Buying Her First Rental (on a Teacher’s Wage) by Looking Beyond Her Backyard w/Lauren Mattina

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 14 October 2024

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

Do you want to buy your first rental property but can’t find affordable real estate in your area? You’re not alone! As a science teacher living in New York City, Lauren Mattina was priced out of her own market. But a simple move helped her find a cash-flowing property and brought her one step closer to financial freedom, and YOU could do the same! Welcome back to the Real Estate Rookie podcast! Lauren never had a high-paying job, but she knew that real estate investing could give her the option of early retirement. So, she continued living below her means and saved for her first property. With NYC out of the question, she turned her attention to Oklahoma City, where she found, bought, rehabbed, and rented out her first single-family home! Are you being priced out of your own backyard? In this episode, Lauren will show you the steps she took to choose an out-of-state market, analyze her first deal, and build an out-of-state investing team. You’ll learn the secret to overcoming analysis paralysis, how to properly vet a property manager, and how to get your offers accepted in a hot market! In This Episode We Cover: How Lauren bought her first rental property (on a teacher’s salary) Analyzing rental properties (and markets) as a complete beginner How to find up-and-coming, out-of-state markets to invest in The number one thing that will help you overcome analysis paralysis The “rule of three” to follow when building your real estate investing team How to make your offers more enticing in a competitive market And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Ask Your Question on the BiggerPockets Forums BiggerPockets Team Builder Buy the Book “Long-Distance Real Estate Investing” Find an Investor-Friendly Agent in Your Area How to Choose an Out-of-State Market for Investment (in 3 Easy Steps!) Connect with Lauren (00:00) Intro (01:13) Why Real Estate? (06:55) Lauren’s First Deal (13:25) Out-of-State Investing 101 (20:34) How to Build Your Team (25:12) Buying the Next Property (28:35) Advice for New Investors (29:20) Connect with Lauren! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-470 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	Today we're diving into the world of real estate with someone who's just getting started.
0:04.4	But don't let that fool you. With only one property under her belt, she's a true rookie,
0:10.3	yet she's already picking up invaluable lessons that all of us can learn from.
0:14.4	Whether you're new to investing or looking for that push to finally get started,
0:18.8	this episode is packed with takeaways for everyone. This is the real estate rookie podcast. I'm Ashley
0:25.2	Care and sadly not joined by my wonderful co-host Tony J Robinson but he's busy
0:31.6	being a real estate investor this week and we will have him back soon. But anyways, welcome to the podcast where every week three times a week we bring you the inspiration, motivation, and stories you need to
0:44.3	kick-start your investing journey. So let's give a big welcome to Lauren Matina.
0:48.9	Thank you so much for having me. I'm so excited to be here.
0:52.0	Lauren I should I ask is that how you say your last name?
0:55.0	Yes, you nailed it.
0:56.0	Okay, okay.
0:58.0	I am always so nervous that I usually always ask or have Tony just say someone's last name so okay. Okay so welcome Lauren today we're going to be
1:06.3	discussing how to select an out-of-state market and how to analyze your first deal as a rookie.
1:13.8	So let's get right into it.
1:15.6	Lauren, before you bought your first investment property,
1:19.0	kind of give us an idea of what your life looked like,
1:22.4	were you working a W-2 job, give us that overview.
1:25.6	Yeah, so I was an M, a science teacher here in New York City.
1:29.7	I live in Staten Island, New York, which is, if you don't know, one of the five boroughs of New York City, so very high cost of living area.
1:37.0	And before that, I was a zookeeper, so I was never in a job where I was making like tons of money and had tons of
1:44.4	disposable income but we made at work and we figured it out so I'm
	...

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