Have you ever dreamed of building a multi-million dollar rental property empire—but thought your location, career, or lack of capital held you back? You’re not alone. For many, the idea of investing in real estate while holding a full-time job, especially in a high-cost city, seems impossible. Yet Brian Waters, a full-time fire captain in Los Angeles, shattered these limiting beliefs by assembling a $4.5 million rental portfolio spanning 25 properties—all in just four years.
In this episode of “Raising Private Money,” Jay Conner sat down with Brian to learn how he did it and how you can too.
Necessity is the Mother of Invention
Brian’s journey began out of necessity, not luxury. After a career shake-up and transitioning into firefighting at age 33, he realized he might not be able to depend solely on his job long-term. Inspired by modeling successful people (including Jay Conner himself), Brian jumped into real estate investing—but quickly encountered the sky-high prices of California. That obstacle turned into an opportunity. Instead of waiting for ideal circumstances, Brian dove into out-of-state markets, treating distance as an advantage, not a barrier.
Overcoming the Fear of Investing Out of State
The thought of buying property hundreds or thousands of miles away intimidates most new investors. Brian admitted his fear that you somehow had to fall in love with the property, or that you needed to be there in person to truly know what you were buying. What changed his mind? Focusing on the numbers, not his emotions. He learned to rely on systems, contracts, inspections, and, most importantly, his team—especially property managers and tenants. Technology and relationships enabled him to scale without ever setting foot in most of his markets.
The Power of Having the Right System
For busy professionals, a streamlined, repeatable system is non-negotiable. Brian’s approach was simple but effective:
- Get clear on your “buy box.” He defined precisely what types of properties and locations he would consider, down to zip code, price, and bed/bath count.
- Source deals (simply). He leveraged MLS listings using tools like Redfin and Zillow, proving that you don’t need complicated deal-finding strategies or expensive marketing.
- Analyze and act. By becoming an expert in his specific area and running conservative numbers, Brian minimized risk.
- Build a superstar team. He considers the tenant his top “teammate,” followed closely by a reliable property manager and agent.
Funding: The Biggest Initial Roadblock
Almost every investor hits the funding barrier—Brian included. After realizing his savings would only buy a few properties, he faced the daunting prospect of running out of capital. The answer? Raising Private Money. By documenting his journey on social media, sharing his story honestly (not boastfully), and creating trust within his network, Brian attracted $1.5 million in private loans—many from people who approached him, not the other way around. He didn’t chase capital; he demonstrated value and solved other people’s problems, turning them into partners.
Action Over Perfection
Perhaps Brian’s biggest differentiator is his attitude: ready, fire, aim. He didn’t let analysis paralysis stall him. He took action, learned from setbacks, and kept moving. Some properties worked out well; others didn’t. He calls it an “ever-evolving thing,” emphasizing that you’ll never have total clarity—but taking imperfect action is better than waiting for perfection.
Key Takeaways for Your First 30 Days
- Prioritize Landlord-Friendly Markets: Look for states with laws favoring property owners, affordable prices, and economic stability.
- Build Your Team from Day One: Don’t try to do it all yourself. Agents, property managers, and reliable tenants are invaluable.
- Share Your Journey: Let your network see what you’re doing. This opens doors for both deals and funding.
- Take That First Step: Don’t let fear or the pursuit of perfect timing stop you. Every seasoned investor started with a first, imperfect deal.
Brian’s story is proof that you can invest out of state, keep your day job, and overcome what you thought were insurmountable obstacles. The first step is always the hardest—but with the right system, a strong team, and a willingness to take action, you can have your first rental property under contract in 30 days.
Ready to ignite your investment journey? Revisit this episode and connect with investors like Brian. You have no excuse not to start today.
10 Discussion Questions from this Episode
- What were the initial fears or challenges discussed about investing in out-of-state rental properties, and how were they overcome?
- How did having a demanding full-time job as a fire captain influence Brian Waters’ approach to building his rental portfolio?
- What systems and processes did Brian implement to effectively manage properties in markets he didn’t live in?
- How important is building a reliable team, such as property managers and realtors, when investing out of state?
- What criteria did Brian use to choose which markets to invest in, and why were those factors important to his success?
- How did Brian approach the challenge of raising capital, and what strategies proved most effective in attracting Private Money?
- What role did transparency and documenting his journey play in building trust with potential private lenders?
- According to Brian, why is taking imperfect action often more important than waiting for the “perfect” moment or opportunity?
- What mistakes do busy professionals commonly make when starting in real estate investing, and how can these be avoided?
- How does focusing on win-win relationships with lenders and tenants benefit both the investor and those they work with?
Fun facts that were revealed in the episode:
- Full-Time Fire Captain, Part-Time Real Estate Mogul
Brian Waters managed to build a $4.5 million rental portfolio with 25 properties—all while working a demanding job as a full-time fire captain in Los Angeles and without ever quitting his day job. - Invested Without Ever Visiting Most Properties
Brian has only been to approximately four of his 25 properties in person and hasn’t even visited 80% of the states he invests in, relying entirely on technology, strong teams, and analyzing deals by the numbers rather than emotion. - Raised $1.5 Million in Private Money—Without Ever Asking Directly
Brian successfully raised over $1.5 million in private funds to fuel his investments—not by pitching or chasing investors, but by authentically sharing his journey on social media, which organically attracted interested partners from his network.
Timestamps:
00:00 Building a rental portfolio remotely
05:47 Overcoming emotional real estate investing
08:48 Finding a mentor in real estate
11:46 Finding a Reliable Property Manager
15:15 Following other investors’ footsteps
18:20 Dealing with real estate hurdles
22:21 Raising Capital Without Desperation
24:05 Overcoming obstacles in real estate
26:59 Impact of private lending on retirees
28:46 Connect with Brian Waters
https://www.instagram.com/mr.brian.waters
https://www.facebook.com/mr.brian.waters
30:39 Encouraging to share the episode
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