All Forum Posts by: Wayne Prentiss

I like to stay away from arterial streets, even if the deal is fantastic. It limits the pool of potential customers too much (especially those with young children). I think this is what @MarkG16 was talking about.

We've got one property that has a really messy neighbor, and we regret it. In the future I'd pay more attention to the neighbors.

Asbestos I will take on, if it is siding, which is much, much easier to deal with.

Great topic, with a lot of great responses already. If I could add one thing, I'd recommend you focus on picking the right market first. Some suggestions based on our experience:

• Step 1: Focus on picking, then investigating 3-5 markets (it is really difficult to go deep enough on more than that and you'll likely just be in analysis paralysis). I'd recommend your first pass is based on ability to find units with rent-to-value ratios that are solid.
• Step 2: Use jobs and economic growth to narrow down to 2 markets. Use sites like http://www.city-data.com/ to look at detail...
• Step 3: Build some contacts in those 2 markets. Start with finding 2-3 property managers that are a) interested, b) have good references, b) have an opinion on what you should do. Many turnkey providers have in-house property management, I wouldn't just rely on that (based on experience they can be fantastic or below-average).
• Step 4: Go visit! Use your contacts in Step #3 to get some properties/neighborhoods lined up. Spend time with at least 2 groups to get different opinions. Rent your own car so you can go by areas at different times of the day/night and can get an independent view.
• Step 5: Make a decision and get funds invested. Don't go to the markets and then sit back for 2-3 months. Make a call and go for it unless there is a major concern. Don't let the perfect be the enemy of the good!

Best of luck in your search. As a lifetime west-coaster and ex-pat Californian, I think you are headed in the right direction!

Cheers,

Wayne Prentiss