All Forum Posts by: Lisa Phillips

You can't be too general - Ok, im investing in DETROIT. Now, you have to get specific. Its a big city, and some areas are much better than others. You have to get specific per neighborhood, and what are the stats for that particular street. Its doable, but not just anywhere. There is really only 15% that is doable for me in that city. Its all you need when you're one person, but it does matter.

Everyone I helped (I have clients who are new investors) get a property has purchased their first rental either out of state, or not in the same area. Its something to be very methodical about when doing it alone, or team up with an experienced investor who can walk them through the process and methodology to minimize risk. 

1.) Connect with someone that exclusively focuses on that price range 2.) Learn their strategies for analyzing that type of market (as its different than other classes 3.) Get some plane tickets 4.) Learn how to vet the team on the ground that will be helping you realize this dream. 

Yes, I am a sub30k advocate - its a controversial strategy, but there is a niche here on BP that specializes in that exclusively and have done very well (all from doing it out of state). But, IF thats your strategy -  you cant ask investors who are only successful in prices that are 70k plus about homes in the 40k price range - you need to ask 40k  experienced investors how to make that happen, and there are a lot of us out here on BP.  Now, on BP, the best way to get to those investors is usually by searching for Sub30k on BP, and definitely check out the video tutorials and interviews on this market class and price point on my page as well. But yes - a lot of people will say you're crazy, but that doesnt stop us. If you want, search the blogs for Sub30k PIGS - I think the discussion below the articles does more for setting things straight than the actual articles do. 

Hi Lashae. 

There is ALOT of information on BP, which can be overwhelming for a new investor. First, I would figure out how you want to make money - buy and hold, flipping, wholesaling, etc. Once you narrow that down, it will be a lot easier to navigate so you can FOCUS on the strategy you believe you will be passionate about (to keep you going) and build the wealth you envision for yourself and your family.

Personally, I am a buy and hold investor for cashflow (making money immediately, not long term), and I try to buy properties in the range of 11k-50k. I share my strategies on doing that successfully, as well as the pitfalls to avoid, and its a bit controversial but we have our own little community here in BP of those who've done it successfully. If that's what your interested, feel free to look at all the freely available video tutorials, and good luck! I definitely prefer buy and hold due to the monthly rental income as well as the long term wealth building - but as steady as it is, its not always as sexy as the new "easy to make money in real estate investing" strategies out there with flipping, notes, etc.

@Ben Stout Financial Freedom!

Now that my husband (who was just as worried about this niche and investment class as I was), we both can ONLY do this investment. Like you discovered; At the end of the day, generalizing about this property class (like many do), is the reason so many gems exist, really. So, it works for us and those willing to have an open discussion/dialogue about it.

@Ben Stout  I think I voted for you about 8 times on this thread. Same message, different messenger, and thanks for putting yourself out there. When you're in this niche, you're sort of treated like a stranger on the train that everyone thinks let rip a silent one.  This is the same strategy that, when I was searched for solutions, help on BP  6 years ago, I could find no one, really, except everyone telling me I absolutely SHOULD NOT INVEST HERE. I have, its been great, and I've been teaching the public since then how they shouldnt over look these gems.

Anyways, come join the sub30k mastermind group, a lot of sub30k investors who have solutions, and answers, a lot of experienced volunteers. The investors on BP are experienced and talented, but when it comes to this sub30k niche, most are so sure you're going to lose it all, when the exact opposite has occurred for me and others: it has literally given my husband and I the ability for me to be a stay at home mom. Im very grateful for this rental property niche, as I know investors who have way more properties that have the exact same cash flow as we do.

Tarik has a wonderful success story in this price range :-)

One way is to find an agent who already sales homes in that price range. The art is how to talk to them so it seems like your not a new investor who doesn't know what they are doing, nor will waste their time (the most important step). I have a few videos on this subject that has more step by step info that's a bit too much to type here. Thanks, and try to join the mastermind group when you can. Good luck!

@Joel M.

The key isn't just that its a 30k home - its what other important factors are specific to the property to make it a decent deal or not. The best way is to educate yourself on what the right metrics are to approach these properties logically and with a system that works each time. So, its about the system to approaching these neighborhoods to maximize the return that is the most important. 

@Molly Krief

A mentor would be great for you and will greatly shorten your learning curve. Especially for learning the ins and outs in the fastest most efficient way possible. It sounds like a lot of people here chiming in would be a great place to start, so you can start by individually reaching out to them through BP, and see if one of these Baltimore commentators have the time to mentor you through the process. That will be the easiest, quickest method to not getting in trouble in investing Baltimore. Outside of that, the school of experience will help, and the time to invest in that experience, it just depends how much time you want to take to get to your income goals.