Looking to get started investing but don’t have millions of dollars and notice there’s not a lot of opportunity in your market? Well, this is the episode for you! Today’s guest is a long-distance investor who uses the BRRRR strategy to buy fixer-upper properties in other states, then refinances to use the money to buy more deals!
Alex Felice shares his valuable insights on his criteria for analyzing deals, how he builds his out of state team, and why he’ll never look at a property in person! You won’t want to miss Alex’s strategies for overcoming the fear of investing long distance, as well as his plan for living broke on purpose and how he combines long-distance investing with the BRRRR method to build a portfolio that scales! Alex is a high-energy individual who is passionate about taking action and building the future he wants. Don’t miss your chance to learn from what he’s accomplished, and start making progress building your own portfolio now!
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In This Episode We Cover:
- Alexander’s back story and how he got into real estate
- Why live-in flip?
- His strategy of being broke on purpose
- How he learned about the BRRRR strategy
- Why he thinks being close to your property is a crutch
- The importance of “skills that scale”: networking and education
- How to complete a BRRRR in 8 weeks
- What delayed financing is
- How to know what a good deal looks like
- What “unicorn paralysis” is and how to avoid it
- His strategy in his own market
- How to think like an underwriter
- And SO much more!
Links from the Show
- BiggerPockets Forums
- BiggerPockets Landlord Forms
- How I Analyzed a Deal in 5 Minutes (& Bought it Before Anyone Else Could) (blog)
- The Secret to Unlocking Bank Financing
- The highest return on investment you can make – Best Investment Books (blog)
Books Mentioned in this Show
- Rich Dad Poor Dad by Robert Kiyosaki
- Principles: Life and Work by Ray Dalio
- Sapiens: A Brief History of Humankind by Yuval Noah Harari
- Thinking, Fast and Slow by Daniel Khaneman
- Science in the Soul by Richard Dawkins
- The Demon Haunted World by Carl Sagan
- Factfulness by Hans Rosling
Fire Round Questions
- Can someone explain BRRRR to me like I’m a second grader?
- What are some pro’s and con’s with buying investment properties out of state?
- I was just wondering, what questions should I ask potential real estate agents before I make them apart of my team?
- I am looking to purchase some property online sight unseen. Can you give me any tips for purchasing property like this?
- Do you focus on properties with little to no repairs?
- “Live life broke and save a bunch of money.” (Tweet This!)
- “Being close to your property is a hindrance.” (Tweet This!)
- “The only point of the first deal is to get the second deal.” (Tweet This!)
- “As fast as you can, as slow as you need to, but don’t set your goals too small.” (Tweet This!)
- “You want to convince people that are better than you to deal with you.” (Tweet This!)