Long-Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Rental Properties Audible Audiobook – Unabridged
Live where you want, and invest anywhere it makes sense!
Are you interested in real estate investing but there is nothing to buy that makes sense where you live? Are you tired of seeing the amazing success of others investing in markets better suited for buy and hold real estate and wish that could be you? Do you want to take advantage of wealth building opportunities but are frustrated by the fact there just isn't any way to do that until the next market crash?
Real estate investing is one of the greatest vehicles to build wealth, but it doesn't make sense in every market. 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! Experienced investor and real estate agent David Greene shares his in-depth strategy to build profitable rental portfolios through buying, managing, and flipping out-of-state properties.
- Grow your real estate investing business in any location.
- Build relationships with your team from miles away.
- Learn to recognize coming shifts in any market.
- Use technology to stay informed from afar.
- Apply checks and balances to ensure you find the best deals.
- Understand where to buy, where to avoid, and whom to hire for work.
Don't let your location dictate your financial freedom. Get the inside scoop to invest - and succeed - anywhere!
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|Listening Length||9 hours and 8 minutes|
|Author||David M Greene|
|Whispersync for Voice||Ready|
|Audible.com Release Date||December 21, 2017|
|Best Sellers Rank||
#2,401 in Audible Books & Originals (See Top 100 in Audible Books & Originals)
#8 in Real Estate Investing & Finance
#17 in Buying & Selling Homes (Books)
#17 in Real Estate Investments (Books)
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David Greene has clearly experienced living in a high-priced city and being forced to invest in other parts of the country to make money. He resides in the San Francisco Bay area and started his investing career while being a police officer. That, in itself, is an impressive feat. He mentions in the book a few times that he was a millionaire by thirty, which is definitely something he should be proud of and is definitely an inspiring statement to make.
He attributes 100% of his success to being able to invest in lower priced parts of the U.S. while leaning heavily on his teams in the local areas. He boasts not even needing to see properties and relying almost exclusively on the vendors that he’s created ties with to do his work for him. This is all present state of course, while getting to this period, he points out that he was working 90+ hour weeks to grind his way to success. Everyone who has invested in real estate can certainly empathize with his thoughts as to the work that really goes into investing.
His focus is on two main pieces with each property that he analyzes - He is looking to either create a buy-and-hold property that will continue to be an income stream for him or he looks to flip the house and make a quick bump in capital. Focusing on just these two pieces of work, he has built out an empire in multiple cities, in multiple states, that will likely endure for a long time.
Mr Greene isn’t the most concise writer. Frequently I found myself waiting for him to get to the point of what he was going on about. I don’t know if that’s due to the fact that the book is about 300 pages and I just wanted to get to the meat and potatoes of it, or if because the book itself just wasn’t laid out in a cohesive manner. I’ve been reading real estate related literature for probably about 6 years at this point, and I feel like I generally have a good sense of the information that I’m going to receive.
The book had multiple instances where it would introduce a topic and talk about that topic for 4-5 pages, then it would come to a new sub-chapter and talk about the same topic again, as if it was never introduced. My thoughts on this format are simply that David took a long time to actually write the book. Each of his chapters felt as if they were broken up over many different thought processes that didn’t flow together very smoothly. It seemed as if David would write about something, and just as he was getting to the part where he would stop explaining what it is and actually talk about how he used it, he would be onto the next topic.
The biggest piece of this read that I’m missing is the HOW in his topics. He brought a ton of great topics up, but when it came down to analyzing new markets, or value add information, it felt very light.
Though I complain about the caliber of the writing and the lack of hard specific details, this book does a phenomenal job of giving a high level overview of what David’s thinking about during his investing career. If you can push through the redundancies of his writing style and the mostly high-level topics, you can definitely learn some tips on observing markets. The book serves as a great jumping off point to then go to BiggerPockets.com and research a topic more, or to jump into Google and just start typing in phrases that he introduces. I would recommend this book for someone who is still thinking about getting their feet wet with real estate and needs some confidence building with actually jumping into an out of state investment, but if you’re already an investor who has done your fair share of research you could stand to skip this one, you might pull some nuggets of information, but for the amount of text that’s here, the book leaves a lot to be desired.
One major criticism of his book: it is about twice as long as it needs to be. He says the bulk of the applicable stuff in the middle chapters. Do yourself a favor and utilize the table of contents to get you directly to the information you need. Avoid reading this book cover to cover.
Step 1. Research markets to find a location that has favorable price to rent ratios.
Step 2. Fly over there and see the neighborhoods.
Step 3. Work with lenders, here's some details on how you can structure your business. The types of loans that make sense, how you can control risk etc. Nuts and bolts stuff.
Step 4. Find a property.
With maybe some final chapters on some tactical tips and tricks.
or something like that, I obviously don't know what I'm talking about which is why I bought this book.
First part: Here are ten myths about investing out of state.
This part read like some click bait blog post.
It's probably not bs just reads like it.
Second part: You should be next to your cell phone urgently responding to calls for deals.
What kind of deals are you talking about. Also, just no, not going to further increase the stress in my life to maximal level.
I went on to read something else a little more useful and thus less boring.
David doesn’t fly out and see homes and hands-on manage rehabs himself. Instead, he’s built systems where he uses trusted (but verified) professionals in his OOS markets – realtors, lenders, property managers, contractors. These professionals independently verify each other’s work and report to him using video technology.
You can read through the table of contents to see that most topics you would want to know about are addressed. Most importantly, David doesn’t discuss these topics in just vague generalities. For example, you want to avoid high crime areas? Check the Trulia crime heat map. What smartphone apps are most helpful? He names some. How to motivate your vendors? Various ways – including paying them bonuses. The details are all here for you to use.
This book is well worth the investment of your time and money, especially considering that you could make or lose thousands of dollars on just one OOS investment.