All Forum Posts by: Jordan Harrill

@Julie Hartman

Thank you Julie! I trust my PM, it’s literally only been on the rental market for about a week lol, it had 8 showings this past week, but no pending applications yet. I am confident that it will rent. It’s listed at the same price as the previous owner had it rented for, that may not matter as markets fluctuate but it was a good barometer to set my cash flow numbers at. It’s also winter in Indy, and I know that winter months are typically harder, but I am confident we got this. Thank you. I’ll be patient and wait.

I am currently waiting for my first rental property out of state to be filled with a tenant. I am anxious to get it filled but know these things take time. I have my property manager sending me updates weekly with how many showings they have done on the property. To be specific , it’s a sfr , 2 bed 1 bath in Indianapolis. As Covid continues to be a thing and slow us down, I know that impacts the speed at which in-person showings can be done. So my question is while I wait for my property management to do their thing and market my property, what do I do? I feel like I need to be doing something , I’m not the type of person to sit around and wait, but it seems like that’s exactly what I need to do seeing as I’m thousands of miles away. Alas, has anyone else had this issue before? Guess I’m just anxious and excited, or possibly scared, that no one will apply. Love to hear people’s thoughts and what they did while they waited for their first property to be filled with a tenant.

Thanks! Cheers!

@AJ Howard

You definitely want to speak with CPAs, tax advisors, or business advisors who specialize in asset protection. Not all standard tax folks know or are even qualified to advise you on such things. One of the companies I researched and actually spoke with was Anderson Associates. Their ceo Clint Coons has a ton of a great content on you tube that’s pretty easy to understand.

@AJ Howard

As a newcomer to real estate myself and having bought my first investment property, I've done a lot of research on LLCs, S Corps, umbrellas, etc, and I've even spoken to two asset protection companies. While I haven't started one yet, I agree with the other comments here that once you've reached a sizable number of doors you'll want to consider protecting your assets. Of course you can do this a number of ways, but if you decide the LLC route, what I've learned is that its also important "where" you incorporate because laws are different in each state. There are many rules and laws to asset protection as well as taxes, and depending on which state you do it in may or not be beneficial. From my understanding some of the better states to incorporate are Nevada and Wyoming for the flexibility and leniency on business laws, taxes, corporate veils, etc. On the flip side one of the worse states are California, where I live. Not sure about WA though. Anyways I know it's important to protect your assets mainly to avoid or protect yourself in the event of a lawsuit from one of your properties. Then again I do also have a friend who has 10 doors and does not have an LLC and is doing fine. Really its all about protecting and managing risks. Something I am definitely considering once I begin to scale or even sooner. Hope this helps you.

@Timothy Lewis @Johnathon Sandoval

I don’t know how much insight I can provide you. I’m a rookie my self and from California as well. But yes I did recently get an accepted offer on my first property in Indy. The property is in Wayne Township. From my understanding it’s a decent part of the metro to live in. Other parts that I have heard are solid parts of the city to invest in are: Speedway, Eagledale and pretty much anywhere west or north west. There are areas to avoid but that would be true in any major metropolitan area. You can find diamonds in the rough if you’re willing to do your due diligence. Hope that helps. Good luck!

@Leonel Leon puente jr

If someone would’ve asked me six months ago if I would consider RE investing, I would’ve said you’re crazy! I am literally right where you are. I am in the process of closing on my first investment property. I was/am nervous and immersed myself in as much information and education as possible. Like some other people said, it’s about mindset, setting your criteria, and being intentional to meet your goals. With that said, the community here on BiggerPockets was a huge benefit to me and made connections with tons of people here, including my realtor. Podcasts, audibles and blogs are where I got started. I would recommend Keith Weinhold’s podcast, as well as BiggerPockets podcasts. Yes Rich Dad is great book too for mindset. Once you feel comfortable in the connections, networks, and resources you have, you just have to pull the trigger. Network and research to find the market you want to get into, build your team, then the property will follow. I don’t know it all and of course I’m still learning as I go. I will make mistakes, and already have. You will too. But stay determined and intentional and you’ll see your dream become reality. Good luck!

@Timothy Lewis

Thank you! Will do!

@Zach Lemaster

Hey Zach. Let’s connect. I saw your website renttoretirement.com. I clicked on the Memphis market but you didn’t have much inventory at the moment. I’m looking to get started, first and foremost with the right team, assuming Memphis is the market I go with, or any market for that matter . Having the right team is going to be very important and high on my criteria list. Let me know if this is something you can help with. Thank you!

Whats up Memphis?! In the last 24 hours I have run across Memphis as a solid place to build RE investing. Seems from my research that jobs have been growing (pre-covid stats), housing is in demand, and there is a fairly diverse economy. Let me preface this by saying that I am just starting out in RE investing, and looking for OOS markets, as my home market of California is far too expensive. So what's the scoop on Memphis people? I know everyone's criteria is different in selecting a property, but would like to know more about this market if I could, specifically as an OOS investor? I'm leaning toward Turnkey, but not opposed to any and all opportunities. Love to network with y'all too. Thank you in advance for your insight! 

@Nick Giulioni thanks for your insight. So by minimum criteria are you referring to, lets say, a minimum threshold id be willing to settle for? In terms of Cash on cash return or cash flow, appreciation rate, etc? Once I narrow down some markets with those numbers in my criteria with the properties, then begin scoping the local competition? That gives me some more inside information on the market and neighborhoods? Am I understanding you right? Thanks again! I appreciate the knowledge and support from all!