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 this 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. Get the inside scoop to invest—and succeed—anywhere! Everything you need. Different ways — including paying them rewards. The subtleties are on the whole here for you to utilize. This book is justified even despite the venture of your time and cash, particularly thinking about what you could make or lose a great many dollars on only one OOS speculation.
This book will have more an incentive to you contingent upon how far along you are in your voyage. Real Estate is very region explicit. The appalling truth is your preferred system you are finding out about online may not be effective in your general vicinity.
Before, you simply needed to show some signs of life and do what every other person was doing. Presently because of advances in innovation and the web, it is conceivable to put resources into different states where that most loved technique of yours is gospel. Just listen to any of the hundreds of podcasts Greene has done or read some of his blog posts to get the gist of this book. Aug 12, Nayef Kazzaz rated it liked it. A good book.
Needs more focused details. It is a good book, likely one of the best and most comprehensive in its category. However it relies too much on advertising for biggerpockets site and seems this is the main purpose of the book. Another issue, it would seem that there is some inconsistency about the definition of acceptable risk and using financing. Mostly he encourages buying safe low maintenance houses then talks minimally about maintenance then encourages buying run down houses.
I think A good book. I think his strategy changed based on his financial status over the years starting with run down houses that are super cheap them moved up the ladder to lower maintenance houses. Also moved from fully finanaced to buying in cash. However that is not clear in the book. If he rearranges the books somehow then that would be better and less confusing. Feb 14, Public Speaker rated it really liked it. This book will have more value to you depending on how far along you are in your journey.
Real Estate is very area specific. The ugly truth is your favorite strategy you are reading about online may not be successful in your area. In the past you just had to get with the program and do what everyone else was doing. Now due to advances in technology and the internet it is possible to invest in other states where that favorite strategy of yours is gospel.
You are no longer limited by geography. It This book will have more value to you depending on how far along you are in your journey. It is a very interesting read. Jan 14, Kimberly Smith rated it really liked it. As an investor in property that is over 2, miles away from my home, this book was very helpful in thinking through all members of my team and how to create a partnership that worked for all of us.
I appreciate the how-to and considerations called out in this book. It did not earn 5 stars however because, as with other BiggerPockets publications, the editing isn't stellar and there are spelling errors and typos in the book that made it feel a little less professional. I also believe if you spe As an investor in property that is over 2, miles away from my home, this book was very helpful in thinking through all members of my team and how to create a partnership that worked for all of us.
I also believe if you spend a few hours listening to the awesome BiggerPockets podcasts that are co-hosted by David Greene you can get a lot of this info. Nevertheless, it's a great book for someone who is new to the game, or has only invested locally and managed their own properties. Out of state investing is a whole different ball game!
Jul 07, Ryan Bibledingers rated it liked it. Just about everything in the book is basic rental property investing and not specific to long distance investing. Like other reviewers have stated, I bought this book expecting to learn how to analyze markets and pick a city to invest in. I think the main premise, though, is that if you have a good team of people that bring you great deals, you can invest just about anywhere. The main takeaway is to network within REI communities to find a great team to work with.
An important takeaway, but not the takeaway I was expecting. Jul 04, Rolin rated it it was amazing Shelves: nf-finance , nf-real-estate. Being a total novice in real estate investing and having read no other real estate books which would have facilitated in creating a benchmark inorder for effective comparison and appraisal of the book.
I have to agree that I have actually found practical value in this book. The book is written in a simple and easy to follow structure enabling the reader to enjoy as well as benefit from the book.
I loved a lot of ideas the author has familiarized me with especially in the areas of picking teammat Being a total novice in real estate investing and having read no other real estate books which would have facilitated in creating a benchmark inorder for effective comparison and appraisal of the book. I loved a lot of ideas the author has familiarized me with especially in the areas of picking teammates and effectively organizing them in order to get them to their full potential.
Basically show them how they would benefit from putting money in your pocket. The book opened me up to a complete new area of investing and I agree I am kind of excited. Feb 15, Janani Kalpathi rated it it was amazing. Go-to book if you want to get started with the R of Real Estate! Brilliantly written by David and the Bible for out of state real estate investing. If you are as interested as me on real estate investing, flipping and rehabbing, this is THE book to read and retain.
Find out just what they will be doing, how many hours they anticipate it will take, and how they came up with the number they did. You will be surprised by how much you learn at this stage. When I get to this step, I ask him or her to be very conservative and allow for plenty of setbacks. Once he or she has said no, I include in the contract which conveniently is now just your itemized list of the scope of work—score! Furthermore, I include that if the job goes over the allotted eight weeks, there will be a 5 percent reduction in the overall cost taken from the last draw.
If the job goes over an additional week, another 5 percent will be withheld. When you find you have increased equity in your home, one of the first things you should consider is refinancing into a better loan. Another great perk to increased equity in your property is the ability to access the equity through a home equity line of credit HELOC. HELOCs are low-interest lines of credit secured by the equity in your property.
This is why a positive cash flow is so important. It is a hedge against unfavorable conditions and allows us to wait out the storm until it makes sense to sell. Prices can go up, or they can go down. By asking your property manager what upgrades tenants are paying more for, what level of materials are expected, and what your competition is offering, you can pass that information along to your contractor to make sure you get a finished product that tenants will want.
Knowing what kinds of jobs are moving into your area helps you determine what types of tenants are too. Use them. Your property manager is a great way to accomplish this.
He or she is more likely than you to know which employers are moving into an area because your manager will be the one fielding the phone calls from the prospective tenants. If all you did was calculate ROI, you would have no idea how vastly your property was really under-performing.
Your ROE is determined by taking the amount of money your property makes you a year and dividing it by the amount of equity you have, not the amount of money you originally invested. The return on my equity is 3. This is more than a percent increase in my monthly cash flow. Concentrate on building equity first, then turn that equity into cash flow later in your career when you need to live off it. A like-kind exchange is a way to sell an asset and move the gains into a new asset without paying taxes on them.
Upon selling your property, you have forty-five days to identify new properties with which to close on. If you want to add built-in equity to your properties which you should , you are going to have to learn how to rehab a property well. The best deals can often be found on the worst homes. When it comes to a rehab, there are two things that tend to go wrong: 1 The cost of the rehab goes up, and 2 the time of the rehab runs too long. If the project is finished ahead of this deadline by a certain number of days, contractor will be paid a 5 percent bonus based on the total job.
If the work runs past this deadline, contractor will be assessed a 5 percent penalty for the first week. If the job runs longer than a week over schedule, contractor will be assessed an additional 5 percent penalty. Owner to retain final rights of approval for quality of work completed. Once we have an agreed on a contract, my next step is to share with the contractor that I am a real estate investor and there will be professional pictures taken of the project once completed.
The pictures will be top quality and highly detailed. They will be heavily advertised through multiple media. I make sure the contractor knows that the property will be listed for sale and his or her name will be given should anyone ask who did the work. My real intent of these conversations is to build up my contractor subconsciously so he or she really wants to wow me. While this may take some more time and effort on your part, there are several advantages to doing so.
Some credit cards offer substantial cash back. Again, my goal is to add as much value to the property as possible. As a rule, you always want to be looking to add as much value, for as low a price, as possible.
These accounts offer them a discount as high as 10 percent sometimes. This is usually work like the demo, installation of cabinets or countertops, exterior paint, or plumbing or electrical. The easiest method is to ask for photos and video. Since I know someone will be stopping by the house to check on things, I want to take proactive measures to ensure this will be easy for that person to do.
If learning the process of rehab is like climbing a steep mountain, it makes sense to follow the path of those who have gone before you.
When you think about it, there are very few people who are more qualified to give you a great design idea than a good contractor. My favorite method is to call the store, ask for the kitchen specialist, and e-mail or text him or her the pictures. This is what separates real investors from those who just bought well during a recession—namely, the ability to buy an underperforming asset the property and make it a performing asset while simultaneously adding value through increased equity.
The category-two items are not necessary for a property to be livable but may be just what you need to impress buyers, or, in rare cases, renters. In most situations where you, as an investor, are rehabbing a property, these items will be overkill, and you should stop dead in your tracks if you find yourself wanting to include them, and seek outside counsel to ensure this is wise. It rarely makes sense to upgrade an item that is still working and has life left in it.
If you want to get the most use out of your contractors, start by asking them what work they can do themselves and what work they have subcontractors for. It addresses an issue that stops millions of potential investors from ever achieving financial freedom: their location. No longer will your home-base dictate your success.
0コメント