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960: No Cash Flow in Your Market? How to Invest Out-of-State Like a Pro w/Jessica and Shyd Coloma and Michael Gallagher

960: No Cash Flow in Your Market? How to Invest Out-of-State Like a Pro w/Jessica and Shyd Coloma and Michael Gallagher

FromBiggerPockets Real Estate Podcast


960: No Cash Flow in Your Market? How to Invest Out-of-State Like a Pro w/Jessica and Shyd Coloma and Michael Gallagher

FromBiggerPockets Real Estate Podcast

ratings:
Length:
42 minutes
Released:
May 27, 2024
Format:
Podcast episode

Description

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! 

In This Episode We Cover
Long-distance real estate investing and how to buy rentals from 2,000+ miles away 
Building your "buy box" so you know exactly what you want in an out-of-state market
Cash flow vs. appreciation and which cities in Ohio offer which benefits 
Finding a property manager remotely and whether local managers beat national ones
Short-term rentals, medium-term rentals, and the strategies to get even more cash flow out of your rental
One huge closing hiccup Jessica and Shyd ran into that you should be on the lookout for
And So Much More!

(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? 

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-960
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com.
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Released:
May 27, 2024
Format:
Podcast episode

Titles in the series (100)

Imagine you are friends with hundreds of real estate investors and entrepreneurs. Now imagine you can grab a beer with each of them and casually chat about failures, successes, motivations, and lessons learned. That’s what The BiggerPockets Podcast delivers. Co-hosted by Brandon Turner and David Greene, this podcast provides actionable advice from investors and other real estate professionals every week. The show won’t tell you how to “get rich quick” or sell you a course, boot camp, or guru system; instead, the BiggerPockets Podcast will give you real strategies that work for real people. Start listening and join the over one million members who are learning to invest so they need Bigger Pockets! Visit biggerpockets.com, and follow Joshua Dorkin @jrdorkin, Brandon Turner @BrandonAtBP and David Greene @DavidGreene24.