All Forum Posts by: Joe Kling

James your numbers don't make sense

 Welcome to the neighborhood Joseph! I didn't realize I was one of the most actives. You flip houses? Are you finding deals in our area? Seems that inventory is super tight. 

 Thanks Brie

I'll check out your website. I'm concerned about those lack of control issues even with buying TK. I've heard some TK owners being less than enthusiastic about the responsiveness of their management companies. I was speaking with @Aristotle Kumpis about a network that brings TK purchasers together to place pressure on the TKs which in turn places pressure on the management companies. That might help. I'll check out your site too because I don't want to be frustrated and unsuccessful. 

 Hey Dylan

Great advice. Thanks. 

These points were among the lines I was thinking. I like your plan of action, though, to concentrate and then diversify. Makes a lot of sense. 

I was reading a post on the topic of Turnkey Provider reviews in which @ali Boone suggested that a lot of passive investors (the ones who use the providers to invest out of market) use BP for their purchase and then leave BP because they're done with the active research part of their investing. So I appreciate you being on the site and weighing in.

Welcome Alexis! 

Check our the FBI REIA that meets in Pasadena. I've not been yet but I hear it's great. I'm planning on going to the next one

Hey BP!

For those of you who've gone the out of market route and are investing outside of your general vicinity, let's say for this discussion far enough away to mandate a professional property manager, are you concentrating all of your investing in one market or are you diversifying your portfolio? 

What are the pros and cons of your approach? Economies of scale? Less volatile in terms of both property value as well as general economy of the market? 

What are your thoughts? 

 You could just add some details in the reply box now but then take some time to craft the story of the listing into a brand new message. Try posting that after this thread has gotten pushed down the list. 

Welcome to the party Wayne. You've probably already thought of this, but consider house hacking with a 0 down VA loan as a great way to gain entry to the field. If you could pick up a triplex or a quad and come close to cashflowing with the other units, you'd be in truly great shape.

That's a thought Mike. One of the upsides of the BRRR method in the midwest/rust belt is the availability of product. Whether you're looking at apartments or SFR here in California, you're competing with a lot of big money for the product. BRRR appeals to me, especially in the rust belt, as it seems that if one is willing to put in the work to correctly appraise, renovate and rent the units, there is big money to be made. I know apartment complexes will appreciate here in SoCal, but i hate that negative cash flow position. That being said, the purpose of the post is to find out which market is best for me to direct my efforts, so if someone thinks that last statement of mine is wrong, I'm all ears.

Other than the DP, what are you looking to contribute? Are you going to be hands off and have her run it? You do mention she has a background in property management, so this might make sense, but at that point she is taking the risk with her credit and doing the work in the management. If someone asked you to put something in your name and run it if they gave you the DP money, what would you expect in return? Sometimes we feel like :finding the deal" entitles us to more than it really does. This is especially true if this is off the MLS. On the other hand, if you have done direct mail or it is through networking that you found this deal, then you can leverage that fact to extract a little more value for yourself in the deal.

Basically, I think we need a little more info to help you answer the question.