909: 6 Expert Tips for Out-of-State Real Estate Investing

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Investing, Business

4.8 • 16.6K Ratings

🗓️ 7 March 2024

⏱️ 23 minutes

🔗️ Recording | iTunes | RSS

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Summary

Can’t invest in your own backyard? Out-of-state investing is the way to go! With it, you can invest nationwide, finding more cash flow or appreciation potential than you would in your local area. But managing a rental property portfolio from hundreds, if not thousands of miles away, isn’t always easy. Thankfully, we’ve got two time-tested out-of-state investors with six killer tips to share on making your next long-distance investment as profitable and painless as possible. Whether you’re buying short-term rentals, long-term rentals, or something in between, these tips can help ANYONE find financial freedom faster, deal with fewer tenant headaches, and save a ton on future maintenance bills. The best part? You don’t have to check in on your property every other week to ensure it’s safe and sound, but you will need local help if you’re trying to take your investment to the next level. What exactly do we mean? Stick around; we’re walking through all the top tips you need to know. Want more tips for out-of-state investing? Pick up David’s book, Long-Distance Real Estate Investing! In This Episode We Cover: The top six expert tips for buying and managing out-of-state investment properties Cash flow vs. appreciation and why you MUST know what you want BEFORE you buy an out-of-state rental The real estate market “fundamentals” that point to a phenomenal investing area Investing with your end goal in mind so you can quit your job or retire a multimillionaire Local laws that can DESTROY your investment if you DON’T know about them The “boots on the ground” team that’ll keep your property in tip-top shape (no matter where you are) And So Much More! Links from the Show Find an Agent Find a Lender BiggerPockets Youtube Channel BiggerPockets Forums BiggerPockets Pro Membership BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Podcast BiggerPockets Merch Join BiggerPockets for FREE Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts Get More Deals Done with The BiggerPockets Investing Tools Find a BiggerPockets Real Estate Meetup in Your Area Expand Your Investing Knowledge With the BiggerPockets Books Be a Guest on the BiggerPockets Podcast David's BiggerPockets Profile David's Instagram Rob's BiggerPockets Profile Rob's Instagram Rob's TikTok Rob's X/Twitter Rob's YouTube BiggerPockets' Instagram Try the BiggerPockets Rent Estimator Should You Invest Locally or Long Distance? Books Mentioned in the Show Long-Distance Real Estate Investing by David Greene Start with Strategy by Dave Meyer Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-909 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Bigger Pockets Podcast Show 9.
0:05.0	What's going on everyone? This is David Green,
0:07.0	you are host of the BiggerPockets Real Estate Podcast,
0:09.0	and we have a mini-sewed for you today.
0:11.0	Our goal is to give you the best information in the shortest period of time so that you can spend more time taking action, making money and building that life of your dreams.
0:20.0	That's right, Dave, and today we're going to be giving you six tips for out-of-state investors.
0:24.0	If you want to become one, if you want to do it better, then this show is for you.
0:27.5	So let's get straight into it.
0:28.5	All right, let's get into this.
0:29.5	Tip number one, choose a market that meets your needs as an investor. Now Rob you are
0:34.4	primarily a short-term rental investor so you probably want to pick a market that
0:38.6	you would actually want to visit. What do you look for in a market?
0:41.0	When I got into this game that that was the dream, right?
0:43.2	My whole goal getting into real estate was, by one house for every month of the year.
0:47.6	My big grand goal is if I could have 12 houses that allow me to go to a different house every
0:51.2	year, that's the goal because not only with short-term rentals can I cash flow and cash flow quite a bit over a long-term rental, but other people pay for it and I get to take vacations at these places instead of having to spend two or three thousand dollars on an
1:03.8	air B and B. Yeah great point right so you're always in the sunshine. I think
1:07.5	depending on what your strategy is this is something you should think about. I've had
1:10.6	that same thought what if I just had Airbnbs all across the country
1:14.1	and I stayed at a different property depending on what I was into and I just moved my
1:18.4	family along when I get one to all these properties now not everybody thinks like that though, right? I tend to think about
1:24.1	let me buy in the market where I think I'm going to get the most growth. So I'm going to take more of sort of a
	...

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