All Forum Posts by: Steve Kontos

Hello all,

We have several projects in the pipeline this fall that are gut renovations, all mixed use (commercial on the bottom, apartments above). We are looking for a purchase/construction loan. The state we are in is Tennessee. Any help would be greatly appreciated.

@Tara Eggenspiller

Forget about using the funds you have towards something as I believe it's impractical. I would find other ways to leverage, either via your credit or your retirement account and purchase an investment property that way (preferably your credit). Now obviously you need to approach this with discipline but if done correctly, you can grow from there. This is how I started.

@Edwin De leon

I would go to REIAs and other networking events for exposure. It's important to meet other individuals who have successfully invested out of state. You have 2 ways to handle this as a newbie, you can link up with the successful out of state investor to find a way to work together OR you can just collect as many answers to your questions and just go at it by yourself. As someone who was once in your shoes, I linked up with successful investors and just worked with them until I got to the point that I could do deals on my own.

Hope that helped.

@Rich Tenor

Sure feel free to message me.

@Slim Geransar

I have been investing out of state for 15 years now and love it. I am happy you took the plunge and see the fruits of your labor go further versus this over saturated and over regulated state we live in.

@Clint Vonburg

That method is exactly how I started in this business and as a result, have access to large lines of credit at low interest rates. There is a discipline to this and needs to be done with caution. Also, you need to know which cards are currently offering low interest rates.

Best of luck!

@Kai Soremekun

As someone who strictly invests out of state (I am based out of NY), I can tell you that your funds will go a lot further. I do not think you should blow through all of that on one deal either. You need to network and speak to successful real estate investors. These individuals have their fingers on the pulse and can guide you to better, off-market opportunities. I believe that with your background in content creating and a decent amount of funds, you can build a good side hustle for yourself.

One other thing, if you have such a high credit score I would leverage that (as I have) to gain access to FURTHER funds for more deals. You are leaving behind a valuable source in that. 

Best of luck!!

@Juan Vargas

I personally started my business by leveraging credit and now own/operate a multi-million dollar real estate portfolio. It requires discipline and staying the course. It is not for everyone but if handled correctly, can be very lucrative. 

Any day you're alive and kicking

@Jeffrey Sou

Hello fellow NYer. Yes our state is terrible when it comes to property laws. If you are considering investing out of state, please speak to those who have done it successfully and really understand how it works because it is a relationship driven business. I have been investing out of state for 15 years now and having someone familiar with the area, specifically pockets of growth opportunities helps out tremendously versus just choosing an area because it looks good on paper.