Personal account by investor Keith Weinhold describing his first out-of-state turnkey real-estate purchase in Crowley, Texas. He bought a brick single-family home for $153,000 despite a local property manager advising against it because they believed it would be hard to keep occupied; the investment ultimately failed due to persistent vacancy.
As an investor, I made an early mistake. The first time I ever bought property across state lines, it was in Crowley, Texas, which is just south of Fort Worth. There's nothing wrong with the Crowley market, but I got so enamored of buying this place. My first ever out of state turnkey property. You know why? You know the mistake I made? It looked pretty and it was cheap and it looked pretty. It was a brick single family home. I paid 153k for it despite the fact that before I bought it, the property manager that I was going to use in that market told me, hey, they don't think that's a good property for whatever reason. And I never found out why. But for whatever reason, we don't think we're going to be able to keep that one occupied. I bought it anyway. I was like 1:53k, even though there was someone with local market knowledge right there that told me not to buy it because they couldn't keep it rented. I just thought, it's only 153k for a brick property. I'll buy that. I could never keep it occupied for whatever reason. It was actually a failure.
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