How a New Mom Built a $3 Million Rental Portfolio in 7 Years

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Күн бұрын

⭐ Join Rental Property Mastery, my coaching & learning community:
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🎙️ Episode 345 - From commercial design to building a $3 million rental portfolio in just 7 years, while navigating the joys of motherhood. Learn how Emily leveraged her knowledge and connections to expand her small and mighty portfolio, while also prioritizing family time.
📄 Show Notes:
www.coachcarson.com/7yearrent...
▶️ Next Video:
How to Replace a $90,000 a Year Salary With Real Estate Cash Flow
• How to Replace a $90,0...
🎬 Topics Covered:
00:00 - Life Shift and Real Estate Exploration
04:32 - Buying First Property in Kentucky
10:58 - Dynamic of Couple's Real Estate Journey
15:53 - Balancing Active Income and Long-Term Investments
25:59 - Seasonality of Real Estate Investor
29:10 - Leveraging Personal Strengths in Real Estate
36:05 - Decision to Recast Mortgage and Harvest Portfolio
44:39 - Realization on CapEx Impact on Cash Flow
49:45 - Importance of flexibility in real estate investing
51:02 - Sacrifices and benefits of real estate choices
51:51 - Individual paths and choices in real estate
52:50 - Advice on finding your "why" in financial independence
54:41 - Focus on productivity and setting goalposts
55:59 - Connecting with Emily on Instagram and LinkedIn
56:50 - How to Replace a $90,000 a Year Salary with Real Estate Cash Flow
🔗 Connect with Emily:
• Emily's LinkedIn: / emily-beatty
• Emily's Instagram: / emily.in.realestate
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Пікірлер: 78

@carrieljp Ай бұрын

This woman is so wise! Her advice is spanning across so many dynamics of life, even beyond real estate, and I loved listening to every word!

@CoachChadCarson Ай бұрын

agree! Emily has some deep and broad wisdom!

@BrittanyMonetMasters Ай бұрын

Proud to call her my friend! She’s a true inspiration and now my mentor!

@CoachChadCarson Ай бұрын

Lucky you! Emily is awesome. Thanks for commenting.

@Jsitun Ай бұрын

Alright, Chad. Been grinding it out between two jobs for 8 months. I've got 23K saved up. It's about time for me to find something and get started. I'll be on your show before long.

@windhunter.89 15 күн бұрын

23k is not enough in this world. The woman in this story start in 2018 and they put down 45k with 20k buffer. 23k is not possible but super hard. Consider bringing partner for more capital.

@Jsitun 15 күн бұрын

@@windhunter.89 I'm at 26k now. Still stacking with all the OT I can get. No partner to work with out here, unfortunately. Depending on which part of the country, that's absolutely enough for a down payment and repairs.

@police994 Ай бұрын

Love your story!!! I stared out with 1, 3 years later, Just closed #10 last month. Some time you JUST HAVE TO DO IT!!!! Learn and fix things alone the way!!! Smile😊

@CoachChadCarson Ай бұрын

congrats!! That's awesome. thank you for sharing.

@emily.in.realestate Ай бұрын

agreed! Congrats on #10 - Amazing!

@anthonybair7327 Ай бұрын

You're so right with this thought process. You're going to make mistakes. You have to push through them and succeed. No regrets in life. Good luck with your journey.

@02nupe Ай бұрын

This was a very good, detailed episode. The purpose of FIRE 🔥 is to give you the OPTION to walk away, pivot and as mentioned in the episode the OPTION to change. OPTIONS

@georgenaranjo9252 Ай бұрын

Great perspectives comparing the higher priced house vs several small ones/multi-family, on replacement cost of things vs the income that generates.

@pbdmd3688 Ай бұрын

Loved every bit of wisdom and nuggets from your guest Coach❤ their journey from W2 to a house hacker and having choices in current life is so inspiring. Really learned so many insights that I can take in my real estate journey. Many thanks to you both!

@Ultima501 6 күн бұрын

Great story and information!!! Thank you both 😊

@leeroach3381 Ай бұрын

Very helpful Thank you for sharing

@shana5300 Ай бұрын

Great episode!!

@AndrewAllenHomeExpert Ай бұрын

Amazing video!!!

@FinancialFIRE-Fighter Ай бұрын

Another great episode and great guest

@Taxpayeroftherepublic Ай бұрын

Please tell us about some of the mistakes that have been made during your adventure and how you would do things differently, listening to your story and your thoughts

@emily.in.realestate Ай бұрын

Soooo many mistakes have been made! Maybe Coach and I can do a separate podcast on that one sometime, haha. A couple mistake highlights - 1 - Setting up my business structure on my own without local attorney advice 2 - Systemizing the day to day in year 3 instead of year 1 3 - Buying a house without checking for permit history 4 - Trusting a seller to "fix" things when negotiating a purchase. I'll always vote to get cash in hand and fix on my own instead. 5 - Buying a house with a finished basement and not having someone like aqua guard come in to check that it doesn't leak during storms. I thought of these in 1 minute. Many more could be added. You get the idea!

@CoachChadCarson Ай бұрын

I think that's a good future episode Emily!! My list of mistakes would take me hours and hundreds or thousands of bullets to share here:)

@nancyguzman7887 Ай бұрын

Great interview. Gave me something to think about and reinforced some of our own choices. Thank you!

@CoachChadCarson Ай бұрын

Glad it was helpful! Good to hear from you Nancy!

@brianre6342 Ай бұрын

What a great video! Thank you

@mm3873 Ай бұрын

Listening from abroad. Will connect Emily. Have over 100 doors but there is still a lot i can learn from you. Good job.

@BrandonM556 Ай бұрын

How did you do it man?

@mayraramirez8071 Ай бұрын

Amazing, story I need a mentor like this is Seattle WA 😍

@lilibethvilella Ай бұрын

Reorganizing myself & healing from divorce. Strongly encourage you to read book “THE SUN ALWAYS PIERCES THROUGH”

@omoyiwolaoluyemi9729 Ай бұрын

Thanks for sharing .are new home /townhouse a good investment for yearly rent?

@dropoutandretireearly1781 Ай бұрын

Love how at 3:48 she mentions DAVE RAMSEY !!!! LOVE IT AND LOVE THAT DUDE !!!! HES THE BEST !!!!

@laurenarington2431 Ай бұрын

Did you pull money out through a HELOC? How did you come up with the down payment each time?

@emily.in.realestate Ай бұрын

We saved up for the down payments each time. We put some money in a few aggressive stocks and compounded it fairly quickly. Lived well below our means with SF Bay Area salaries for 5-7 yrs. Always did 20-25% down payments. Or paid cash for a few smaller properties valued less than 100k. This isn’t a viable strategy for everyone, but it’s what worked for us.

@janitoronfire Ай бұрын

43:30 I remember suggesting that someone should do a video about the benefits of recasting a couple of years ago. 😜

@emily.in.realestate Ай бұрын

Seriously my mind was blown when I discovered that it was a possibility! Not talked about enough.

@janitoronfire Ай бұрын

@@emily.in.realestate I agree. I will be recasting one of my properties soon. 👌

@CoachChadCarson Ай бұрын

I remember that! So glad Emily could share her situation.

@stick7646 Ай бұрын

And who's managing all these properties?

@havenpersonalcare7968 Ай бұрын

Awesome story; wonder what's their net income?

@CoachChadCarson Ай бұрын

I didn't ask in the interview. But I know she was working as a designer in the Bay Area and she replaced that salary. So, you can kind of make a guess from that.

@emily.in.realestate Ай бұрын

Bay Area interior designer salary - 95K. After Tax was around 70K +/-

@24reyeser Ай бұрын

Isnt it replacing a 9-5 with property management?

@CoachChadCarson Ай бұрын

good question. That has not been my experience. While there IS still work, it's been very part-time for me once I got my properties stabilized. Most retired landlords I know spend 1-2 hours per week on average. They DO spend a lot more time upfront, but then it becomes more passive over time.

@24reyeser Ай бұрын

It’s getting tougher to do in chicago with taxes going up and up. Maybe flipping is still a thing.

@emily.in.realestate Ай бұрын

@@CoachChadCarson I agree with you. It was some heavy lifting in the stabilization phase. STRs can also be a time suck unless you hire out the management and lose a chunk of cash flow. With systems in place I have found managing the LTRs (and even an MTR) can be smooth and done in that 1-2 hours Chad mentions. Maybe no time for weeks and weeks, then a solid chunk of time to deal with an issue or turnover a vacancy etc.

@mike2959 Ай бұрын

In my experience of 40 rentals. It can be whatever you want. My wife and I are very involved. No mgmt company. And we do 90% of the work. Neither of us have a 9-5, so what else are we going to do 😂? We do travel every month we have a trip planned. Obviously we have higher returns. Fixing a leaking sink plumber cost $100-$200. So yeah, I take care of it. Lol

@rubayyatkhan Ай бұрын

Good story. Wonder how much million dollar house rents out for?

@CoachChadCarson Ай бұрын

Emily could say for sure. But I believe one of her duplexes is a short-term or mid-term rental and produces about $5k/month per side.

@emily.in.realestate Ай бұрын

It's a duplex! In the current set-up - side 1 rents for 3K and side 2 market rents around 5.5K-6K (Total around 8.5-9K). I owner occupy side 2 for now. PITI before the loan was recasted - $7,100 with 900K mortgage. Mortgage / PITI after loan recast - $385K / $4,100. Hope that helps!

@CrisP1781 Ай бұрын

Thanks for sharing Emily!

@anthonybair7327 Ай бұрын

Thanks for the numbers. Love to view #'s and issues. It makes it more realistic. Coach Carson is a down to earth kinda guy. Great interview CC !!!

@stillhopeful7048 Ай бұрын

Did she rehab long distance?? How did she do it?

@emily.in.realestate Ай бұрын

I did do 2 BRRR projects long distance. I had a trusted contractor who was willing to send me walk through video updates before each payment would be sent during the rehab process. I handed them exact lists of materials and which rooms to put them in, including sketches of floor tile layouts etc. I always managed building construction with very little boots on the ground time. So it was fairly straight forward when expectations were set up front with the folks there on the ground.

@stillhopeful7048 Ай бұрын

@@emily.in.realestate wow! Sounds like you have good screening/hiring skills as well! It is so hard to find a reliable contractor even in one's own town! Congrats on tackling such a challenge rehabbing far away. 👏

@stick7646 Ай бұрын

What's a burr?

@balancedbody1 Ай бұрын

What is “phi or fie”?

@CoachChadCarson Ай бұрын

Financial Independence or FI ... it's a movement of people using real estate and other investments to become work optional earlier in their lives.

@balancedbody1 Ай бұрын

@@CoachChadCarson I would like to know more about this but I am in the mist of a flip investment that won’t sell without me loosing lots so I can’t afford to learn about it yet. However, I just started listening to you yesterday and can’t wait to become more knowledgeable about “FI” thank you for your response.

@CoachChadCarson Ай бұрын

If you hear people refer to the "FIRE" movement too, that's Financial Independence, Retire Early. Glad to have you here!

@stick7646 Ай бұрын

What's a house hack? Discussing all kinds of things I don't know what you're talking about.

@geraldlofton Ай бұрын

No one likes talking about REAL STUFF w REI , so what 3M in so called value what is the cash flow (show the Math)

@CoachChadCarson Ай бұрын

I talk about real stuff all the time on this channel - including cash flow.

@geraldlofton Ай бұрын

@@CoachChadCarson 3M = Should equal 300k yr in cashflow / was that stated? Not just me questioning this read ur comments

@emily.in.realestate Ай бұрын

@@geraldlofton It's a valid point / question to ask. There's MANY reason for that which would probably require an additional podcast episode. One being that we switched to an equity play portfolio for the last 1M. A win in real estate for me is more about ROI than cash flow. Which is typically gratified at property sale, not during the day to day. For example - I just sold 1M in real estate in Feb 2024. That 1M was purchased for 650K over the last 5 yrs and it did have great cash flow. The ROI on that sale was 40% on the original cash investment + expenses to repair over that time. ROI allll the way for me :)

@geraldlofton Ай бұрын

@@emily.in.realestate okay now its starting to make sense, thank you❤️🙏

@William14094 Ай бұрын

She benefited from the ridiculous run in housing prices. Don’t think you can start now and be her.

@CoachChadCarson Ай бұрын

She got in the game, therefore she benefited. Can't benefit from the sidelines - now or 7 years ago.

@youarehere1251 Ай бұрын

What if all tenants stop paying rent and don't leave, home insurance going skyrocket, natural disaster.

@emily.in.realestate Ай бұрын

There are ways to give yourself cushion for the “worst case scenario”. Some of it involves location strategy, knowing the law, understanding your rights. Theres certainly risks to navigate.

@grumpyschnauzer Ай бұрын

People could use buying those homes that she is hoarding. I have no sympathy or tolerance for investment owners. Unless she has apartment complexes... that's different.

@CoachChadCarson Ай бұрын

Why is owning an apartment as an investment different than a duplex or single family?

@curtisbonds5379 2 күн бұрын

Sounds like she worked hard and is very knowledgeable

@dropoutandretireearly1781 Ай бұрын

You had a $13,000 HVAC Bill ??? WOW !!!! THATS CRAZY !!!!!

@CoachChadCarson Ай бұрын

I did! I'll be publishing an episode in 2 weeks where I share more details and get feedback from Lumberjack Landlord.

@dropoutandretireearly1781 Ай бұрын

COACH !!!! I love the theory of what you say "SMALL AND MIGHTY" sounds like me being 100% debt free on 6 houses now !!!! Yoohoo Small and might is the way to go. Massive "FRONT DOORS" is just bragging rights that produce really nothing !!!! LOL !!!!

@CoachChadCarson Ай бұрын

you got it! small and mighty, simple portfolio that's conservatively financed. It works well and gives you peace of mind!

@dropoutandretireearly1781 Ай бұрын

At 5:00 into the video she didnt make much of any cashflow because she didnt even own the property. The bank still did !!!! I always laugh when people wonder why they dont make money on rentals. You need to actually buy the house from the bank to actually own it and obviously once your payment is gone you will yes actually cashflow like a madman !!!! LOL !!!!