Newbie Out-of-State BRRRR

[Dennis Cobos]

Hi everyone,

My name is Dennis Cobos. I live in the SF Bay Area and I work in product management. I had originally started my real estate investing journey back in 2016 but didn’t go anywhere with it, but now I’m restarting it since I’m in a much better place and looking to purchase my first property.

I'm looking to invest out of state and do the BRRRR strategy. I want to do this strategy because it allows you to scale up and build your portfolio faster. Of course, I understand that it's much easier said than done.

I’m trying to figure out where to start, so I wanted to ask those of you who have done this strategy out of state a few questions:

• What resources did you find useful for learning how to do this out of state?
• Are there any courses, books, etc. you recommend?
• What’s the one thing I should focus on now?

I’d also love to connect and expand my network with those of you who have done this strategy out of state.

I appreciate any and all help in advance!

[Young Park]

@Dennis Cobos Glad you're getting back in the game! BRRRR is a great strategy that I'm using as well. I currently live in Hawaii and invest in the Kansas City market. And you mentioned a HUGE point - "it's much easier said than done." I've read the books from BP such as How to invest in real estate, BRRRR, and Long distance real estate investing. These are great starting points but still just "knowledge." The application of the whole process, however, isn't so simple.

My real education started when I followed a mentor who guided me and I was able to leverage his relationship in the KC market to build my own team (realtor, broker, prop mgmt, contractor, etc). Now, I'm able to do this on my own (although I still ask him questions whenever I need haha). 

It sounds like you're pretty well-aware of the concepts of the BRRRR, but if you aren't already, I would suggest you reading those 2 books: BRRRR and Long distance real estate investing by David Greene. After that, find someone who is actively investing in the market you're interested in (for me, it was more important to have someone in A market, rather than THE one you are interested), then follow what they're doing. No need to re-invent the wheel :) Hope this helps! If you have questions, please feel to message me.