EP 172: Lessons Learned from Out-of-State Investing with Lesley Ray
May 14, 2021Just because real estate is expensive where you live, doesn’t mean you can’t invest. Out-of-state investing creates a great opportunity. On today’s episode, we talk with Lesley Ray, full-time investor, on the lessons she learned while growing her portfolio out of state.
When investing out of state, having a local solid team is important. We discuss with Lesley why she chose to invest out of state, the key players on her team that help make it a success, the systems she has put in place to grow her portfolio and the story about why she switched from self-managing, to hiring a property manager. Lesley also shares her experience pivoting from long-term rentals to flipping as it more aligns with her interests and experience.
Lesley's background in commercial interior architecture has led her to design and manage multi-million-dollar commercial office renovations for some of the world's largest technology clients in the Bay Area, California. After years of designing for clients, Lesley discovered real estate investing and saw the opportunity to be able to design and develop her own projects. Investing in the Bay Area proved to be cost-prohibitive, so she decided to purchase in Ohio where she grew up. She found her rockstar agent and purchased her first duplex in 2019. Since then, she has acquired 3 more properties: 10 doors (individually and with partners). She is excited to continue growing her portfolio as she expands into flipping and development so she can design her own projects.
On today’s episode, we discuss a ton with Lesley including:
- Details about her first property, a duplex in Ohio
- Why you should request rent rolls during the due diligence period
- Lesley’s favorite way to communicate with contractors out of state
- Why she’s choosing to pivot into flipping
- The key players needed on your investing team
Books/Resources
Rich Dad Poor Dad by Robert Kiyosaki
Contact Information
Email- [email protected]
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