Episode #960
Looking for monthly cash flow but live in an expensive real estate market? It sounds like you need to start buying rental property OUT of state. After realizing that real estate investing could be the wealth-builder they needed, Jessica and Shyd Coloma wanted to get in the game. But in pricey Southern California, finding passive-income generating rental properties was next to impossible. So, they began looking out of state. Thanks to BiggerPockets Agent Finder, they met Ohio-based agent Michael Gallagher, and now, just a couple of years later, they have a cash-flowing rental property portfolio!
Michael was able to quickly show the couple which cities offered cash flow, appreciation, and a bit of both, as well as the parts of town that were seeing the most growth. They ended up buying a duplex for under $100,000, saw instant cash flow, and decided they needed more! In today’s show, they’ll walk through all the numbers of their first and second deals, how their rock star agent saved the day multiple times, and what you MUST look for in an out-of-state investing market.
Need an investor-friendly agent? Use BiggerPockets Agent Finder to connect with local agents in your investing area for free: http://biggerpockets.com/agentmatch
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Join BiggerPockets for FREE 👇
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Expand Your Investing Knowledge With the BiggerPockets Books:
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Find an Investor-Friendly Agent in Your Area:
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Find Investor-Friendly Lenders:
http://biggerpockets.com/findlenders
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Property Manager Finder:
https://biggerpockets.com/findapm
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Hear Dave on The “On the Market” Podcast:
https://link.chtbl.com/OTM
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Watch Dave on the “On The Market” YouTube Channel:
https://www.youtube.com/channel/UCxDXuLvtjJ9Est8PrG3i2VA
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Build Your Out-of-State Investing Portfolio with these BiggerPockets Books:
How to Invest in Real Estate: https://store.biggerpockets.com/products/how-to-invest-in-real-estate?utm_source=owned_media
Long-Distance Real Estate Investing:
https://store.biggerpockets.com/products/long-distance-real-estate-investing?utm_source=owned_media
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View Investment Properties for Sale:
https://www.biggerpockets.com/real-estate-listings?utm_source=youtube&utm_medium=description&utm_campaign=none
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Real Estate Rookie 16 – How to Pick Your Perfect Market: Cleveland vs. Columbus Case Study With Dave Meyer and Jamie Gallagher:
https://www.biggerpockets.com/blog/rookie-podcast-16-dave-meyer-and-jamie-gallagher?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Shyd:
https://www.biggerpockets.com/users/shydc?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Michael:
https://www.biggerpockets.com/users/michaelk504?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Dave:
BiggerPockets: https://www.biggerpockets.com/users/davem27?utm_source=youtube&utm_medium=description&utm_campaign=none
Instagram: @thedatadeli or https://www.instagram.com/thedatadeli/
Show notes at: https://link.chtbl.com/BPRE
00:00 Intro
01:22 Investing Out of State
08:24 $87K First Rental Property!
13:07 Finding a Property Manager
15:06 2nd Deal in Columbus
23:34 Closing Hiccups and Final Numbers
29:09 Keep Investing in Ohio?
31:29 Ready to Invest Out of State?
