All Forum Posts by: Dan Riley

Thanks, Becca! This is really helpful. Going to DM you!

I anticipated a spirited discussion and was not disappointed :-) @Nicholas L. very much appreciate your points. Many of those exact considerations have led to my hesitation in jumping in. Obviously there's nuance but your points are certainly grounded in reality. Investing 70k to get $100/mo - $200/mo CF doesn't seem to make sense (I have this money sitting in a bank paying at ~5% interest) unless there's a cash out/refi play — but again, this is all very new to me :-) 

@Travis Biziorek thanks for the additional points and perspective. Sounds like you were once in a similar boat (SF proper, out-of-state, etc) and have found success navigating it all :-) 

The reality is that I will 100% be making plans to visit any area I'm planning to invest in to get a lay of the land and stand up a team (should've called that out in the original post!). Given that, does that change the perspective?

I'm very willing to put in the work & time upfront to get things going, but would be relying heavily on a team to manage long-term (really, my time constraint is on the long-term management). The idea of doing major rehab to make things work is daunting given the lack of experience and being OOS. Would certainly be indexing HEAVILY on finding an experienced team.

Sounds like you both agree that if going turnkey, I'd be a bit pigeon-holed — can you explain why a bit more (I'm a newbie!) 

The goal is to do long-term — not interested in flips, STR, or anything like that.
 

Hi everyone, I'm a first time investor looking to invest in long-term out-of-state rentals. I've been wanting to get involved for years and have been spending time researching/reading in the interim. The idea of being a first time investor and out of state has certainly given me lots of pause, however, if I don't go out of state, it won't happen (I live in the Bay Area).

Life is busy with a newborn and a long working hours so my time is strapped which presents another obstacle to getting started.

Target down payment is < $70k which puts me in the $250k - $350k range. Is this a reasonable amount to get started? Any areas you'd recommend looking as first time out of state investor? Any fantastic property managers that've made everything worthwhile?

Would love to connect with and learn from others who have been on a similar journey!

Appreciate the community help and support. 

@Zach Lemaster Thanks for the resources! I dropped a note/interest form on your page this morning. Looking forward to learning more!

@Ali Boone and @Jeremy Wirths thanks for sharing your thoughts. Super helpful and much appreciated. Do you have any recommendations on TK providers? I’ve heard good things about Zach Lemaster at Rent to Retirement, but curious if you have any additional outfits I should look into. Thanks!

Hi BP, I'm new to REI and have been researching REI for the last 8-9 months. A recent BP Rookie podcast talked about buying turnkey properties. I'm curious to get some perspective from folks who've gone this route for their first investment (especially those going OOS). Did you identify a market first and then look for a quality TK provider or did you find a quality TK provider to then help you identify a market?

Some context if it's helpful:

I live in CA and my first investment will need to be OOS. I've found myself pinned with analysis paralysis as I've tried to identify a market that makes sense for a first purchase (my aim is buy and hold). As a first time investor going OOS and lacking experience with renovations/rehab, the process of figuring all of that out from afar is daunting and I feel like I'm never going to get comfortable with the prospect of doing that with my first REI. The prospect of TK seems to minimize some risks (I realize no investment is not without risk) but I want to get a better understanding of how other folks have approached this equation.

Much appreciated, BP!

Dan

Hi @John Kesner just stumbled across this post. If you still have those articles handy, I'd also be interested in reviewing them. Thanks :-)