In this episode of the Deal Finders Podcast, we explore the inspiring story of Terrie Schauer, a real estate investor and property management expert, who started her journey with no money, no credit, and no formal experience. Terrie shares how her early days of house hacking paved the way for a thriving property management business and a 20-year career in real estate. From overcoming fear to adapting to market changes, this episode is a masterclass for both new and experienced investors.

Terrie also discusses her book, The Mindful Landlord, blending lessons from her martial arts background with real estate strategies. She highlights the importance of mindset, adaptability, and understanding your local market to build a successful and recession-proof real estate business. Whether you’re just starting or looking to scale, this episode is packed with actionable insights and inspiration.

 

Timeline of Highlights

 

[0:00] - How Terrie Schauer got started in real estate with no money or credit.

[2:00] - House hacking before it was trendy: Lessons from managing student housing.

[7:35] - Strategies for overcoming fear and taking your first steps in real estate.

[12:45] - Using local knowledge to find hidden gems in your backyard.

[20:10] - Adapting to market shifts: When and why to pivot your business model.

[25:50] - Key insights from The Mindful Landlord on mastering mindset and performance.

 

5 Key Takeaways

1. Start Small and Smart: House hacking is an excellent low-pressure way to enter the real estate market, especially for those with limited resources or borrowing capacity.

2. Leverage Local Knowledge: Knowing your market can help you uncover opportunities that others overlook, such as undervalued neighborhoods or underperforming properties.

3. Mindset is Critical: Overcoming fear and self-doubt is essential for success in real estate. Terrie emphasizes the importance of mental clarity and presence in stressful situations.

4. Adapt to Market Changes: Be prepared to shift strategies when market conditions change. For Terrie, this meant transitioning from renting by the room to conventional leases.

5. Time Heals Mistakes: Real estate is a long-term game. Holding onto properties through tough times can erase mistakes and lead to substantial profits.

 

Closing Remarks

Thanks for tuning in! If you found this episode valuable, please rate, follow, and review the Deal Finders Podcast. Share it with friends who might be ready to take their next step in real estate investing. See you next time!