All Forum Posts by: Jake Warren

@Jake Warren you're going there to buy- without doing any prior research?

Prepare to lose money...

Ocala, parts of Jacksonville, Palm Coast, Deltona, DeLand 

What are yours specific goals for the investment? 

I am in Orlando and the market for LTRs can be good if you are looking in the right areas. What brings you to FL from Ontario? Safe travels!

Just like investing in the stock market, diversification hedges your risk.  Investing in different areas of Canada and the United States will hedge your risk to market downturns as long as you are buying the right way.

I personally have OOS clients that LOVE working with my team and I.  

Any market that you're interested in, there should be a quality provider in that area that you will need to vet so you can be confident about your goals being met.

As far as PM goes... if you find a management firm that consistently gets the job done and is 100% TRANSPARENT then it's probably best to maintain that relationship as they probably won't like you working with their competitors.  The latter is up to you though.  

We try to keep our clients in-house as much as we can but we would never force them to use us as PMs if they do buy properties through us.

I hope that helps sir! 🙂

@Jake Warren

Welcome to BP!

You'll need good contacts in the area to make your investment plan successful. That doesn't only mean a real estate agent. You may need a property manager, a maintenance worker, and a contractor before long.

The secret to many out-of-state investors' success is finding and hiring an excellent property management company. It will be their job to fill vacancies, collect rent, make repairs and handle emergencies.

If you lived in the area, you might choose to manage the property yourself. If you live far away, professional property management is an extra expense you simply must incur to safeguard your investment.

Experienced builder and property manager Rusty Meador notes, "No matter how good of a real estate deal you find, it is only as good as its ability to be managed well."

All the best!

@Jake Warren

Hi Jake, you can do a lot with 100k here in Cincinnati, OH , definitely opportunities for 2 properties if you're feeling froggy enough... let me know if you are interested! I can help you find your next investment!

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What are your financial goals Jake? You mentioned you own a LTR and STR. Are you looking to acquire more rentals for cash flow?

Owning rentals and fixing and flipping are two very different businesses. LTRs/STRs produce cash flow. Flipping houses produces cash "chunks". 

What do you need more? A steady monthly income or a lump sum every 4-6 months when you flip a house

@Marty Boardman 

yes I am looking for rentals to acquire cash flow.

I want to have a steady monthly income as cash flow. I am focused on LTR not flips.

Got it. You mentioned flip in your post so I thought you were deciding between rentals/flips.

I agree with Scott E 100%. Do exactly what he recommended.

I live in AZ and own rentals in southeastern Wisconsin. I picked this area because there's high-tech manufacturing jobs and low median prices. I built a great team there and it's a non-stop flight away from Phoenix.

@Marty Boardman

very good thinking with having a flight out ASAP if you need one. I would like to try a OOS deal as I would think I could make more cash flow then in a deal local to me as prices are very high. I am thinking property in Florida what do you guys think?

As a general rule sand states (California, Arizona, Nevada, Texas and Florida) seem to make better markets to buy in for appreciation. For cash flow I think many investors consider the midwest (Indianapolis, Kansas City, St. Louis, Oklahoma City, Cleveland, Columbus, Milwaukee). But of course if you buy right you can cash flow anywhere.