{"id":130893,"date":"2020-10-15T05:00:26","date_gmt":"2020-10-15T11:00:26","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=130893"},"modified":"2021-03-16T17:04:06","modified_gmt":"2021-03-16T23:04:06","slug":"learn-invest-remotely-joining-dream-investment-adventure","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/learn-invest-remotely-joining-dream-investment-adventure","title":{"rendered":"Learn to Invest Remotely by Joining the Dream Investment Adventure"},"content":{"rendered":"<p>Imagine receiving a $20,000 check to purchase a rental property as well as step-by-step guidance from some of the most experienced real estate investors in the industry. Well, that&#8217;s exactly what the <a href=\"https:\/\/www.biggerpockets.com\/blog\/contributors\/steverozenberg-2\" target=\"_blank\">Dream Investment Adventure Series<\/a> is all about.<\/p>\n<p>Follow along with our contest winner, Joe, and his journey of purchasing an out of state rental property through the mentorship of Steve Rozenberg, Head of Investor Education for Mynd. Throughout the next two months, the pair will research markets, build a team, purchase a property, complete a renovation, lease the property, and everything in between\u2014without Joe ever seeing the property in-person.<\/p>\n<p>Let\u2019s start from the beginning by learning about Joe, discussing goals and strategy, and determining what makes for a strong, investable market.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/JdnUzDgaVUw\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h2>From Accidental Landlord to Investor<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-130948\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2020\/10\/Joe-Remote-Investor-Contest-Winner-225x300.jpeg\" alt=\"Joe contest winner remote investor\" width=\"225\" height=\"300\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2020\/10\/Joe-Remote-Investor-Contest-Winner-225x300.jpeg 225w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2020\/10\/Joe-Remote-Investor-Contest-Winner-768x1024.jpeg 768w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2020\/10\/Joe-Remote-Investor-Contest-Winner-1152x1536.jpeg 1152w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2020\/10\/Joe-Remote-Investor-Contest-Winner.jpeg 1536w\" sizes=\"auto, (max-width: 225px) 100vw, 225px\" \/><\/p>\n<p>Joe\u2019s experience with investing began when a required military move transformed him into an accidental landlord. He and his wife rented out their home and managed it remotely for a few years. During his deployment, Joe stumbled across BiggerPockets and began researching more about investing.<\/p>\n<p>His interest in building a portfolio of single-family homes grew, and after returning home, he was eager to implement what he had learned. He and his wife purchased their first true investment property as a BRRRR deal in Eastern North Carolina, and now they are interested in expanding into a new market.<\/p>\n<h2>Establishing Joe\u2019s Investment Goals<\/h2>\n<p><strong>Investment goal:<\/strong> Building a cash flow portfolio of single-family homes in a few real estate markets.<\/p>\n<p><strong>Strategy:<\/strong> Continue using the BRRRR method to purchase and rent out additional properties.<\/p>\n<h2>Dream Investment Purchase<\/h2>\n<p><strong>Budget:<\/strong> $150,000 cash for purchase and renovations<\/p>\n<p><strong>Strategy:<\/strong> BRRRR (Buy, Renovate, Rent, Refinance, Repeat)<\/p>\n<p><strong>Goals:<\/strong><\/p>\n<ul>\n<li>Add 20-25% equity either by buying under market value or through renovation<\/li>\n<li>$200 a month in cash flow after all expenses<\/li>\n<\/ul>\n<p><strong>Challenge:<\/strong> Completing the BRRRR process remotely<\/p>\n<h2>Choosing the Correct Market to Reach BRRRR Goals<\/h2>\n<p>Step one in the process will be selecting a market that offers deals that fit Joe\u2019s strategy and goals. When analyzing a new market, it is important to research the real estate market, as well as the health of the city. This means looking at trends and forecasts for home sales prices, average rental rates, job growth in the area, and other important statistics.<\/p>\n<p><strong><em>Related: <\/em><\/strong><em><a href=\"https:\/\/www.biggerpockets.com\/blog\/find-multifamily-market-invest\" target=\"_blank\" rel=\"noopener noreferrer\">8 Ways to Identify the Best Places to Buy Rental Property<\/a><\/em><\/p>\n<p>Analyzing this data will give you the numbers you need to make smart decisions. If you are looking for cash flow, you want to make sure that is possible in the market you are buying in. You don\u2019t want to find out later the home you thought you would get $200 a month out of in cash flow is actually costing you money each month.<\/p>\n<p>For example, markets in the Los Angeles or San Francisco areas are not going to offer high cash flow because real estate is pricy there, but you can expect to benefit from the high appreciation. If your goal is cash flow, these would not be the markets to target.<\/p>\n<p>Steve narrowed the list of markets down to four choices that offer the best strategies that match Joe\u2019s goals:<\/p>\n<ul>\n<li>San Antonio<\/li>\n<li>Houston<\/li>\n<li>Tampa Bay<\/li>\n<li>Atlanta<\/li>\n<\/ul>\n<p>Now that the list of markets is narrowed down, how do you select one? You will want to compare specific data about each market to see which one offers the better deals that will accomplish your goals.<\/p>\n<p>It is important to compare apples to apples, so the data should come from the same source and be from the same year. The more current the data, the better the numbers to base your decision on.<\/p>\n<h3>Statistics &amp; Trends to Consider<\/h3>\n<ul>\n<li>City job growth<\/li>\n<li>Industry trends<\/li>\n<li>Types of renters in the area (students, retirees, families, military)<\/li>\n<li>Average age of the population<\/li>\n<li>Median household income<\/li>\n<li>Property appreciation<\/li>\n<li>Age of properties<\/li>\n<li>Averages sales price<\/li>\n<li>Days on market<\/li>\n<li>Average rent<\/li>\n<li>Most popular home types and sizes<\/li>\n<\/ul>\n<p><strong><em>Related: <\/em><\/strong><em><a href=\"https:\/\/www.biggerpockets.com\/blog\/2015-05-10-invest-out-of-state-how-to-analyze-a-city\" target=\"_blank\" rel=\"noopener noreferrer\">Looking to Invest Out of State? Here\u2019s How to Pick and Analyze a City<\/a><\/em><\/p>\n<h2>The Data Tell a Story<\/h2>\n<p>Once you have collected the data, it begins to tell you a story about the market. You are looking for a city with a healthy economy and real estate trends that show growth. Use this data to determine which market is best to take the next step to look for smart investment opportunities.<\/p>\n<h2>Dream Investment Weekly Homework<\/h2>\n<p>Joe\u2019s homework is to create a spreadsheet and collect information on the four markets for comparison in the next episode. You can find city and real estate data online from various sites such as Zillow, Redfin, BiggerPockets, census data, and city websites.<\/p>\n<p>Tune in next week to learn how to determine the right market to invest in remotely as Steve and Joe use the comparison spreadsheet data to select a market.<\/p>\n<p>To learn more about Joe\u2019s investing journey, gain access to investor tools and resources, and help your own remote investment journey, check out the <a href=\"https:\/\/www.mynd.co\/dream-investment-adventure\/?utm_source=online_partnerships&amp;utm_medium=biggerpockets&amp;utm_campaign=dream500&amp;utm_term=bp_blog_post&amp;utm_content=video\" target=\"_blank\" rel=\"noopener noreferrer\">exclusive destination page for BiggerPockets fans only<\/a>. You\u2019ll also find a limited-time BiggerPockets exclusive offer for <a href=\"https:\/\/www.mynd.co\/owners\/?utm_source=online_partnerships&amp;utm_medium=biggerpockets&amp;utm_campaign=dream500&amp;utm_term=bp_blog_post&amp;utm_content=\" target=\"_blank\" rel=\"noopener\">property management<\/a>.<\/p>\n<p><a href=\"https:\/\/www.biggerpockets.com\/store\/wealth-magazine-one-year?utm_source=blog\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-123232\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2020\/03\/Blog-700x120-v2.jpg\" alt=\"Blog ad for Wealth magazine\" width=\"700\" height=\"120\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2020\/03\/Blog-700x120-v2.jpg 700w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2020\/03\/Blog-700x120-v2-300x51.jpg 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<p><em>Questions? Comments?\u00a0<\/em><\/p>\n<p><strong>Join the discussion in the comment section below.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Imagine receiving a $20,000 check to purchase a rental property, as well as step-by-step guidance from some of the most experienced real estate investors in the industry&#8230; Now watch what happens when it becomes a reality in the Dream Investment Adventure series.<\/p>\n","protected":false},"author":612019,"featured_media":126101,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5524],"tags":[],"class_list":["post-130893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-investing-for-beginners"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/130893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/612019"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=130893"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/130893\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/126101"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=130893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=130893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=130893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}