All Forum Posts by: Joseph Crunkilton

No. It's a lot of paperwork and fees that you don't need. I'd consult an REI attorney only when you have a significant portfolio. Take this from someone who has built multiple LLC's for REI ventures.

Hi Lin, good question. Rehab and construction projects are challenging, even for experienced investors. Bids quickly add up and profit can be eaten away. I dabbled in a lot of construction projects when I started out. @Zach Lemaster's team puts together build to rent new construction deals regularly. A lot of upfront equity and cash flow, and you get the opportunity to work with a highly established team. Check them out. 

If it makes dollars, it makes sense. If the numbers work it's always a good time to buy. 

@Austin L Archer Good luck! I dabbled in wholesaling for a while. It takes a lot of effort. It's a full time job and scaling to a hands off point will take quite a bit of work. Investing capital in marketing will help save you man hours. I don't say this to dissuade you, but I was making hundreds of cold calls a day for months and didn't land a single contract. 

But KC is a much friendlier market than Portland. Good luck! Happy to answer any questions you might have. I'm an active investor in KC 

@Dustin Street I own two rentals in KC and have been active in the market there for a couple years now. Out of state investor. 

seconding @Mike Dymski. There's a million things to learn and factors to consider. What you need to remember is you'll most likely make mistakes, but real estate is highly forgiving. Pick a strategy that fits with your time and financial situation. Run deal analysis. If the deal works, buy it. You'll learn more from that then anything else. Plus, a lot of BP content just goes over sunshine and rainbows. 

I've had nightmare tenants, evictions and massive repair bills. None of them ruined me financially or hurt my portfolio. The rental that just had all those issues is now cashflowing 2x more than it originally was. 

Buying your first property will teach you more than anything you've read. Investing is a numbers game. If the numbers work, go for it. 

Hi Daniel, 

I grew up in Western WA and currently live in the Portland area. Cash flow is tricky in our markets. Most investors have to use creative strategies to make it work. Renting by the room, adding ADU's, etc. I searched for deals locally for a while before I discovered how accessible out of state investing is.

Now, I have multiple cash flowing rentals in out of state markets. The best part? I've paid less out of pocket than I would've for one house here. And they all appreciate well. 

Have you ever considered out of state investing? I can answer any questions you have. It's much more accessible than people think.

Here's my method for comping potential rent. Go on Zillow and find the target property. Then, using the draw feature, map out a circle around the house. Try to keep it within a couple miles. Then, match condition, square footage and beds/bath count. Take a couple, find the average rent and there you go. You can also use this for flip comps. 

If you have local teams like a trusted PM, they can also advise on potential rent. 

I always ask myself, what could really go wrong? Rich Dad Poor Dad has an amazing line "I may be broke, but I'll never be poor." 

A million things can go wrong, but a million things can also go right. Real estate is forgiving and most millionaires are made from it. The hardest step is the first one. 

Hey Brad, 

A saying that really stuck with me was "What matters it time IN the market, not TIMING the market". It's easy to get stuck in analysis paralysis and scrutinize every detail. The truth is you will make mistakes. And as long as you don't overleverage it's easy to recover. 

Pulling the trigger on my first deal was the most important thing I've done. It's opened so many doors. Now my network has grown as well as my REI knowledge. The hardest step is the first one.

I'd be happy to answer any questions. I invest out of state and have been doing it successfully for a few years now.