All Forum Posts by: Joseph Schweizer

@Timothy Lewis makes a very great point. Due diligence is key in any type of real estate investing. No matter what method you choose, make sure you perform your due diligence on anyone you might work with (turnkey providers, agents, banks, PMs, etc.) and on all properties you are considering. Run numbers for worst case scenarios too just in case the unexpected happens. 

@Ali Boone wrote a good book about due diligence if you are looking for some guidance on things to look out for.

@Ryan Harvey

It has not been that long, but so far so good. Things are going as expected and hopefully that continues. Based on others' experience, it should!

Hi @Ryan Harvey!

I liked the turnkey model because I work full-time outside of real estate and was looking to get started with investing while minimizing risk and time. I closed on an OOS, turnkey property in Kansas City, MO this past October 2020. I plan to buy a few more turnkey properties as well. Turnkey is not for everyone, but I felt like it was a good fit for me! I wrote a post about my first investment (see below)!

https://www.biggerpockets.com/forums/850/topics/895660-my-first-investment-property-an-out-of-state-deal

Best Wishes!

Hi @Tori Whittaker!

I think you need to narrow down your markets based on criteria you are looking for (cash flow, appreciation, population growth, job diversification, etc.). I invested in my first property in Kansas City, MO, but that market might not fit your goals/criteria. Once you narrow down your markets, I would say find some reputable national and local banks and compare offers. 

I used a local bank for my investment in KC and it worked out well for me.

Best Wishes!

Hi @Oscar E Yerena!

I closed on my first investment property this past October 2020. It was an out of state, turnkey property. I detailed my experience in the post below. I would be happy to share my experience if you are interested, or if you had any questions.

https://www.biggerpockets.com/forums/850/topics/895660-my-first-investment-property-an-out-of-state-deal

Best Wishes!

Hi @Adam Vasquez!

I do not know anything about the Detroit market myself so I can't provide any input there. However, I did work with RentToRetirement (@Zach Lemaster) for a property in Kansas City, MO (see post below) and had a great experience. I know RentToRetirement operates in Detroit. 

If you have any questions about my experience, I would be happy to answer them! 

https://www.biggerpockets.com/forums/850/topics/895660-my-first-investment-property-an-out-of-state-deal

Best Wishes!

Hi @Nate Chenea!

When I was looking at Kansas City, I found this post on BP. 

https://www.biggerpockets.com/...

Hopefully some others can chime in, but this might be a good starting point!

Best Wishes!

Hi Álvaro!

I did not work with any of those companies, so I cannot speak to them. However, I recently (closed October 2020) made my first real estate investment. It was on out of state, turnkey property for me. The link below shares my experience.

https://www.biggerpockets.com/forums/850/topics/895660-my-first-investment-property-an-out-of-state-deal

Best Wishes!

Hi @Aaron Kyle Kinslow!

My wife and I work full-time outside of real estate as well and do not have any background in real estate, construction, etc.. Turnkey route sounded like a great option for us to minimize time and risk. We closed on our first investment in October 2020!

The post below shares that experience! I would be happy to connect and share my experience or just to hear how your journey goes!

Best Wishes!

https://www.biggerpockets.com/forums/850/topics/895660-my-first-investment-property-an-out-of-state-deal

Hi @Andrew McElroy!

1.) If you are willing, House hacking can be a great way to get into real estate investing. Lowers the cost of entry and you will learn a lot. Also, housing is usually the largest expense and decreasing/eliminating it will allow you to save money quicker for the next investment.

2.) I used a turnkey provider for my first investment. It was out of state for me. The link below shares my experience. This could be an option for you to get into an out of state property quickly.

https://www.biggerpockets.com/forums/850/topics/895660-my-first-investment-property-an-out-of-state-deal

Best Wishes!