211: Investing in Out-of-State Rentals and Notes with Bob Malecki

What’s the best way to invest in real estate when the numbers don’t make sense in your backyard? Today on the BiggerPockets Podcast, we sit down with Bob Malecki, a real estate investor who started by purchasing local rental properties but quickly shifted gears into two other niches: out of state rentals and mortgage notes. In this episode, Bob explains why he chose to make the switch and walks listeners through the step-by-step process for getting started investing outside your backyard! In This Episode We Cover: How Bob got started in real estate What a ROTH IRA is What to do when you’ve got a chunk of money to invest How to choose the right turnkey company Thoughts on using leverage to acquire properties Why he decided to transition to notes What exactly non-performing notes are A discussion on notes vs. rentals The risks of investing in notes What you should know about due diligence Where to find notes to invest in The value of building relationships What the future looks like for Bob And SO much more! Links from the Show BiggerPockets Forums Sunwest Trust Inc. Notes funds for individual investors. What are the best players? (Forum Post) Tax, Legal Issues, Contracts, Self-Directed IRA (Forum Category) MemphiesInvest RealtyTrac WeGoLook Books Mentioned in this Show Rich Dad Poor Dad by Robert T. Kiyosaki Equity Happens by by Robert Helms & Russell Gray The Magic of Thinking Big by David J. Schwartz Secrets of the Millionaire Mind by T. Harv Eker Tweetable Topics: “Nothing in the world is guaranteed.” (Tweet This!) “Assume nothing and document everything.” (Tweet This!) “If you don’t take actions, you can’t take a risk and you won’t make mistakes. Mistakes are necessary.” (Tweet This!) Connect with Bob Bob’s BiggerPockets Profile Bob’s Website Email Bob Learn more about your ad choices. Visit megaphone.fm/adchoices