When you think about long-distance investing, what comes to mind? People usually have reservations about investing out-of-state, but today’s guests took it a step further and invested from halfway across the world. Today’s guest, Caleb Drake, has closed on nine doors with one flip underway.
Caleb was active duty military for fourteen years, and once he joined special ops he was deployed for six months at a time. During those six months, his house would sit, unused, and that’s when he saw an opportunity. Caleb decided to rent out his house through Airbnb. As a new landlord and Airbnb host, Caleb had to learn by doing, a task that was increasingly more difficult since he was self-managing from Iraq, Afghanistan, and Africa. Caleb was able to combat this challenge by building a team that could handle what he couldn’t.
After a few years of investing solo, Caleb joined a partnership to expand his portfolio and increase his profit. His partner was also out of the country, so they switched off who was “on-call” and figured out how to automate their check-in and check-out processes. As the business grew, the partnership adjusted to ensure its longevity. Caleb now hopes to continue to scale his business, add to his personal portfolio, and build wealth in the background.
Ashley Kehr:
This is Real Estate Rookie episode 181.
Caleb Drake:
I would say, I think it’s cliched, but network, network, network, network, everybody. Tell everyone what you are doing and what you want to do, whether that’s, Hey, I want to buy an off-market property or, Hey, I’ve got a quadplex and I want to fix it up, somebody’s going to be able to help you in that. And you’ll be able to create relationships in the long run, go to industrial meetups, go to the BiggerPockets forums, ask the questions and just tell everyone.
Ashley Kehr:
My name is Ashley Kehr. And I am here with my co-host Tony Robinson.
Tony Robinson:
And welcome to the Real Estate Rookie, where every week, twice a…