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This episode with Crystina Cardozo was inspiring! Crystina is an out-of-state real estate investor and math teacher who is on a mission to educate as many families as possible on how to grow and keep generational wealth.
She was first drawn to real estate when she and her husband decided to buy a single family home that they could house hack. They rented out the basement, which ended up covering most of their mortgage. They went on to purchase more properties out-of-state in Pennsylvania, Missouri and Wisconsin, and even turned an RV into a powerful asset.
Listen in as Crystina shares how she was able to earn more from renting out her RV than from her short-term rentals, investing in tiny homes, and the advantage of investing primarily in “drivable destinations”.
Highlights
1) When investing out-of-state, the further away the property, the more dialed in your system has to be. Have a trusted team in place to take yourself out of the equation as much as possible, so that you can better focus on scaling your business.
2) If you own a property for under a year, you could get hit with capital gains. In order to avoid paying these high taxes, you can consider a 1031 exchange.
3) If you’re considering investing out-of-state, learn as much as you can about the market. Join Facebook Groups to hear directly from the local community, interview your realtor thoroughly, and create your team before closing on a property.
How to find her
Instagram - @sherunsthenumbers
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Timestamps
1:11 - Crystina’s background as an educator and what drew her to real estate
4:24 - Why Crystina and her husband decided to rent out part of their home and how they financially prepared for their investment
7:10 - About the FHA program
9:20 - The extent of the work Crystina’s first rehab needed
12:01 - The advantages of being directly involved in fixing up that first home
13:51 - Screening the first tenant
15:43 - Investing out-of-state
19:21 - Transitioning from long-term to short-term rentals
22:18 - Renting out an RV
28:51 - Cleaning and maintaining the RV between rentals
30:08 - Investing in the Midwest
32:35 - How to avoid paying capital gains taxes with a 1031 exchange
34:57 - What is an “A-frame”?
36:10 - Preparing her Missouri and Wisconsin properties
41:29 - Crystina’s thoughts on Airbnb regulations in different states
47:26 - What the future holds for Crystina
50:12 - Defining “cash on cash return”
54:11 - Building a team out-of-state
58:36 - Focusing on investing in drivable destinations
59:40 - Succeeding with short-term rentals