All Forum Posts by: David De La Torre

Hi David,

It's often said - cash flow is what makes you rich but equity is what makes you wealthy. Ultimately it depends on your market, but given Cleveland is a good area for rentals, it's probably a good idea to keep at least some of them. You can also choose to cash out refinance and get benefits of both the flip and rental (BRRRR strategy).

Biggest mistake of my life, was not keeping 50 or so more of the 500 I flipped in Cleveland, cost me millions.  David, wealth is built not flipped. Now depending on where and how much you are all in can make a difference. Feel free to reach out I a more than happy to give you suggestions. 

@David De La Torre Hi David I am curious why you are considering out of state investing. Investing out of state has significantly greater risks and challenges than investing in your local or geographical market. If your home market is too expensive, you might consider partnering with someone in your market and obtaining some hands on experience before you try to manage an out of state property. If you have no other choice due to your home state market conditions, research a market which would fit your financial capabilities and then begin assembling a team including a realtor, lender, property manager and contractor. You can join local off market property sites and find wholesalers which might reduce the cost of your purchase. If at all possible find a mentor to JV with so that you are not a newbie on your first out of state deal. Good luck and keep moving forward!

I would highly recommend continuing to educate yourself and making sure you have a decent amount of reserves in the bank - I think continuing to go to meet ups is wise and the more investors with similar shared experiences you can talk to the better. I would also recommend you have a good network of people wherever you are looking to invest to monitor your property for you and keep you updated on the progress - best of luck! 

Hey @David De La Torre - congrats on putting yourself out there and narrowing down your investment goals. 

If I'm in your shoes, I recommend going to a few real estate meetups to get the quickest lift for your current journey. You're more likely than not to come across other investors that may have done the OOS BRRRR method you're wanting to explore currently.

Whatever avenue of RE you decide, there's going to be risk involved. Yes OOS investing is riskier, but it's also possible as long as you do your homework well (I'm also a long-distance investor). 

Hey @David De La Torre - Welcome! One of the best and easiest ways to quickly learn about BRRRR strategy risks and successes is through reading our BRRRR book (found here: https://store.biggerpockets.co...) and reading through this forum a lot! :) 

Good luck!

Welcome to the BiggerPockets forums!

One of the best moves you can make is to find a local investor group in your area to network with others. Go to NETWORK at the top of your screen and you can search for other investors and investment groups in your area. You can also check meetup.com or search facebook for real estate investment groups, clubs, or meetings in your area.