All Forum Posts by: Doug Spence

@Account Closed I've done a lot of out-of-state investing from California, including flips and BRRRR's in Oklahoma (Tulsa and OKC), turnkey rentals in Milwaukee, Wisconsin, and a SFR in Pensacola Florida.

The most important thing is having the right people on your team in your market. Long Distance Real Estate investing my David Greene is the best book out there on this subject. I've read it twice. I'm a military guy so I knew id have to get comfortable investing out of state from the beginning of my real estate journey!

@Porsha Fross They took too long so I ended up renting out the property to a long term tenant instead!

@Raymond Macasaet is a fine American and he would make a great mentee for anyone looking to share their multifamily knowledge and wisdom!

@James Brown I'm looking into a similar strategy in Oklahoma. I want to purchase, rehab, and own the real estate and lease the property out to a rock star assisted living care operator. This way I can leverage my real estate skills and network for mostly passive income, rather than create an assisted living business myself. 

Lots of opportunity in this space with the rapidly aging population!

@Sendhil Krishnan Thanks for the info. It seems like buying an existing, operating facility is a good option, especially with all the tired owners out there. 

What do you wish you had known before you got started in RAL? 

@Charlie Cameron Love it! I'll start getting more active in your FB group. 

@Mitchell Mabee Your CPA can be anywhere in the country, unless you want to be able to chat with him/her in person. But since you're military, I'd just plan to hire a rockstar CPA, regardless of location. 

My CPA is not adding clients right now but my bookkeeper does peoples taxes as well and she could totally handle a portfolio like yours. Happy to make the connection if you like. 

@Jonathan Klemm Thanks for the mention! 

@Jovelyn Punzal Let me know how I can help. I know solid agents in the area that are savvy with house hacking. 

I'm looking for rockstar operators of residential assisted living homes in landlord friendly states. 

Does anyone know of a network of these folks? My goal is to own the property and lease to the operator. 

Thank you!

@Mitchell Mabee I'm also active duty military and I own several rental properties in different states. 

-Yes you should hire a CPA to handle your taxes now that you own multiple properties in different states.

-You don't need to own properties within an LLC. I own some properties in my personal name and some in an LLC, but you can have adequate liability protection via the property's landlord policy and an umbrella insurance policy. Its much more cost effective than creating and maintaining an LLC for every property. Plus, you'll get better financing by getting mortgages in your personal name.

-I use navy fed for the banking for my personally owned properties (I have one checking account for three Milwaukee properties, and one for my Pensacola property) and for the properties owned by the LLC, I have a business checking account via Chase to handle those. I don't recommend chase though, I would go with AMEX for business checking if you go the LLC route. I use AMEX for a different business account and it was way easier to set up.

Good luck and let me know if I can help with anything.