If you’ve been looking for your WHY? look no further than today… Coach’s Corner is on your way! Income Hackers welcome to Coach’s Corner, the show where you get the chance to experience a LIVE personal coaching session with people from every background at any stage of their real-estate careers. 

Today, we will learn why having a big amount of cash doesn’t guarantee you any freedom, and what you really need to have in your life: cash flow. Plus, choosing the correct strategies to achieve perfect deals and have an awesome network as we enter the real estate market, which takes time and effort. 

Kathleen’s biggest dream is to achieve financial freedom to pay her debt. For the past 15 years, she has managed to build her dream house in the countryside from scratch, and she will tell us all about the process. In this episode, we will talk about wholesaling and how it allows you to close deals without getting your hands dirty as you would do in rehab; the correct way to knock on doors, shake off your fear to cultivate a relationship with a possible client and other recommendations related to investing in auctions. Come have a chat with us and find out the reason to never buy out of your home state unless you have someone managing the project for you. 

 

Kathleen’s background:

• Kathleen has experience working with doctors and lawyers mostly. She currently works as a private care provider.
• Over the last 15 years, she has managed to build a house from scratch on her own.
• She has rehabbed two properties and she is not afraid to do things herself.
• Kathleen thinks one of the hardest parts of rehabs is finding a contractor.
• Kathleen wants to achieve financial freedom to pay her debts.

 

Podcast summary: 

• 01:44 - How Kathleen worked two jobs to build a house from scratch.
• 06:11 - How a rehab job allowed Kathleen to build her dream house in the country.
• 19:58 - Kathleen’s goals: achieving financial freedom gaining experience and paying her debt.
• 24:32 - The importance of cash flow and finding the ideal strategy to start a real estate investing career.
• 27:27 - Reverse amortization: how to find a great wholesaling deal.
• 33:08 - How to approach homeowners and the reasons why they could be thrilled to sell their house.
• 37:21 - Two steps away from getting started: deciding on a neighborhood and a strategy.
• 40:28 - Why you could participate in a private auction even as a real estate beginner.
• 42:11 - What to do if you have found a property but didn’t find an investor.
• 44:47 - On out-of-state auctions and why they are only suitable for BRRRR deals and land flipping.
• 46:06 - A bumpy ride ahead: why consistency, patience and hard work are key to success in real estate. 

 

Episode Resources

94 Ways to Find Deeply Discounted Real Estate by Ryan G. Wright

Investor’s Edge real estate investing software.