All Forum Posts by: Isaac Lane

Franklin County is doing a mass re-appraisal process for property taxes in 2023. The county gives you the opportunity to dispute the initial values before distributing the updated tax amount. Has anybody had experience disputing the property values in prior years and if so, what would you recommend doing to make a strong case that the value should be lower?

I wanted to share my experience and the valuable lessons I've learned from my venture into out-of-state investing. It has been an incredible journey filled with both challenges and rewarding outcomes. If you're considering investing in a location different from where you reside, I hope my insights can help you navigate this path with confidence and success.

Research, Research, Research: The foundation of any successful out-of-state investment is thorough research. Get to know the local market, economic trends, population growth, job opportunities, and the overall investment climate. Look for areas with strong rental demand, low vacancy rates, and a diverse economy. Engaging with local real estate agents, property managers, and investors can provide invaluable insights.

Build a Reliable Local Team: As an out-of-state investor, having a trustworthy and competent local team is essential. A reliable property manager, real estate agent, contractor, and attorney can be your eyes and ears on the ground. Interview potential team members, check references, and establish clear lines of communication. A competent team will save you time, money, and headaches.

Embrace Technology: Leverage technology to bridge the geographical gap. Use virtual tools like video calls, property management software, online marketplaces, and document signing platforms. These technologies enable you to streamline processes, conduct virtual property inspections, and manage your investments remotely. Embrace the power of data and analytics to make informed decisions.

Visit in Person: While technology can facilitate many aspects, nothing beats visiting your investment location in person. Familiarize yourself with the neighborhoods, meet your team, and develop a firsthand understanding of the local dynamics. This will help you build stronger relationships and gain confidence in your investment decisions.

Understand Local Laws and Regulations: Each state has its own set of laws and regulations concerning real estate investing. It's crucial to educate yourself on these aspects to ensure compliance and avoid legal issues. Consult with local attorneys who specialize in real estate to stay informed and protect your interests.

Account for Vacancy and Repairs: When investing in a property that you won't be able to visit regularly, it's crucial to account for potential vacancies and repairs. Maintain a healthy cash reserve to cover unexpected expenses and mitigate any income loss during vacancy periods. A conservative approach to financial planning will help you weather any storms that may come your way.

Network with Local Investors: Engage with local investors who have experience in the market you're investing in. Attend real estate meetups, join local investor groups, and participate in forums like BiggerPockets. Learning from those who have navigated similar paths and hearing about their successes and failures can provide valuable insights and guidance.

I hope these lessons I've learned along the way can be helpful to those considering out-of-state investing. Feel free to share your experiences or ask any questions. Let's continue to learn and grow together!

What is the average time it takes for your property manager to get a unit fixed up and rented out? I know there will be a little variation based on size and condition, but I wanted to see if there was some expected industry standard. Thank you!

Pros: Guaranteed partial or 100% monthly payments.

Cons: Initial inspections

Is anyone aware of a mastermind group focused on small multifamily? I've completed 3 deals and looking to further grow! I need some new people in my circle to learn from and/or work with.

Why do you do real estate investing and what is your end goal?

Congratulations on the deal! I've completed a house hack in the past and it's a great way to acquire a property with low money down!

Hi,

I'm in the process of purchasing a small multifamily home in the Phoenix area and looking for a property manager. Does anyone have a property manager in Phoenix that they could recommend, it would be truly appreciated. Thank you!

I would say the top barrier is determining a plan of action and having confidence in executing it. There is so much information available, it's being consistent in the actions that you take whether it's saving money each month for a downpayment or analyzing deals everyday.

Hi @Cole Steele, with $40,000 on hand, I'd look into possibly doing a househack. You'll be able to put less money down into purchasing the property and you'll be able to get a higher class property in a higher class neighborhood.