Real Estate Rookie 181: 9 Doors While Deployed and Investing from Afghanistan, Iraq, and Africa
When you think about long-distance investing, what comes to mind? People usually have reservations about investing out-of-state, but today’s guests took it a step further and invested from halfway across the world. Today’s guest, Caleb Drake, has closed on nine doors with one flip underway.
Caleb was active duty military for fourteen years, and once he joined special ops he was deployed for six months at a time. During those six months, his house would sit, unused, and that’s when he saw an opportunity. Caleb decided to rent out his house through Airbnb. As a new landlord and Airbnb host, Caleb had to learn by doing, a task that was increasingly more difficult since he was self-managing from Iraq, Afghanistan, and Africa. Caleb was able to combat this challenge by building a team that could handle what he couldn’t.
After a few years of investing solo, Caleb joined a partnership to expand his portfolio and increase his profit. His partner was also out of the country, so they switched off who was “on-call” and figured out how to automate their check-in and check-out processes. As the business grew, the partnership adjusted to ensure its longevity. Caleb now hopes to continue to scale his business, add to his personal portfolio, and build wealth in the background.
In This Episode We Cover
The importance of building a self-sufficient team and how to do so
Vetting your guests/tenants and how to target your ideal tenants
How to invest out-of-state or overseas and automating your check-in processes
Residential loans vs. commercial loans and how to figure out which one to use
How to balance and adjust your partnership(s) as your business grows
The importance of having a real estate agent with an investor mindset, plus how to find one
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
The BiggerPockets Conference 2022
Connect with Caleb:
Check out the full show notes here: https://biggerpockets.com/blog/rookie-181
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