Renting WHILE Building Wealth by Buying Properties Close and Far from Home

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 23 October 2024

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

This rookie investor decided that instead of purchasing her own home, she’d buy rental properties in other areas, helping offset her high cost of living. Within just around a year, Mary Ho has bought a run-down property, performed a six-figure renovation project, got her first renters, refinanced the property, and then bought ANOTHER rental right after! Now, she’s sitting on two properties with three units in total, managing her rentals remotely and building wealth without the traditional boundaries. Mary and her family live in Manhattan, an infamously expensive real estate market. She and her husband wanted to invest, but there was no way they could do it locally. So, she decided to start investing with “training wheels”—investing in a market she was familiar with that was within driving distance of her. She went WAY over budget on this first property, but it worked out in a way that would help her with deal number two! From there, she went much farther, buying a multifamily property over a thousand miles away from home. How did she handle renovating, furnishing, and finding tenants, all while she was so far from her new property? How does she juggle it all with her job and kids to take care of? What’s the secret to her productivity? She’s sharing it all in this episode! In This Episode We Cover: Where mortgage rates are right now for refinances and HELOCs The HELOC hack that greatly minimizes your interest in your next equity line Caeli’s interest rate forecast and where she thinks rates could be in the near future When waiting to refinance could cost you, and whether rates may go UP again The metrics that influence where mortgage rates will go next (what to pay attention to) 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 Find Trusted Property Managers with BiggerPockets Property Manager Finder Get the Book on BRRRR “Buy, Rehab, Rent, Refinance, Repeat” Find an Investor-Friendly Agent in Your Area Should You Invest Locally or Long Distance? Connect with Mary Mary’s Instagram (00:00) Intro (01:52) Interest Rate Update (06:34) Why Rates Went UP (11:59) Should You Refinance? (18:17) Current Refi Rates (19:37) Best HELOC Hack (29:01) Interest Rate Forecast Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-474 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 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 her portfolio proving that distance is no barrier to
0:14.1	success. Whether you're dreaming of owning properties beyond your backyard or just
0:18.5	starting out, there's so much to learn from her journey. From navigating new markets to scaling up smart this episode is packed with tips and real life
0:26.4	strategies to help you grow your own portfolio. Welcome to the
0:31.1	real estate rookie podcast I'm Ashley Kerr and I'm here with Tony J Robinson.
0:36.5	And welcome to the podcast where every week, three times a week, we're being you the inspiration, motivation,
0:41.7	and stories you need to hear to
0:43.4	kick start your investing journey. Now today's guest is Mary Ho and I feel super
0:47.7	fortunate to have met her just at the Bigger Pocket's conference in Cancun issues
0:52.2	with her beautiful daughter. So Mary,
0:54.1	thank you so much for joining us today and I think the most important question is, is your baby going to be joining us as well?
0:59.9	You know what? I banished her upstairs. She's with my in-laws right now.
1:04.4	Because she doesn't always respect the rules of podcasting.
1:07.1	So she'll.
1:08.1	Makes total sense. It's a little hard at that age to get him to play along.
1:11.8	But I'm super excited to chat with you
1:13.4	today Mary what we're going to cover and I think our listeners will get a lot of
1:17.8	value from this but it's how to choose an out-of-state market because a lot of
1:21.6	people maybe don't feel confident investing in their own backyard but there's that hesitation of going out of state
1:26.7	how to actually build and maintain that portfolio remotely and then lastly why networking has been so crucial for you and why it will be so
1:34.6	crucial for most of the folks who are listening and how it might even be able to
	...

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