All Forum Posts by: Chris Clothier

If you are looking into Turnkey, another quick read is Turnkey Rental Properties 101 by @Ali Boone.  It's another one you can find on Amazon, and she is an actual turnkey investor so she talks from an investor perspective.  Mine is written from the perspective of a provider giving advice to investors on the process.   Those two books will give you a good foundation for taking that passive route.

There is also The Journey to Simple Cash Flow by @Lane Kawaoka.  I haven't read this one, but I think Lane gives really good advice here on BP and he is also an investor giving his advice from a standpoint of someone who has done what you are looking to do.

@Chad Carson has a book Easy Real Estate Investing for Beginners that focuses on passive income.

I like reading the responses of all three of these posters here on BP.  They give good advice on the forums and all three are investors.  That would give you a half dozen or so books to read and look into.  Each gives advice and perspective and if you are starting out, I would suggest reading them before diving straight into the forums and asking about passive income or turnkey real estate.  You will likely be able to ask better questions after reading the books we've written.

Good luck as you get going.

 I don't want my post to come across as a tacky promotion of my book.  Someone else had already mentioned it, but the moderators removed their post.  I am guessing they tried to link to it and used a link outside of BP.  So, I put the rec. back in without a link!

It is geared toward passive, turnkey buyers and not simply out-of-state investors, so keep that in mind.  best to you

Great recommendation from Min Zhang.  I love David Greene's book, especially for those wanting to be more hands-on and in control of more of the decisions and processes.  It can be daunting, but David does a good job of laying out how to.

The Turnkey Revolution is a book I authored seven years ago about how to buy turnkey real estate.  It lays out steps from researching markets, why to choose a market, finding a team and services, and then how to organize your passive investments.  I won't link it here, but it is available anywhere you buy books. 

@Steven Weadon

Sounds like these are your first three investments?  Congratulations on putting together a plan, taking action, and getting started!  You are already ahead in the game just by being able to take positive steps and get going—best of luck to you and your investment portfolio.

In that scenario, do your current contacts in FL have the ability to help you add an SFH to your portfolio? Again, it takes time to build a relationship with a service provider, and you will likely get the best service and pricing and have the highest comfort level with an existing relationship.

My family's company manages single-family investment properties, and I would suggest, based on my experience, that you work with those with whom you have a high level of trust first. I get no benefit out of giving that advice.  I think it is your highest and best probability of finding an investment you are comfortable with.  If that's not possible, there are any number of markets you can look into for investing, but it is the relationship and trust that will be your biggest hurdles.  

 Sas,

First, you did a fantastic job of taking action with a plan and reaping the rewards. Congratulations on owning three excellent properties. I would rank your results above average without question.   

My advice would be to stick with exactly what you know.  I speak with many investors who think real estate is a never-ending trajectory of upgrading and iterating into more significant, "better" investments.  BP forums can certainly feed into that perception, and it induces a bit of FOMO.  You didn't mention changing asset classes or anything along those lines, but you mentioned hurricane concerns.  I believe those concerns can be mitigated by avoiding close coastal properties.  Based on what you've shared, I would not change anything.  You know the markets and have experience, including contacts and relationships you trust.

I like the idea of purchasing another condo in the same general areas where you have experience, focusing on staying inland where hurricanes may be less of an issue. There is no learning curve and no new relationships to build. Your hurricane concerns are valid, but the price points you mentioned seem well-positioned for affordability and demand while providing nice revenue.  

Some of the best investors I have had the good fortune of knowing were very steady in product, price, and location, and their idea of diversification was purchasing additional units with less concern about changing cities or products.

You've done a heckuva job already putting together your portfolio, and I'm not sure I would look to go to another area and start over.  The juice may not be worth the squeeze.  Best of luck to you - 

 Hi Ivette,

You've already had some local investors post here, which is excellent.  You are in an area with literally thousands of investors.  If you attend meet-ups and search for local area investors here on BP, you will find a lot that are willing to share and help.  You will also find investors who have achieved exactly what you want.

I would suggest really looking hard locally before branching out and buying out of state.  My families' company works with a number of investors in the LA area and have been providing passive investments to investors like yourself for two decades.  And yet, I still advise looking local first.  It will be the most informative route to take and the one that will allow you to learn the most.  It will also undoubtedly be the most profitable over time, but will take a lot of work on your part.  You can reduce the amount of work and time you have to put in, but nothing can beat the learning curve you will be on when you invest locally and hands-on.

If you find that you want to go out of state and be more passive, there are plenty of routes to take, as well as more than a fair share of local investors who invest 100% passively and only out of state. They can also be found at your local REIA meetings and meet-ups and here on BP.

Be patient!  Don't be in a hurry.  There are a lot of professionals here on the site and even users who do nothing but invest, and many of us are here to help if you ask.  I can assure you that the opportunity to get started and build a RE portfolio that provides the long-term outcomes you seek exists today.  It just takes patience and a willingness to connect!

Best to you as you get started ~

 So far, you are asking a question that is tough to answer with any detail.  Why don't you share a bit more about where you are in the process, what you know about investing in real estate, what your goals are - short and long-term, and tell us a bit more about why you are asking your question here on BP?

It helps readers a lot by providing context, and those of us who have some time in the market can look back into our histories and give you some advice.  Right now, any answer is just preference without being able to go deeper and really give you quality advice.

Best of luck @Enrique Hernandez!  Love your story and wish you lots of success.  There are a lot of really good people in the Memphis real estate community, and plenty of people will help.  I avoid the multi-family market here, so unfortunately, I will not be a good go-to here, but I am confident you will find quality resources and help here on BP.  

Congrats on the family and the decision to relocate.  Good luck!

 Hi Kasi,

I reviewed our information in SF as we document everything and found where you contacted our company.  I wanted to clarify a point for readers of this thread and for @Praveen Kumar.  You only looked at pictures on our website; properties were never sent to you.   You would have preferred to see our properties like a marketplace listing, but that is not how we operate.  We are a relationship company.  We value building deeper relationships with investors with whom we align perfectly rather than having superficial relationships with everyone who wants to buy.  I respect your decision not to move forward speaking with our company.  That made it easier for both of us. 

We are a customer service company that happens to work in the real estate industry.  This is how we've earned our reputation over the past two decades.  To maintain our standards, we have a process for working with interested investors like yourself.  We receive between 500 and 700 inquiries monthly from investors who want to learn about our company. Most do not purchase properties, and that is by design.  We only work with investors who take the steps to get pre-qualified and spend a bit of time getting to know our company and allowing us to get to know them.  Even after that process, we only move forward with a fraction of those investors inquiring about our company.

We have many monthly inquiries from investors like yourself who do not want to go through this process and only want to see our available properties.  I respect your decision-making and the fact that you have your process.  However, we are not a marketplace.  We own every property we sell, and our company stabilizes them before offering them to our clients.  Every property is sold one-on-one, where we provide investors with the information they need to make a good decision.  We don't reach that point until we have had the opportunity to understand what an investor wants, their motivations, long-term goals, and risk profile.  

By helping you remove us from your list, you could focus on other opportunities, and we could focus on other investors for whom we are a better fit.   I wish you the best of luck as you go forward!