Classifieds
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated 1 day ago on . Most recent reply
Looking Out of State
Good Afternoon BP!
What would be some markets you would suggest getting into, starting out? Looking for SFH to start and build a portfolio from there. We currently live in Maine, and the Market here is not great, not a lot of opportunities for what we are looking for. Currently looking for turnkey properties where we can learn without the hassle and worry of rehabbing out of state.
Thank you in advance for any and all advice!
Most Popular Reply
#2 Starting Out Contributor
- Flipper/Rehabber
- Pittsburgh
- 4,196
- Votes |
- 5,206
- Posts
#2 Starting Out Contributor
- Flipper/Rehabber
- Pittsburgh
i hear you on being challenged in your own market, but OOS can be really tough, especially if you don't have a network in the place you're trying to buy in - it seems like a lot of the time, buying a random turnkey property thousands of miles away does not end up working out for folks like they think it will. for example, it costs more to get started; the cash flow does not materialize; the turnovers are tougher when you can't supervise them yourself.
if you cast a wider net and go 1-2 hours out, does that help? i'd strongly encourage you not to give up on being local or local-ish.
here are some threads to read and learn from...
tenants breaking leases and excessive damage make it hard to be profitable
Memphis Turnkey Tenant Turnover Costs
Sell at a loss or rent at a loss
https://www.biggerpockets.com/forums/963/topics/1195280-expe...
https://www.biggerpockets.com/forums/48/topics/1160450-run-i...
https://www.biggerpockets.com/forums/48/topics/1137397-balti...
https://www.biggerpockets.com/forums/52/topics/1010977-12-00...