Keys to Out of State Multifamily Investing with Anthony Scandariato

Passive Wealth Strategy Show - Real Estate for Busy Pros

What does it take to successfully invest in multifamily properties out-of-state?

Anthony 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.

Prior to forming Red Knight Properties, Anthony Scandariato who graduated from Cornell University with a Bachelor’s 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.

(00:00 - 06:00) Opening Segment

• Anthony began investing in his local New Jersey market, building a portfolio of around 70 units before expanding out-of-state.
• Anthony and his partner acquired their first out-of-state property just over the PA border, about an hour drive from home.
• Their 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.

(06:00 - 09:00) Evaluating the Clearwater Property

• They partnered with a local to the property for initial evaluation before visiting themselves.
• Anthony spent a full day walking every unit, taking photos, and making notes on conditions using a property inspection app.
• How Anthony verifies the accuracy of the seller's renovation claims and watches for any major structural, environmental, or maintenance issues.

(09:00 - 24:00) Assembling a Local Team

• To properly manage out-of-state, Anthony likes to start with at least 100 units in a market to have a sufficient team.
• He looks at labor market factors to ensure there's enough of a talent pool to hire quality on-site employees.
• It's crucial to have trusted partners managing each property. They've had to replace existing staff at new acquisitions.

(24:00 - 29:00) Closing Segment:

• Best Investment: Marrying his wife
• Worst Investment: Junk Food
• The most important lesson is to have good partners, partners you can trust.

Quotes:

"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

" Environmental is a total deal breaker; you can kind of tell when it's always a little bit desperate too." -Anthony Scandariato

Connect with Anthony:

www.redknightproperties.com

Apply to Invest with Taylor at www.investwithtaylor.com

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