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.
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Dave :
If you’ve been on the fence about buying real estate in the current market cycle, maybe you’ve been looking for property listings in other cities, maybe you’ve even found deals that seem like they work, but for some reason you’ve been hesitant to act on them because you just don’t have connections or boots on that ground in the area that give you the confidence to go ahead and pull the trigger. In today’s episode, we’re going to talk to two investors who did it. They jumped into out-of-state investing on their very first deal, and they have some amazing tips and stories to share with you today.
Welcome to the BiggerPockets Real Estate Podcast. I’m your host, Dave Meyer, and in this episode we’re going to be talking to Sid and Jessica Koma about…