BiggerPockets Podcast 191: Buying Out-of-State Rentals and Investing Later in Life with Bill Manassero

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Today on the BiggerPockets Podcast, we’re excited to introduce you to a man who didn’t start investing until later in life but has built an impressive portfolio in the past few years. Even more, he bought his rentals thousands of miles away from where he lives! You’ll learn the inspiring tale of our guest, Bill Manassero, and how he went from running an orphanage in Haiti to buying rental properties and the challenges that transition caused. You’ll also be inspired by Bill’s heart and his real purpose for creating wealth through real estate. You are going to love this powerful episode, and it just might change why you invest in real estate! (And don’t miss Bill’s story of how his family appeared on Oprah!)

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In This Episode We Cover:

  • Who Bill is (and why he’s hung out with Oprah)
  • Why he built an orphanage
  • How his plans transitioned to real estate
  • Thoughts on investing while nearing retirement
  • The risk profiles for various ages
  • How he focuses on family and not just the money
  • How to reach your freedom number
  • How he and his family got onto Oprah
  • What exactly a turnkey property is — and Bill’s turnkey story
  • A few red flags when it comes to turnkeys
  • His goal of reaching 1,000 units
  • How he finds properties
  • The struggles of reaching his goal, from finding funds to working with the right people
  • How he maintains the property
  • And SO much more!

Links from the Show

Books Mentioned in this Show

Tweetable Topics:

  • “I got tired of working for these other folks, so I decided to become an entrepreneur.” (Tweet This!)
  • “I want to be able to go where I need to go.” (Tweet This!)
  • “You gotta get in there and get your hands dirty, and that’s where the learning really starts.” (Tweet This!)

Connect with Bill

Show Preview

About Author

Thanks for checking out the BiggerPockets Real Estate Investing & Wealth Building Podcast. Hosts Joshua Dorkin & Brandon Turner strive to bring top-notch educational content and interviews to our listeners -- without the non-stop pitch prevalent around the industry. With over 180,000 listeners per show, the BiggerPockets Podcast has become the biggest real estate podcast in the world. But don’t take our word for it. We’re the top-rated and reviewed real estate show on iTunes — check it out, read the reviews on iTunes, and get busy listening and learning!


  1. Jason Jastillana

    I’ve been watching BP Podcasts for a couple months now, but for some reason this Podcast made me take action. I’ve finally joined the BP nation, will attend the webinar next week, then I will start analyzing multifamily deals. On top of that, as soon as I introduced myself on BP, I received a request to meet up with a fellow BP member to discuss the Indianapolis market. Thank you Bill and the BP team!

  2. Joshua Keene

    By far one of the best BP podcasts that I have seen! Bill is extremely motivated, humble, and intelligent in his endeavor to become a seasoned investor in addition to succeeding with his goals.

    Near the end of the podcast at 57:20, Brandon Turner asks the Famous Four question, “What do you believe sets apart successful real estate investors from those who give up, fail, or just never get started?” Bill’s answer is pure gold. His personal opinion and experience with perception of fear resonated with me. We are all afraid of the unknown, it’s instinctual. Bill says that the true entrepreneurial spirit embraces and uses the fear to move through and accept the mistakes because that’s how we learn. You can do all the reading and research you want but in the end it all comes down to getting your hands dirty and creating action. The unknown is only something that is temporarily hidden.

    Thank you BP and Bill Manassero for another amazing podcast!

  3. I’ve almost listened to all of the podcasts on BP and this was one of my favorites! They are all great in their own way, but this one really resonated with me. My husband and I are both artists/designers in our 40’s, we went to art school late in life after a lot of traveling. And now I see the power of real estate to realize bigger dreams for our family and our community. Great to hear stories of people starting their investing in the 2nd half of life. Going to put this one on replay!
    Thanks for sharing your story, Bill.

    • Calvin Waddy

      Best podcast…I did exactly that as well. Attending art school to become an automotive designer a little later in life. My goal is to create passive income to help fund my retirement accounts while paying down my school loans.

      Great podcast!

  4. Amber turner

    I enjoyed listening to this podcast. I am new to BP and trying to consume as much information and investment knowledge as possible. We would like to find a mentor or someone with more experience than us. My husband and I own 6 SFR, one being our primary. Four are in California, where we are located, and two in Idaho. We would love to learn if there are other areas, particularly out-of-state, where we could invest our money to benefit us more. My husband is such a motivated individual, hard worker and thinks outside the box. I would love for him to be able to concentrate more on investing and being able to spend more time with me and our three children.

  5. Mike H.

    One of my favorite podcasts, always pick up a thing or two from each show. Now I’ve got a question of how you finance a pay-off or cash purchased property w/ bank? perhaps this should be a question posted on the forum instead here.

    • Bill Manassero


      Doing a cash-out re-fi is not that difficult. It’s best to find a local bank (where the property is located) that will do that for you. I used a mortgage broker (because I had a time factor I had to meet) but the interest rate was higher. If you have more time to shop, you will likely find better rates and terms.


  6. Julie Marquez

    I loved this podcast. I wish I got started in real estate earlier (I’m 33), but it’s inspiring to listen to someone who got started at the age of 60. So I have nothing to lose. I’m glad there is someone out there cheerleading for a group of people who need encouragement to get started, and I am happy that it is working so well for him and his family. What resonated with me was when Bill said “I don’t want to be rich/wealthy, I just want to be able to hop on the plane to see my kids or allow them to have the wedding of their dreams.”

  7. Listeners to this episode may be interested in checking out the Invest Florida Show podcast. It covers tips and tools for investing in Florida-centric real estate… vacation rental markets!

  8. Hemanth Grandhige

    @Bill Manassero, Great show. I just listened to it and loved how you jumped in with both feet. I jumped in almost 2 years ago and have been doing well but have hit a wall with financing. Hearing your story has lit a new fire under me to find the financing that I need to kick start my portfolio again. I also started investing later in life than most so this show spoke to me.

    I’m looking at apartment complexes with similar specs that you spoke of in the show. If you have the time I’d love to pick your brain about some of the details.

    Thanks for sharing your story!

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