How to Get Started in Out-of-State Real Estate Investing
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- Опубліковано 5 лип 2024
- Out-of-state real estate investing has a number of benefits. If you’re living in a high-cost-of-living area, out-of-state investing could be the perfect way for you to get your foot into the affordable rental property door. But, going in blind when long-distance investing could hurt you in the long run, so it’s best to know what to do (and what not to) before you buy an investment property in another county, city, state, or even country.
Sarah Weaver and Soli Cayetano both started their investing journeys from afar. Sarah began by investing 500+ miles away while she was living in pricey Denver, and Soli bought her first rental in Cincinnati, a good 2,500 miles away from her native San Francisco Bay Area. Their first rental properties were so successful that they made out-of-state investing their go-to strategy when looking to expand in the future.
So how did they choose a real estate market, get to know local real estate agents, and connect with contractors, cleaners, and property managers? Sarah and Soli will both explain exactly how they find their real estate deals and how they met their boots-on-the-ground team. Plus, they’ll share exactly how you can do the same!
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Grab The Book on “Long-Distance Real Estate Investing”:
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6 Steps for Success in Long-Distance Real Estate Investing:
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Here’s What You SHOULDN’T Do When Long-Distance Investing:
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What Nobody Tells You About Out-of-State Real Estate Investing:
• What Nobody Tells You ...
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Follow Sarah and Soli on Instagram:
Sarah: @sarahdweaver or / sarahdweaver
Soli: @lattes.and.leases or / lattes.and.leases
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Connect with Soli on BiggerPockets:
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00:00 Long-Distance Investing 101
01:08 How to Invest Out-of-State
03:15 Choosing a Real Estate Market
05:44 Finding Real Estate Deals from Afar
06:53 Finding Agents, Contractors, Cleaners and More
08:12 Out-of-State Investing Tips
#BiggerPockets #SoliCayetano #SarahWeaver
What kind of financing did you both start off with for your first units?
This feels like an ad. 😐
Totally feels like an ad, but I love what they are selling, ACTION!
"Function in the fear" I love it!!
Is it me, or did they not speak about how they got funding? I feel like that’s a key piece of the puzzle here
Find a good mortgage broker. Won't be hard if you have the income, credit and enough for the required down payment
Thank you for valuable information. Just start.
finally! some a video worth watching!
I would be interested in a more in depth interview with either one of these investors. I would like to know how they got interested in real estate, and the step by step process to getting a team together and finding the right properties. I know it’s not dupicatable, but we can get valuable tips from each story we hear.
Which websites do you use to find your data on the state?
I have several great resources and can provide data in Louisiana and Mississippi. Let me know if you are interested.
It's easy to buy out of state. We bought in Alabama.
Our property management is excellent.
Where in Alabama are you investing? It’s on my list.
@@amirahh5939 Montgomery, plenty of solid choices when it comes to houses.
I also recommend checking out dothan Alabama, with many people moving to Florida they may start opting to move to Alabama. The city has around 70k people and still close to a Florida beach. The positive thing about Alabama the tend to favor landlord unlike blue states and they have lower property tax.
Another food for thought look into the many apartment complexes for sale across the country perhaps go in with a investor or someone you trust and buy one with 16+ units.
@@HoopsKing25 Great tips. What property management company do you use in Montgomery? Definitely need a quality PM company! Thanks
Single or multi family? Turn key or rehab? Also interested to know how you found a good real estate agent/property manager.
Really nice and refreshing to hear from women in the game! Much respect and success to you both 🥂
Can u elaborate over how u bought out of state proproperties .how u hold title. i.e: under a LLC/your own name? What type of ins to buy on properties & what lenders u used?
This video would have more engagement if you two were not so scripted. Seems forced and very similar to an advertisement. Just have a natural conversation about why you have been successful. Good information none the less though.
I am in Israel investing in Ohio and Kentucky
Information is good, but the video seemed very rehearsed and did not have a real natural flow to it.
back again to watch this informative video
Cincinnati is great especially if you know to maneuver the tough neighborhoods
My hometown. I have two properties here. ❤️
Nice !
Where do you get your market data?
Research the city’s official community plan. It has all the current stats about the area like population, demographic, income in households, etc. Also details a plan about what the city plans to build in the future (housing, recreation, infrastructure). You get a pretty good understanding of the city’s future growth
I am interested in the Cincinnati area as well. Would you be willing to refer me to a good Investor friendly agent I can talk to?
Where can people find the information for the metrics?
It's best to get a realtor in that local market to do the research for you. I am in Louisiana but I would be happy to connect you with a realtor in any market you are most interested in. Where are you most likely to shop?
Smart Cincinnati is at amazing market
This is why I wanna stay here. It’s my hometown.
So we could be inheriting $600k. We have $350k on our mortgage. Would you pay it off or invest it in rentals? Thanx!
Invest in rentals, use your rentals to pay off your house. Live for free. 👌🏽
Watch some Dave Ramsey. Get debt free first!
Invest on rentals
Don't understand all the negative comments. You ladies are super inspirational and awesome!👍
Great video, you both gave awesome tips. And so inspiring seeing a young investor like Soli 👏👏
Thank you, Ridz! I love seeing investors get started in their early twenties like Soli.
aww thank you so much!
“Function in the Fear!”
There is a cracky and raspy ending to every sentence. These deals need money 3%, 5% and so on. Ya need to have some cash to start in this business
Keep up the good work!
Conversation authenticity lacking here.
Those real estate cold calls are the most annoying thing F#@$% thing on the planet
This conversation isn’t even remotely organic or believable
Reading off a script...lol
I feel like everything they said is scripted and didn't feel like a real conversation. Does anyone feel that way?
Love it! I do out of state investing a well.
amazing! where do you invest?
Australian and American investor here. I wish there were more info on international real-estate investing
Berkshire Hathaway is my brokerage and we have the resources and reach for exactly that. Let me know if you are interested in connecting. I would be happy to answer your questions.
Great content.
thank you!
How far BP has fallen.
They need Bearded Brandon back
🥺
They’ve given good tips, no need to be rude.
Focusing on imperfect delivery is an option but there's no success or money in it! Focusing on the content and taking action by writing offers and closing good deals generates wealth.
Thank you. I'm a new investor looking for my first investment. My local population and business environment is not on a growth curve, and VA is not the most landlord friendly state. I've been thinking I need to look at landlord friendly state until my business isn't but at risk due to a single tenant who has to evicted. Thanks for the agent search tips.
cringe
:(
Why? I’m not being a smartass, but I really don’t know. Why is this cringe?
Even more cringey not doing any investing and calling out those doing something.
Thanks for the video, I was interested in investing overseas. I'm from DC but I'm looking to invest in Peru, Brazil, Japan, Angola, Portugal, Spain, France, or Cape Vede. I hope you guys do some videos about that.
I can't handle how scripted this whole video felt. Please Bigger Pockets, don't make more videos like this. 🙃
75+25+25=100
Buy a property out of state. That simple
What are your instagram accounts to follow?