Investing out of your area is a challenge. And investing WAY out of your area, like in a different country, adds another layer of complexity to doing a deal. But as long as you’re willing to make a decision and start moving forward, there’s nothing you can’t figure out along the way.
Edna Keep is a real estate investment coach and author of Multiple Ways to Wealth: Creating Your Prosperous Lifestyle. Edna spent 15 years as a financial advisor before she was introduced to real estate, and today, her team owns a portfolio of 800 doors worth $65M in both the US and Canada.
On this episode of Financial Freedom with Real Estate Investing, Edna joins cohost Garrett Lynch and me to share the ins and outs of investing out of area and explain the differences between the US and Canadian markets. She describes the challenges of being a foreign investor, offering insight into what she looks for in a market and how she builds a power team on the ground around a deal. Listen in for Edna’s advice on making a decision and then making it work for you—even if you don’t have all the answers about how a deal will work!
Key Takeaways
What inspired Edna’s interest in real estate
- Worked as financial advisor for 15 years
- Clients pull money for real estate deals
How Edna pitches seller financing deals
- Focus on property owners looking to retire
- Keep income stream, avoid taxable event
How Edna finds sellers that are planning to retire
- Real estate investment networks
- Referrals based on reputation
Edna’s transition to larger multifamily properties
- Raise investor capital for Memphis deal
- Paid cash ($21,600 per door)
Why Edna prefers real estate over mutual funds
- Mutual funds subject to market cycles
- Real estate offers consistency
Why Edna is investing in US real estate markets
- Hot urban markets, high prices in Canada
- Challenging to get financing in Canada
The logistics of investing in a foreign market
- Find deal, build power team on ground
- Canadian corporation owns US LLC
What Edna looks for in a real estate market
- Focus on workforce housing
- Look for growing community
Why it’s okay to not have all the answers
- Multiple exit strategies available
- Work with partners
Edna’s advice for aspiring investors
- Make a decision, then make it work
- Don’t put all eggs in one basket
Connect with Edna Keep
Email [email protected]
Resources
Learn More About Michael’s Mentoring Program
Download Michael’s Free Report—What’s the Best Investment: The Stock Market or Real Estate?
Join the Nighthawk Equity Investor Club
Financial Freedom with Real Estate Investing by Michael Blank
National Real Estate Investors Association
Canada Mortgage and Housing Corporation
Multifamily Networking from Anywhere in the World on FFWREI EP260
