How to Buy Your First Rental Property (Out-of-State) in Just 90 Days!
Description
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
Real Estate Rookie Facebook Group
Try BiggerPockets Property Manager Finder
Grab the Book on “Long-Distance Real Estate Investing”
78 Questions To Ask A Property Manager Before Hiring Them
(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
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