How to Buy Your First Rental Property (Out-of-State) in Just 90 Days!

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 28 October 2024

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today’s guest bought his first rental property within just ninety days of learning about real estate investing. So, if you’re wondering how to buy a rental property or get started with out-of-state real estate investing ASAP, Jeff Costa is the person to listen to. Instead of sitting in analysis paralysis, Jeff knew it was CRUCIAL to pull the trigger on an investment property once he had heard the podcasts, read the books, and felt educated enough. Within just two years, Jeff has bought two small multifamily rental properties, with a combined four units total, bringing in $1,300/month in cash flow! He was EVEN able to do this recently with higher mortgage rates, and shares EXACTLY what he was looking for, how much money the properties cost, where he chose to invest in real estate, and every FREE tool he uses to do market research BEFORE buying from a distance. If you’re tired of waiting to get in the game but still feel nervous to invest in your first rental, you NEED to listen to this episode. Jeff describes, in detail, each step he took that allowed him to build his rental portfolio fast and a few tips that’ll stop you from choosing the WRONG property manager on your first or next rental property purchase. In This Episode We Cover: How to start buying out-of-state rental properties in the next ninety days The free tools that Jeff uses to scope out a market before he invests in it Why Jeff went “turnkey” on his first investment property (and why you should, too) How to pick a property manager and red flags to look for when interviewing for one Why you must (MUST!) have emergency reserves before you buy your first rental 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 Try BiggerPockets Property Manager Finder Grab the Book on “Long-Distance Real Estate Investing” Property Manager Finder 78 Questions To Ask A Property Manager Before Hiring Them Connect with Jeff (00:00) Intro (01:06) Ditching Stocks for Rentals (03:57) Buying a Rental in 90 Days! (08:49) First Rental ($500/Month Cash Flow!) (13:47) Market Research (16:02) Second Rental ($800+/Month Cash Flow!) (21:24) How to Pick a Property Manager (28:58) Next Steps and Rookie Advice Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-476 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	Are you're nervous to invest out of state? Are you worried that you won't select the right market or be able to build a remote team?
0:08.0	Our guest today has two out of state properties in his portfolio, proving that distance is no barrier to
0:14.1	getting started. Whether you're dreaming of expanding beyond your backyard or just
0:18.5	starting out, there's so much to learn from his journey. This is the real estate rookie podcast. I'm Ashley
0:25.0	Care and I'm here with Tony J Robinson. And welcome to the podcast where every
0:30.2	week three times a week we bring you the inspiration, motivation, and stories you need to hear
0:34.9	to kick start your investing journey.
0:36.4	And today, we'd like to welcome Jeff Costa to the Real Estate Rookie Podcast.
0:40.4	Thanks, guys.
0:40.9	I really appreciate it.
0:42.0	It's like I've come full circle to be on the
0:44.4	podcast and I'm so excited for today.
0:46.2	Man we're super excited to get into your story Jeff and what we're actually going to be
0:50.1	discussing today is how to select your out-of-state market, which is a big thing for a lot of
0:55.4	new brickeys who can't invest in their own backyard. We'll talk about how to analyze and source
0:59.6	deals from afar and the potential impact of a bad property manager and what it can do to your real estate portfolio.
1:06.7	Jeff to start off the show give us a snapshot of your life before real estate investing
1:12.1	what was going on?
1:13.6	Were you working?
1:15.0	Give us a little insight of your life before real estate.
1:18.1	Absolutely.
1:18.8	So I, by W2 Job, am a product manager, which means I run a business inside a business for a technical
	...

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