I have met many investors that have told me that they want to build a rental portfolio but they can't in there market because of the houses being to expensive compared to rents or the taxes on the properties are so High that they will not cash flow.
For example, many investors that I meet from California who want to build cash flow and get the tax benefits of owning rental properties just can't make the deals work there because a small peice of crap house is 200k or more and the rents they can get for the houses just don't cover there payments.
This is the way it is in many states and areas across the country. My advice to them is don't let that stop you. Not all states and areas in this country were affected by the real estate bubble bursting.
Yes, most of the the country has seen some kind of affect by the recent credit crunch but there are many areas that never saw the crazy price appreciation of 50% a year or more. There are many states that just saw a steady rate of 3 to 5 percent. So when the bubble burst the drop was not near as drastic as these high appreciation areas.
take these tips to heart if you are still determined to buy some rental properties.
Like a spy, search for areas that did not reap the rewards of a booming market. Those areas also did not feel the pain as hard when everything went to crap.
When you are succesful on your hunt for those states. Find the big dawg wholesaler in the area and let them guide you through the process of investing in that area. They will know all the right people you need in order to buy your houses, rehab them and manage the property for you. Make sure to find the one that is doing a bunch of business each month because there profits will be on volume and not on one deal. You will save time and money working with them.
Once you find the wholesaler he will know the contacts that you will need. Hard money lenders, long term lenders, contractors to rehab the houses, and also property managers that you will need since you are an out of state investor.
Due your due diligence on the people you meet and make sure they are legit. Once you know then start buying and building you rentals. It is pretty simple to do.
There are alot of investors who have changed there lives because they had enough guts to step out of the norm and go to other markets and invest in other states. Don't let anything or any one stop you in your quest to build a better life.
The key is finding someone you trust. Buying good properties with good cashflow and staying aggressive. Once you decide to get out of your comfort zone and stop accepting excuses for not investing you will have the potential to change your future.
Many investors are doing it and have already done it and have been very successful, Just ask yourself if they can do it why not me.
Be willing to take a little calculated rish and think like others will not allow themselves to think and you will be rewarded. - 15224
For example, many investors that I meet from California who want to build cash flow and get the tax benefits of owning rental properties just can't make the deals work there because a small peice of crap house is 200k or more and the rents they can get for the houses just don't cover there payments.
This is the way it is in many states and areas across the country. My advice to them is don't let that stop you. Not all states and areas in this country were affected by the real estate bubble bursting.
Yes, most of the the country has seen some kind of affect by the recent credit crunch but there are many areas that never saw the crazy price appreciation of 50% a year or more. There are many states that just saw a steady rate of 3 to 5 percent. So when the bubble burst the drop was not near as drastic as these high appreciation areas.
take these tips to heart if you are still determined to buy some rental properties.
Like a spy, search for areas that did not reap the rewards of a booming market. Those areas also did not feel the pain as hard when everything went to crap.
When you are succesful on your hunt for those states. Find the big dawg wholesaler in the area and let them guide you through the process of investing in that area. They will know all the right people you need in order to buy your houses, rehab them and manage the property for you. Make sure to find the one that is doing a bunch of business each month because there profits will be on volume and not on one deal. You will save time and money working with them.
Once you find the wholesaler he will know the contacts that you will need. Hard money lenders, long term lenders, contractors to rehab the houses, and also property managers that you will need since you are an out of state investor.
Due your due diligence on the people you meet and make sure they are legit. Once you know then start buying and building you rentals. It is pretty simple to do.
There are alot of investors who have changed there lives because they had enough guts to step out of the norm and go to other markets and invest in other states. Don't let anything or any one stop you in your quest to build a better life.
The key is finding someone you trust. Buying good properties with good cashflow and staying aggressive. Once you decide to get out of your comfort zone and stop accepting excuses for not investing you will have the potential to change your future.
Many investors are doing it and have already done it and have been very successful, Just ask yourself if they can do it why not me.
Be willing to take a little calculated rish and think like others will not allow themselves to think and you will be rewarded. - 15224
About the Author:
About the author: Jesse Davis is an expert wholesaler in the Jackson, Mississippi, Real Estate market. He has wholesaled over 80 properties this year alone, and he teaches a seminar on how to really be successful in today's market. Go here to learn how to find all the buyers you will ever need to build a massive monthly income in Real Estate today
