Do you plan to invest out-of-state? Whether it is for diversification, growing your real estate portfolio, or simply wanting to own a vacation home, investing out-of-state multiplies the challenges of investing in a real estate property. Today, we pick the brain of Jay Tenenbaum of Scottsdale Real Estate Investments.
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Jay shares how he successfully invested in mortgage notes in out-of-state properties and managing an out-of-state rental port. Jay says the key to success in managing out-of-state investments is to build a strong team. Jay also talks about how having an in-house project manager helps him manage his out-of-state investments. Listen now!
Key Points From This Episode:
- Jay shares how he got into mortgage note investing.
- Jay explains why he focuses on secondary markets.
- What are the risks of non-performing notes? How long can you expect a return when you invest in a note?
- Jay discusses foreclosures and how it affects investment.
- Jay shares his key to success in managing his out-of-state investments – building a strong team.
- How to find a good team member to hire?
- How joining communities helps Jay improve his business?
- Jay shares how he is increasing deal flow – being very opportunistic.
- Jay talks about the process he has in finding a good realtor.
- Jay’s predictions in the real estate market over the next 12 to 24 months.
- The habit that contributed to Jay’s success – being resourceful.
“The key to success (in out-of-state investing) is building a strong team.” [0:08:36]
“The opportunity and the diversification, and the various strategies that we have with notes, etc., kinda allow us to always pivot in any type of market change.” [0:20:01]
“Shoot. Ready. Aim. I’ll dive in and figure it out later versus those who get paralyzed and say “I don’t know what I’m doing until I’m ready.” If you wait to be ready, I think you missed out.” [0:21:41]
Links Mentioned in Today’s Episode:
About Jay Tenenbaum
In his career, Jay has acquired over 450 distressed mortgage notes and real property in more than 30 states. Jay attributes his success and expertise to his ability to effectively integrate 20 years of experience as a former debt collection professional. Jay’s legal know-how and achievement in resolution in turning non-performing assets into positive cash flow give him an unmatched perspective in this field. He is a nationally recognized speaker and expert in discounted mortgages and real estate investing. Jay is a sought-after speaker at investment conferences across the country for his proficiency on these topics.
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