037: Buying Flips and Rentals from 3,000 Miles Away with Bob Couture

I am currently looking at buying rental properties from a long distance. Prices in Colorado have increased year after year and it is very tough to cash flow in the current market. I thought it would be awesome to interview an investor who is not only buying rentals from a long distance, but also flipping. Bob Couture is the guest on this weeks episode of the InvestFourMore Real Estate Podcast and he is buying rentals and flips from 3,000 miles away. Bob lives in the Los Angeles area and invests in Massachusetts.

Why did Bob want to invest in real estate?

Bob Couture grew up in a family involved in real estate, specifically contracting. Like me, he did not want anything to do with it when he was growing up. He ended up joining the military and having a number of other jobs. Along the way he migrated to California and still lives there now. Bob saw an incredible opportunity in real estate with flipping homes. Living in California he knew it would be very tough to make money flipping, because of the high dollar amount to buy property. Bob grew up in Massachusetts and still had some connections in the area. he decided to check out the area and see if he could make any money flipping from a long distance.

How did Bob choose an area to flip houses in?

Bob grew up in the area where he flips houses and he says that was a huge advantage to him. he had family and friends who knew the area and could help him reduce his learning curve. Bob did not blindly start investing in Massachusetts, he spend weeks of time there learning the market and figuring out of he could set up a flipping business there. After a few months of research and multiple trips to the area, Bob decided it was a great market and he could flip homes there. Bob suggests investors who are interested in investing in a new market check out the area thoroughly and it helps a lot if you have connections in the area as well.

How does Bob find his deals to flip?

Bob has used the MLS, networking and direct mail to find his deals. Bob recently got his real estate license so that he could save money buying and selling flips and because it would be easier to value homes and get great deals. Bob also uses direct mailings to potential sellers and has people do a lot of driving for dollars for him. Being 3,000 miles away Bob cannot see every home he buys or be there for the closings. He has found a partner in the area who can help Bob complete the repairs and look at homes for him. Bob still focuses on finding awesome deals to flip or hold as rentals.

How does Bob finance flips from 3,000 miles away?

Bob has had to find many ways to finance his flips since he plans to buy over ten in the next year. Bob has found local portfolio lenders who will fund his flips and has had success using crowd funding as well. Bob also uses some private financing and of course his own cash to finance his flips.

Bob does have any training programs, but he loves to talk to investors and you can find him on his website https://sc-homebuyers.com/.