Property Management, Investing Out-of-State, and Rental Design 101

Property management is a key component of real estate investing that can make or break your cash flow. Of course, every rookie investor could benefit from having a great property manager on board, but in a competitive market, how do you convince a reputable company to manage YOUR rental property?
Welcome back to another Rookie Reply! In today’s episode, we cover not only property management but also out-of-state investing and whether it’s ever a wise decision to change investing strategies from afar. Buying a new property but don’t have an eye for interior design? We’ll show you how to lean into your team and make your rental stand out. We even talk about “haunted” houses! Should you buy one and embrace its eerie history, or run far, far away? Tune in to find out!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group, call us at the Rookie Request Line (1-888-5-ROOKIE), or click here: www.biggerpockets.com/reply?u...
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‘Building’ Wealth as a 24-Year-Old with 12 New Construction Projects: www.biggerpockets.com/blog/ro...
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The Step-by-Step Guide to Flipping Houses and High-ROI Home Renovationsw/ James Dainard:
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6 Expert Tips for Out-of-State Real Estate Investing:
www.biggerpockets.com/blog/re...
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Show notes at link.chtbl.com/Rookie
00:00 Intro
00:52 Buying “Haunted” Houses?!
06:27 Rental Property Design 101
14:05 How to Find a Property Manager
22:53 Changing Strategies (2,000 Miles Away!)
32:08 Banking & Lending Relationships
41:36 Send Us Your Question!

[@grabthemappodcast]

Awesome content as always! The discussion about balancing tenant and owner needs was really insightful. It's a reminder of the importance of clear communication and setting expectations in property management.

[@timdefor8858]

At this point in my current situation, the most helpful part was looking for a property management company. Thank you for all you do. I’m a big fan and hope to be on the show someday!

[@carlosrueda8767]

Great show! As a new investor, I like to hear everything that other investors are doing. So please continue talking about different topics of investing on the same show.

[@richardjudge2322]

Thank You Ashley and Tony 💙

[@Native2Earth]

More about out of state investing.
I’m in Hawaii where the markets are difficult to enter especially with multi-family but LoopNet has Midwest / north east deals. Considering a duplex for long term renting but I live 16. Hours away 😂

[@LouSanderson]

Sage the house

[@ericawilliams8435]

More about banking and loans to obtain your first property

[@phil1954]

Ashley, you said that you decided to buy a STR because it did not work as a LTR. Is that really wise to tell a new investor to buy something that only has one exit strategy?

[@ElenasMoneyMatters]

Where do you find Great property manager? Linkedin? Facebook? Should it be one person or a team? How much would it cost per property? I am in Ontario Canada.

[@craziqt783]

I loved hearing about banking. I would love to know more about funding your new real estate investment. Im considering getting a heloc on my main residence for the down payment on either a multifamily or fix and flip. Any advice?