All Forum Posts by: Peter Dorinsky

Quote from @Rajshekar Manaliker:

Hello Everyone, 

I am a resident of Washington State but I am looking out for leads and suggestions on which states are good for BRRRR to invest in. If Yes, how feasible or best way possible to judge the property and analyze the repair cost and be successful?

Hey Rajshekar, if you're looking for affordable markets with BRRRR opportunities, I would also suggest checking out the Midwest markets. Ohio specifically has some great BRRRR markets. And to reiterate, building your out-of-state team is going to be vital to your success investing OOS. Having a reliable PM and contractor to assist you in analyzing deals will help you run more accurate numbers.

Quote from @Tanuj Yadav:

Just curious but I was talking to few of my friends who invest in real estate but they are mostly investing in the city they reside or neighboring states. I have done couple of investments in the city I live in. What is the reason lot of investors don't invest out of state far way? Is it because they don't know the area well or its a headache to manage investments far away? I am looking to invest out of state (excluding neighboring states) so wanted to know what challenges to look forward to.

Like has been said, building your core-4 is fundamental to successful out of state investing. Building trustworthy relationships with an investor-friendly agent, lender, PM, and contractor who can give you reliable market data and have proven track records can take out a lot of the guesswork. With that said, it's ideal if you're able to visit the market you plan to invest in to learn the area and make in-person connections. Everyone has a different level of tolerance and inevitably there are additional challenges that present themselves when investing out of state. But with the right team in place you can successfully tap into out-of-state markets. I'd recommend reading David Greene's article: https://www.biggerpockets.com/blog/core-four-real-estate-tea...

Quote from @Stefan Fabry:

Hi, my name is Stefan Fabry.

I'm in Northampton, MA. 

I'm a Roockie with one year of studying the ins and outs of RE investing behind me. 

Analysis paralysis plagues me now. I'm sure many have been in that place as well.

I'm curious: what resources have you used to decide where to invest?

I'm grateful for your sharing

Stefan

 Hey Stefan, BiggerPockets is going to be one of your greatest resources as you research markets to invest in. Listening to their podcasts and reading the forums are great ways to learn about hot markets and new emerging markets from fellow investors. Identify your investment goals and strategies and let that be your guide as you research different markets. If you find one that piques your interest, connect with local investors and professionals in the area to gain further insight into the market.

The Midwest markets have been gaining a lot of traction because of their affordability. A lot of these markets are also landlord friendly and offer lower taxes as well. 

Hey Naseema, If you're looking into Ohio I'd suggest researching the Columbus and Cleveland markets. Columbus is rapidly developing from large tech companies expanding their business in the area, most notably is Intel investing $20 billion to build chip manufacturing plants, which is projected to create thousands of new jobs. Cleveland is a great rental market, with a low cost of entry and strong rents. 

If you're investing out of state, hiring a property manager tends to be the most practical option. Building your core 4 is fundamental to successful OOS investing. I'd give this article by David Greene a read: https://www.biggerpockets.com/blog/core-four-real-estate-tea...

Quote from @Nikash Rajeshbabu:

Hey all, 

Hope everyone is doing well! My business partner and I are 3rd-year college students (I'm studying electrical and computer engineering at Rutgers and he's studying data analytics at UIUC) and are looking to buy our first rental property (our buy box includes SFH and multi-family) out of-state this year. We have taken a lot of interest in the Columbus Ohio market and have been trying to research the area. We would appreciate any help from investors and locals in the area to give us some guidance and advice regarding the area! Please feel free to reach out to me directly as well, I am more than eager to hop on calls with investors to get a feel for the area. Thanks so much guys!

Hey Nikash, there's lots of development happening in the Columbus market with many big tech companies expanding their business here, contributing to job and population growth. Columbus is also home to many major hospitals, universities and retailers that are also contributing to this growth in the market. If you're looking for an emerging market with long-term appreciation potential, Columbus is a good market to research. Happy to connect and chat more if you're interested in learning more about the area!

Quote from @Savannah Walbert:

Hello! My fiancé and I will be beginning our real estate investment journey in 2024 and are looking for any suggestions or pointers as we make some of our initial decisions.

We live in Los Angeles, so it’s probably not surprising that we are leaning toward out-of-state investing. Combined we are making about 250-300k annually pre-tax. However, we aren’t W2 employees, all that income is from 1099 independent contractor work, which of course will limit what financing we can qualify for.

We have 100k+ saved in the bank, but don’t want to plow all of it into our first deal. Ideally we will find a (relatively) low priced market to be able to get into without putting up huge amounts of capital.

If it were possible to invest within driving distance we would love that, since we are a little nervous about dealing with any renovations or even just unexpected maintenance from out-of-state. However, I think the prices in California will cause us to invest out of state and we will just have to learn how to set up the right systems and processes to deal with issues as they come up.

Any pointers on decently priced markets that we could get into in 2024 for a solid first investment property would be much appreciated. We are open to single and multi family, although we’d prefer multi of course. We also aren’t set on doing long, medium, or short term, and would be open to advice about which way will probably be best for our given situation.

Thank you and look forward to starting our investment career!

Hey Savannah, I also recommend starting locally for your first deal if possible. Getting connected with an investor friendly agent who can source deals both on and off the market will help with finding a deal within your budget. 

If you're interested in out of state markets, there are some great opportunities in the Midwest markets. A lot of markets in the Midwest are landlord friendly and offer a lower barrier-to-entry. Ohio in particular is seeing a lot of growth, especially in Columbus. Many big players in the tech industry and expanding their business in the Columbus market and propelling job growth. 

If you decide to go the out of state route it'll be vital to connect with local professionals in the area and build your core 4: https://www.biggerpockets.com/blog/core-four-real-estate-tea... 

Quote from @Jay A.:

Hi all,

I am looking to invest out of state in the Columbus OH region. 

I was hoping to connect with any investors, agents, Property managers in the area to hear your experience!

thanks!

Hey Jay, would be happy to connect with you and help answer any questions you have about the market. 

Quote from @Kelvin Ng:

Hi everyone!
I'm new to REI and I'm interested in buying small multifamily properties whether it be duplex, triplex, or quadriplex. Preferably tri/quadplex. I'm currently living in Williston, VT and I'd like to go about this virtually. Not much locally around me, or at least nothing I find worth investing in at the moment. I think Ohio would be a good start virtually. What are your go to places for MF properties? Thanks!

Hey Kelvin, there is great opportunity in Ohio if you're looking for MFH's. If you're just starting out researching markets I'd suggest looking into Cleveland and Columbus. Cleveland is a great market if you're looking for cash-flow deals and the Columbus market is rapidly growing as a result of some of the largest players in the tech industry expanding and growing their business here. If you're looking for a market with great long-term appreciation potential, Columbus would be worth looking into. 

Hey Jake, welcome to BP! Would love to connect!

Quote from @Farah Tatis:

Hello everyone!

My name is Farah. I started my  investing journey in real estate in 2020 and managed to acquire a couple of multi family homes. I am looking to learn more about buying out of state and doing quick small flips and purchasing properties to rent to section 8. Looking forward to being part of this amazing community ❤️

 Hey Farah, welcome to BP! If you're researching out of state markets, there are some great opportunities in the Midwest. A lot of the markets are landlord friendly and offer lower price-points and lower taxes. BP is a great place to connect with professionals and assemble your out-of-state team.