All Forum Posts by: Mike Paolucci

Quote from @Chris Williams:

I am going to be investing out of state. For the investors who have invested out of state what are some team members I should have to make it easier? 

Before you start focusing on the team members, I would figure out what Out of State Market you're going to target. I'm originally from San Francisco and settled on Columbus, OH back in 2021 as my main market before moving here to focus on it full-time. Ohio has plenty of markets to choose from! 

Once you get that figured out, I'll echo what @Mike Morgan and @Kerlous Tadres listed. Each one of those will be key to your OOS investing journey. 

Happy to jump on a call and answer any questions about OOS investing you might have. 

Quote from @Adam Sha:

I'm facing a bit of a dilemma and could use some advice from this knowledgeable community. I'm considering two investment options and am torn between them:

Don't forget to take future legislation into account. This is what I'm referring to --> "Justice for Renters Act" This is coming up on this year's November ballot for the entire state. 

As a bay area native (born an raised in SF), I personally prefer to stay away from legislation that will handcuff me as a landlord moving into the future, which is why I started investing in the Midwest back in 2021. Columbus, OH is landlord friendly and the term "landlord rights" is a real thing. 

Happy to answer any questions you might have about OOS investing or Ohio Markets. 

Quote from @Aleksandra Faust:

Hi there,

just starting out as an investor and considering Bay Area as one of the markets. I'm looking at a long term appreciation, and in the interim serve as a second home / STR or even LTR. Probably 2bdr.

Make sure you're comfortable with the numbers before diving in too deep. I'm originally from San Francisco and when I started back in 2021, it was EXTREMELY hard to find cash flowing opportunities without having to put down an insane amount of capital as a down payment. 

Not to mention the landlord laws in the Bay & CA aren't the most landlord friendly. Here's what I'm referring to (will be on the upcoming Nov. ballot). -->"Justice for Renters Act" It's because of things like that, numbers, and the hope/prayer that appreciation will bail me out from a property running a negative all the time that got me looking elsewhere. 

I'd recommend markets where you can find cash flowing properties, population & economic growth that will lead to long term appreciation. 

Happy to answer any questions you might have and share some of my OOS investing experiences. 

The BRRRR method is great, but very risky, especially if you're just starting off. You'll really need to know how to run a rehab, estimate the costs and have a good team of contractors, lenders and other disciplines. VERY easy to get in over your head if you don't know what you're doing.

If you can find a solid deal or house hack locally, do it, but just beware of the fact that CA is not a big landlord friendly state. I'm originally from San Francisco and ultimately chose to invest out of state because of that fact. Here's an example of what I'm referring to -> "Justice for Renters Act". 

If the numbers make sense for you, then by all means, go for it. Definitely suggest continuing to learn via books, local meet ups and finding a mentor. I al

Happy to answer any questions you might have. Good luck on your investing journey. 

Quote from @Hayk Sarkisyan:

Hi all, I am looking for any advice or your experiences for section 8 investing out of state around the 100k mark per house. Anybody have any advice or cities they recommend? I have been considering Jackson, Mississippi.

 Hey @Hayk Sarkisyan. I'm originally from San Francisco, CA. 

With your sub 100k budget, check out Dayton, OH. Had couple clients find some good single family homes within that budget. Let me know if you have any questions. 

Quote from @Devyn Jacobs:

Hello!

I am new to the BP form. I have been connected with BP for the last couple years by just dipping my toes in the water occasionally, but this year I am looking to jump in! 

If you can house hack locally and the numbers make sense, do it. You'll learn a lot from your first property in addition to getting to know your city much better. 

If it doesn't work locally, may want to start looking into other markets near you or even out of state. Best of luck on your journey. Happy to answer any questions you might have. 

Quote from @Neil Warren:

what are your thoughts/experience with turnkey for starting

If it's your first investment property, turnkey is the preferred method to learn and not expose yourself to unnecessary financial strain. 

You can still find turnkey deals that make sense but you'll need to act quickly because those deals get locked up extremely quickly. 

@Donna Yu For investments, you're looking at 20% down for a single family and 25% for multi-family. I'm originally from San Francisco and started off as an oos investor back in 2021 before moving to Columbus, OH. You're still able to find some deals that make sense by the numbers out here and it's a night and day difference compared to California with regards to landlord rights. 

Let me know if you have any questions about what it's like as an OOS investor or about the Ohio Markets.  

Quote from @Brendan Novisky:

I've been in the same situation in Columbus, OH. Please share if someone has a stable, honest, property manager. I've been with companies twice that were bought out by national property management companies that don't actually seem to be present. 

 Just sent you some referrals. 

Quote from @Barbara Sheppard:

Thank you, @Mike Paolucci, for your comment.  Very helpful advice about building your team first.  I am exploring now for the best investing opportunity (my first investment), either in-state and out.  This is helpful once I narrow down to a desired market.

Thank you!

@Barbara Sheppard let me know if you have any follow up questions. Happy to be a resource for you and everyone else!