960: No Cash Flow in Your Market? How to Invest Out-of-State Like a Pro w/Jessica and Shyd Coloma and Michael Gallagher

BiggerPockets Real Estate Podcast

BiggerPockets

Investing, Education, Business

4.8 • 16.6K Ratings

🗓️ 27 May 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Looking for monthly cash flow but live in an expensive real estate market? It sounds like you need to start buying rental property OUT of state. After realizing that real estate investing could be the wealth-builder they needed, Jessica and Shyd Coloma wanted to get in the game. But in pricey Southern California, finding passive-income generating rental properties was next to impossible. So, they began looking out of state. Thanks to BiggerPockets Agent Finder, they met Ohio-based agent Michael Gallagher, and now, just a couple of years later, they have a cash-flowing rental property portfolio! Michael was able to quickly show the couple which cities offered cash flow, appreciation, and a bit of both, as well as the parts of town that were seeing the most growth. They ended up buying a duplex for under $100,000, saw instant cash flow, and decided they needed more! In today’s show, they’ll walk through all the numbers of their first and second deals, how their rock star agent saved the day multiple times, and what you MUST look for in an out-of-state investing market. Need an investor-friendly agent? Use BiggerPockets Agent Finder to connect with local agents in your investing area for free! In This Episode We Cover Long-distance real estate investing and how to buy rentals from 2,000+ miles away Building your "buy box" so you know exactly what you want in an out-of-state market Cash flow vs. appreciation and which cities in Ohio offer which benefits Finding a property manager remotely and whether local managers beat national ones Short-term rentals, medium-term rentals, and the strategies to get even more cash flow out of your rental One huge closing hiccup Jessica and Shyd ran into that you should be on the lookout for And So Much More! (00:00) Intro (01:22) Investing Out of State (08:24) $87K First Rental Property! (13:07) Finding a Property Manager (15:06) 2nd Deal in Columbus (23:34) Closing Hiccups and Final Numbers (29:09) Keep Investing in Ohio? (31:29) Ready to Invest Out of State? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-960 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	If you've been on the fence about buying real estate in the current market cycle, maybe you've been looking for property listings in other cities, maybe even found deals that seem like they work, but for some reason you've been hesitant to act on them because
0:15.1	you just don't have connections or boots on that ground in the area that give you the confidence
0:19.8	to go ahead and pull the trigger.
0:22.1	In today's episode, we're gonna talk to two investors
0:24.6	who did it.
0:25.4	They jumped into out-of-state investing
0:27.9	on their very first deal,
0:29.5	and they have some amazing tips and stories
0:31.6	to share with you today.
0:32.6	Welcome to the BiggerPockets Real Estate Podcast.
0:40.2	I'm your host Dave Meyer, and in this episode we're going to be talking to
0:44.0	Sid and Jessica Coloma about deals that they've done in the last year
0:48.8	investing out of state. We're going to learn from them how they went about picking their market and
0:54.2	how they wisely diversified a couple of different investing strategies into just
0:59.6	a single property. That's a really cool approach. We're also going to hear from
1:03.6	their agent Michael Gallagher and how he helped them find the right deal without
1:08.1	them even coming out to visit the market that they invested in. They're going to share the tricks and
1:13.3	tactics that they use and pay attention because these are strategies and
1:16.6	tactics that pretty much anyone can use if you're considering investing
1:20.1	out of state. Let's get into it.
1:28.0	Jessica, Sid, Michael, welcome all three of you to the show. Thanks for joining us today. Thanks for having us.
1:30.0	Thanks for having us.
	...

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