All Forum Posts by: Doug Spence

@Ian Morales Heck yeah! It sounds like PR and FL definitely make sense for you as investing locations. 

I'm not sure if you'll be in the area on September 22nd, but we're doing a local real estate meetup down in San Diego. Its all military folks (current and vets) that do real estate in some capacity. You should come down and hang out! 5pm at Deft Brewing on Banks St. Theres no pitching or sales presentation - just folks chatting real estate. 

@Ian Morales If you plan to use your VA loan, you must intend to live in the home for at least a year. Where are you currently living, and will you be moving after deployment?

To answer your question, I would take the time right now and while on deployment to build up your knowledge and start networking with folks on FB and the BP forums, depending on your connectivity while deployed. 

Why do you like PR and FL? There's nothing wrong with those markets, but I just want to see how you decided on those two markets. 

@Brian Toleno

I was in your situation about 5 or 6 years ago! I started investing out of state from San Diego for the same reasons you're looking to invest out of state. As of now my portfolio includes 1x SFH in Pensacola, FL, 3x SFH in Milwaukee, WI, and a duplex and SFH in Oklahoma (both were out of state BRRRR's). I've also done two out of state flips in Tulsa, Oklahoma.

Take your time deciding on a market because you want to make sure you pick the best market FOR YOU!.

Things to consider when picking a market:

-Is it landlord friendly or tenant friendly?

-Whats the population growth in the area?

-Who are the employers?

-Is it a business-friendly market? Businesses bring jobs, jobs bring people, and people rent properties (from you!).

-What is your unique advantage? Maybe you have friends/family in a particular market already who are well-connected in the real estate space there. Or you may know a market really well because you went to college there or grew up there.

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

@Roman Randall This is a job for the property manager, in my opinion. You could ask them to do it and send you photos. I own multiple properties in different states and I've never done an annual walk through of any of them.

Keep us updated and let us know what you decide to do!

@Sam Duisterhof Welcome to BP! You're in the right place. I'm an active duty Navy officer, and I invest out of state since my local market is so expensive (San Diego). 

I think you have a great plan - it's a thorough vision with clear, quantifiable goals. 

You mentioned that you're struggling deciding on a market. This is such a critical step and you should definitely take your time and make sure you pick the best market for your goals. Just because someone else invests in Ohio or Florida or Nevada doesn't mean you should, but you probably already know that. 

Also, keep in mind that if you plan to invest out of state, you won't be able to use your VA loan since you have to live in the property for a year after purchasing. That being said, you have a strong personal finance foundation (good credit, savings, etc) so you're starting off great.

Feel free to reach out if I can help with anything: analyzing a market, finding deals, etc. 

Good luck and keep us updated on your journey!

@Jolene Blackbourn Thats a tough situation, and especially stressful since you're out of state. I own multiple properties in different states (FL, WI, OK) and I live in San Diego, so I know where you're coming from!

Its definitely possible to self-mange from out of state, and I've done this successfully, but I think you should consider hiring a different PM company. 

How did you find that first company? A google search? It seems like they did a terrible job all around. I bet you there is a great property manager somewhere in that town. 

I would make a post here in the forums asking "Who is the best property manager in <name of the city/town>?" Write down all those responses and start calling them and interviewing them. Ask for referrals for other owners they work with who live out of state. Call those owners and get their feedback. 

You want an investment not another job, so I recommend finding that great PM. They are out there!

Good luck and keep us updated on your progress!

Thanks for the reply @Steve Meyers! Do you know of any companies doing this? I searched online and mostly found larger facilities, not smaller residential operations. 

I agree though - the solution is definitely a 'who not how' kinda thing!

@Daniel Dealmeida Welcome! Fellow military guy here (active duty Navy). So after listening to that many episodes, you know that step one is to figure out your long term goals and vision! Have you given any thought to that? 

You should have a clear vision before you start getting into the tactical real estate stuff. 

If you don't know where you're going, how will you know what path to take?

I'm looking to connect with anyone who is doing or has done RCFE (Residential Care Facilities for the Elderly) or ARF (Adult Residential Care Facilities) in San Diego county. 

I'm considering doing this with our primary residence in La Mesa when we move out of the home, but I want to connect with experts in the area who are already doing this. Any advice is appreciated!

It depends on what type of financing you're using. If you're doing conventional I don't think there is a specified time, but the VA loan is different. @Erik Browning do you know the answer? How long does a lender expect the owner to live in a primary residence?