How This Business Owner Purchased Their 1st Rental Property 'Out of State'

Five years. And now I teach working class professionals to do the same. Today we are here in Kansas City doing one of our trips and I have my lovely Kara, who's one of our mentees, here, to share a little bit of her story of her real estate journey and one of her properties. So, Kara, before getting into real estate, where are you from and what did you do?

I am originally from California and I ran a construction company.

And did you have real estate experience before you joined us?

Never. Method. And I want to build a portfolio and so I want to buy and hold and your strategies specifically. Talk about buying the worst property, fixing them up and renting them out, and then getting refinanced and doing it over again. And so to me, that makes the most sense.

And you come from that construction background so you can see the process play out. So for somebody that doesn't have construction background, what would you suggest to them so that they can be more comfortable with that strategy?

I would suggest to ask questions. Get yourself surrounded by people who have done it, people who do it, like the construction piece of it. So contractors asking all the questions. Even if you think it's stupid, being involved and, you know, trusting the process really, I mean, with people being involved in the group that we have here that is abundant. So it makes you feel better about going through the process with construction, specifically because the people that I work with, the construction area with, you guys, you're so educated and easy to work with. And it makes my life easier to know that I have a team of people that I can ask questions for. Cool.

Tell us about your first deal.

So my first deal was a firehouse, what we call a firehouse in the real estate investing world. I bought my very first house and it was burnt down. I mean, not down to the ground, but inside. The entire house was completely charred. Nothing was salvageable. So I decided to jump in and go all in on a firehouse.

What made you so confident to do that? Firehouse?

Well, you. The thing is, is that being involved in wnn, there's so much education, so much support that by the time I got to walk that house. So I actually bought the house on a trip. It's called the KCMO trip. And a bunch of us got, I think maybe 20 of us were there. We got together and there was like powwows and trainings and just like racking of the brain and getting our mind just really wrapped around how we analyze deals and how to make good deals and what to look for. And then we spent like three days. I think it was walking properties. I think we walked maybe 15 properties a day. Like it was one after another. And so the more we started walking properties and oh, by the way, the contractor was with us, the inspector was with us, educating us the entire time. So I was two weeks into WNN and then I went on this trip. And by the time, I mean, I was scared before, before the trip, I was scared during the trip, I was scared like, oh, no, I don't know if I could do this. That's a lot of, you know, money to spend. By the time the end of the trip, which was the last day, we walked the firehouse and I walked into the house and I was like, it's mine, that's my house. I'm getting this house. And I remember there was a recording walking through. Somebody was saying, hey, Kara, would you buy this house? I'm like, yeah, Yep, I would buy this house. And I sure did. I didn't know I was going to.

But you want to break down the burr for them. So we're now going to start with the buy side. Where did we find this property?

Well, we found it was an off market property, so wholesaler was involved. And I guess you guys got the information from the wholesaler, you got the code to the house, you know, the lockbox code, and it was.