rentals in Birmingham, but haven't worked with Spartan. There are similar stories on BP I'm sure you can search and find them fairly easily. Spartan is fairly active on here - you can try reaching out to Clayton Mobley or Lindsay Davis.

Sounds like an unfortunate situation and overall level of communication was lacking. You should have been informed they were proceeding with evicting the tenant and been updated as things progressed. 

I'd recommend checking your Management agreement with Spartan to see whats in there. Its common for PMs to have a budget threshold for repairs where they can approve without your consent. It's to the benefit of both the PM and owner since it doesn't make sense for the owner to have to approve a $50 screen replacement (just an example).There should also be a section in the agreement on duties (evictions, etc) and how the agreement is terminated. I haven't dealt with your situation but I'd imagine Spartan would at least see everything through until the keys are handed over and you've confirmed possession of the property.

hey Jay,

Already lots of good advice here. I started investing out of state last year and have had the most luck networking on BP. Feel free to reach out if you want to connect.

@Matt Gigli what exactly is driving your fear? I started investing out of state last year and had I decided to purchase something local, I’m not sure if me being able to go see the property in person regularly would have made a difference. If you can find a solid PM and agent who you can trust, they’ll be your eyes and ears. My agent handles all steps of the acquisition process that need to be handled in person and I have my PM checking in on my rehabs. Sure you may have to pay to arrange that, but just factor that in when doing your deal analysis. You can make it work investing remotely, just do your due diligence and find solid professionals to work with! Feel free to reach out if you ever want to chat.

@Willie Brown unless these were evictions impacted by COVID-19, 6-8 months sounds too long for a turnover. I'd recommend reaching out to my PM @Mark Byers. He's been great to work with and should be able to give you a realistic expectation when it comes to turnovers. I'm actually going through a turnover right now and would be happy to share some more detail with you, feel free to message me on here!