Stop chasing clients and start growing them. Get instant access to our FREE mini course, 5 Minutes to Farming here: http://unbouncepages.com/5-minutes-to-farming/
With rising home values in markets like San Diego and San Francisco making it near-impossible to make monthly cash flow on rental properties, investors are looking outside of the state for investment opportunities. But how do you know which markets to look at, and how do you evaluate properties you can’t see in person?
Takeaways & Tactics:
1. Look for markets where homes can be purchased for between $100-150k and generate $200-300 monthly cash flow
2. Look for BORING markets with steady growth - stay away from areas with high fluctuations in home values
3. Cut to the chase with savvy investors - Show them how the numbers work
In our latest episode, Ben Smith from the Real Wealth Network join us to answer those questions and share strategies they use to connect investors with turnkey property rehabbers and property management companies to create new investment opportunities.
Ben explained exactly how they find markets with good cash flow potential, how they find a seasoned turnkey investment company in that market and pair them with great property management (if necessary) to create the infrastructure for a good investment location. You can reproduce this yourself by connecting with agents and companies in out-of-state markets, or you can use Real Wealth Network who already has those connections.
We talked about Ben’s favorite markets, like Jacksonville and Cincinnati, why those markets are so fantastic for out-of-state investment, and the differences in working with beginner versus savvy investors. Beginner investors need some handholding with buying out of state by helping them narrow down all the choices to just 2-3 potential markets; whereas savvy investors are mainly concerned with the numbers.
Toward the end of the episode, Ben shared exactly how to become a millionaire real estate investor in 12 years with only 10 homes. By purchasing each home for around $100k and taking the cash flow from all the properties and applying them to pay off each home in succession, you’ll have 10 paid-off homes and well over a $1 million in net worth. This is a great retirement plan for real estate agents!
If you work with investors or clients who want to use a 1031 exchange, educate yourself on out-of-state investing or refer them to Ben at Real Worth Network (membership is free). And if you plan to stay in this business, get into investing and start acquiring properties to build your net worth to the point where you are “job-optional.”
To connect with Ben Smith, call 925-280-2817, visit http://www.realwealthnetwork.com/ or email firstname.lastname@example.org.
Subscribe to Real Estate Uncensored on:
iTunes: https://goo.gl/P4twTZ OR Stitcher: http://goo.gl/lVjrOX
Binge on back episodes at: http://www.mcdanielrealestatesystems.com/