Podcast Summary
Long-distance real estate investing: A viable option for investors in competitive markets: Technology enables thorough research and due diligence on out-of-state properties, making long-distance investing a viable option for growth in the real estate market.
Technology has made it possible for real estate investors to conduct thorough research and due diligence on properties in different locations, making investing out of state a viable option that carries similar risks and rewards as investing locally. This perspective is particularly important for those living in competitive markets where prices are high and deals are hard to come by. The Bigger Pockets Podcast featured an interview with David Green, who has written a book on long-distance real estate investing, providing valuable insights and a detailed plan for buying, rehabbing, and managing rental properties from a distance. The book, "Long Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Rental Properties," is currently on sale and offers valuable insights for investors looking to expand their horizons and grow their portfolios beyond their local markets.
Investing in Real Estate with Little to No Money Down: Explore platforms like Rent to Retirement and Connect Invest for real estate investment opportunities with little to no money down, gain immediate cash flow, equity, and appreciation, and secure a foolproof exit plan. Listen to the BiggerPockets podcast for insights and strategies from experienced investors.
There are various opportunities for investing in real estate with little to no money down through platforms like Rent to Retirement and Connect Invest. These opportunities provide immediate cash flow, equity, and appreciation with a foolproof exit plan. Additionally, the BiggerPockets podcast offers valuable insights and interviews with experienced investors, such as David Green, who share their knowledge and strategies for success in real estate investing. Whether you're a new investor or a seasoned veteran, these resources can help simplify the real estate investing process and provide passive income opportunities.
The Importance of Building Strong Relationships in Real Estate Investing: Fostering strong relationships, especially through a 'core 4' team, is essential for success in real estate investing.
Building strong relationships is a crucial aspect of success in real estate investing, as well as in other areas of life. David Green, a former police officer turned full-time real estate agent, shared his experience of how fostering relationships helped him succeed in the industry. He emphasized the importance of having a strong team, or "core 4," to check and balance each other. Green also discussed his journey from buying real estate in new markets to going full-time in the industry and building a successful team. The discussion highlighted the significance of relationships and teamwork in achieving success in real estate investing. Listeners were encouraged to check out Green's previous appearance on the show for some laughs and valuable insights.
Building a dream team for successful out-of-state real estate investing: Finding the right team is crucial for successful out-of-state real estate investing. Look for a lender, agents, property managers, and contractors who can help you buy, rehab, and sell properties on autopilot.
Finding the right team is crucial for successful out-of-state real estate investing. Josh shared his experience of investing in Florida, where he was able to build a dream team that helped him buy houses on autopilot. He emphasized that real estate is real estate, and cash flow and equity are key factors, regardless of the market. However, finding a lender who can provide financing was a significant challenge for him, leading him to Florida where he found a lender with a network of reliable agents, property managers, and contractors. This team enabled him to buy properties that required extensive rehab work, refinance, and pull out his initial investment, making Florida a profitable market for him. This strategy may vary in different markets, but the importance of finding the right team remains consistent.
Building a Strong Network in Real Estate: Offer value to industry professionals like lenders, agents, and property managers to build trust and mutually beneficial relationships. Find them through research, meetups, or referrals. Understand their roles to better assist them.
As a new or experienced real estate investor, building a strong network is crucial for success. This includes finding the right lender, agent, property manager, and other industry professionals. Finding these individuals can be done through various methods such as online research, meetups, or referrals from other investors. Offering value to these individuals is essential for building trust and establishing a mutually beneficial relationship. This could be in the form of providing referrals, offering expertise, or simply being a good listener and providing support. By focusing on how you can help others, you will increase your chances of receiving assistance in return. It's important to remember that everyone in the real estate industry has a unique role to play, and understanding their job functions will help you better assist them. Overall, building a strong network and offering value to others is a key component of success in real estate investing.
Forming successful relationships in real estate investing: Research, show interest, provide value, and attend local events to build strong relationships in real estate investing for growth and valuable partnerships
Building successful relationships is key in real estate investing. These relationships can be formed through finding common ground, showing genuine interest, and providing value. Brian Grazer's approach of curiosity conversations can be applied by researching and understanding the other person's perspective before reaching out. Additionally, attending local meetups and events can provide opportunities to connect with potential partners and mentors. When approaching someone for help, coming with specific questions and providing value can make the interaction beneficial for both parties. Ultimately, fostering strong relationships is essential for growth in real estate investing, as it leads to valuable partnerships and a supportive network.
Leverage experts and technology for long-distance property investments: New investors can make informed decisions on long-distance property investments by relying on experts and utilizing available technology for research and due diligence.
For new investors considering long-distance property investments, it's essential to rely on experts and their opinions rather than trying to become an expert yourself. With today's technology, conducting thorough research and due diligence is more accessible than ever. Outdated fears of making risky out-of-state investments due to a lack of trusted information are now largely unfounded. Websites like Google Drive, consumer reports, online reviews, and referrals provide valuable insights to help make informed decisions. By focusing on finding the right people and utilizing available resources, new investors can increase their chances of success in long-distance property investments.
Verify all real estate investment information for legitimacy: Check rent prices, expenses, area appreciation, and tenant pool online, but also physically verify property structures and rehab progress. Establish a team of trusted professionals and ask for referrals to minimize risks and maximize investment success.
When investing in real estate, it's crucial to verify all information and data to ensure legitimacy and make informed decisions. This includes checking rent prices, expenses, area appreciation, and tenant pool. Utilize websites and programs to simplify the process, but remember that on-site verification is also necessary for physical structure and rehab progress. Establish a system of checks and balances among your team, such as agents, property managers, and contractors, to ensure accurate and reliable information. Always ask for referrals and verify their experiences with previous clients. By implementing these practices, you can minimize risks and maximize the potential for successful real estate investments.
Checks and balances among team members for accountability: Building a strong team for real estate investments requires checks and balances among team members to ensure quality work and minimize potential harm. Investors should learn the ins and outs of real estate for better long-term returns instead of relying solely on turnkey companies.
Building a strong team for real estate investments involves creating checks and balances among team members to ensure quality work and minimize potential harm. The contractor's work is checked by the agent, the agent's work is checked by the property manager, and so on. This philosophy creates a system of accountability that protects the investor from being taken advantage of. Additionally, while turnkey companies can offer convenience, investors should be cautious as they may end up building the turnkey company's wealth instead of their own. Instead, investing time and effort in learning the ins and outs of real estate can lead to better long-term returns.
Learning the ropes of real estate investing is more valuable than a turnkey investment: Gain experience and knowledge from your first deal to make profitable investments in the future, and consider expanding your market for greater profitability.
While turnkey real estate investments may seem safer for beginners, the real value comes from learning the process yourself. The first deal may not yield significant cash flow or equity, but the knowledge gained will lead to better returns in the future. Instead of taking the "lazy road" and paying someone else to do it all, it's better to learn the ropes and apply that knowledge to subsequent deals. The first deal doesn't matter as much as gaining the necessary experience to make profitable investments over the long term. Additionally, expanding your investing horizons by looking beyond your local market can lead to greater profitability, even if it requires more effort and learning upfront.
Find Your Core 4: Trusted Professionals for Real Estate Success: Trust the expertise of professionals and delegate tasks to your core team of 4: agents, contractors, property managers, and more. Building relationships and relying on recommendations can help alleviate fear of being taken advantage of.
When it comes to real estate investing, it's important to trust the expertise of professionals and delegate tasks to those who are better equipped to handle them. This was a common theme in the discussion between David and Josh. They emphasized the importance of finding a core team of trusted professionals, or the "core 4," and relying on their expertise to help grow your business. This can include agents, contractors, property managers, and more. Finding these individuals may require some effort, such as networking or using online resources, but it's a worthwhile investment in the long run. Another important point made in the conversation was the need to overcome the fear of being taken advantage of when working with new people. Both David and Josh acknowledged that this is a common feeling, especially for those new to investing. However, they suggested that building relationships with other successful investors and relying on the recommendations of trusted peers can help alleviate this fear. Ultimately, the key is to focus on finding and working with professionals who have a proven track record of success and a strong reputation in the industry.
Building relationships with experts can help you succeed in real estate investing: Seek out and build relationships with trustworthy individuals for access to networks and expertise, making your journey to success smoother and more efficient. Trust and relationships are crucial aspects of real estate investing.
Building trust and forming strong relationships with people who are experts in their fields can help you succeed in real estate investing. Michael Jordan didn't spend all his time with bench players, and neither should you. Instead, seek out and build relationships with other successful, trustworthy individuals. By doing so, you can tap into their networks and expertise, making your journey to success smoother and more efficient. This is a strategy used by wealthy individuals to maintain their wealth. It's about rubbing elbows with the right people and trusting their recommendations. When starting out, it takes a lot of energy and focus to build these relationships, but once you have them, they can help you move forward with ease. As Josh Dorkin mentioned, it's like getting a big plane off the ground - it takes a lot of effort at first, but once it's in the air, it requires less energy to keep moving. So, find someone you trust, make them like you, and start building your team. And remember, trust and relationships are crucial aspects of real estate investing that we should focus on more.
Learning from experiences in out-of-state real estate investing: Build trust with reputable property managers, learn markets, avoid emotional decisions, and learn from experiences to make informed decisions in out-of-state real estate investing.
While there are risks involved in out-of-state real estate investing, it's important to build trust with reputable property managers and learn the market. Emotional decisions based on fear can hinder potential growth. The speaker shared an example of a tree falling on a roof in Florida, which could have happened in any market, emphasizing that real estate is real estate no matter where you go. The worst experience the speaker had was forgetting to get inspections done on a house under contract, leading to significant damage and a lost earnest money deposit. Despite the risks, the potential wealth opportunity in real estate is significant, and missing opportunities due to fear could result in regret. It's essential to learn from experiences, both good and bad, and continue to build a portfolio through informed decisions.
Empowering agents for financial gains: Effective delegation and focusing on high-value tasks can lead to significant long-term financial gains, even if it means missing out on some deals in the short term. Build a team and invest in markets with ease.
Effective delegation and focusing on high-value tasks can lead to significant financial gains, even if it means missing out on some deals in the short term. The speaker shares his experience of empowering his agent to manage projects, freeing up his time to earn more money and invest in more properties. He emphasizes the importance of finding markets where it's easy to invest and building a team to manage investments. His long-term goal is to have a team in multiple cities and continue buying rental properties while focusing on earning money to fuel further investments.
Partnering with trusted companies for real estate investment success: Investors can expand their business by partnering with companies like DealMachine for leads, BAM Capital for high returns, Relay for easy bank account opening, and seeking help for challenges from agents, commercial loans, or out-of-state banks.
For real estate investors looking to expand their business, partnering with trusted companies like DealMachine, BAM Capital, and Relay can bring significant benefits. DealMachine offers unlimited access to valuable contact information for lead generation and deal making. BAM Capital, a multifamily syndicator with a successful track record, delivers high returns and capital preservation for investors. Relay simplifies the process of opening business bank accounts online, without the hassle of waiting in lines or dealing with long support hours. Additionally, therapy through BetterHelp can help investors prioritize their time and focus on what truly matters in their personal and professional lives. When facing challenges, such as financing out-of-town properties or navigating high property prices in expensive markets, seeking the help of experienced agents, commercial loans, or out-of-state banks can lead to successful investments.
Considering mortgage brokers and big banks for mortgage rates and investing in multiple states with a local CPA's help: Mortgage brokers can find competitive rates, big banks offer convenience, consulting a local CPA in the state of investment can provide valuable tax insights, and managing a few rental units can cover property management costs
When it comes to securing a mortgage, considering mortgage brokers who shop your file around for competitive rates is a wise choice, but using a big bank with branches in various states can also be a time-saving option. Regarding investing in multiple states, having a CPA in the state where you buy might not be necessary since you file taxes based on your residence state. However, it could be beneficial to consult with a local CPA for specific tax rules and regulations. Contrary to popular belief, you don't need 50 units to cover property management costs; even a simple triplex or 4plex can generate enough cash flow. Property managers offer valuable insights and expertise, acting as consultants to help investors navigate new markets. For evaluating real estate deals, utilizing resources like BiggerPockets' suite of calculators can provide valuable assistance in planning and budgeting for potential investments.
Long Distance Real Estate Investing: Finding Success Outside Your Local Area: With dedication and the right resources, anyone can successfully invest in real estate from a distance.
With the right knowledge and resources, long-distance real estate investing can be a viable and rewarding opportunity. In his book "Long Distance Real Estate Investing," author David Green shares his comprehensive system for finding, rehabbing, and managing rental properties in markets outside of one's local area. He emphasizes that the myth of out-of-state investing being risky is based on ignorance, and that anyone can successfully invest in real estate regardless of location, as long as they educate themselves. The book covers topics such as finding the right market, using technology efficiently, building a strong team, and rehabbing properties with cost-effective upgrades. Green also offers bonuses for purchasing the book, including educational resources and live Q&A sessions. Overall, the key takeaway is that with dedication and the right resources, long-distance real estate investing can be a profitable and fulfilling endeavor.
Embracing a positive mindset and learning from mistakes in out-of-state real estate investing: Focus on learning from mistakes and adopting a positive mindset for successful out-of-state real estate investing. Recommended books include 'The Real Estate Millionaire Agent' and 'The Richest Man in Babylon'.
Having a positive mindset and focusing on learning from mistakes rather than dwelling on potential losses is crucial for successful out-of-state real estate investing. David Green, a real estate investor and police officer, shared his experience and emphasized the importance of adopting this perspective to overcome challenges and achieve long-term success. He also recommended some favorite books, including "The Real Estate Millionaire Agent" and "The Richest Man in Babylon," which offer valuable insights for business and real estate investing. For those interested in connecting with David, his social media handles are @davidgreen24 on Facebook, and his websites are greenincome.com and davidgreen24.com. To learn more about this topic and access resources related to the discussion, visit biggerpockets.com/show 257.
Building a strong team is crucial for real estate investing: Focus on building a team of experts instead of going solo for successful real estate investing. Connect with experienced investors, lenders, property managers, and other professionals through networking and recommendations.
Building a strong team of experts is crucial for successful real estate investing. David Green emphasized this concept, which he calls the "Core 4," during his interview on the Bigger Pockets podcast. Instead of focusing solely on finding the perfect deal and then scrambling to fill in the gaps, Green advised listeners to prioritize building a team of rock stars who can help every step of the way. Brandon, the podcast host, shared personal experiences of how this approach paid off for him. He mentioned how he found deals and connected with lenders, property managers, and other investors through recommendations from the BiggerPockets community. By networking with smart people, Brandon was able to build relationships that led him to successful investments. For those who may find it challenging to build a team, Brandon provided an example of how he reached out to experienced investors for advice. By asking a simple question, he was able to connect with experts who offered valuable insights and introduced him to new opportunities. Overall, the message is clear: investing in real estate is not a solo endeavor. Building a strong team of experts can help investors make informed decisions, navigate challenges, and ultimately achieve greater success.
Overcoming Challenging Experiences Leads to Personal Growth: Challenging experiences, despite being difficult, can lead to personal growth and the discovery of inner strengths. Standing up for oneself in tough situations can result in valuable lessons and shape one into a stronger, more resilient person.
Challenging experiences, even those with difficult teachers or authority figures, can lead to personal growth and the discovery of inner strengths. The speaker shares stories of two teachers from their past, one who tried to suppress questions and discourage critical thinking, and another who acted as a dictator in student government. In both cases, the speaker stood up for themselves and learned valuable lessons that helped shape them into the person they are today. These experiences, though initially difficult, served as catalysts for growth and self-discovery. If the speaker could have tea with a fictional character, they would choose Rocky Balboa or Gandalf, inspiring figures who overcame adversity and faced challenges head-on.
Batman and Maximus inspire David with their determination and commitment to their goals: David is inspired by Batman's self-improvement and Maximus' resilience, wanting to become a hero and make a difference in the world, echoing Joseph Campbell's 'Hero with a Thousand Faces'.
Both Batman and Maximus from Gladiator inspire David due to their determination and commitment to their goals, despite facing adversity. Batman, a fictional character, inspires David with his self-improvement and dedication to fighting crime. Maximus, on the other hand, motivates him with his resilience and heroic actions after losing his family. David is drawn to their stories and the idea of becoming a hero, as described in Joseph Campbell's "Hero with a Thousand Faces." If given the opportunity, David would rather spend his resources helping people instead of going to space. He feels an obligation to give back and make a difference in the world. If he had to get a tattoo across his forehead, he would choose the quote "What we do in life echoes in eternity," a reminder of the impact of one's actions.
Preferring the natural state vs alterations: Some value their natural appearance, while others seek attention through tattoos or careers, like the FBI, offer opportunities for growth.
While some people might consider getting a tattoo to draw attention away from imperfections, others, like Josh, prefer to keep their bodies unaltered, comparing it to putting a bumper sticker on a Lamborghini. David Green, on the other hand, is an avid user of analogies in his writing. When it comes to ideal partners, the discussion led to a humorous consideration of turning BiggerPockets into a dating site. For careers, the preference was towards the FBI for its training opportunities, rather than the seemingly boring role of the Secret Service. Lastly, there was a discussion about being aware of surroundings and potential threats, drawing parallels to the character of Jason Bourne.
Finding a trusted partner makes all the difference: A trusted partner can provide safety and confidence in uncertain situations, whether in personal encounters or real estate investing. Use BiggerPockets Agent Finder to connect with investor-friendly agents and make informed decisions with confidence.
Having a trusted and experienced partner can make all the difference, even in potentially unsafe situations. This was exemplified during a late-night encounter in Austin, where the speaker felt safer with a friend who was constantly on the lookout. Similarly, in real estate investing, having an investor-friendly agent can provide valuable guidance and confidence as you navigate the market and pursue financial freedom. BiggerPockets Agent Finder is a free resource that can help you connect with such an agent in your area, allowing you to make informed decisions and take action with confidence. Remember, it's not about timing the market perfectly, but rather consistently investing your time and resources. As always, be sure to consult with qualified advisors before making any investment decisions.
