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Live in an Expensive Market? Here's EXACTLY How to Invest Out of State | Don & Janelle Carlson (Ep 157)

Jun 24, 2025

Guest

Janelle Carlson

Guest

Don Carlson

Don and Janelle Carlson are real estate investors thriving in Cincinnati, specializing in wholesaling and flipping. They share their journey from significant financial setbacks to achieving freedom through smart real estate strategies. The couple discusses navigating investment in affordable markets, emphasizing local knowledge and networking. They also touch on balancing parenthood with managing investments, their five-year vision for expanding their portfolio, and the impactful books that shaped their approach to investing. It's an insightful and entertaining conversation packed with valuable lessons!

01:20:43

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Episode notes

volunteer_activism

ADVICE

Vet Deals Remotely Thoroughly

Vet deals by having wholesalers provide data, plus sending your own contractor and realtor to verify.
Use FaceTime to visually inspect properties remotely before purchasing.

volunteer_activism

ADVICE

Use Hyperlocal, Experienced Realtors

Always use hyperlocal realtors with high deal volume for accurate comps and market knowledge.
Avoid using agents unfamiliar with sub-markets or who have low transaction volume.

volunteer_activism

ADVICE

Leverage Agents with Prep and Incentives

Do your own homework before asking agents for valuation to avoid blind trust.
Incentivize agents by giving them listing rights or additional fees for analysis work.

Get the Snipd Podcast app to discover more snips from this episode

Exploring New Investment Markets

01:36 • 3min

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Navigating Real Estate: Lessons and Lifestyle

04:53 • 16min

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From Failure to Financial Freedom

20:41 • 15min

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Navigating Real Estate Agents in Out-of-State Investments

35:16 • 2min

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Fighting Human Trafficking and Smart Property Management

37:01 • 2min

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Navigating the Journey of the Middle Investor

38:46 • 2min

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Transforming Real Estate Investments into Scalable Businesses

40:43 • 14min

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Balancing Real Estate and Parenthood

54:31 • 9min

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Strategizing Future Real Estate Investments

01:03:20 • 2min

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Transformative Reads: Books That Shift Perspectives

01:04:51 • 2min

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Reflections on Life, Money, and Family

01:06:31 • 14min

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#4720

• Mentioned in 10 episodes

Long-Distance Real Estate Investing

David Greene

#3047

• Mentioned in 15 episodes

The cashflow quadrant

Robert T. Kiyosaki

In 'Rich Dad's Cashflow Quadrant,' Robert T. Kiyosaki explains the four types of people when it comes to money: Employees (E), Self-employed (S), Business owners (B), and Investors (I). The book emphasizes that financial freedom is more likely achieved by moving from the left side of the quadrant (E and S) to the right side (B and I), where money works for you rather than the other way around. Kiyosaki argues that traditional education often fails to teach financial literacy, leading many to work hard for money instead of making money work for them. The book provides insights into the skills and mindsets required to succeed in the B and I quadrants, which are key to achieving true financial freedom.

#2708

• Mentioned in 17 episodes

What It Takes

Lessons in the Pursuit of Excellence

Stephen Schwarzman

In 'What It Takes: Lessons in the Pursuit of Excellence', Stephen A. Schwarzman shares his journey to success, offering insights into finance, leadership, and philanthropy. The book provides a behind-the-scenes look at building Blackstone and emphasizes the importance of resilience, decisiveness, and continuous learning in achieving excellence.

#677

• Mentioned in 49 episodes

Built to sell

Creating a Business That Can Thrive Without You

John Warrillow

In 'Built to Sell', John Warrillow provides practical advice on creating a business that can operate independently of its owner. The book is structured around a story where a business owner, Alex, is guided by his mentor Ted to transform his marketing agency into a sellable business. Key lessons include running the company as if it will last forever but being ready to sell at any moment, focusing on a specific, non-customizable product or service, creating a positive cash flow cycle, and hiring a sales team to remove the owner from the sales process. The book emphasizes the importance of making the business repeatable, valuable, and teachable to attract potential buyers.

#14318

• Mentioned in 4 episodes

The Miracle Morning Millionaires

Hal Elrod

David Osborne

The Miracle Morning Millionaires by Hal Elrod and David Osborne offers a practical guide to achieving financial success through the application of the Miracle Morning principles. The book emphasizes the importance of establishing a consistent morning routine to enhance productivity, focus, and overall well-being. It provides actionable strategies for goal setting, habit formation, and financial planning, empowering readers to take control of their financial future. The authors share their personal experiences and insights, illustrating how a structured morning routine can lead to significant improvements in various aspects of life, including financial independence. The book's emphasis on self-discipline and consistent action makes it a valuable resource for individuals seeking to improve their financial well-being.

#52

• Mentioned in 241 episodes

Extreme ownership

How U.S. Navy SEALs Lead and Win

Leif Babin

Jocko Willink

This book by Jocko Willink and Leif Babin focuses on the principle of 'Extreme Ownership,' where leaders take full responsibility for their actions and decisions. The authors use their experiences in the U.S. Navy SEALs to illustrate how this mindset can lead to success in any organization. The book covers various principles such as believing in the mission, checking ego, and leading by example. It emphasizes that leaders must own all failures, develop plans to overcome them, and ensure their teams are well-conditioned and aligned with the mission. The authors also stress the importance of humility, discipline, and effective communication in leadership.

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🧔‍♂️ WHO ARE WE?

Our names are Brandon Turner and Cam Cathcart! We teach people how to BUILD WEALTH WITHOUT LOSING THEIR SOUL through real estate investing!

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🙏 SPONSORS

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🎥 DESCRIPTION

I sat down with Don and Janelle Carlson to unpack how they built a flexible, freedom-focused real estate business while living life on the road. They share how they invest out of state, manage teams remotely, and scaled quickly... even after their incredible but heart-breaking story of losing $35K on their first deal. From brutal early lessons to building a lifestyle by design, this is a candid look at what it really takes to thrive in the middle phase of real estate investing.

Specifically, we talk about:

• the mechanics behind investing in real estate out-of-state

• why you shouldn't count out your expensive market just yet

• how to get started

• how to get out of the "middle investor" phase

• and so much more!

❌ DISCLAIMER

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