Long-Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Rental Properties

Long-Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Rental Properties

by David M. Greene

Paperback

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Overview

Live where you want, and invest anywhere it makes sense.

“It is a common misperception in real estate investing that you should buy only where you live. David Greene has put that myth to rest… This is a must-read for investors who want to expand their real estate empire nationwide.”

David Osborn, bestselling author of Wealth Can’t Wait

Are you interested in real estate investing, but you live in a hot market that is not suited for buy and hold investing? Do you want to take advantage of wealth-building opportunities, but that seems impossible until the next market crash?

Real estate investing is one of the greatest vehicles to build wealth, but it doesn’t make sense in every market. Some locations provide incredible returns, while others make it almost impossible to find a single property that profits. Traditionally, investing out of state has been considered risky and unwise.

But the rules, technology, and markets have changed: No longer are you forced to invest only in your backyard! In his book, real estate investor and police officer David Greene shows you exactly how he's built a multi-million dollar portfolio through buying, managing, and flipping out-of-state properties, often without ever even seeing the properties in person. David shares every tip, trick, and system he has put in place for over twenty rental properties, so you can avoid making mistakes and shorten your learning curve immensely!

What's inside:

  • How to assemble an all-star team to handle each aspect of a deal from A-Z.
  • How to find great deals in any state, regardless of where you live.
  • How to rehab a project from thousands of miles away without worry or complication.
  • How to speak the language of the agents, contractors, lenders, and property managers you will use.
  • How to quickly and easily know which neighborhoods to buy, and which to pass in.
  • How to choose the best materials for your rehab projects and pay the least amount of money.
  • ...And more!

Don’t let your location dictate your financial freedom. Get the inside scoop to invest—and succeed—anywhere!

Product Details

ISBN-13: 9780997584752
Publisher: BiggerPockets Publishing
Publication date: 12/14/2017
Pages: 287
Sales rank: 51,616
Product dimensions: 5.90(w) x 8.90(h) x 0.80(d)

About the Author

David is a real estate investor/agent/author/entrepreneur/police officer in the California San Francisco Bay Area. David's goal is to achieve total financial independence through real estate and to help as many others do so as possible. When not hunting bad guys, he hunts deals and loves talking real estate.

Table of Contents

Chapter 1 Why Invest Out of State? 12

Don't Trust Your Gut 16

Disrupt the Norm 18

Investing in Your Own Backyard 20

The Crop Analogy 21

Chapter 2 The Power of the Internet 25

Finding Homes through the MLS 26

Finding Property Tax Records 27

Homeowner's Insurance Online 30

Ways to Determine an Area's Desirability 30

Determining Rental Rates 34

Finding Past Permits 35

Using Your Smartphone to Manage Your Business 37

Using Technology to Buy Property Sight Unseen 38

Smartphone Apps in Your Business 41

Chapter 3 Rules and Relationships 46

Price-to-Rent Ratios 48

Determine an Area's Price-to-Rent Ratio 50

Alternative Strategies to Buy-and-Hold 55

Vacation Rentals 57

How to Leverage Relationships 58

Chapter 4 The First Members of Your Team 61

The Deal Finder 63

Find High-Producing Agents 64

Agents with a Team 65

Ways to Save Time on Your Search 69

An Agent and an Investor-My Advice to You 76

The Lender 79

Loans for Investors 83

How to Find a Lender 86

How to Reach Out to Lenders 88

Alternative Lending Options 91

The Ease of Electronic Payments 93

Supercharging Your Equity Growth, the Easy Way 94

Electronic Rent Deposits 95

Leveraging Financing 98

Accurately Reporting Rental Income 102

Chapter 5 The Rest of Your Team 105

Finding Referrals 107

What to Ask Before Hiring a Property Manager 112

How to Negotiate Better Terms 117

Leveraging Your Property Manager's Knowledge 118

The Contractor 120

Chapter 6 Understanding Your Market 135

Tracking Property Values 137

What to Do When Prices Are Rising 138

What to Do When Prices Are Dropping 140

Investing in Down Markets, Wherever They May Be 142

Rental Rates 144

Anticipating Rental Rate Increases 147

Following Employment Trends 149

Understanding Your Tenant Pool 150

Chapter 7 Working with the Market 155

Creating an Apples-to-Apples Comparison 156

Understanding Return on Equity 159

Timing the Market 161

The "Headache Factor" and Opportunity Cost 163

Improving Your Portfolio's Performance 166

Timing Your Lease Renewals Correctly 169

Cash for Keys 171

Accept Some Headaches 172

The 1031 Like-Kind Exchange 178

Chapter 8 Managing Out-of-State Properties 181

Give Your Contractor Incentive and Maximize Your Results 185

Create Accountability through Paying a Bonus 187

Create Accountability through Advertising 188

Paying for Materials Yourself 189

Adding Value by Adding Your Own Time 191

Using Your Contractors' House Accounts to Save You Money 194

How to Manage Paying Your Contractor 196

How to Pay Your Contractor 197

The Partnership Mentality 201

Chapter 9 Finding Materials 205

R&D (Rip Off and Duplicate) 207

Finding Design Inspiration 208

Getting Samples from Your Contractor 219

When the Design Idea Is Formed 221

Determining the Value of Upgrades 223

How to "Hack" Your Contractor 230

The Upgrade Hack 231

Four Simple Factors to Determine Value 237

Finance Hacking 244

Chapter 10 Maximize ROI 247

Big Lots Equal Big Opportunity 248

Buying Bad Houses in Nice Areas 252

Chapter 11 Tricks to Find More Deals Out of State 259

Real Estate Owned 261

Short Sales 266

NOD 268

Half-Finished Homes 270

Leveraging the Listing Agent 272

Paying Your Real Estate Agent a Bonus 278

Chapter 12 The Long-Distance Investor 281

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