Today, we will learn from a 29-year old IT specialist new strategies involving wholesale, fix & flip, single-family construction and fractionalized rentals. Learn with us the importance of finding a sponsor to find the property and sign the loan you need to buy any property on the market and be extra careful about purchasing an overpriced property.
Since Patricia was in college, she worked in a full-time job, and eventually, she managed to own not one but two properties; she used to live in one and rent the other, but right now, she only owns her home in Kansas City, Missouri. Her biggest dream is to live free from financial expenses and debt, but she is stuck finding good deals. We learn with Patricia the equation to find great homeowners: motivation + equity. Stay with us as Ryan exchanges ideas and recommendations to hack Patricia’s income!
Patricia’s background:
- Patricia was born in Wichita, Kansas, but now resides in Kansas City, Missouri.
- She has been an IT specialist for 29 years and is looking for something to sustain her and her retirement.
- During her college days, she would also work a full-time job.
- At a certain time, she owned two properties. She lived in one of them and rented out the other one under Section 8. Currently, she only owns her home.
- Patricia’s WHY: “I want to be free from all financial expenses and debt.”
- Her strategy involves wholesales, fix & flips, and single-family construction.
- Patricia is stuck in finding actual good deals, her last one left her feeling pretty discouraged.
- She was involved in a deal where the seller backed off, didn’t pay any damages and her attorney still collected his fee, so she ended up losing a lot of money.
Podcast summary:
04:05 - Breaking even from a property, the Section 8 Program, and troublesome tenants.
06:20 - Retirement without debt, traveling across the world and real estate overseas.
10:24 - The opportunities that real estate type syndication offers without having to bring a lot of money to the table.
13:29 - Buying properties (tenant included), and how to triple your cash flow with a single-time investment.
16:54 - The first deal is always the hardest: how to stay motivated and keep looking for deals.
19:01 - How Patricia has been looking for properties and the importance of not putting all your eggs in the same basket.
27:08 - Finding the great deals: motivation, equity and how to approach possible property sellers.
31:31 - Going after off-market properties: why you shouldn’t underestimate the power of door knocking, call making and mail sending.
34:12 - How to build your list even when you’re working a full-time job.
Want to learn more?
Join Ryan on our next webinar to learn how you can start real estate investing with The Investor's Edge.
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