Description

Summary

In this episode of The Agent Advantage podcast, Michaela interviews Emily about her journey into real estate investing.

Emily shares her experiences with rental properties, including her first investment, the challenges of being a landlord, and the importance of having a solid plan and backup strategies. The conversation covers various aspects of real estate investing, including tenant screening, property management, and the nuances of Section 8 housing.

Emily emphasizes the need for a system in place and the lessons learned from her experiences, including the importance of professional legal agreements.

Takeaways

• Emily started investing in rental properties after six years as a real estate agent.
• She learned from others' successes and decided to follow their lead.
• Investing in rentals is a long-term strategy compared to commission-based income.
• Her first property was found through a wholesaler on Facebook Marketplace.
• She financed her first property with a bank loan, putting 20% down.
• Section 8 housing provides guaranteed rent payments from the government.
• Tenant screening is crucial to avoid issues down the line.
• Having a property manager can alleviate the stress of managing rentals.
• Evictions can be costly, but they are manageable with the right approach.
• It's important to have a financial cushion and backup plans when investing.

Chapters

00:00 Introduction to Real Estate Investing

02:51 The Journey Begins: First Rental Property Experience

05:46 Financing and Closing on Investment Properties

08:34 Scaling Up: From One to Multiple Rentals

11:20 Understanding Section 8 Housing

13:45 Tenant Screening and Application Process

18:07 Tenant Screening and Selection Process

20:26 Pros and Cons of Owning Investment Properties

22:43 The Role of Property Management

23:55 Understanding Rental Income and Expenses

28:10 Lessons Learned from Renting to Friends

32:40 Starting Your Investment Journey

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