How to Buy Your First Rental Property (Out-of-State) in Just 90 Days!
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Are you nervous to invest out of state? Are you worried that you won't select the right market or be able to build a remote team? Our yesterday has two auto sy properties in his portfolio, proving that distance is no barrier to getting started.

Whether you're dreaming of expanding beyond your backyard or just starting out, there's so much to learn from his journey. This is the real state rooky podcast. I'm also care and i'm here with tony j.

Robinson and welcome to the podcast where every week, three times a week, we bring you the inspiration, motivation and stores you need to hear to kick out your investing journey. And today, we like to welcome jeff cost to the real at rookie podcast.

Thanks, guys. I really appreciate IT. It's like our comfort circle uh, to be on the past.

So excited for today are super excited. Get into jeff. What we're actually going to be discussing today is how to select your out of state market, which is a big thing for a lot of new workers you can't invest in their own backyard, will talk about how to analyze and source those from a far and the potential impact of a bad property manager and what I can do to your real, say, portfolio.

jeff, to start off the show, give us a snapshot of your life before realist investing. What was going on can give us a little inside of your life before, really? absolutely.

So I buy w two job M A product manager, which means I run a business inside of business, uh, for tactical company. And it's been going great. Uh, I was doing all the traditional investing vehicles for N K, uh, and then we had A A baby.

So somewhere around the time, uh, he got to be about three years old. I I sort of looked at life a little bit differently. And I really didn't like the fact that a lot of my investments were in the stock market, in the mutual funds, and I didn't have the span of control that I would have wanted over those investments.

So I started researching real estate uh and IT eventually let me let me to you guys, uh I started in a redit uh sub forum about real estate investing and everybody be kept talking about bigger pockets. And i'm like, is that some kind of africom, you know, like money talks or time is money and like, or is this somebody y's handle? And I just don't know who they are yet, but eventually a google search LED me to you guys and the message boards and so forth. So that's that's kind of what got me started. But really, IT was all about having greater control over my own.

Jeff, i'm sure during that research, in that time, you also learned how high the fees are when investing in mutual funds till O I could help make your decision transition to real state. So when did you end up purchasing your first property? What was kind of that research and analysis phase before the first purchase?

IT took me three months to do this. This is A I was also listening to brain in Turner, uh, at the time, and you know, he was all about action. So IT didn't take long.

F I just wanted ask because I oma, i'm tracking and you seriously and you can start down this rabbit hole and from the time that you found bigger pockets until actually like finding that first deal, IT was three months. Yes.

yes. And I did a lot of work in the three months. I actually went on bigger pockets. And instead of using the agent final as actually looked at agents who were active in the community and agents that we're posting, and I was looking at the answers and how engage they were. And then a lot of the same agents have their own portfolios in their personal profiles.

So what I was looking for was someone who had done this before was definitely familiar and comfortable with the investors as clients. And and that got me in there. The other part of this was whatever you're learning something new, there's like a whole vocabulary that you are unfamiliar with. So i'll be just like the first couple calls there. There was in tourism, one over my head, then I had to skill up on um, but I tried to learn as quickly as I could.

Jeff, I gotto ask some questions to, because I think you accomplished something that a lot of folks are listening to. This podcast have not yet been able to do. Ninety days is incredibly fast to go from finding out who bigger pockets is, actually finding that first deal.

And that sounds like what I want to be able to share with focus, like how you are able to move so quickly. I feel like the Normal time friend that actually I see on this podcast is like twelve to eighteen months of people kind of do in whole education, peace and kind of dip in their toes in the water. But you want four or four. So i'm trying to cover how you move so quickly. That sounds like one piece is you found in agents that was already active in bigger pockets and have their own port volie over some of the other things you do IT that allowed you to move so quickly.

Ah so as as a product manager, I do a lot of customer research and research in general because when you're building a software product, you have to make sure that you're building the right thing that someone wants. And there's a lot of analytics that a one of that and analytical thinking. And I tried to apply that to everything I was doing in real step, as I feel like the skills are very, very transferable.

So what did I do? To answer your direct question? Was I started consuming as my podcast, as I could with all of my free time, driving, running, anything I could do to to get, again, Better versed in the vocabulary and understanding some of the common problems.

I started looking at land, of which you've always heard, that the land is a hot market. The southeast in general, is growing. Why would I just look my own backyard? So I started doing that first, and then quickly ruled IT out, because the properties that I was finding in atlanta that I could potentially self manager travel to and short distances really were out of my Price range.

And I was looking for something right around the two, fifty, three, fifty market. Everything that I could find in atlanta, h was just the condition, or the neighborhood was really poor. So that let me back to upstate new york, where I was from. I went to school south of buffo and a state university college ical for them.

So I was familiar with that. I went to college shop. Is IT really? yeah. I went to open and then .

I transfer donnie. Oh, so I ve ve been to buffer anytime I grew up in the rochester. So I thought, okay, I know both of these markets very, very well. And I felt that was a little bit of an unfair d advantage because I didn't have to go through learning the zip codes and learning what parts of town were good and bad. That was an accelerant. And then know starting to invest out of state has has its own set of wrinkles that are vastly different because I just can't drive you a property and get a feel for IT. You have to do a lot more detective work on your own and and there are some great ways to do that, which we can certainly talk .

about just a week out for the Ricky audience. You you first said, where can I go? Once you made the decisions, you can go in your own backyard.

You leaned back onto another market that you're already knew, validated that market actually fit what IT is you're looking for. And then you went about building the team. And IT sounds like because of your w two experience that you would lead on kind of a very systematic approach to say, well, here there's no overthinking. I'm just going to lay out the road map and then execute all the steps on the way.

There's product man precept that says just shipped. You probably have heard someone like zoo berg say this, right? You as you ships software, you learn, get IT out there, get in the world going to have worse and you're going to make mistakes, specially learn IT, refine IT and it'll get Better over time. And that's exactly the approach I used was got to get in there and got to get got to get the experience hands on.

Stay tuned after a breakfast for more from jeff. If you're hoping to invest out of state, you will need a team to help manage your properties. Go to bigger markets, a com slash property manager to learn more.

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Our guys welcome back to the show where we are joined by jeff caster.

Jeff, what was your plan with investing in real state? What was your access tratement? Was that just. Buy and hold on forever. Did you have a plan in place as to what you wanted out of your real time?

And my target has been ten properties along. Uh, I I actually glob down to, again, having a daughter. Uh, I glammed ed down to brand and Turners initial comment about i'm buying a house for my daughter, uh putting him on a fifteen year note and when she's ready to go to college you can keep IT or sell IT and boom their tuition I don't know why they stuck in my head.

but I did. It's stuck in my head too. I love that story here.

It's a fantastic way to think about IT. And I really thought about that and not like I would like to leave something like that for my daughter. Perhaps he would be ultimately interested in the same thing, and I can crease from generational wealth in the process. So for me, twenty to you, your question straight by and hold um and and keep growing organically.

Let's go into that first deal if you want to give us a little breakdown of what that entailed, how you source the deal, what the numbers looked like on IT and your strategy was vinh?

Ld, yeah, I I always wanted to do plex because my thinking was, if one unit is vacant, I can always, you know, have some portion of the mortgage covered by the other one. And guys, I want as conservative as I could. IT is a one one duplex in lockwood a, which is a suburb ove buffalo o and and IT was probably the easiest way to get into IT with the least amount of capital I still got.

The the duplex IT was a really great condition and I bought IT back in twenty twenty one four one seventy and IT IT was immediately rented uh like within a month uh of doing that uh purchase. So the the mortgage on that one is eleven, twenty nine and IT rests for one hundred. So the cash flow after my management fees and the mortals about five hundred dollars a month, which I considered to be a win for a very small property. Um but you know I had to go in and do clean up uh find a man's man company to take care of bit in buffo since certainly I was a remote um but I felt comfortable and I mean atlanta and I can get a plane ride above alo and and be there an hour a half if something catastrophe happened but you I definitely one of those boots on the ground people to help.

Did you take the plane ride to buffalo to look at the property before you purchase IT?

I did. But just before I proposed IT h one of the factors I used in uh selected asian was could they actually do a face time with me to walk the property as before we put in an offer. And that was a big criteria of mine. Like like I want to be able to see the basement, I want to be able to see how the rooms well um and that kind of thing. So I was able to see IT but the very first time I thought was I went in ah and flew up the day before closing and dw over to buffer from rochester and got to see the property first time but no surprises uh IT was exactly as I was portrait in in the photographs and in the face time videos jeff and .

IT sounds like you going out there is more so just kind like an emotional think, rick. I just I want to feel good about this decision myself and we talk about that a lot in the Ricky podcast. We're obviously, if you know if you need to do that, go do that.

If you doing a remote, you can get there. But I think what a lot of work's needs to understand is that if this is your first investment that you've ever done and you have an experience, ed real ter, who you found to the bigger pocket agent finder that also invest in that market, has done a bunch of deals. They go walk that property for you, they give you their opinion, you do A A property inspection, and you have a an n by third party go through and tell you every single thing, bigger, small, that could potentially be wrong with this property.

You maybe have a handy man or contractor walk you and give you a bit on what the repairs might be. After all of that, how much value are you actually going to add as a first time investor other than just kind of walk? So yeah, you know, this is what I this is what I thought I was given into, right? So you can illustrate at that point. Jap, but I just want to highlight IT for the Ricky. Going out there isn't a bad thing, but really, really on those experts you hired to give you that confidence.

And before I about, the only thing I could have told told you is, h, this is dirty and need to be clean.

So jeff, we have to always bring this up, but you mention that you bought this property in twenty twenty one. So to make us all grown.

what was your interest rate? A IT was four point five percent for an investment .

property that that's a great right to get right now.

So jeff, was there was only like accident of rehab or was that mostly just kind of cosmetic clean up, like, you know, get in the unit ready for the next .

guest type activities. Clean up there is like the I major thing I did is there was a fuse box. You can believe that in the second floor I replaced with A A circuit break er was probably the extent of IT.

The rest of IT was just pure clean up. A couple of electrical outlets were wired wrong like really, really mind our stuff. So it's been very good so far, jeff.

One followed question on the lending sites. He said the rate was just before percent. Um how did you find that, Linda? And then what type of debt was IT? Was IT you know, commercial dead was IT in your personal name? What just give us the details .

of the dead itself strait thirty um I did learn from you guys like keep your name and your spouse name separate as you're buying properties so that you can have more than I believe the stipulation is ten units per person on your name and IT IT was well spargo. So I used the bank that I was familiar with that also had a branch here in atlanta. So if I needed to go in and get a cash or check, or make a deposit IT, or do something banking related, I definitely had a local bank presence to be able to do that. So that factor pretty strongly .

into my decision. So jeff was the next up. This property have got IT stabilized. You have tenants. What's your game planned from there?

You get the bug. Swear IT just the first time that the the right um comes into you like, wow, okay, this is real uh and it's spurred me to continue looking. And unfortunately, I ran right into the headwinds of everyone trying to buy at the same time.

So I took me a little bit longer to find the next property, but I also try to refine how I was looking for those properties as an other state investor. Again, you have all those tools of boots on the ground in asian. But I used to have a boss, he said, surprises are for birthdays.

And the last thing you want to be is surprised when you're purchasing a rental property. So I got really good at looking at more, more property. So I would use google street maps and look at the property and look at the neighbor's property.

Are they taking care of IT? Do you see um uh landscaping being done today? All all the ages drown shots of the roof. Great if your roof looks great, but your neighbor's rules are dabian ted in new repair like that's a bad side. I got to be really good at looking at all of these different elements that going to where the property is.

And you know if if you look out and you have to get photos in google, google maps worth the holidays, you can see like our people decorating for halloween or are they not uh you know what kind of cars are parked on street? Um I got good at that and looking at at more of the traditional things like, uh, what's the median income for this zip code? And then here's my projected rent.

Is the rent going to be thirty percent of that median income? So I was trying to keep refining my boy box in my criteria, even if there weren't properties that were readily available to me. Again, shout out to brand and where you said you have to look at one hundred properties before you buy one. And I think that the spirit of that is the more research you do, the Better you get at this and the easier IT is to dismiss properties more quickly that don't meet your quick F I.

Just one of the question I for we know how you financing and funded that first uh, property, but for the second one that you purchased was IT just same more because you had saved up going back to walls fargo or how you how .

did you finance the second one? Argo IT is a convenience factor. I go no more good sitting in the same web interface that I had already had for each property though I did create you know a separate checking account and a separate savings account in a separate credit card so I could keep them straight in my account.

Didn't hate me at the um end of the year, uh, but I I decided to do that. I'm just a very abd saver, so we just kept building cash. You know H I anything? I know the rental properties. This was all just saving from w two job. I I tried to be like all the money that coming in and and keep a nice rainy day fun for these properties uh and and keep bring .

so let's talk about the purchase of the next property. So give us a little inside of that deal.

Break down. Yes, another duplex, but this one was a bit larger IT was a two two so uh in in a section of rush around the quote and this one was sold for two twenty. I bought this for two twenty five uh and this didn't happen til August of twenty twenty two to give you some sense of the span of time between the two purchases um and the mortgage on this one is a little was a little bit higher at that time.

I want to see this one is at six percent, six point one percent. Uh, the mortgage is fifteen seventy nine per month. IT runs for twenty six twenty nine, which is really nice.

So I get a pretty significant about eight and forty and cash flow after the management fees on that property. So that's been another great win. Uh, and I did have some we have to do on this one.

So the kitchen in this one looked like grandma's nineteen seventies kitchen, orange countertops. Really dilapidated to cabinet ts, so I I had to go in there and do a full gut on the kitchen. Uh, and that was a little under twenty thousand to get that done.

But IT really helped IT rent. I think IT rented at a higher rate then the unit below IT. And I think that we have really did um help that. So the recurrent government there was .

was certainly positive with that being a bigger rehab. Did you use the same contractor? Did you lean on anybody to get referrals for contractors?

I used my referral from a property manager, and I backed that referral by asking my local realization, rochester, if this was some when he knew about, in view, if they had a good reputation. I wish there were some kind of database where you could go look up contractor reputations like their ebay scores, but there is no such thing. But I got I looked out and I I really got the to work with a great contractor who, you know send me the period photos of the evolution of the demo and the installation got on a few conference calls with the cabinet guy and the ah the contractor and honestly managed to remote like it's almost shocking to to think that you can do a full kitchen and rehab without being there. But that's exactly what happened.

I wanted to add on to your point about recommendations for you know breaking contractors in finding one. There's uh, James danner talk about this at bp con at the conference citing that help pole permits and who look to see who the contractors are that are on the permits. So you can look at how long a permit has been open for you.

So like obviously, if this is a small cogently have and the permits been open for two two years, like this problem is in a great contractor. And you can also look at, you know if there's been any you know means or judge against the contractor too. So he said he does a lot of that back and you know county work to look at the records, the kind of take up basis off of if a contractor has done good work .

or not others.

Jeff will low question the rehab piece. So did you, did you go there at all?

Not ce, not once. IT was all face time videos and photographs. If I had questions wise, this here, we had one problem with the cabinet over the refrigerator.

We sort of all of that out the a phone call the first time I thought was right before I was going to get rented. And I went in the in inspection myself and I was exactly what I looked like. I was how was portrayed the photographs .

and if I think this really illustrates tes the power of that first deal. And we've talked about a lot of this podcast.

But the knowledge gap between the person listening to the podcast who hasn't done any real ate deals and the person who's done in one is so much bigger than the person who's done one and the person who's done to because your first deal you flow out there like let me make sure that everything is actually here to make sure this house exist. We're heading how you're just based on the contract or they hate the cabinet in. And that's the level of confidence that's gained going from deal zero to deal one.

I guess we have take our final outbreaks a while were away. We love to hear from you. Do you invest in real state remotely, just like jeff, you can answer in the spotify APP or in the youtube a APP during the break. Hey.

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Okay, let's a jump back in with jeff.

So we talk a little bit about managing the rehab remotely, but what about is actually managing the property? Now I know you have property managers in place, but you serve to manage the manager. So you just for you being in atlantic properties, being in western new york, what's the experience been for you?

Managing those from a far yeah buffer has been great. No problems at all. I was has been great. My first property manager and rochester was a bit of different story.

I again was looking through my agents role index for, uh, i'm looking for property managers that he would recommend. And he gave me a name of a guy that five of his clients were using, and I called them and introduced myself. And, uh, he seemed legit, and I ended up going with him.

And he was the next military guy. So my blizz brain was thinking processes and rigor and systems, and all of that. I didn't turn out quite that way.

I think every new investor has a little bit horse in this would be mine a ultimately, I started off well, but ended up ghosting me in the middle of a contract about six months into IT. So learn a lot from that one. I guess what what .

did you learn, jeff, like how if you were to maybe trying avoid that as a new rocky wood, what other steps will be taking.

you know, going back to you're coming earlier about like you as you do this, you learn, grow. When I first met him, I went to his office, is in the midwives and rocha stories, got to know little office that he ran, had a conference room while we were in there. He got a phone call.

He's doing his own rehabs. And I like h this guy knows everybody. He's successful. He's he's got connections um and but he's the only one in there. And then i'd look at that now in retrospect, them like no property manager as a solo act.

There should be at least three to four people in there and handle various aspects of the property management thing and the fact that he was working on his own deals, while I was impressive to me as a new bie, is also a bad sign of they're not going to have time to pay attention to my property because they are paying attention to their own. So like again, the things that you think of when you first do this tend to be different over time. Uh and that sort of some of the things I learned um when I asked him about, you know how do you manage these properties? What what rental second do you use like I don't really use one.

I'm kind of gonna want to build my own. And again, rose color glass. At first I I build software, you know, as my w two. So I like, oh, cool, somebody's building software. I can .

definitely google, do jeff and knew what the right fit.

No, I was like, i've really respect that and then you know you come to learn like, no, that's not how works. There are plenty of saw existing software as a service platforms, uh that get you there. And you know don't get me wrong, it's you you can really a go go straight if you're not paying attention to some of this.

And you know at first the rents were coming directly to me, so super fund to get that little zl notification that you got paid. And then I would pay the property manager of a paypal in a noral environment that is not hot works, right? The property manager is the one that does the accounting.

They collect the rent. They give you a disbursement every month. But again, looking back on, I didn't know what I didn't know and that really has changed how I approach the business. Yeah, jeff, I can completely .

really relate. I went through an experience with a property manager company where looking back, there are those red flags and IT seems you that you know you were looking to hire company, but he was really just one solo person. Probably trying to you know cover their own expenses on their properties by managing for someone else.

Um you know the fact that he is not using property management software. I did that when I first started as a property manager because there was none in place, and I literally cried every single night wanted to rip my hair out until I put that property humanity at softer in place. So I definitely see those red flags there.

And with the company I used, I looking back now to their, I didn't ask the right questions and that was a great learning experience. And on bigger pakistan, if you go to, I think it's in the pro articles. There is a section that's like twenty five questions.

You should ask a property manager when you're interviewing them and will try and link IT in the show notes if I can find IT again. But that was a great resource written by Steve rose enberg. And really, you know that the whole part of IT is to how you ask the question.

And we talk about this consistently for any person that you are interviewing. If you are talking to an agent, do you represent investors? Yes, I do.

And maybe they have one investor, but you can change the question and say, how many investors do you do deals for? How many investor deals have you closed in the last six months? You know you can same with loan officers teller, the questions that way to get more specific. And that was a huge learning lesson for me. Yeah.

I think you're right. The questions are Carry out. There are so many ways you can do this detective work.

One thing I found that worked really well with most property management firms have their own website with, there are own listings on that website. Go look at those. Go look at what the photographs looked like, where they taken with an iphone four.

Uh, what's the two of the property? The way great. Are they selling unique things about the property? Um because if you're going to do that on their own website, that probably means that the quality of what you're gonna when they syndicate those listings is going to be equally as poor.

So it's it's a very simple wool thing you can look at and then look at their social media presence and how they're posting about properties. What are they saying? Are they posting about properties um and that kind of thing. So there there's there's some really interesting ways that you can kind of go about also doing your .

homework yeah to go along with looking at their listings that they have in their website. Look at when the rent ready data because if the rent ready date says this is a available on may first, but it's now july fifteen, you know that, that is a vacancy that they've been having set for a long time and hasn't been filled. I also do that too. When i'm doing market analysis, i'll go and find the property managers in area and i'll look at their websites to see too are their properties that are actually sitting.

too. I just one question here, jeff, because you you've made a lot of progress with these two properties. IT seems like the the confidence is growing. The time you basically went like turn key for the first one.

Looking back, would you take that same approach? Or do you feel that you maybe what to focus on like a value at what you do and like a bird? Because I think a lot of people struggle with that idea on that first deal of do I go turn key and just kind of pluggin player? Or do I maybe try and squeak a little bit more you out of that first deal? So knowing what you know know, would you still go turn key first?

Great question. And I think I would do the exact same thing to me was a way to mize risk. And I want to turn myself off to the entire concept of realising investing than by biting off more than I was ready to.

And I feel like I have slowly moved up that scale. And the next thing might be a bird. And I feel like the confidence to tackle that now. But I don't think I would have changed anything. I think I would still use the same process in the same floor.

Yeah, I mean, they seem like they have been successful deals for you going that out. So what's next for you job? What's on the plane? Have you decided to pivot from jumping and working towards ten properties? What's the agenda? Yeah.

the wife now decided to a remodel around basement this year. So we kind of took a year off of investing, uh, to do that. But H, I can't lie. I'm ever not. I'm looking at the other real atas and look at different properties and with the interest rates coming down is certainly more appealing.

Next for me, I think, is to continue that progression like a four plex or in a plus, seeing something that can easily be manageable uh and grow from there, right? I still think there's a crawl walk run method of doing this that has served me well. So not really looking to to to dissuade to, you know, diverge from what has worked. So that's really and then .

what would you say to a rocky investor thinking about getting started today, investing in today's market? Do you have an opinion on that?

I do um I would say do your homework um listen to as many bigger pockets podcasts a as you can until IT becomes second nature to you in terms of the vocabulary and what people are doing. But you actually have to do IT. Uh, there is there is a point in time where you have to get your hands dirty and you have to jump in with both feet. It's going to be scary at first. IT always is, but is the only way you learn and the only way you grow.

Well, jeff, thank you so much for joining us. Tony, any other questions? No.

I think just overall, just like there's one big takeaway that I have from your story, IT said all of the Ricky that are listening, obviously, that the typical things that exercises of how you chose to mark all that is super important.

But I think the biggest take away from your story is just taking action and not getting so caught up and analysis paralyses that you listen to the same podcast a thousand times, hoping to discover that one piece of information going to finally give you the confidence to look forward. And I think so many people are afraid to step out of that comfort zone and take that one little baby step toys. The goal they're working towards just get stuck. So that's the biggest for me. Jeff re, in your stories that you really embody the, hey, let's figure this thing out and and start taking .

some action so jeff, thank you so much for coming on today. And you have inspired so many rockies. I am sure to get started on that first seal or even on to their next property.

You want to find out more about jeff. We're going to link his information into the show. Note you can reach out to them or learn more about his story.

Thank you guys so much for listening or watching. If you're on on youtube, be make sure to like this video to subscribe to the channel. We have a new uh youtube series coming out called rocky resource.

We you get a free downloadable is a template with every single video each week. I'm Ashley and he's tony. And will you guys on the next episode of a really state rocky?