Sarah Weaver started real estate investing 7,000 miles away from her target market – the United States!
She bought first real estate investments while living in New Zealand.
Today she has 11 properties including both short term / Airbnb and long term rentals.
Watch as Sarah shares how she successfully bought and managed rental properties at such a long distance.
Transcript:
Chris Bounds 00:02
How are you buying these cash flow machines? Like from out of state or out of country 7000 miles away? I know you’re not that for now. But you did it before. And you’re so How’d you do that? And how are you doing it today?
Sarah Weaver 00:16
Yeah, I think the first is you have to be crystal clear on your criteria. And so when I get DMS on my Instagram, they’re like, I’m looking to buy and I’m, like, great, where and they’re like, I don’t know, Montana. Someone said, Ohio is good. Maybe Michigan. Um, I don’t want to ignore that person.
But I’m always like, Come back to me when you have clear criteria. And so that’s definitely what led me to be successful is I was really clear on what I wanted. So I wanted not only small multifamily, but I wanted value add, I had it down to if it was a duplex, I wanted this price point.
If it was a quad this price point. How much renovation was I willing to do? Because some people say, Oh, yeah, I’m willing to do renovation. And then agents are sending them gut jobs. And they’re like, Well, no, no, I was thinking more like painting the cabinets, not tearing out the kitchen.
Chris Bounds 01:06
Yeah, important distinction there.
Sarah Weaver 01:09
Exactly. So really being clear on your criteria, and then sharing that with investor friendly agents. And so that brings me to my next point, which is having a team I mean, I wouldn’t buy somewhere where I didn’t have a go to plumber, a go to electrician, all of these people that are gonna make you successful, your team is so crucial.
Chris Bounds 01:32
So building a team is definitely a buzzword especially. It’s absolutely I agree with you. But for newer folks who have never bought a property, I get this all the time. Hey, I’m just trying to build build my team. This that the other usually they’re contacting me because I am an investor agent. But what what does that mean? Like, do you need that plumber before you buy the property? Do you need that property manager before? What does that mean to you?
Sarah Weaver 02:05
Yeah, yeah, I think you need to have your financing in order. So you have to be pre approved. So you have to have someone that will finance the property in that state. They can be local to that market, or they can be someone like the lender that I use, he’s licensed in 30 plus states, but you need to have your financing in order and then what I consider your investor friendly agent and that agent should have a stacked Rolodex.
And so I really only like working with agents who own rental properties themselves because then when I last minute need a cleaner they’re gonna have someone when I need someone that agent is truly the glue that holds everything together. And hopefully I’m buying enough deals from them that it they are getting their time is worthwhile and so they’re happy to share some of their contacts unless that unless that GC is working on their house and then they’re like get in lines there.
Chris Bounds 02:58
Okay, so this is extra emphasis and pay our organization is invested agents but it was really because the agent that is an investor that’s actively investing and or works predominantly with investors does bring they bring a ton of value because they have that team. And so when when folks are asking me like hey, I need 60% deals 30% deals and like well, you know, one I would buy those but this is what I can offer like you want contractors got them you want electricians guide them you want roofers guide them you want to know how to get foundation fixed, and not paid triple or what everyone else is paying.
I can absolutely help you there. You want to know what areas to avoid and what areas that we really love. I can help you there. So that event, realtor this an ambassador, it seems like that’s really what you dug in and you started there and kind of explored from there.
Sarah Weaver 03:57
Yeah, absolutely. And they’re I mean they’re worth their weight in gold.