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What You Need To Know To Be An Out Of Town Investor- With Brian Grimes-EP 175

What You Need To Know To Be An Out Of Town Investor- With Brian Grimes-EP 175

FromLab Coat Agents Podcast


What You Need To Know To Be An Out Of Town Investor- With Brian Grimes-EP 175

FromLab Coat Agents Podcast

ratings:
Length:
49 minutes
Released:
Jul 19, 2022
Format:
Podcast episode

Description

On today's episode, Jeff is back with Brian Grimes - Founder of 24/7 Cash Flow University. If you missed the episode last week with Brian, go back and listen! Brian believes in creating systems that are extremely simple because they are the ones that you can scale to 100 or 1000 deals as compared to extremely complex systems that break so much. Tune in.     Episode Highlights: Investing out-of-state is always kind of perks up investors ears because when we think about investing, we all tend to think about our backyard, says Brian. Brian did his first out-of-town deal in FHA and he ended up not even moving in because he ended up getting a job out of town. Brian was doing the FHA house hack on a multi-family, and he was going to move into one of the units because he was going to get paid like $400 a month to live in his own property. Brian is now an out-of-town investor not necessarily by choice or intent, but just by the nature of how things unfolded.  Rochester, NY or in some other places there are deals out there that are turnkey cash flow that you could just put down some money, negotiate a seller and control a large multifamily property and live for free. The way people use the office today, like a startup or tech company is way different than people used offices 80 years ago. But most of the developers and architects are still designing these office spaces the same way, says Brian.  There are people or investors out there that say, there is no opportunity in my market and there probably are many markets and they want to start out of town business. Brian explains the strategy for them. Most people don't have the system or the guy who is your eyes and ears and is probably working for beer money. Brian talks about the most important component of out-of-town business. Organic growth is the best and getting people through referrals is the best way to start now. If you can't, there is nothing wrong with posting a job ad on job portal and doing remote zoom interviews with people. If you are going to be doing 30 deals at once, you are never going to get there at a time so better to have two or three property inspector who can get there. If you are dealing with massive amounts of job and really tough turnaround times like we got to hit the hard money inspection, but we are going to run out of money, in that case we can start running inspectors every day. You are creating and controlling the environment in business, and you keep everybody on their toes, so it doesn't have to be a hectic environment. It has to be a tight ship, says Brian. There is money out there in the form of efficiency that you need to be able to see, because once you can get your hands on it, you can scale up. You need to view a realtor as somebody who adds leverage to you. They can deal with some of the paperwork. They can go back and forth with the seller, says Brian. If you know how to do the analysis and go out and inspect properties and find good deals, you need to increase your leverage. 24/7 cash flow university is for somebody who is like an absolute beginner. It's if you are advanced and you have already done 15 or 20 deals, you are going to get a ton of value out of this. 3 Key Points: Multifamily investments depend on where you are at and where you are willing to live because they are not everywhere. Contractors are great at what they do. But just because you are great at one thing doesn't make you like multifaceted and great at several things like a lot of contractors aren't good with technology. Brian talks about the best way to find the best market and find the properties at that point without having to rely on somebody who is got a biased interest on their commission.
Released:
Jul 19, 2022
Format:
Podcast episode

Titles in the series (100)

Taking the founding principles upon which Lab Coat Agents was created; collaboration, sharing, & education of the best systems for maximizing lead generation & lead conversion, sharing tips & techniques to grow your business, and discussing the latest tech to help leverage your time...and re-purposing into the Lab Coat Agents Podcast! We are here to "explore the science of real estate."