All Forum Posts by: Dave Olverson

I'll be out of town for this one. Enjoy and I look forward to the next one!

I am new to this, granted, but from the people I have talked to, it seems as though, if the rents and numbers work out to provide positive cash flow, then you CAN buy at retail and have the investment work out. The idea here is that the people purchasing the turnkeys are not doing so for appreciation (or to flip the house at retail value), but simply to achieve positive cash flow, which, in the right markets, is possible at retail value.

I think there are some people that would disagree with @Will Barnard - of course there is BETTER cash flow if you buy under market on your own and put your own team in place, but I have heard too many stories of people still achieving true cash flow (again, more modest numbers for sure) with turnkey properties.

Granted, with turnkey properties, you have to be much pickier about which market will work and you have to scrutinize the numbers in the same way, but if that level of cash flow helps you reach your goals, then that is not a bad thing!

Right, got it. Sorry, I misunderstood and thought you were talking about doors that had been rented. Great call!

I like this list! I know some will disagree, but I think going out there, meeting the company and going on a tour of their properties (in all stages of repair) is a good idea as well.

Also, @Cal C. - can you explain #5 a little bit further? What makes that a warning sign? Thanks again for this!

Welcome @Christopher S. ! I am actually coming from a very similar background and striving for FI. If you are up for it, feel free to connect with me and PM me - I'd love to compare FI notes and blogs!

In terms of REI, I am also just getting started in the turnkey game. Living in NYC, I didn't think real estate was a possibility for me until I learned about turnkey investing. I am currently focusing on Indianapolis and Chicago as I get started.

It's great to have more FIRE people on BiggerPockets!

Hey @Matthew Lobacz

Great to see more New Yorkers here! Especially ones who invest out of state. My strategy involves turnkey investing in cities like Indianapolis, Chicago, etc. My cash flow goals are not as lofty as yours, but personally, I love the idea that I can achieve my goals while living in NYC and investing through turnkey companies.

Just like @Trevor Ewen I am interested to hear your story about your Atlanta property!

That makes sense. Thanks @Bryce Christensen. For my situation, I currently fall into the first category, where it seems it doesn't make too much difference. I will likely find someone local in NY for the reasons you mention later.

It also raises the question in my head of LLCs. I don't have one yet, but am planning on making that switch in the future. I'll have to figure out where I want my LLC based as well!

So there isn't really a benefit to either knowing your state's tax codes or the real estate specifics about the state you are investing in?

Well, that certainly makes it easier then!

When you are looking for a CPA or other tax professional to prepare your taxes for you, naturally you want someone who is well-versed in real estate investing.

However, if I am investing out of state, should I find a CPA local to me or local to my investment market?

My initial thought is that I should find someone local to me as I will be paying state taxes in the state I reside in, but am I missing something?

Thanks all.