Most investors are afraid to buy a property two towns over.
Paul Lizell has bought real estate in 44 different states.
In a recent episode of the Rigs to Riches podcast, Casey Gregersen sat down with Paul Lizell to discuss remote real estate investing, surviving the 2008 crash, finding strong REO agents, using online auction platforms, and building co-living rentals that can create stronger cash flow.
The lesson is not that investors should buy anywhere blindly. It is that your local market does not have to be your only market when you understand the people, processes, underwriting, and risks behind each deal.
Most investors only search in the market they know. That feels safer, but it can create limits when prices are high or inventory is tight.
Paul built a different model. He looks across the country, studies the numbers, finds local people, and only moves forward when the exit is clear.
Not every remote deal works. Some towns are too small, and some properties do not have enough margin. But when the deal, team, and exit strategy line up, the opportunity set becomes much bigger.
Paul started in banking and bought his first property while still working his W-2 job.
It was a HUD property near Philadelphia. He and a partner bought it for $29,500, sold it a couple of months later for $69,000, and split about $30,000 net.
By the end of 2004, he had saved about 18 months of living expenses and left his job to invest full-time.
He did not quit because of one lucky deal. He built a runway first. For W-2 earners, a job can provide income stability, credit strength, financing access, and time to build wisely.
Before the financial crisis, Paul was doing mostly fix-and-flips. Then 2008 hit.
He had several properties going at once and had to sell many at major losses. But one decision helped him stay in the game. Paul paid back every private lender in full.
Some business lines of credit went through bankruptcy, but the people who trusted him with private money were made whole. Paul owned the situation, protected his name, and gave lenders a reason to trust him again.
Reputation is not just about being liked. In real estate, reputation can become a financing strategy.
Paul learned that big rehab projects can look profitable on paper and still carry serious risk.
After 2008, he shifted more of his business toward wholesaling, wholesaling, and lighter rehab deals. Instead of chasing the highest resale price, he focused on speed, lower exposure, and protecting the downside.
Paul’s model became more practical. He focused on buying well, avoiding major structural problems when possible, moving faster, and keeping capital turning.
Paul’s remote investing model depends on finding the right local agents.
Casey called these people unicorn agents because they understand investors, distressed properties, local values, repair estimates, buyer demand, and resale timelines.
Paul’s best tip for finding them is the HUD Home Store. He looks for agents who already work with HUD, REO, and bank-owned properties because they understand distressed homes, investor buyers, and timelines.
A strong REO agent can help you understand value, repairs, resale potential, and market speed. A weak agent can make a bad deal look safe.
Paul uses platforms like HUD Home Store, Hubzu, Xome, Hudson & Marshall, ServiceLink, and RealtyBid to find opportunities across different markets.
These platforms give him access, but access is not the skill. Paul still looks at purchase price, condition, repairs, comps, taxes, insurance, rental demand, resale demand, holding time, and exit strategy.
When Paul finds a property in a new market, he wants a local agent to verify the condition, take photos, look for major issues, and help estimate repairs.
Remote investing is not hands-off. It is team-based. You are still responsible for the decision, but your team helps you see what you cannot see from your desk.
Paul is also spending more time building co-living rentals, especially in Florida.
In one example, he converted a four-bedroom, three-bath hurricane-damaged property into an eight-bedroom, four-bath co-living property.
As a traditional rental, the home may have rented for around $3,600 to $3,700 per month. As a co-living property, the income potential was around $7,200 per month when fully occupied.
In a normal single-family rental, one tenant moving out can mean the whole property stops producing income. In a co-living model, one room can be vacant while the other rooms continue bringing in rent.
That can make the cash flow more durable if the property is managed correctly.
Paul also shared why Bitcoin is part of his wealth-building strategy. Instead of trying to time the market, he believes in dollar-cost averaging, buying consistently over time, and letting the asset grow long term.
For Paul, Bitcoin is not separate from real estate. He sees it as another asset he can borrow against to fund more deals, similar to using equity. The bigger lesson is that he is thinking beyond one strategy. He wants assets that grow, create leverage, and help him keep buying more real estate.
Paul’s story is not just about buying properties in 44 states. It is about building a process strong enough to work outside one local market, while still protecting relationships, underwriting carefully, and knowing when to walk away.
That fits directly with the Rigs to Riches message. You do not need your local market to be perfect or your W-2 job to be gone before starting. You need a process, a team, and the discipline to keep learning. Ready to build with the right people and process around you? Apply to join Revive Network and take the next step toward financial freedom.
Remote real estate investing means buying or managing properties outside your local market by using local agents, contractors, online platforms, and property managers.
Paul uses distressed property platforms, HUD listings, online auction sites, REO agents, and investor-friendly local relationships to find deals in different markets.
Co-living is a rental model where tenants rent individual rooms in a shared home, often creating higher total rental income than a traditional single-family lease.
Yes. W-2 earners can use their income, credit, savings, and stability to start investing while building local teams and systems in other markets.
One major lesson was that reputation matters. Paul survived difficult markets by protecting lender relationships and staying accountable when deals went wrong.
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