All Forum Posts by: Jake Pickett

@Nathan Gesner That's awesome advice. Thank you. 

Makes sense that your systems are truly revealed when you end up in a bad situation. Self-managing is "fine" until things go sideways.

Those are good things to weigh, and I'll continue to research depending on the market I end up in.

Thanks all! That's great advice. That gives me more direction to continue researching markets and figuring out a good spot.

Does anyone manage out-of-state properties without hiring a property management company?

All of these issues seem fairly straightforward to do remotely:
- Listing property online
- Collecting rent
- Scheduling contractor/handyman for repairs
- Coordinating self-walkthroughs if there's a smart lock system or coordinating with previous tenant on tenant turnover

How would people manage these issues?
- Setting up keys and key access.
- Having a smart lock to remotely change key codes and give access to potential tenants, contractors, switchover of tenants, etc. would all be nice. How would you set this up in the first place if you aren't in person when you close on a property? Also, a smart lock would require Wifi to already be set-up so I see this method working for a STR but not a LTR.
- Any other issues that I'm overlooking?

I would need someone on the ground for dealing with the issues mentioned above. Any recommendations on how to find someone for these simple tasks?

Just starting the journey of real estate investing. I live in Washington state, so I'm looking to invest in a market out-of-state where I have no contacts. I want to find a market that cash flows and hopefully has some appreciation as well. I know that appreciation is where the big gains can be, but I also can't be eating money every month. I know that cash-flow markets are typically in the Midwest and cash-flowing assets would allow me to build up money for future purchases too. I've read through several posts where people recommend Ohio, Indiana, Oklahoma, etc.

I'm looking at long-term rentals in the residential space (SFH or 2/3/4-plex).

I know that the sooner I take action the better, but I also don't want to pick a market without doing my research. Ideally, I would love to continue purchasing rental properties so sticking to the same market and keeping the same realtor/contractors/PM/lender would be great.

Any recommendations on what market to pick or how to choose a market? I'm open to any other suggestions as a newbie or related to any assumptions I made above :)