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What does it take to successfully invest in multifamily properties out-of-state?\n\xa0\nAnthony Scandariato shares his experience breaking into out-of-state real estate investing and acquiring his first property in Clearwater, Florida. Learn how he evaluated the Tampa market, performed due diligence on the property, and built a local property management team to oversee it from afar.\n\xa0\nPrior to forming Red Knight Properties, Anthony Scandariato who graduated from Cornell University with a Bachelor\u2019s degree in Applied Economics and Management, was a Co-Founder in Ridgeview Partners. He specialized in the retail space with a vertical model that provided flexibility to serve multiple customer segments with similar product lines through retail, wholesale, and production contracting channels. He Acquired and developed growth of 110+ retailers within first-year operations. He later moved on to Acquisitions & Asset Manager Vice President for Vision Properties, where he was directly involved and responsible for sourcing, negotiation, and managing the acquisition of $594MM of Class A office assets.\n\xa0\n(00:00 - 06:00) Opening Segment\nAnthony began investing in his local New Jersey market, building a portfolio of around 70 units before expanding out-of-state.\nAnthony and his partner acquired their first out-of-state property just over the PA border, about an hour drive from home.\nTheir first major out-of-state purchase was in Clearwater, FL. Anthony already had some familiarity with the Tampa market from previous commercial real estate experience.\n\xa0\n(06:00 - 09:00) Evaluating the Clearwater Property \nThey partnered with a local to the property for initial evaluation before visiting themselves.\nAnthony spent a full day walking every unit, taking photos, and making notes on conditions using a property inspection app.\nHow Anthony verifies the accuracy of the seller's renovation claims and watches for any major structural, environmental, or maintenance issues.\n\xa0\n(09:00 - 24:00) Assembling a Local Team \nTo properly manage out-of-state, Anthony likes to start with at least 100 units in a market to have a sufficient team.\nHe looks at labor market factors to ensure there's enough of a talent pool to hire quality on-site employees.\nIt's crucial to have trusted partners managing each property. They've had to replace existing staff at new acquisitions.\n\xa0\n(24:00 - 29:00) Closing Segment:\nBest Investment: Marrying his wife\nWorst Investment: Junk Food\nThe most important lesson is to have good partners, partners you can trust.\n\xa0\nQuotes:\n"If you're considering going out of state, me and my partner do day trips, so we'll get on a 6 a.m. flight, or whatever, the earliest flight that we can, and then we're back home to hit the pillow." - Anthony Scandariato\n\xa0\n" Environmental is a total deal breaker; you can kind of tell when it's always a little bit desperate too." -Anthony Scandariato\n\xa0\nConnect with Anthony:\nwww.redknightproperties.com\n\xa0\nApply to Invest with Taylor at\xa0www.investwithtaylor.com\n\xa0\nTrack your wealth for free with Personal Capital, go to\xa0www.escapingwallstreet.com\n\xa0\nPlease leave a review and help others escape Wall Street and build wealth on Main Street!