All Forum Posts by: Michael O.

Hello Rickey, I would advise you to not rush into any deal that does not give you adequate return on your capital. it`s great that you are not falling in love with the real estate but focusing on the numbers. If you have to invest in your area I would advise you to get a really good agent and try and get good off market deals with built in equity or you might want to look at investing outside of your current location where the numbers work better. Best of luck

Thanks for your prompt response, highly appreciate it. Cheers

@Marisa R. you are really crushing it, did you buy them off market and are you doing a BRRRR? Keep doing what you are doing. To infinity and beyond.

I think it is definitely doable especially is you are going to use the BRRRR method. I would add another R for reserves as I think they are absolutely indispensable so you don`t get stuck. I would advise you to take it slower so you learn from deal to deal like getting a team of boots on the ground ( realtor, PM etc). These people will make or break you, so I would say that vetting them properly is of utmost importance and should not be rushed and after doing a few deals with them and they perform well then you can increase your speed. After you have reached a certain level of experience you can speed up your acquisitions considerably. I wish you the best of luck. Cheers

Hello @Vuthy Seang , welcome to Bigger Pockets. I am a fellow newbie and am in a similar position to you ( without the 800 credit score though, haha) in that I am learning as much as I can and soaking up as many podcasts as I can and trying to learn. I am also in a situation where my home market (Boston) is very expensive and I am looking out of state. My advice which you should take with a mountainspoon  of salt ( as I said I am a newbie and have no experience at all) is to research your out of state market thoroughly, try and develop relationships on the ground with people who have a good track record and integrity ( PM, contractor, handyman etc) and to analyze your deals well to make sure the numbers work. I think @Robert Matelski and @Daniel Kong offer very sound advice and remember to always protect your investment. I am really rooting for you and hope you hit a home run with your investment. Take care and best of luck

@Marisa R., I am a newbie and just wanted to thank you for sharing your experiences, definitely something to look up to. Going through your story I can only imagine the valuable experience you picked up investing from out of country. I am looking to invest out of state as my home area is too expensive and am trying to educate myself and overcome the fear of taking the plunge of out of state investing as a lot of people usually say it is too risky. Do you mind sharing your biggest stumbling blocks/problems to investing specifically in the Detroit market. Congrats once again and best of luck.

@David Barnett, Thanks for the quick reply. Much appreciated

@David Barnett, what do you think is an appropriate fee to pay a property manager to manage your project if you are an out of state investor and don`t know anyone in the state that you are investing. Thanks

@Sean Mcmahon, you have to realize that they do not have infinite resources and cannot buy every great deal and what you are looking for is their great on the ground knowledge and expertise. If the person is a good agent they should be able to find you deals that match the set criteria that you gave them and if they are not you can get rid of them. I guess the reason an investor-agent makes sense is because you want an agent who understands your mindset as an investor and isn't looking to sell you a house as if you want to live there.

Hi Willie, fellow newbie here, congratulations on taking this step. Are these deals common in Milwaukee? For that price do you have to do a lot of rehab? I agree with @Rebecca Knox that you should research the neighborhood for comparable sales to see if you can get the best deal. I would only add that you should plan to have some capital reserves so you are not caught unaware by Capex and repair costs except you are doing the rehab work at the beginning. Best of luck