Thanks to modern technology, real estate investing is more accessible than ever—even for those who never set foot in the properties they purchase. This approach is especially popular among investors in high-cost areas like California, and Michael Albaum is one of them. In this episode of Zen and the Art of Real Estate Investing, Jonathan chats with Michael, an investor with over 12 years of experience. As an Airbnb Superhost and the founder of myFI, Michael shares how he’s built his portfolio remotely and the strategies that have helped him succeed.
Jonathan and Michael dive into remote real estate investing, starting with Michael’s first property in Southern California. As he expanded his portfolio, he learned to navigate costs across different markets and scale his business strategically. He shares how coliving with roommates helped him get started, why having an unbiased party assess properties remotely is crucial, and what led him to focus on multifamily and mixed-use properties. Michael also breaks down the difference between financial independence and financial freedom, the advantages of keeping a W2 job, and why making offers—even when they seem unlikely to be accepted—can be a smart strategy. As they wrap up, he explains his passion for midterm rentals and what he anticipates for their future.
Jonathan and Michael share more about:
- Investing remotely makes real estate more accessible, creating better cash flow and returns.
- Building a network of trusted professionals is key to overcoming a fear of remote investing. Focusing on numbers also helps deter some emotions surrounding not being physically present.
- Retaining a W2 position can open up more financial possibilities for investing and create financial stability.
Living in a high-cost-of-living area doesn’t have to mean you can’t invest. Michael Albaum teaches others how to invest remotely, create financial independence, and build a legacy.
If you want to learn more about Zen and the Art of Real Estate Investing Podcast, check out https://zenandtheartofrealestateinvesting.com/podcast/218/.