Stop Waiting: How To Buy Your First Rental (Minisode)

Welcome ladies to The Real Estate Investor Show, providing inspiration, strategies, and insight to empower women investors to live balanced and financially free lives. Now here are your co-hosts Liz and Andresa Guidelli. Welcome back ladies, this is Liz and this is Andresa. Welcome back to The Real Estate Investor Show minisode edition. We're where 10 minutes or less, we get into a topic and we give you some tips and strategies, and then we send you on your way to whatever you're up to next. So we always appreciate you so much joining us back on our journey here. It is a journey of creating financial freedom in a balanced way, right, Andresa?

Yes, indeed.

So what am I gonna talk about? Yeah, I'm on the docket here, as I say, if that's even the right word to use. I don't know, but I'm, I'm gonna say it again. She's, I know I got some notes. The docket. I don't know. I'm not sure if that is the correct word, but for the— let us know.

You guys are hearing it. Let us know, please support us.

And I have no reason not to know the English language because I was born here. But anyway, we're gonna be talking about how to, to just stop waiting and how to buy your first rental now. So I'm gonna go through a, uh, step-by-step process to give you some insight to make it happen. Stop waiting.

Interest rates are sky high in 2023, and buying a rental property means you could get stuck with an 8, 9, or 10% mortgage rate. But what about a 2.99% rate with Rent to Retirement? Rent to Retirement has 2.99% seller financing available on turnkey properties. You heard that right. That's a seller-financed 2.99% interest rate with an average cash flow of over $900 per month. Plus, they've got options where you can put as little as 5% down with no PMI. As the nation's leading turnkey investment company, Rent to Retirement helps investors build headache-free, high-cash-flow rental portfolios. And since their properties are fully turnkey, newly built or renovated, leased and managed, anyone can invest, even those who aren't into landlording. So what are you waiting for? This 2.99% rate deal won't last long. To learn more, visit renttoretirement.com. That's renttoretirement.com or text REI to 33777. Again, text REI to 33777.

You're trying to close on your next rental, so why is your insurance company dragging its feet? With long lead times and never-ending paper forms, it's no wonder it takes forever to finally get a policy. Modern investors deserve better. They deserve Steadily.com. At Steadily.com, you'll get fast, affordable landlord insurance available online 24/7 in just a few clicks. You can even get next-day coverage, which takes just minutes, by the way, to obtain, and you can do it all from your phone. Steadily was founded by landlords who created insurance products tailored to the unique needs of this industry. It's their sole focus, and that's why landlords nationwide consistently rate them 4.8 out of 5 stars. So whether you've got a single-family, short-term, or multifamily portfolio, Steadily.com can secure the best coverage at the best price to protect your properties. Discover how Steadily can save you both time and money on your rental property insurance. Visit steadily.com for a commitment-free quote tailored to your needs today.

So we see so much in our Facebook community, right? About, you know, women taking courses and listening to our amazing podcast and, and in the education, the education, the education. And then we still see some women not pulling the trigger, right? And not making it happen. So I wanna give a very, you know, nothing new is simple in the sense of because it's not new, but I wanna give you a process. That could potentially help you accelerate buying your first rental. I don't care what market we're in, you know, I, I just don't, that's not even something I wanna talk about right now because there is always opportunity in any market. I do believe that depending on the market, depending on the local market. So that's another conversation for another day. Assuming there's always a good time to buy, which I do believe that not in every market, but in the markets that you choose, which we'll get to, how do you make it happen and stop waiting? So first step, I wanna talk about goals. So many women are like, should I buy a short-term rental? Is this a good time to buy a multifamily? It's so, so competitive. I know we've, we've said this in different, different teaching and different conversations we've had on Andresa Guidelli, but we have to reiterate it again because if you're not laser focused on your goals, you know, where do you wanna be in 5 years? I know we say it a lot, but honestly, if you don't do the work, like really do the work, cuz it changes. If I asked you this a month ago, it could have changed. And what I mean by goals is where do you wanna be financially? You know, and then that why behind what you're doing is really important to get clear right off the bat. Because if you're not anchored into something that's, this is why I'm doing it, this is who I'm doing it for, this is where I wanna be in 5 years. You don't have something big to move towards. The first time a broker blows you off, you're gonna give up. First time you have a fire in a unit, you're gonna give up. The first time a tenant stops paying rent, which is gonna happen, you're gonna give up. So you've got to get clear on that before you even navigate this business, in my opinion. So I also very specifically what money you're looking for. Like, are you looking for a chunk of money? Are you looking for residual money? Obviously it's a rental, but you have to be clear on what, what is this something that you don't need to make anything right now? You wanna really save for retirement or you're like, wow, I really wanna replace some income, some monthly income because I'm gonna let go of maybe my second job. I don't know where you are financially, but being very clear with your goals holistically and then very specific to, to money. And then time would also be the two things I want you to look at for goals. So that's number one. So once you've done that work, and that's work, that's energy, okay? This is not like, I wanna make a million dollars. No, that's not good enough. Okay? You gotta look, get a little deeper. And if you're not too sure about goal setting, we have a lot of resources. I know that we've posted a lot of things that we've done on Andresa on that. So that's the first thing. Second thing I want you to do, and we talk a lot about the importance of going within, I want you to do an inventory. Let me give you an analogy full of analogies today. If you go shopping, which I get Instacart now and love Instacart. I don't know if I've ever, I haven't, I haven't set foot in a store in a long time. So you'd be proud of me, Andresa. Super leveraging. Wendy Papason, if you're listening, leveraging at home, leveraging at home. But anyway, I still, if we are doing Instacart and I delegated that, my husband does that now. He does the Instacart job. I'm so proud. Yeah. You delegated that and you found a who. You, you're out of the picture. Andresa, you've helped me in many ways over the years. That was just one conversation we had. But anyway, if he then goes and orders a bunch of food and does not take inventory of what we have in the refrigerator. Sometimes that happens. I'm like, why do we have like 15 packages of eggs? Oh, I didn't know we had eggs because he didn't take inventory. So the second step I want you to think about is taking inventory. And I want to— I've said this on maybe a Run with Liz because we do Runs with Liz every Monday, by the way. We post that on our social, but it's called an unfair advantage. And when you're doing an inventory on yourself, you're taking inventory of what I bring to the table. I want you to think about what is your unfair advantage? And you're like, what are you even talking about? What's an unfair advantage? Meaning it's an advantage you have because of you, who you are, what your experience is, your skills, where you live. You know, maybe you're, you were in the military or you had this experience, you had that. It's an unfair advantage. So what is that for you? Unfair to other people, not to yourself, is what I mean by that. So it's an advantage you bring to the table because of who you are, and how you are, if you will. So that is what we call an unfair. And if you don't know that unfair advantage, you're going to completely underestimate your worth. And especially when you're negotiating with people, because you need to know what your advantage is. I don't care how much experience you have investing, but if you don't know what your advantage is and your worth by taking this inventory, you're going to undersell your worth and just take the scraps from people. And as women, we need to stop doing that. Not gonna serve us. Certainly not gonna serve the younger generation. So know your worth. That's the second thing. Third thing. Now let's get into real estate. Because those two things were more about what, where you wanna be and what you bring to the table as your unfair advantage. Now let's get clear on, cuz now it's all gonna be colored around what would serve your goals in terms of the market. You have to think about the local market and the global market, right? That is important right now. What creative opportunities are around? For you? What markets do you know about? I'm a big fan of like thinking about the markets you either live in or you know a lot about, or you have family in. Really simple stuff. And is there alignment with opportunities? Meaning you already go to Baltimore, you're already traveling to Georgia because of Anne Sallie or whomever, and you're like, I know that area really well. Well, that's an unfair advantage. So what does that look like for you? And it may not be if you're somebody from California, like, I don't wanna— but honestly, I've heard, I know a woman in my networking group, she buys short-term rentals and does phenomenal in San Diego. She does amazing. She told me her numbers. She does amazing with that type of structure. And it's more of a luxury short-term rentals kind of business. Her numbers are like, what? So she's having success in California. So don't just be stopped by the market, but the market has to align with your strategy. Okay? She may not be able to buy a 6-unit and make a whole lot of cash flow. I don't know that. I don't know that either way, but you need to know your market. You need to know the market you're maybe looking into or you're considering. And you also need to align with the asset class cuz those two things matter. Those two things have to match. You may not be able to do short-term rentals everywhere in every market. So as you start to discover and explore, you wanna start to get really clear on what market you wanna go after. And then what does that yield in terms of your asset class? Sometimes the asset class will lead and say, oh, okay, I'm gonna learn a new market. But if you could actually know the market first, especially if you're newer, it's gonna, you're gonna move much faster versus I'll go anywhere and you're learning a new asset class. Now you have zero to bring to the table and your knowledge base is zero. At least if you know a market without knowing the asset class or the strategy, you're gonna move faster. That's why we are so committed to helping real estate agents. You know, that's why we have an Investor eXp team because we're so committed, cuz they know the market. Now they just have to start investing, right? Andresa Guidelli. That's why we're so passionate about that. So know the market, figure out where you may know what you already have under your, on your hand, where you live, where you actually visit, what you just know a lot about because of whatever. And then start to explore what asset classes match, could match that market. More importantly, what asset class will meet your goals? Maybe buying a long-term rental that's cash flowing very little is not gonna meet your, your financial goals, what you need right now, but doing a short-term rental will. So again, all those things have to match goals, market, asset class. Fourth thing I'll say, start to do your homework. Start to learn about that market or that niche or that asset class. And then start to ask questions, start to learn, ask more questions. Don't just be like, I wanna, I wanna learn about multifamily. Where should I begin? That's not what you wanna ask in our community cuz we don't even know how to answer that question. Such a broad question, right? But I've been doing some research and this is what you post. I'm, I'm, I'm analyzing, you know, the Atlanta market to buy a small multifamily. And here's some of the challenges I'm finding. What are the local investors finding? That's why we have an Atlanta meetup group. That's why we have 55 meetups. So you can get connected to local women, but if you don't do the work, start to do like a little bit of due diligence and then get the support. It's hard to support women. The last thing I'd say is seek mentors and seek an accountability partner. Obviously you have mentors in us. That's why we love what we do. But there are so many mentors and that's why it's not the Liz and Andresa Show, right? And are we building a, a, a, an intimate global community of women who all gonna have each other's backs? So seek out a mentor, but more importantly, seek out an accountability partner. Don't do this alone. Find a woman in your local meetup group, start holding each other accountable, and you will buy that first rental just by that process. Take some action, learn something new, take some new action. Now start calling about listings, and it's just like you're peeling back the layer of the onion. So that's what I got for today.

I recommend that you guys listen to this episode a couple of times and you pause it. And, and then as you go through it, you write down the actions that you're going to take, because many times we keep hearing over and over again from people that we cannot relate to. What success looks like, or there is this quote-unquote secret formula that you must follow if you want to be successful, and that's BS. Okay? So what we want you to do is to create what works for you. So you, there's a lot of questions plus, oh, this works for me, that does not work for me. And then you create what works. And then when you get stuck, when you have questions, then you come to the community And then you say, listen, I did this. I got stuck over here. Now what? What do I need? I'm thinking plan A or plan B. That's where the collective genius comes in. And then we support you. So don't think that you need to figure it out all by yourself. Leverage, leverage, leverage. Let's tattoo that on our wrists.

Let's leverage, people. All right.

If you have any further questions, please let us know. And as always, we would like to hear from you. If you enjoyed this episode, go to iTunes and give us a review. You have a great day.

Okay.

Ciao. If you enjoyed this podcast and want to receive updates on our next interviews, go to our website, therealestateinvestor.com. There you can subscribe to our show, become part of our investor community, and get updates on upcoming episodes.

If you like our show, please share it with other women who would benefit. And don't forget to leave us a rating on iTunes. We'd really appreciate it. And as always, we encourage you to take one action as a result of today's show and put it into motion so you can live both a financially free and balanced life. Thanks for spending time with us.

Ciao.