All Forum Posts by: Skyler Daniels

 Welcome aboard playa playa.

Thats perfect.  Also include what type of area you want to be in such as near a city center or major employer.  I like my clients to say something to the effect of "I prefer the NW side fo town, but I'll look at anything that meets all my other criteria".

For picking a city, you could find far more experienced people than me to help.....  I honestly use Zillow for sold listings, Google to virtually drive around the neighborhood, and a local contact to verify my picks.  Keep in mind that realtors can't say things like "this is a good neighborhood" or "there is high crime in that area".  Thats called steering and is seriously frowned upon.  Some investors don't understand that and get mad when a realtor won't just tell them where the best schools or nicest houses are.

@Skyler Daniels

I recommend you consider Dallas, TX!

The cash-on-cash return and appreciation are steady.

You should select a market that will meet your investment goals.

While there are numerous benefits to long distance real estate investing, there are some potential drawbacks as well. Here are some of the most common mistakes that long distance real estate investors make:

1. Choosing a market for the wrong reasons

Instead of selecting a market for objective reasons like a strong economy and job market, investors select a city for subjective reasons such as the area being a popular spot for family vacations.

2. Accepting mediocre returns

Sometimes investors try to rationalize paying more for a property because it’s turnkey and already has tenants. Money is made in real estate investing by buying at the right price in order to maximize returns. If the returns don’t measure up, simply move on to another rental property where the numbers make sense.

3. Depending on family members

Choosing a long distance market to invest in solely because a family member lives there is another common mistake.

Long distance investors hope that relatives will become tenants to keep vacancy low or handle any property management issues that come up to reduce operating expenses. By factoring in a “family discount,” owners create unrealistic financial projections for their long distance real estate investment.

Good Luck!

 Hi Skyler, congrats on getting started.  I recommend south-central Wisconsin.  Amazing cash on cash return - an abundance of good deals.  I live, invest, manage, rehab, and broker here.  Feel free to give me a call if you want to discuss.  Good luck

Hey @Skyler Daniels! Welcome to the amazing world of REI! I'm assuming that since you've decided on out of state investing you have already worked out your goals. Thats always step #1! You can find the book on long distance investing here in the BP bookstore written by @David Greene.  

My advice would be to find yourself a reliable team in the area you select. You also want to have a fairly clear idea as to what kind of property you're looking for (the more specific the better). I get calls all the time from "investors" looking for something cheap with value add potential. Yeah, so is everyone else. However, if someone calls and says I want a SFH with minimal repairs within 0.5 miles of the university and at least 3 bedrooms under $175k, I'm more than happy to help!

Good luck and have fun with it!

Hello all, 

I've been studying the real estate game for roughly a year and have been saving money from my W2 to eventually invest in real estate. My money goes to buying stocks and saving for a home to be used as a rental. I am only a year removed from college, have had a full time job as an engineer for roughly a year, and  I am eager to get my foot in the door. Being young I want to start sooner than later. I'm currently searching for deals and in the meantime saving my money for the day it is needed. Any suggestions for a beginner like me? I'd love to connect with some people who share the same interests as me and network with people who have done this before. I love the BiggerPockets community and everything it offers! All suggestions and/or tips are welcome as I actively try to buy my first rental!

 Posting here is a solid way to learn about different markets. Talk to local Realtors. They will have referrals for the rest of your team members

You should consider investing out of state here in Columbus or Cincinnati. The price to rent ratio makes for great investments. Not to mention our appreciation has been 8% higher than the US national average, because of the high demand for affordable housing. Your money will go very far, you'd be able to pick up a multifamily portfolio and start your cash flow. Not to mention Ohio is a landlord-friendly state.

Also, Cleveland also has a lot of cash flow potential, an average Multi-Family property goes for around $140k. https://learn.roofstock.com/blog/cleveland-real-estate-market

Let's connect and we'll see how I can be of assistance. 

Steven

Try Killeen Texas, we have the right mix of cash flow and appreciation being so close to Austin