389: Rookie Reply: How to Find a Property Manager & Set up Rentals Out of State

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 5 April 2024

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

Property management is a key component of real estate investing that can make or break your cash flow. Of course, every rookie investor could benefit from having a great property manager on board, but in a competitive market, how do you convince a reputable company to manage YOUR rental property? Welcome back to another Rookie Reply! In today’s episode, we cover not only property management but also out-of-state investing and whether it’s ever a wise decision to change investing strategies from afar. Buying a new property but don’t have an eye for interior design? We’ll show you how to lean into your team and make your rental stand out. We even talk about “haunted” houses! Should you buy one and embrace its eerie history, or run far, far away? Tune in to find out! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to land a GREAT property manager in a competitive market Standing out from the competition with your rental property design How to set up a rental property while investing out of state Why banking and lending relationships are crucial for new investors How to change investing strategies with out-of-state properties Whether buying a “haunted” house is ever a smart investment And So Much More! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-389 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is a real estate rookie episode 389er.
0:05.0	Should you buy a haunted house as an investment?
0:08.6	That's a rookie reply question,
0:09.8	but I also had to ask Tony that same question weeks ago.
0:13.8	Who do you get to help design your renovations?
0:17.3	We will get into all of that today.
0:19.8	My name is Ashley Kerr and I'm here with Tony J Robinson. And welcome to the
0:24.7	real estate rookie podcast where every week three times a week we're bringing you the
0:28.4	inspiration, motivation, and stories you need to hear to kick out your
0:31.7	investing journey.
0:32.6	So today, we're going to get into how to manage a short-term rental from over 2,000 miles away
0:37.6	and how to snag a great property manager for your long-term rental.
0:41.6	We answer the question, does having a relationship
0:43.7	with a big bank really help me as a Ricky investor?
0:46.4	But first, let's get to Ashley's question
0:48.4	about, should you be buying a haunted house?
0:50.7	Is it actually a good investment? All right, so question number one today comes from Kenneth Clark, and Kenneth says,
0:56.0	there's a house for sale on the other side of town that's known locally to be very haunted.
1:01.0	It's been abandoned for at least 10 years years and it's up for sale right now.
1:04.5	It's a four-suite building and just need some cosmetic upgrades and it used to be a hostile decades ago.
1:10.9	So question is, do you rent it out and embellish the
1:13.9	apparent history around it or do you ignore the stories and treat like any
	...

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