EP 351: Case Study: My First Out of State Multifamily Deal (Minisode)Feb 28, 2023
Ladies, are you looking to expand your real estate investing portfolio beyond your home state, but feeling intimidated by the prospect of out-of-state investing? Welcome ladies to the Real Estate InvestHER Show! In this minisode, Liz and Andresa explore the often-intimidating topic of out-of-state investing. Through their own experience of purchasing their first multi-family property an hour and a half away from home, our co-hosts discuss their journey in navigating the process. They talk about how despite the distance, they were still able to manage the property through their team of leasing agents, tenant relations managers, bookkeepers, and maintenance techs. They share their lessons learned from making an offer of 3.2 million that was rejected, only to end up securing a deal for 3.3 million that was appraised at 3.9 million. Listen in as they discuss self-management and pivoting to hire third-party management companies, bringing in an owner on the owner's side, knowing your numbers, understanding local market knowledge, and more.
Ladies, this is a must-listen episode of an inspiring story filled with actionable tips on successfully investing out of state!
· “It is important that you know your numbers and you are willing to walk away when a deal does not fit your goals.” (07:27 – 07:32)
· “Walk away when the deal doesn't make sense. You are in the driver's seat. Don't forget that ever”. (08:41 – 08:47)
· “Do not be afraid of turning a deal. If it's the right deal at the right time for you, it will come back and it'll be a learned lesson." (08:49 - 08:54)
· “The team goes deeper than just the “local team”. Find an owner who can represent you and who's part of your core team, your core ownership.” (09:46 - 09:55)
· “When you get presented with deals out of state, you look at your long-term goals. Is this going to help me move toward my long-term goals basis? You need to analyze what works and what's not working for you”. (09:56 - 10:08)
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