301: The Incredible Power of Long-Distance BRRRR Investing with Alex Felice
10.25.2018 - By BiggerPockets Real Estate Podcast
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!
In This Episode We Cover:Alexander’s back story and how he got into real estateWhy live-in flip?His strategy of being broke on purposeHow he learned about the BRRRR strategyWhy he thinks being close to your property is a crutchThe importance of “skills that scale”: networking and educationHow to complete a BRRRR in 8 weeksWhat delayed financing isHow to know what a good deal looks likeWhat “unicorn paralysis” is and how to avoid itHis strategy in his own marketHow to think like an underwriterAnd SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets Landlord FormsZillowTruliaHow I Analyzed a Deal in 5 Minutes (& Bought it Before Anyone Else Could) (blog)The Secret to Unlocking Bank FinancingThe highest return on investment you can make – Best Investment Books(blog)Books Mentioned in this ShowRich Dad Poor Dad by Robert KiyosakiPrinciples: Life and Work by Ray DalioSapiens: A Brief History of Humankind by Yuval Noah HarariThinking, Fast and Slow by Daniel KhanemanScience in the Soul by Richard DawkinsThe Demon Haunted World by Carl SaganFactfulness by Hans RoslingFire Round QuestionsCan 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?Tweetable Topics:“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!)Connect with AlexanderAlexander’s BiggerPockets ProfileAlexander’s Personal Blog