All Forum Posts by: Vicki X.

Hello, I'm looking to trim two big trees in the front yard of a rental property in Cypress TX.  4-5 relative big branches need to be trimmed. Any recommendations for tree trimming providers?  What's the typical cost?  Thanks!

A guest of our recent podcast (also someone who was in CA and invested out of State) mentioned that he wouldn't go with turnkey providers as their offering is so broad that they aren't usually the best options for each specific task. That episode will be released in two days. I can share if you are interested.

If you hope to get positive cash flow immediately in the current environment, the markets and type of properties could be limited. 

Here are major considerations in evaluating different markets. You can search for "top XXX lists" from multiple sources.  However, I'm not aware of a tool that can give you all the answers. If that's the case, no investor will be able to outperform and gain high returns... 

• Your budget: are you looking to buy under $200K, $200-300K, $300-500K or higher? It can help you create a short list

• Population growth, employment growth, wage growth, composition of business types are the most important factors in the health of the market. There are many analysis, charts out there. Specifically. places where the millennials are attracted to are interesting as they are becoming the biggest renter and homebuyer group

  (Note: Be careful with 'historical' data. The top growing markets in the last 2 years are unlikely the most sound choices. Good examples are Austin and Phoenix. Try to add the futuristic lenses into your analysis whenever you can. In the ideal case, there be a "new California" emerging somewhere in the next 10 years. But to be frank, CA's trajectory is impossible to replicate as working remote has become more prevalent, companies more “decentralized”, and more people think about not just professions, but also lifestyles these days).

• Are you able to find trustworthy realtors/PMs or even service providers? Do not get into a market before you know whom to work with. Many investors interview many to find the best one. In my case, I started in the Houston area as my friend had very good recommendations for me. So use your network to get more ideas!

• Run the numbers to understand the cash flow, and pay attention to the major cost such as the effective property tax rates. It typically range from 0.5%-2%+

• Rental regulations as some States are more friendly to renters while some more friendly to investors

• Distance to you. If you find a good area 2-5 hours drive from you, it’ll be easier to meet your team and check out the properties in person

• Certain hazards or costs that you want to avoid. Drought, flooding, snowstorms, tornados, just to name a few

Some other considerations:

• Form an opinion about where you'd like to live in the future, and factor that in. Even if you work with PMs, being close to your properties will still be a plus.
• Also decide whether cash flow is most important for you, or good enough cash flow with less hassle, higher quality tenants, or even appreciation potential. That will determine the type of properties and the price range you want to focus on.

 I replaced mine 1.5 years ago for a 1800 square feet SRF in the Houston Area. Train, about $9K.  

I found Dynamics (owned by Greg) is trustworthy. 

 Check out 

 @Harrison Jones I've invested OOS. I hope the general criteria and considerations below would be helpful for you. 

• Your budget: are you looking to buy under $200K, $200-300K, $300-500K or higher? It can help you create a short list

• Population growth, employment growth, wage growth, composition of business types are the most important factors in the health of the market. There are many analysis, charts out there. Specifically. places where the millennials are attracted to are interesting as they are becoming the biggest renter and homebuyer group

  (Note: Be careful with 'historical' data. The top growing markets in the last 2 years are unlikely the most sound choices. Good examples are Austin and Phoenix. Try to add the futuristic lenses into your analysis whenever you can. In the ideal case, there be a "new California" emerging somewhere in the next 10 years. But to be frank, CA's trajectory is impossible to replicate as working remote has become more prevalent, companies more “decentralized”, and more people think about not just professions, but also lifestyles these days).

• Are you able to find trustworthy realtors/PMs or even service providers? Do not get into a market before you know whom to work with. Many investors interview many to find the best one. In my case, I started in the Houston area as my friend had very good recommendations for me. So use your network to get more ideas!

• Run the numbers to understand the cash flow, and pay attention to the major cost such as the effective property tax rates. It typically range from 0.5%-2%+

• Rental regulations as some States are more friendly to renters while some more friendly to investors

• Distance to you. If you find a good area 2-5 hours drive from you, it’ll be easier to meet your team and check out the properties in person

• Certain hazards or costs that you want to avoid. Drought, flooding, snowstorms, tornados, just to name a few

Some other considerations:

• Form an opinion about where you'd like to live in the future, and factor that in. Even if you work with PMs, being close to your properties will still be a plus.
• Also decide whether cash flow is most important for you, or good enough cash flow with less hassle, higher quality tenants, or even appreciation potential. That will determine the type of properties and the price range you want to focus on.

 Hi Sam,

Here are the major factors in evaluating the markets:

• Your budget: are you looking to buy under $200K, $200-300K, $300-500K or higher? It can help you create a short list

• Population growth, employment growth, wage growth, composition of business types are the most important factors in the health of the market. There are many analysis, charts out there. Specifically. places where the millennials are attracted to are interesting as they are becoming the biggest renter and homebuyer group

  (Note: Be careful with 'historical' data. The top growing markets in the last 2 years are unlikely the most sound choices. Good examples are Austin and Phoenix. Try to add the futuristic lenses into your analysis whenever you can. In the ideal case, there be a "new California" emerging somewhere in the next 10 years. But to be frank, CA's trajectory is impossible to replicate as working remote has become more prevalent, companies more “decentralized”, and more people think about not just professions, but also lifestyles these days).

• Are you able to find trustworthy realtors/PMs or even service providers? Do not get into a market before you know whom to work with. Many investors interview many to find the best one. In my case, I started in the Houston area as my friend had very good recommendations for me. So use your network to get more ideas!

• Run the numbers to understand the cash flow, and pay attention to the major cost such as the effective property tax rates. It typically range from 0.5%-2%+

• Rental regulations as some States are more friendly to renters while some more friendly to investors

• Distance to you. If you find a good area 2-5 hours drive from you, it’ll be easier to meet your team and check out the properties in person

• Certain hazards or costs that you want to avoid. Drought, flooding, snowstorms, tornados, just to name a few

Some other considerations:

Form an opinion about where you'd like to live in the future, and factor that in. Even if you work with PMs, being close to your properties will still be a plus.

Also decide whether cash flow is most important for you, or good enough cash flow with less hassle, higher quality tenants, or even appreciation potential. That will determine the type of properties and the price range you want to focus on.

Your specific questions about costs, types of properties etc, I'd suggest you read a few books or listen to some podcasts. They work the same way whether it's OOS or local investments. 

Sharing some markets I've researched or contemplated on last year. It's by no means a full list or the best ideas:

• TX: San Antonio 
• OH: Columbus
• GA: Atlanta
• NC: Raleigh
• FL: Jacksonville, St. Augustine

@Ryan Denman

I've been managing my local single family houses myself and am testing remote self-managing. Tools for you to consider:

• PM software (rent collection, screening, lease, workorder included. Listing case by case): Azibo, Avail, Innago, Apartments.com, Hemlane, Turbotenant, Rentredi, Tenant Cloud, eRentpayment, Zillow rental manager
• Rental accounting tool: Azibo, Stessa, REIHub, Quickbooks (not specifically for rentals and pricier though)
• Rental banking: Azibo, Stessa
• move-in/move-out inspection: rentcheck

Hope it helps! I’ve used a few and tested many. DM me if you’d like to learn more about the pros and cons.

@Colby Zeller I'd suggest you use rental accounting software to save time and stay organized. Additionally, get some advice from a CPA. 

Some general info for you.

Azibo, Stessa, REIhub are good rental accounting options that offer income/expense tracking, financial reports and tax reports (Schedule E). Azibo and Stessa offer business bank accounts. Azibo also providers many property management features. REIHub is purely accounting. Think about the features that matter most for you and decide. Cost wise, Azibo is free. Stessa has the free and premium versions. REIHub is paid. Azibo and REIHub support double entry accounting. Stessa doesn’t as of today.

Some investors and many CPAs use Quickbooks too. But it’s not as friendly as it’s not designed for real estate and could quickly get pricy.

I’m familiar with these tools so DM me if you need additional info. Hope it helps!

STR and LTR characteristics and cash flows are so different that it's very easy to see which type you are offering. So it's a good idea to always keep the status updated to be compliant.

 Since you are just starting out and don't have a primary home yet, I think house hacking would be the best approach. You can also explore OOS investments in lower cost but higher growth potential areas relative to your home base. Here are some general ideas about OOS.  Hope it helps!

• Your budget: are you looking to buy under $200K, $200-300K, $300-500K or higher? It can help you create a short list

• Population growth, employment growth, wage growth, composition of business types are the most important factors in the health of the market. There are many analysis, charts out there. Specifically. places where the millennials are attracted to are interesting as they are becoming the biggest renter and homebuyer group

  (Note: Be careful with 'historical' data. The top growing markets in the last 2 years are unlikely the most sound choices. Good examples are Austin and Phoenix. Try to add the futuristic lenses into your analysis whenever you can. In the ideal case, there be a "new California" emerging somewhere in the next 10 years. But to be frank, CA's trajectory is impossible to replicate as working remote has become more prevalent, companies more “decentralized”, and more people think about not just professions, but also lifestyles these days).

• Are you able to find trustworthy realtors/PMs or even service providers? Do not get into a market before you know whom to work with. Many investors interview many to find the best one. In my case, I started in the Houston area as my friend had very good recommendations for me. So use your network to get more ideas!

• Run the numbers to understand the cash flow, and pay attention to the major cost such as the effective property tax rates. It typically range from 0.5%-2%+

• Rental regulations as some States are more friendly to renters while some more friendly to investors

• Distance to you. If you find a good area 2-5 hours drive from you, it’ll be easier to meet your team and check out the properties in person

• Certain hazards or costs that you want to avoid. Drought, flooding, snowstorms, tornados, just to name a few