Investor Cheat Code Podcast with Mike Simmons

I am excited to welcome Nathan and Ryleigh Eckles to the show today! Many parents often wonder how to get their kids interested in their work. For Nathan, a real estate investor, it was relatively easy! He took his daughter, Ryleigh, to his projects when she was just an infant, and when she was ready, he allowed her to do various tasks. Over the years, it became second nature for her, and now as a teenager, she’s an active participant in their real estate business, Dad And Daughter Buy Houses. Ryleigh has also appeared on stage at 7 Figure Flipping’s Flip Hacking Live, and in magazines, and their story as father-daughter investors is very compelling!  

 

We begin the episode with Nathan sharing their background story and how he exposed Ryleigh to his work in real estate. He shares that he got his first rental when his wife was pregnant, and they closed the deal when Ryleigh was born. He has been a landlord his whole life, and he started taking Ryleigh to projects sometimes out of necessity and other times just to spend time with her. He was doing all the repairs, which took him away from their home, and he had to find ways to bring his family to him. When she was a little bit older, they would allow her to do things like painting the walls in the basement of rentals. Whatever she asked to do, he let her and he didn’t care how good it was because he would fix it. For Ryleigh, the experiences are fun to remember.  She recalls painting the houses, the snacks that her mom would buy them, and the fun names that her dad gave to the houses so she could remember them. 

 

We then talk about when Nathan discovered that it was less of a game and Ryleigh actually loved it. Nathan shares that it happened when he decided to go to Flip Hacking Live  and she wanted to go with him. They spent time listening to podcasts together, and he realized that she was picking up and retaining the information. At that time, he was also doing flips alongside long-term rentals, and her interest showed him how much she wanted to be in the game. From Ryleigh's experience, she always connected with the people they listened to on podcasts. The fact that they were making millions of dollars a year fascinated her, and it sparked her interest in real estate.

 

Next, we talk about their business and what they are focusing on right now. Nathan shares that they are transitioning to midterm rentals for traveling nurses and business executives. Their focus is more on acquiring wealth and this niche is more profitable than long-term rentals. On the other side, flipping is quite the opposite, and he enjoys a lump sum paycheck. Their goal this year is to accumulate wealth by transforming some of their long-term rentals and holding furnished rental properties in the right locations.

 

We then talk about the economy and the work involved in long-term versus mid-term rentals. Nathan shares that they have one long-term rental that they rented for $1,600 a month. They did a complete rehab for it, which cost them around $10,000 for the furniture and the fixtures. They do everything, just like in an Airbnb residential property. They have to ensure everything is there for the mid-term clients, including WIFI and other utility services. This usually costs them an additional $500 to $600 in expenses every month while renting it for $2,700 a month. Nathan usually targets renting to traveling nurses and executives, but he’s looking into other options like working with insurance for floods and fires to host people whose houses have been destroyed. According to him, just like in anything else, the more options you have, the better.

 

Lastly, we talk about Ryleigh’s role in their mid-term rental business and their future goals. For Ryleigh, she is responsible for picking out most of the decorating items, such as the furniture, designs, and colors. She also makes a checklist of everything they need to ensure the whole process runs smoothly from the beginning to the end. Their goal is to acquire or transform their long-term rentals into furnished properties to have seven mid-term rentals by the end of the year. This will help Nathan to quit his job and dive fully into real estate, something he is looking forward to.

 

Make sure you don’t miss another amazing episode of the Just Start Real Estate Podcast with Nathan and Ryleigh Eckles and get valuable information on how to invest in mid-term rentals and how you can get your kids involved in real estate investing!

Notable Quotes:

 

“Mid-term rentals are more profitable than the long-term. They call for more work, but you get to keep the fruits of your labor.”

• Nathan Eckles

 

“Just like everything else, the more options you have in real estate the better.”

• Nathan Eckles

 

“It is hard as a young person to prioritize making money, learning a skill or building a business when there are so many things that you can focus on nowadays.”

• Mike Simmons

 

“The wear and tear in mid-term rentals is low compared to long-term rentals because most people treat it like a hotel.“

• Nathan Eckles

 

“When you start real estate at a younger age, things are going to be easier as time goes on. You will see the outcome and learn where things can go wrong.”

• Ryleigh Eckles

 

Kids will always experience the things other kids do, but exposing them to real estate at an early age will make everything easier.”

• Nathan Eckles

Links:

EDGE Magazine Dad and Daughter Duo 

Dad And Daughter Buy Houses

Seven Figure Investor

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months

Welcome to this version of the Just Start Real Estate Podcast! I am excited to bring you another replay of my Facebook Live Question and Answer sessions. I just started doing these live forums in April and they are going so well and I am getting such great feedback and questions, I thought I would share them here on the podcast. Especially for those people that are unable to join us live, this will provide an opportunity to hear the awesome questions I am fielding about business, taking risks, real estate, and so much more! Some of the questions have been very real estate specific, but others have been general business questions, like asking about overcoming fear in order to get started and how to successfully scale. I have also received more personal questions like how I decided real estate investing was right for me and the steps I took to get my business off the ground.

 

This presentation is the live Q&A that I did the week of March 23rd and each Thursday we will offer you another chance to take advantage of listening to the answers to our guests’ fabulous and compelling questions! Don’t miss this new episode of the Just Start Real Estate Podcast!

Notable Quotes:

 

“You need to push on the pain point a little.”

 

“If a seller has motivation, it is another way of saying they have pain in their life and selling you their house is going to remove that pain.”

 

“You should always be trying to expedite everything you do.”

 

“If your short term rental tenant has nothing to complain about, you won’t be getting calls.”

 

“The reality is that right now contractors have more work than they know what to do with.”

 

“A lot of contractors have short term thinking.”

 

“With contractors, what is in your control is how you treat them.”

 

“Many times, contractors will grab the money at the expense of a relationship.”

 

“The 70% rule was designed to get you in the ballpark.”

 

“In this hot market, it is hard to make the 70% rule stick.”

Links:

7 Figure Investor

7 Figure Flipping

Return on Investments

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months

 

My guest today is Alicia Jarrett. Alicia is passionate about land investments and how to get the most effective deals. She and her partner Matt have been assisting buyers and sellers with wholesale land deals for over three years. They have been investing exclusively in the States, and their goal is to help make their customers’ dreams come true by providing access to great below-market deals. Their company, Super Charged Offers, has allowed people to own land, build more on their lot, add value by increasing their lot size, and add more affordable homes to their projects effectively. They can help you find your next perfect piece of land, too!

 

We begin the episode with Alicia sharing her background story and how she got into real estate. Alicia told me that she has a background in human resources, leadership development, and training facilitation. She also had a consulting company in Australia for more than a decade, which she loved. A corporate job makes us live within our means, but for Alicia and her partner Matt, they wanted to do something bigger that aligned with their passion for travel. They started investing in the US by purchasing some fix and flip single-family homes in Florida, which worked well for them. However, the market was getting very competitive, and they shifted to land to keep their promise of doing business anywhere in the world. In the process, they also started their real estate marketing company, and right now, they have four businesses in the US and have built a team to work with them.

 

We then talk about why Alicia decided to invest in the States as opposed to where she lives, Australia. According to Alicia, Australia is a wonderful and beautiful country with amazing real estate, but it is very expensive. Where they live in Northern Australia, the average mansion costs $1.2M, while in Melbourne city, the houses range between $2.5 to 3.5M. From her perspective, people buy houses worth that much to get the land, and then they knock down the house to build a new one. The entry to the market is also very high, and the access to information is controlled by privacy laws that lock everything down. In the States, it is possible to access information about their customers, which is essential for effective marketing. 

 

Next, we talk about the advantages and challenges of land investment and why investors should try it. Alicia shares that land investment is an open market when it comes to the type of land and the strategies you can use. We tend to see buildings more than we see a piece of land that is not attractive. According to Alicia, there are so many things that you can do with a piece of land to increase its value. You can turn it into recreational land, hunting land, building land, developer’s land, commercial land, or industrial land. Opening up to these different possibilities is what makes land investment profitable. On the other hand, the main challenges to expect can include bad taxes, financial encumbrances, probate, and title issues. Most of these problems can be solved except those that are cost-prohibitive.

 

We then talk about how you can know where to buy land and resell it effectively. Alicia shares that it is pretty much the same as acquiring houses. They look for areas where there are profitable buyers' activities going on using data reports for over 18 months. The data helps them to know what has been happening in that area, how many people say that the land has value, and the number of people who are paying above and below market value. If the majority of people are paying below the market value, this is not an area to invest in; however, if most people are paying above, it’s worth getting into the game. Always do your due diligence, by looking at the numbers and buyers' activity levels and the information can help you identify better and more profitable deals.

 

Lastly, we talk about finding deals and marketing for opportunities. According to Alicia, establishing a pipeline works if you got your business set up right and you’re consistent. An effective pipeline in any business is not about what you are doing today, it's about consistency in what you did three and six months ago. For them, they had to put in place systems to enable them to continue getting and closing deals. They automated their data in online marketing to mature their sales funnel from the moment they get the data to the time their customers ask for offers. This makes it easy for their ideal customers to do business with them, and that is how they built their marketing company Superchargedoffers.com. People can contact them and ask for deals online, via email sequencing, SMS, letters, Facebook, or through an Ad, which has increased their efficiency.     

 

Make sure you don’t miss another amazing episode of the Just Start Real Estate Podcast with Alicia Jarrett and get valuable information on how to invest in the land and get perfect deals for your business!

Notable Quotes:

 

“We make money when we are doing deals, not when we are doing administration, marketing, or data cleansing.”

• Alicia Jarrett 

 

“Every deal in real estate is driven by data. Data tells us everything.”

• Alicia Jarrett 

 

“There are so many land investment strategies and opening up to different possibilities is what makes land investment profitable.”

• Alicia Jarrett  

 

“Do your due diligence. Looking at the numbers and buyers' activity levels can help you identify better and more profitable deals.“

• Alicia Jarrett 

 

“Pipeline marketing in any business is not about what you are doing today, it's about consistency in what you did three and six months ago.”

• Alicia Jarrett 

 

“Do business in such a way that makes it easy for your ideal customer to do business with you.”

• Alicia Jarrett 

Links:

Super Charged Offers

Alicia on LinkedIn

Alicia on Instagram 

Alicia on Facebook 

[email protected]

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months

 

Welcome to this version of the Just Start Real Estate Podcast! I am excited to bring you another replay of my Facebook Live Question and Answer sessions. I just started doing these live forums in April and they are going so well and I am getting such great feedback and questions, I thought I would share them here on the podcast. Especially for those people that are unable to join us live, this will provide an opportunity to hear the awesome questions I am fielding about business, taking risks, real estate, and so much more! Some of the questions have been very real estate specific, but others have been general business questions, like asking about overcoming fear in order to get started and how to successfully scale. I have also received more personal questions like how I decided real estate investing was right for me and the steps I took to get my business off the ground.

 

This presentation is the live Q&A that I did the week of March 16th and each Thursday we will offer you another chance to take advantage of listening to the answers to our guests’ fabulous and compelling questions! Don’t miss this new episode of the Just Start Real Estate Podcast!

Notable Quotes:

 

“This isn’t supposed to be a break even business.”

 

“A short-term rental property in a northern state can be either feast or famine.”

 

“The reason you do short-term rentals is that generally they have a much higher rate of return.”

 

“One big mistake was rushing into a deal and not taking enough time to analyze the numbers.”

 

“Make sure you do the due diligence on every property you are considering buying.”

 

“When you are starting out, I think it is a great idea to start in secondary markets rather than metro areas.”

 

“Secondary markets are great because there is less competition.”

 

“Try to find a way to solve the seller’s problem through real estate.”

 

“Having a good company culture is probably more important for a small company.”

 

“If you don’t start with a good company culture with your first hire, you will just be building a fire of bad culture that is going to burn out of control and consume your business.”

Links:

7 Figure Investor

7 Figure Flipping

Return on Investments

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months

 

My guest today is Maria Fristrom, the founder and CEO of Home Acres Ltd, a real estate investing company in Finland. Their mission is to offer homes with a heart and landlording with love to provide tenants with a home they are proud of. Maria had an international career in marketing and communication, working for agencies in Stockholm and Silicon Valley before stepping out and getting into real estate. Since 2015 she has built a multi-million-dollar real estate portfolio while also going through her toughest challenges as a mother. Maria’s inspiring story is a testament to how real estate investing can pull you out of financial, emotional, and mental depths.

 

We begin the episode with Maria sharing her background story and how she ended up in real estate. She shares that her mission is to help women dare more in investing. Maria and her husband owned an investment club where they read books and talked about them. One of the books was Rich Dad Poor Dad, and it lit something in them. They started looking at apartments. However, life took over, they moved to Hong Kong, and it took a backseat. They had to focus more on their career. Later, while working in a company in Silicon Valley, Maria bought her first investment property and decided that she would purposely and intentionally continue doing things that gave her the freedom to own her time. This led to her biggest move.  

 

We then talk about Maria's desire to leave a job that she loved. She shares that it was not 100% her decision to leave the job. She turned out to be pregnant again, and her husband had been headhunted for a job in Finland. They were going to have two kids, and paying $4000 for their care was not worth it. Maria gave up her job and decided to go full time into  real estate investing. She saw an opportunity to build her real estate portfolio and make up for her lost income. Since then, Maria has grown, and she hopes to work creatively, more closely with others to teach and give back.

 

Next, we talk about how Maria started her investment journey. Maria bought her first property while working in the US instead of buying their own home. They then moved to Finland, and that is where she built the biggest part of her real estate portfolio. The principles are the same, but Maria says that she got into real estate in Finland when nobody was doing the BRRRR method. This is what led to her breakthrough. She could not compete with the large players as she didn’t have the capital, the contacts, and the economy of scale. However, she had a concept that nobody else was using, so she started staging her rentals to build her personal brand. Maria got a lot of press that led to other opportunities to collaborate with brands and do the same thing for them.  

 

We then talk about Maria’s first investment in a single-family house in Colorado. Maria shares that she and her husband had a rough time growing up in Finland in the 80s, and neither of them was coming from money. They worked very hard, for a very long time, to be able to buy their first home. While in California, through her financial advisor, Maria got a good deal on a 2,300 sqft single-family home in Colorado. They did the math and she discovered that buying their home was a liability but investing in a rental property was an asset. They financed it through a conventional bank loan. She bought it for $285,000 with a $70,000 down payment, and they rented it out. They have had tenants there for six years, and it worked for them. Now they have been in the house for six months. They flipped it for sales and are looking to get $600,000 or more.    

 

Lastly, we talk about Maria's biggest mistake while investing in real estate. Maria shares that it has to do with the desire to very quickly. She felt like she had to do it all, give birth to three babies, move around the world and build a multi-million dollar real estate portfolio. Initially, her goal was to substitute her income from her job by buying four properties in that year. By the end of the year, Maria had two, and she needed two more. So she bought new construction highlight apartments. These were co-op properties that she found on MLS, and they were $175,000 each. The co-op funded 70%, while they financed 30%. At the same time, an institutional investor bought 42 other apartments in the same satellite, and when the construction came up, there was no demand, so they started dropping their prices. New construction was new for Maria, but she had to do it differently by personalizing her strategy. From her experience, Maria learned that she had to stop following her goals blindly and stick to what she knew to avoid making another mistake. 

 

Make sure you don’t miss another amazing episode of the Just Start Real Estate Podcast with Maria Fristrom and get valuable information on how you can build your portfolio creatively in real estate!

Notable Quotes:

 

“Instead of talking about where you’re coming from, talk about where you’re going.”

• Maria Fristrom

 

“Life is an experiment, and there are no failures, only regret, but they are scary because they are so final and you cannot turn back time.”

• Mike Simmons

 

“Looking for a strategy nobody else is doing can open up opportunities for you in the market that you are in.”

• Maria Fristrom 

 

“Life is not perfect, things happen to all of us, but we don’t show the nasty parts.“

• Maria Fristrom 

 

“It’s very smart to position yourself in a personable way - people want to buy from human beings.”

• Mike Simmons

 

“Stick to your criteria and what you know. Going for the next shiny object is setting yourself for failure.”

• Maria Fristrom 

 

“Be careful not to follow your goals pridefully. Ego is an enemy, so make sure your goals fit into your long-term vision.”

• Maria Fristrom 

Links:

Maria on Instagram

Maria on Facebook 

Maria on LinkedIn 

Maria on Twitter 

Rich Dad Poor Dad

7 Figure Investor

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months

 

Welcome to this version of the Just Start Real Estate Podcast! I am excited to bring you another replay of my Facebook Live Question and Answer sessions. I just started doing these live forums in April and they are going so well and I am getting such great feedback and questions, I thought I would share them here on the podcast. Especially for those people that are unable to join us live, this will provide an opportunity to hear the awesome questions I am fielding about business, taking risks, real estate, and so much more! Some of the questions have been very real estate specific, but others have been general business questions, like asking about overcoming fear in order to get started and how to successfully scale. I have also received more personal questions like how I decided real estate investing was right for me and the steps I took to get my business off the ground.

 

This presentation is the live Q&A that I did the week of March 9th and each Thursday we will offer you another chance to take advantage of listening to the answers to our guests’ fabulous and compelling questions! Don’t miss this new episode of the Just Start Real Estate Podcast!

Notable Quotes:

 

“Most potential rental tenants would buy a house if they had good credit or money in the bank.”

 

“You have to look at the specific credit issues. What is dinging their credit?”

 

“Most landlords will overlook hospital or medical-related credit issues.”

 

“You don’t want a tenant that has a history of not paying their rent or house payments.”

 

“As a new landlord, I say, more than anything, get off on the right foot.”

 

“Real estate is a fantastic business. It just is and always has been.”

 

“Why do you need to start your own business?”

 

“The reason I am doing something has to be more powerful than my fear of doing it.”

 

“Education will clear up a lot of the fear, but it won’t be helpful if you don’t have a compelling reason for being successful.”

 

“I don’t think that people who are not trained and proficient in Google Adwords should be doing it. Hire it out to an expert.”

Links:

7 Figure Investor

7 Figure Flipping

Return on Investments

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months

 

For the podcast today, I interviewed nationally recognized speaker, author, and podcast host, Chris Naugle. Over the last 20 years, Chris has worn a wide variety of business hats. He was a former pro snowboarder, owning several snowboard and skateboard shops. He's invested in real estate with his wife, doing flips, wholesales, and a lot of private lending. They even had a pilot on HGTV in 2018. The main hat he wears is that of a money mentor, because what is taught in schools about money is absolute trash. He has spoken to and taught over ten thousand Americans delivering the financial knowledge that fuels lasting freedom.

 

We begin, like we usually do, by talking about Chris’ background and how he got started as an entrepreneur. Chris talked about his upbringing and how he learned a lot from growing up in a lower middle-class household. He talked about his early work experience and how it shaped his life and attitude about money. Chris talks about starting in entrepreneurship by selling apparel he designed with his high school art teacher when he was sixteen years old and how his mother mortgaged her house to help him open a snow and skate board shop. He opened Phatman Boardshop in November of 1994 and ran it until he sold it in 2010.

 

Chris talks about how economic circumstances taught him how to pivot in his business model. His business suffered because of the dotcom recession and he found the only companies that were interested in hiring him were Wall Street firms. He didn’t understand it, but found that because he was a successful entrepreneur and willing to learn, they wanted him to work for them. He spent sixteen years as an advisor for the firm that hired him until he saw some things going on he didn’t want to be involved in. He then started investing in real estate, which led him to teach others about money and achieving financial freedom.

 

We then talk about Chris’ current passion, which is teaching people about wealth building and management. Chris says that he does not manage other people’s money anymore, but rather, teaches people how to be great stewards of their own money. He contends we have all been lied to concerning money and convinced the best thing to do is to give up the control of it. He came to the conclusions that he holds about wealth from studying the wealthiest families in the world - the Rothchilds, the Rockefellers, and many others. He talks about how these families do the same thing we do - trade our time for money, but then handle it differently once they have it. Chris then introduces us to the concept of infinite banking and how we can always make our money work for us.

 

Chris points out that infinite banking is a process rather than a product. I described the Just Start Real Estate audience and asked him if this process was available to everyone on the investing spectrum. Chris said that he believes that the process is available to everyone who has, at a minimum, started following the first law of wealth, which is saving at least 10% of your gross earnings. We also spent some time discussing how current events, such as the recent invasion of Ukraine by Russia, affects our money.

 

Don’t miss this exciting new episode of the Just Start Real Estate Podcast! My guest, Chris Naugle, teaches us all about the fundamentals of wealth-building and the process of infinite banking!!

Notable Quotes:

 

“I grew up in a house like many where there was scarcity.”

• Chris Naugle

 

“Every time my mother needed something, she was a very good saver, and I learned to save money from her.”

• Chris Naugle

 

“I quit trading hours for dollars.”

• Chris Naugle

 

“Entrepreneurship took on a new meaning for me when it was no longer a hobby and my mom’s house was on the line.”

• Chris Naugle

 

“Running Phatman Boardshop was one of the greatest experiences of my life.”

• Chris Naugle

 

“When things happen, we make pivots in our life.”

• Chris Naugle

 

“What does Wall Street want to do with a punk snowboarding kid who has never put a suit on in his life?”

• Chris Naugle

 

“We have all been taught the big lie - to give up control of our own money.”

• Chris Naugle

 

“I teach one thing and that is to take back control of your money.”

• Chris Naugle

 

“If you are not saving money today, the infinite banking concept will not work for you.”

• Chris Naugle

 

“Inflation is a hidden tax.”

• Chris Naugle

Links:

Phatman BoardShop

Mapping Out the Millionaire Mystery

Chris' Website

Chris' Resource Page

Chris on Instagram

Chris on YouTube

Chris on LinkedIN

Chris on Facebook

Chris on Twitter

7 Figure Investor

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months

 

Welcome to this version of the Just Start Real Estate Podcast! I am excited to bring you another replay of my Facebook Live Question and Answer sessions. I just started doing these live forums in April and they are going so well and I am getting such great feedback and questions, I thought I would share them here on the podcast. Especially for those people that are unable to join us live, this will provide an opportunity to hear the awesome questions I am fielding about business, taking risks, real estate, and so much more! Some of the questions have been very real estate specific, but others have been general business questions, like asking about overcoming fear in order to get started and how to successfully scale. I have also received more personal questions like how I decided real estate investing was right for me and the steps I took to get my business off the ground.

 

This presentation is the live Q&A that I did the week of March 2nd and each Thursday we will offer you another chance to take advantage of listening to the answers to our guests’ fabulous and compelling questions! Don’t miss this new episode of the Just Start Real Estate Podcast!

Notable Quotes:

 

“Every conversation with every seller is different.”

 

“When it is time to get serious, you have to get real serious.”

 

“I’m all about meeting things head on when it comes to interpersonal conflict.”

 

“Most sellers want more than we can give them.”

 

“We will remind them of their motivation consistently through the process.”

 

“Some people when met with adversity, rise up and rush into the storm.”

 

“Have that conversation and get their thoughts. Share the vision and then go for it.”

 

“There is an unseen force in marketing we call ‘momentum’ because we don’t know what else to call it.”

Links:

7 Figure Investor

7 Figure Flipping

Return on Investments

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months

 

I am happy to welcome my friend, Tanya Rooney, to the show today! Tanya is a real estate investor, and she is a former Project Manager at CBRE. She has used her communication and organization skills to assist clients in their construction projects. Tanya is the owner of BAFS Home Buyers. She started her career in house flipping and wholesaling before shifting her focus to short-term rentals to align her investments with her personality. Tanya wants to provide appropriate and affordable accommodation for people like her that love to travel and make great memories. 

 

We begin the episode with Tanya sharing how she grew her real estate business to a point where she could quit her job. Tanya shares that when we met in a mastermind class, she was doing her second flip but still in her project management position in CBRE. To grow and get to a place where she could quit her job, Tanya had to join a community of like-minded people, in flipping and wholesaling groups. They provided the support she needed to do things that she couldn’t do on her own though she knew they were the right thing to do. However, knowing that she had the skills and could make money gave her the confidence to quit her job to go full into real estate. According to Tanya, this was a mindset thing and she just needed to make a shift. 

 

We then talk about what Tanya’s first year free from her job looked like. She shares that she was doing house flips and wholesaling for off-market deals from MLS deals. There are so many deals on MLS, and they got to win because of their mindset. She also worked with other real agents whose property referrals and recommendations helped her move the needle. However, she has shifted her focus from flipping and wholesaling to managing short-term rentals. 

 

Next, we discuss why Tanya shifted her focus from flipping and wholesaling to short-term rentals. Tanya shares that flipping was becoming more stressful, and for the sake of her mental health and family, she had to make that shift. Tanya likes commercial construction and projects, and a year and a half ago, they turned a five-bedroom, three-bathroom house that they owned into their first short-term rental. It wasn’t selling for what they could have wanted it to, and with the help of a mastermind from her group, she decided to dive into the short-term rental market, and now they have three more. This model aligns more with her personality. She enjoys hosting travel and stocks them the way she wants to be accommodated when she is out of town.

 

We then talk about Tanya’s business model and the kind of houses she’s looking for. She shares that the coolest thing about real estate is that it surrounds us and everybody has their own thing and way to do business. Whether you are a multifamily property owner, flipper, or wholesaler, you can buy a house, keep it, rent it or sell it. There are so many ways  to create cash flow. However, Tanya likes big houses that can accommodate people similar to herself, such as those who need space for ten or twelve people. There are tons of houses like that, which allows her to provide space for people to congregate and make fun memories. According to her, real estate is all about what you want your brand to be, and whether you want to start rentals, multifamily, flipping, or wholesaling, you need to identify your values to design your unique brand. 

 

Lastly, we talk about how Tanya finances her short-term rental properties. Tanya shares that she does it using bank loans and other people's money. They have four properties that they financed through private capital, loans, and their own money. Tanya has partners who believe in her ability to create money, and out of the investment, they will get some of the equity. Tanya also shares the importance of building a team and creating a system by choosing people you can rely on. 

 

Make sure you don’t miss another amazing episode of the Just Start Real Estate Podcast with Tanya Rooney and get valuable information on creative ways to match your real estate investment strategy with your personality and lifestyle!

Notable Quotes:

 

“Thriving in real estate is not all about money - it’s more about mindset.”

• Tanya Rooney

 

“Matching your real estate investments with your personality will help you develop a stress-free investment strategy and enjoy what you’re doing.”

• Tanya Rooney

 

“Everybody that gets into real estate has a goal.“

• Tanya Rooney

 

“Whether you want to start with rentals, multifamily, flipping or wholesaling, you need to identify your values and they will help you develop your brand.”

• Tanya Rooney

 

“It’s awesome to operate in multiple markets, but you’re going to get better efficiency when you have more in one market.”

• Tanya Rooney

Links:

Tanya on LinkedIn

Tanya on Facebook 

Tanya on Instagram

Tanya on Pinterest 

7 Figure Investor

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months

 

Welcome to this version of the Just Start Real Estate Podcast! I am excited to bring you another replay of my Facebook Live Question and Answer sessions. I just started doing these live forums in April and they are going so well and I am getting such great feedback and questions, I thought I would share them here on the podcast. Especially for those people that are unable to join us live, this will provide an opportunity to hear the awesome questions I am fielding about business, taking risks, real estate, and so much more! Some of the questions have been very real estate specific, but others have been general business questions, like asking about overcoming fear in order to get started and how to successfully scale. I have also received more personal questions like how I decided real estate investing was right for me and the steps I took to get my business off the ground.

 

This presentation is the live Q&A that I did the week of February 23rd and each Thursday we will offer you another chance to take advantage of listening to the answers to our guests’ fabulous and compelling questions! Don’t miss this new episode of the Just Start Real Estate Podcast!

Notable Quotes:

 

“You need to know what is happening with the market so you can adjust your strategy.”

 

“You don’t hide from the market - you go into it.”

 

“Don’t count on a downturn. Stay the course and keep doing what you are doing, just keep your ear to the ground.”

 

“If the market changes, react to that appropriately with the way you buy and sell properties.”

 

“I would pull your money out as soon as your financing company will let you, then rinse and repeat.”

 

“Doing one of these a year is a slow road and I am just not a slow road guy.”

 

“We play the game fairly.”

 

“Doing the work up front with a potential tenant is one of the most important aspects of being a landlord.”

Links:

7 Figure Investor

7 Figure Flipping

Return on Investments

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months