How to Build an Out of State Real Estate Portfolio

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This episode is a panel interview from a recent live event with Lanisha Stubbs and Marion Lee. In addition to the interview we also have Q&A with the audience!

Lanisha has been in real estate for over 20 years, and she and her husband co-own Wesity Inc. based in Inglewood, CA. She is a broker, investor in multiple states, consultant and more. Marion, now several months into his transition to full-time investing, owns properties in Virginia while being based in California.

Listen in as Lanisha and Marion give their best advice on investing out-of-state, from finding the perfect local property manager and contractor, to creative financing strategies, and the crucial difference between project completion and high-quality work.

*We had audio difficulties for part of the episode but the content was so valuable that we had to include it!

Highlights

1) When deciding on an out of state market to invest in, look for those “on the path of progress”. Know people in the area. Work with a local realtor or property manager, or invest through syndication to share ownership of a sizable property with less capital.

2) The only way to invest is strategically. Purposely go after a project with a repeatable strategy so that you can easily scale your portfolio.

3) You want to be extra vigilant when choosing an out-of-state contractor to work with. Apart from studying their previous work and getting feedback from past clients, it’s best to set expectations upfront by writing up a contract that includes the draw schedule.

How to find Lanisha Stubbs

Instagram – @lstubbsbroker

How to find Marion Lee

Instagram – @legacyhomesolutions

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