May 29, 2024 • 40 mins
This episode brought to you be inspectify.com
Summary
Julia Pardo is being coached by Jan Wanot on the Washington State Real Estate Investing Podcast. Julia currently owns a duplex and wants to continue buying cash-flowing properties every two years. Her long-term goal is to provide rental properties for her future children and achieve financial freedom. Jan suggests that Julia consider buying a new property every year instead of every two years to accelerate her progress. They discuss the importance of increasing passive income and the potential for Julia's husband to support her in managing more units. Jan also advises Julia to focus on finding incredible deals and leveraging off-market opportunities. Julia Pardo discusses her real estate investment journey and her plans for future investments. She shares her experience of buying her first duplex and the challenges she faced. Julia expresses her desire to invest in a fourplex and her husband's hesitation. Jan advises Julia to focus on building relationships with wholesalers to find off-market deals. Jan also suggests exploring on-market properties that have been sitting for a while and submitting offers that reflect the market price. Julia realizes that she needs to let go of her fear and take the next step in her investing journey.
Takeaways
Consider buying a new property every year instead of every two years to accelerate progress towards financial freedom
Increase passive income to have more resources and support systems in place
Focus on finding incredible deals and leveraging off-market opportunities
Involve Julia's husband in managing more units to alleviate workload Building relationships with wholesalers can help in finding off-market deals
Submitting offers on on-market properties that have been sitting for a while can lead to good deals
Letting go of fear and taking the next step is crucial for success in real estate investing
Guest: Jan Wanot
Jan is an immigrant that came to this country with nothing, studied hard and finally attained the America dream…. of a steady, corporate job. Or so he thought based on the narrative we’re all fed. Jan eventually wisened up and left the steady paychecks to become a full time real estate investor in 2017. Today he owns and operates a portfolio of 225 cash flowing units around the country plus a variety of active real estate projects in Seattle. He is the founder of the WA Real Estate Investing facebook group where about 19,000+ members in the Pacific Northwest connect and share value every day. In his spare time Jan loves to stay active, travel 3+ months per year, raise hundreds of thousands of dollars for charities he cares about, and teach real estate investing.
http://facebook.com/groups/WAREI
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Okay, welcome everybody to the WashingtonState Real Estate Investing Podcast.
I am Julia Pardo and I'm very excited tosay that I will be getting coached on the
show today by Yawn Wanted and we can justjump right in to your coaching call.
(00:22):
Yann, do you want to start by just givingan introduction of yourself and...
Sure.
Yeah.
Thanks for having me on Julia.
Well, my name is Yon.
I am a full -time real estate investorsince 2016.
So coming up on seven years here andabsolutely love it.
(00:42):
Best job ever.
I started with residential single family,like most of us and, and let me redo that.
Cause I was getting the call.
Or let me just go on focus mode.
All right.
Cool.
(01:04):
Okay, my name is Yann.
Thanks for having me so much, Julia.
I started with residential single familyinvestments like most of us, and then
transitioned into small multifamily.
And now I focus on mobile home parks.
So own a couple hundred cash flowingrental units.
And absolutely love what real estateinvestment has done for my life.
(01:27):
What it's done for the properties that Ipurchase and for being able to provide
clean, safe and affordable housing.
My mission is to provide clean, safe andaffordable housing to 10 ,000 humans.
And, that's what I do on the commercialside.
I really love doing residential remodelsas well.
And so that's kind of what I do to havesome creative outlet and get to design new
(01:51):
spaces and.
I run a Facebook group that I started whenI first got started with real estate
investment and that's called Wari,Washington real estate investing.
And we've got about 20 ,000 members inthat group.
It's grown organically and it's a greatplace for you to share value with others,
to share what you're learning, to findpartners, mentors, contractors, you name
(02:16):
it.
It's probably there in Wari.
And so.
That's a little bit about how I gotstarted and what I do now.
Very cool.
Yeah, that's how we got connected.
I went to a Wari event and got to networkand just hear a bunch of speakers,
including yourself.
So super excited to have you here.
(02:36):
And I won a raffle there to get a 30minute coaching call with you.
And so I'm excited to just get into thatand learn more about the mentorship that
you provide for others to help them attaingenerational wealth through real estate
investing as well.
Sure.
(02:57):
Yeah, I generally, I love working withpeople sharing kind of golden nuggets from
my journey to see how we can supporttheirs.
And I'd love to talk to you about whereyou're at in your investing career.
And I guess let's just start there.
Tell me about what you've done so far withinvestments and what you want to do.
(03:21):
Okay, so I bought my first home, which isa duplex in North Tacoma last year.
And I'm going up on my one year of being ahomeowner this month and we house hacked.
So we live in one unit and run out theother unit.
And when we bought the home, we remodeledit the upstairs unit just so we could get
top market value.
(03:42):
and we did, we got tenants immediately andwe're going to re -sign those tenants now
and we do long -term rental.
And our goal is to buy another duplex ormulti -family.
I want a four -plex, still convincing thehusband.
He's feeling comfortable with the smallerunits right now, but we'll see, we have
time.
So every two years, our goal is to buyanother multi -family, house hack it and
(04:05):
continue.
And I don't know if I have a specificnumber of how many rentals I hope to
provide for others like you do, which isawesome.
But I'm open to kind of figuring out whatthat number would really mean.
Like our long -term goal is to buy theforever home that is for us, it's on lots
(04:27):
of acres.
We have, you know, just land to ourselvesand our own home.
And then we have passive income coming inthrough our rental.
properties.
We want to buy and never sell, hold on tothem for as long as possible, for forever,
hand them down to our future children.
And, you know, I've never left thecountry.
I haven't traveled much.
I've worked very hard since I turned 18and moved out.
(04:50):
I've just worked a job or two or three toget going.
And so my goal is to just, you know,buckle down now, buy those investment
properties, and then one day get to usethat income to kind of live more freely, I
would say.
Okay, awesome.
So, so far you've bought one duplex andyou would like to continue buying cash
(05:12):
flowing house hack investments every twoyears for, I guess, the duration of your
career.
Do you want to just keep doing that, youthink?
Because that's working well.
I think so.
Yeah, it's where I'm comfortable being arealtor myself.
I like that I can use my commissiontowards my down payment.
(05:33):
And I like that I'm, you know, fairlyfamiliar or very familiar with our current
market.
And I also have opportunities for off-market deals for multifamilies as well.
And so I feel like this is just where I'mcomfortable in an uncomfortable area of
investing, I guess.
Okay, cool.
And just so I understand kind of likewhat's driving all of this.
(05:56):
So it sounded like you have some personallike desires to travel more and just have
more freedom driven by some of thatpassive income you would earn from your
rental properties.
And you want your dream home.
Is that right?
And that's kind of like a, that would be afinancial goal.
(06:16):
Okay.
What?
What is there anything else that's drivingyou?
Do you have any other personal orprofessional goals that you think you
could achieve through real estateinvestment?
I think that, hmm.
I am second generation American.
(06:36):
My grandparents were born in Mexico.
And so I think too, like that Americandream is very strong in me of just wanting
to own land here and own homes here.
And so that's just something I feelpassionate about is just having.
a property for each child I have and justto have kind of this empire.
(06:57):
I don't have children yet, but the goal islater to have a handful and to have a home
at least for each one and use that insteadof, you know, saving for college, having a
home to give to each of them when theyturn 18, if they want to go to college, if
they want to be travelers orentrepreneurs, I just want them to have.
this investment that hopefully I paid offby then, by the time they're ready to make
(07:20):
that decision.
And I can say, you can sell it, you canlive in it, you can rent it out and get
that income.
I just want to have options for them.
And yeah, just them have more of them.
freedom at the age of 18 than I did.
When I turned 18, I moved on immediatelyand worked three jobs until very recently
(07:40):
when I became a full -time realtor.
And so I hope when my kids get that age,they get to make more fun choices than I
had to at that age.
Yeah, okay.
Okay.
Taking some notes here.
So another important thing that's drivingyou is generational wealth really and
(08:02):
opening up options and an easier life withmore opportunity for your kids and for
your parents perhaps and some of your evenother family members, right?
(08:24):
man, the wifi is killer.
Sorry you guys are gonna have to do allthese edits on this.
Yeah, is it lagging for you as well?
Okay.
Mine's not great either, honestly.
(08:45):
I'm just in a weird part of Seattle.
I don't know why.
I mean, I'm super close to downtown.
It's just not great here.
Ahhhh
I don't know what to do.
I don't know if we should like let itbuffer or like just keep trying to go.
I just like, it's difficult to hear allthe things you're saying.
(09:14):
Yeah, I'm getting more of a lag from Juliathan I am from you, Jan.
Yours seems to be pretty stable on my end.
But yeah, she's frozen, then she comesback.
She's frozen, then she comes back.
Let's go ahead and start, see if you canstart again where you asked that last
question to her about the notes that youtook on her conversation.
(09:36):
Okay, so Julia, it sounds like you also,in addition to gaining freedom and the
passive income and working towards yourdream house, you also want to take care of
your family and have generational wealth.
Is that right?
Yes.
Okay, awesome.
Okay, great.
So generally, you know, I, you thought itwas cool that I have like a unit number,
(10:00):
you thought it was cool.
I have a number of tenant, basically goal.
I want to provide clean, safe, affordablehousing, 10 ,000 people.
And the thing is like, that's not reallytied.
Like I know, I know that I'm, it issomewhat tied to my financial goals, but
it's also just like a, an impact numberfor me.
Right.
(10:20):
For you, since your initial goal and myinitial goals were all based on financial
freedom as well.
And so I think this is kind of where westart, right?
When we get interested in financialliteracy, we start with the target of
financial freedom.
And that's a great target because youcan't even have time freedom or start
working on like deep, emotional, personal,et cetera freedoms until I think you have
(10:44):
financial freedom, because otherwiseyou're just concerned about security and.
When's my, where's my mortgage paymentgoing to come from?
Where's my next rent payment going to comefrom?
How do I feed my family, et cetera?
So I think you're at a perfect startingpoint, which is, okay, you want financial
freedom.
So now I think more interestingly thanfiguring out like how many units you need
(11:08):
or what I think more interestingly thanfiguring out anything about like assets
under management.
I think it's just like, all right, well,
How much cash, how much passive income doyou need?
And that's based on what is your lifestylelike?
And have you thought about that at all?
Like how much?
(11:29):
How can you comfortably live or live thelifestyle you want to live and like how
much does that cost per month?
Have you thought about that number?
Yes, I not to a super specific number.
Another part of my goal is to retire myhusband by 30.
He's 26 now.
(11:50):
He does a blue collar job and it's it'stough on his body and it's just you know
my dad grew up blue collar and it'ssomething I'd love to get him out of by
the time he's 30.
And so four more years from now where hecan.
maybe switch over to more real estate orproperty management or just something
different that's not going to be so taxingon him.
(12:11):
And so his income is about 80 ,000 a year.
And so for sure, we'd have to be able toreplace that.
And then I'm still working on building upmy income too with real estate on my own.
So for our investments, I would say it'dhave to be the number that I've ran before
is like 117 ,000 a year.
(12:34):
in annual passive income.
Mm -hmm.
Okay, great.
So if your husband's at 80 and let's sayyou want to be, you know, close to there
as well from like a just lifestyleperspective.
Okay, so minimum, let's say 120, that's,that's simple to back into.
(12:55):
So that's 10 grand a month, right?
You need 10 grand a month of passiveincome and your first property you live
in, right?
So we can't get a true idea of how muchpassive income it would generate since you
live there, but
If you moved out and rented it tomorrow,how much do you think you would be cash
flowing from that one property?
(13:17):
minimum $500.
Our interest rate is pretty high, so it'snot...
It's not ideal yet, so we're definitelyexcited for a day to refinance, but till
then, that's where we're at.
Okay.
Great.
That makes sense.
(13:39):
Okay.
Awesome.
And so, I mean, now we could easily, veryeasily back into like, well, what would it
take at your exact same current rate ofprogress?
See if you are satisfied with this plan,right?
So if you buy a new house hack every twoyears, let's say and They all cash flow
(14:02):
$500 and You need $10 ,000 per month 10,000 divided by 500 is 20 You need 20 of
those deals and you're saying you want tobuy one every two years.
So it would take you At your current planif if everything goes the same as it went
on your first deal It would take you 40years
to meet your goal of 10 grand a month inpassive income.
(14:26):
How does that sound?
too long.
I would agree.
Yeah.
Of course, this doesn't account forinflation or market changes, et cetera.
But I would say this is kind of a long,it's just too long.
So immediately, my first question is, haveyou considered buying a new house hack
(14:49):
every year, at least for the next three tofour years?
We have, we, I want to, it is, it'sintimidating, I won't lie.
That's where we're feeling two years ismore comfortable.
And then if we did do it this year, likewe're thinking about it, I see homes, I
(15:10):
send them multifamilies every week, right,that I see.
It's just, yeah, it's intimidating.
But hearing 40 years to reach our goalsounds pretty bad too.
Yeah, that is intimidating.
what specifically is intimidating aboutit?
(15:34):
I think, just to be honest, just it's...
It's new, right?
I mean, I'm a landlord now for one yearand I also take pride in being a good
landlord, being the landlord I wish I hadwhen I was renting and providing safe and
reliable housing for others.
And so that standard cannot drop.
(15:55):
And so I have to maintain the extra incometo make sure like anytime my tenants let
me know something went wrong, I'm up theremyself or hiring someone immediately to
get it done, to get it fixed, whatever itis.
I want them to be comfortable.
And so it's intimidating growing with moretenants and having to just be prepared
(16:17):
for, you know, every water heater andevery property going out in the same week
or things like that.
That's just kind of where my mind goes isto be ready for the worst case scenario,
you know.
Right.
That makes sense.
That makes total sense.
So it sounds like you feel like you canmanage the one duplex you have well,
(16:38):
because you know it, you understand it,you've gotten comfortable with it, and you
have the time and capacity and resourcesto do it.
You're proving that to yourself now.
But if you were to, I mean, if you were tobuy in 20 units tomorrow, you're not sure
if you would have the time, resources,capacity to provide the level of service
and housing that you would want.
(16:58):
Is that right?
Okay, got it.
Okay, well, what if you already had, let'ssay, $5 ,000 a month of passive income
coming in, right?
And then your husband could be supportingyour investments or both of your
(17:24):
investments, right?
Since you're married.
Do you think he would be able to providesupport to more units if it was both of
you like tag teaming and you startedcreating processes around what needs to
happen and what's the best way to dealwith it?
Would you feel more confident in yourability to like manage more units?
(17:46):
Let's say five more.
Yeah, like if he quit his other job andwent into property management with me.
Yeah, yeah I would.
Okay, and then so if you had like hissupport it could it would be less
intimidating probably, right?
(18:06):
Yeah.
Okay.
And what about if you just found reallygood deals?
What if you found way better deals thanyour first deal?
So this one, if you rent it out now, youwould make $500 a month in cashflow.
What if you found a property that, if youjust rented it out and you didn't live
(18:32):
there, if it generated $1 ,500 a month incashflow, like...
Would you feel comfortable then spending,let's say five or even $750 or even $1
,000 per month in finding the bestpossible property management company you
can and letting them manage it?
(18:52):
Like as long as you had the cashflow, evenafter they managed it, like would that be
okay?
Yeah, that would be okay.
That would be great.
So here's the thing that like, I thinkthis is an, you're, since you're just at
the very beginning, like, I'm, even thoughI'm, I, I'm going to tell you these words,
they may not mean anything to you becausewe all just kind of have to go through
(19:16):
this progression.
But I just want you to be aware of likewhat the progression looks like, because
the sooner you can move to the next step,generally the more success you're going to
find faster.
Like in the beginning, I think we're all.
DIY people like you you're doingeverything yourself.
You're like painting walls.
(19:37):
You're like unclogging toilets you'rechanging light bulbs and Cleaning up units
and just doing everything yourself becauseyou're like, all right, I gotta figure
this out I can't afford propertymanagement.
I have to squeeze every penny out of this,right and Then after a while Once you get
some traction, I think you kind of move tothe next step, which is you start hiring
(19:59):
generalists
You hire someone like maybe your husband.
and maybe he's not a hire, maybe he's apartner, but you bring in people that are
generalists.
They can like do a bit of everything.
And that's kind of the next step.
And so that way, once you bring on someonelike a virtual assistant or a partner, and
they can start doing like half of this day-to -day stuff that you're having to do.
(20:23):
Now, maybe you can focus on what you're alittle bit better at, which is like, let's
say finding the next deal, right?
something that's going to bring you realmoney or generate real wealth, as opposed
to like, you know, unclogging a toilet inyour rental.
And then the, and so that's kind of likethe next step is like, okay, well, what if
I had help?
What if I had another Julia that was doinghalf this work, which you can hire someone
(20:48):
to do that or find an equity partner thatis like wanting to get into real estate
and give them a small piece of equity andlike literally hand off 80 % of the work.
90 % of the work, you know, I do thisregularly because people, they get to
learn, they get some equity in a deal.
And then I coach them through like, Hey,this is all the stuff you need to do and
(21:08):
go ahead and do your best and they'd befine.
Right.
So, and then I can just focus on my timeon what I'm best at, which is like
creative deal structure, like detailedunderwriting, hiring more people, that
kind of thing.
Right.
So I think it, I definitely hear you likeon.
how it can be intimidating because youcurrently don't feel like you have that
(21:31):
still support systems or like resources ortime to do it as well as you want it.
But the only way I think to start to feellike you're going to have more of those
opportunities to hand stuff off is tobring in more revenue, right?
So it's kind of a cash 22, right?
Like if you had $10 ,000 a month ofcashflow from your properties now,
(21:54):
It would be a no brainer to be like, dude,I need to hire a VA for like a thousand
bucks a month to just hand off all theadmin stuff.
And I need to maybe like, just hand offproperty management to some, to someone
that's like a pro at that.
And it would just wouldn't matter becauseyou had the cash, right?
And so like, I think first and foremost,you just have to realize like some of the,
some of the fear you have is just basedon, not having enough resources.
(22:17):
And the only way to go get more resourcesis to like, buy more deals, right?
To like prove the system further.
So.
Yeah.
just funny how it gets kind of, it's alittle bit of a catch 22, but I think if
you do what you want to do every twoyears, there's no reason you can't do it
every year is basically what I'm saying.
So I think at a minimum that that's what Iwould say is like your biggest opportunity
(22:39):
is shorten your timeline by half.
And you're going to all, all, all I thinkit's going to give you is more learning
opportunities faster and more cashflowfaster.
And there's no reason you shouldn't be.
using a owner occupied loan once a year,because every single year you can get an
(23:01):
owner occupied loan, right?
Every 12 months.
And so that's the biggest opportunity formost new investors is to use that every
year.
So when I got started, I used that everyyear for the first three years minimum,
you need to be using it every year.
And that's like the biggest opportunity Isee for you.
And then the next one I think is like,
(23:24):
If you've made it work with a duplex, youcan definitely make it work with a
fourplex, right?
So.
tell me next about like how you'refinding, how'd you find your first deal
and how are you looking for subsequentdeals?
And maybe let's dive into that to seelike, cause here's the reality.
If you found an incredible, incredibledeal tomorrow and it hasn't been two years
(23:49):
since you bought your first one, like doyou wait or do you pass up like half a
million dollars in equity gain and $1 ,500a month in cashflow?
Or do you just, do you just make ithappen?
Right?
You should just make it happen if you findan incredible deal, right?
So let's talk about that.
Like,
opportunities to find incredible deals.
How did you find your first one and howare you finding your next one?
(24:12):
So our current one, it was on the MLS andI found it that way and within one day of
it being on, we toured it and wrote anoffer.
And so I knew that with interest ratesbeing where they were, our interest rate
was 5 .75 that we would need.
or we wanted 2 ,500 in rent to be morethan half of our mortgage to save and be
(24:35):
ready to buy again and have the money weneeded to remodel it and get it where we
wanted it and then take care of them aswell.
And so we got that.
It's North Tacoma.
So we're getting 2 ,500 in rent.
And it was a fixer upper too.
So the ugliest house on our street forsure by far.
You can tell the guy did all the fixingand painting and everything himself and
(24:57):
was not trained to do so.
So YouTube sort of
for sure.
So we saw the opportunity there and theequity we could gain.
And so that's what we did.
And we remodeled the upstairs unit and notours.
And so when we remodel ours, we think wecan get 29 for it as well.
And so it should be good.
But as of now, if we run in it, it'd be26, maybe 27.
(25:21):
So.
-hmm.
because we're in the larger one.
And so looking for the next one, I do, Ilook at the MLS constantly since I'm a
realtor and I have lots of clients thatare trying to house hack as well and look
for duplexes and multifamilies.
I'm on the Wall -Ree page.
And so I look at the off -market dealsoffered there.
And I also work at a great brokerage wherewe're very collaborative and we talk about
(25:42):
off -market deals too.
I've done a lot of off -market deals forclients.
just by showing up at my office and havingconversations with people who haven't
signed a listing yet and but know ofsomething coming and I'll just encourage
them to sell it to one of my clients offmarket.
And so definitely hoping to find more ofan off market deal for the next one just
(26:05):
to hopefully save a little more.
We were competing for this current duplexso we had to go up a little more.
We got the closing costs we wanted but
I didn't love the numbers.
I loved the location and I loved thepotential of it.
Like I think long -term it was a reallygreat investment, but short -term, you
(26:27):
know, it's just not big numbers for whenwe run out both sides.
and I'm very open to a fourplex.
My husband is just very out of the realestate world.
And so it just intimidates him, but I'm, Ifeel confident.
He didn't want a duplex either and he ishappy in our duplex and sees the thing.
(26:48):
So I'll just keep planting the seeds andwe'll see.
Mm -hmm.
Okay, got it.
Okay, so you found your first one on theMLS and you were kind of the first one
there it sounded like like you made anoffer and it was accepted quickly and you
just got it done before other people couldsee it, right?
Okay, great.
(27:09):
And you have and you've just bought onedeal so you don't have a big sample size
but your next deal you would like to buy,you know, either on market as you've found
the first one or off market, right?
Through one of these groups.
or wholesalers or et cetera.
Okay.
Got it.
Okay.
So since you're a full -time agent, Idon't recommend, do you like being in a
(27:34):
full -time agent?
Do you like that job?
Okay.
Okay.
Since you, you have a job you like, Idon't recommend starting your own off
-market acquisitions.
Like if you were like, all I care aboutwas investment and I need to get to 10
grand a month.
in the next three years, I'd be like, youshould probably quit being an agent and
(27:55):
start off market acquisitions likeyesterday, right?
But since you like your job and you havelike more modest goals and you're doing
investing on the side to grow wealth, youknow, slowly, which is great.
I think you don't need to do off marketacquisitions because that's what I do.
That's what like, you know, wholesalersdo.
And that's how we get deals.
(28:16):
But this is my this is my only job.
is finding off -market deals and adding tothe portfolio and et cetera.
So, and I love this job.
I would like, I would prefer not to be anagent.
And so like, I just do what I'm good at.
And so I think you should stick with doingwith what you're good at, but add a little
bit to it, which is if you can start, ifyou can build, just a few wholesaler
(28:42):
relationships, literally by time blocking,I'm talking about.
15 to 30 minutes a week where you areliterally just committed to every week
checking in or checking in with one ofthese wholesalers or doing something to
build further a relationship, right?
(29:03):
You're already in a relationship business,which is real estate sales.
So now it's what I'm saying I think wouldbenefit you greatly is if you start
focusing on building relationships withpeople that can bring you off market
deals.
You don't have time.
You don't have the
it's not the best opportunity for you togo get deals yourself, but since you're
already good at building relationships andyou're good at real estate sales for
(29:26):
others, like why not start buildingrelationships with people that are like
you, but do it off market.
So that's the first thing I wouldrecommend to you if I was in your
position, like time block 15 to 30 minutesevery single week and check in with
wholesalers.
How do you, how do you find wholesalers?
I have.
(29:46):
gotten many deals from people that postedon Wari.
They posted an insanely good deal and Ididn't get that deal because they sold it
to someone else and I was just SOL, right?
But what I did do is like notice the onesthat found the best deals and go, shoot,
that person found an amazing deal.
Maybe I just need to build a relationshipwith that person and maybe if we're cool
(30:10):
after a while, they'll send me a deal thatthey don't even post on Wari.
And so I've gotten multiple deals done inthat exact way where I just noticed
someone that posts an amazing deal and Igo, Hey, I would love to be a backup buyer
for that, but I'm sure you have a ton ofinterest.
even if it's already assigned, Hey, I'dlove to like, you know, show you my
duplex.
(30:31):
I'd love to buy you a coffee or stop byyour flip project and like, just learn,
the basics of flip.
Like tell me the most important thingabout flips in 10 minutes at your flip.
I'll stop by and make it super easy foryou.
and just build a relationship.
And I've done that multiple times.
And because of that, and then following upwith those people, literally weekly.
(30:54):
So one of my best deals I bought, and kindof like you, I want to take care of my
family too, my third deal ever, this guyposted on Wari, an amazing deal in
Seattle.
I didn't get it, but I followed up withhim once a week.
I said, hey man, I'm a backup buyer forthat deal.
Hey man, I'm a backup buyer for that deal.
Hey, can I stop by your flip?
Hey, what are you doing this week?
Like, do you want to come sauna with me?
(31:15):
It's like literally just start, you know,becoming friends with them.
check in on them.
And three weeks later, this guy calls meand goes, Hey, you know, that sale deal
sold like, sorry, but thank you for yourinterest.
And I just got this Tacoma Triplex.
do you want to come look at it?
My wife says we're too busy with ourflips.
(31:35):
I can't take it on.
Well, guess what?
I went down there.
The Triplex has like water and mountainviews from every unit and I got it for
$210 ,000 in Central Tacoma.
And it's like three weeks after he postedthat amazing deal, right?
So someone that gets an amazing deal,guess what?
It's usually not their only one.
(31:56):
They're gonna get another one.
And if they don't have to blast it to thegroups, they don't want to.
If they know Julia is like...
she's going to buy a duplex from me inthis price range in this area.
Then they'd rather just sell it directlyto you.
I know for sure.
That's my favorite thing as a wholesalermyself.
(32:17):
We do half a million dollars in assignmentfees a year.
If I don't want to blast it, that's justmore work.
If I know I can call Julia and because Iknow she wants a cash flowing duplex in
North Tacoma and she's willing to pay 500for it or whatever the price is, then I
just want to call you.
And so that would be a big opportunity foryou with minimal effort.
(32:40):
I'm trying to give you things that areinitially minimal effort, because if I
tell you things that are big effort, youwon't do it.
Right.
So if you time block 15 to 30 minutes aweek to build relationships with
wholesalers that it might take six months,it might take 12 months, but it will pay
off.
And you're going to make six figures onthose small relationship investments.
(33:01):
And worst case, you're going to make afriend or two, too.
Like, it's just like it's a win win.
So that's an obvious one for you.
And then the other thing I want to talkabout is on market, you understand what
it's like to be the first one there andget the deal that way.
And what I want to talk to you aboutexploring is being the last one there.
(33:21):
So do you often browse properties thathave been sitting for months?
OK.
That's a huge opportunity.
That's another one.
So most of my deals that I've bought onmarket, and by the way, one of my mentors
exclusively buys on market, almost neverbuys off market.
There's millions of dollars sitting onmarket.
(33:44):
So don't, I know you just told me at thebeginning of this, you're like, hey, maybe
I want my next one to be off market.
It doesn't matter.
Like there's amazing deals on market andoff market.
So don't think off market's better.
I've gotten amazing both on and off.
With on market deals, yeah, I think rightnow the market's kind of hot.
(34:04):
And so I think just consider actuallysetting up searches for stuff that's been
sitting more than two, three months andjust continuing to like chip away at some
of those deals.
And no matter what your valuation is ofthat property, make the offer.
So I've gotten many, many deals done thatway by being the last one there.
(34:28):
By the time the sellers just been beatendown by the market over and over, finally
they're like, all right, let's worktogether.
Let's figure it out, you know, and maybewe'll meet somewhere in the middle.
But if I've performed an analysis, I neverwaste that opportunity by not submitting
the offer unless we're like 300 grand off.
(34:49):
Even if I'm, I mean, just today.
So I submit, just so you have a referencepoint.
I submit at least,
five to 10 offers on mobile home parks perweek and at least five properties on
residential properties per week.
So at least I would say 15 offers a week.
And we get about one contract per month.
(35:10):
It takes a lot of offers, right?
So out of 40 to 60 offers a month, I'monly getting one contract.
And that's what it takes sometimes.
It just takes volume.
I think most people getting starteddramatically underestimate.
the volume it takes to play this game atthe highest level.
So something to consider there is like,how many offers do you think you're making
(35:32):
per week or per month right now?
If any.
Alright man.
(35:55):
Internet's tough.
Okay, I lost you for a second.
okay.
Where did you lose me?
(36:18):
Okay, I think you're back.
I lost you for a second there.
Okay, where'd you lose me at?
Do you remember?
You were talking about how peopleunderestimate the amount of volume it
takes.
Okay.
Yeah, my internet's so bad right now.
So it's, it's, it might be both of us.
(36:38):
I just tested my internet.
It's like five megabits per second.
That's crazy.
Cause I'm paying for a thousand megabitsper second.
we're not stronger with our internet rightnow.
Yeah, it's bad.
That's okay.
That's, that's the reason why we use thisprogram because it's actually recording
(36:59):
locally on your computer.
So we don't have any lag in the finalproduct.
So it just, yeah.
So it's just bad for us now, but in thefinal product, it'll be crystal clear.
So, but go ahead and ask your lastquestion again.
How many offers is she making?
Is she making per week, month, whatever.
Yeah.
Okay.
(37:19):
So yeah, I think most people when they'regetting started and myself for the first
multiple years just dramaticallyunderestimate the volume it takes to play
this game at a high level.
And so I'm curious for you, how manyoffers do you think you're making per week
or per month, if any?
How many deals are you analyzing per week,per month as well?
(37:41):
For myself?
Yeah, well right now we're not reallylooking.
So we told ourselves we'd wait anotheryear before getting serious about doing
another multifamily.
And so none right now.
When we were looking for the multifamily,we only wrote two offerings and the first
one was accepted and it just fell apartfor different reasons.
(38:05):
And the second one was for the one we'recurrently living in.
So I'm, but I'm looking at propertiesevery day.
I'm staying in touch with listing agentsand things since I'm a realtor, like I'm
making those connections often and atleast introducing myself when I do have
interest.
And I just try not to write an offerreally, unless we're going to be the
winning offer or at least very close to itsince Tacoma is a multiple offer city for
(38:30):
the most part.
Mm -hmm.
Right, right.
That makes sense.
How about for the ones that have...
like a fear of writing low ball offers orwriting offers that, you know, that I
should just throw out there.
Like why not put it out there, especiallyfor the homes that have been sitting for a
while that I see more opportunity in.
(38:52):
And so I could be better about that forour next one is just crunching the
numbers, seeing what would make more sensefor me and just putting it out there.
And if it gets rejected, it gets rejectedmoving on.
And so.
So do you still have fear about writinglowball offers on properties that you've
(39:17):
been sitting, you've seen sitting forthree, four, five months?
It was interesting doing it for myself.
I did.
When I do it for other clients, I don't atall.
I'm like, I'll tell them what I think andI'll write it and I'll defend them and
negotiate and advocate.
Like I'm like, yeah, but when it was doingit for myself, I was not the same fierce
(39:39):
realtor.
I feel like I am for others.
And so that was an interesting shift.
Sure, yeah, it is different for yourself.
And that's why, even though I cannegotiate probably quite well on my own
behalf, I still, there's an emotionalcomponent when it's for yourself that you
(40:01):
can't fully remove yourself from thenegotiation, as opposed to if you're
negotiating on someone else's behalf,you're like, you know your marching orders
and you're trying to do the best you canfor them.
It's definitely different, so I hear youthere.
I think the perspective shift that mightbe of value to you is that if it's been
sitting for three to six months.
(40:23):
Then what do you think the problem is?
The primary problem.
Did you get that?
(40:44):
I heard perspective shift and then youbroke up.
I'm sorry.
so I'll ask again.
So, okay, this is a perspective shift thatI think might be of value to you.
And a question to kick this off is, whatdo you think is, if you could only name
one issue, what do you think is the issuewith properties that have been sitting on
(41:05):
the market for three to six months?
What is the number one problem with thoseproperties?
overpriced.
100%.
If they were priced a lot better, theywould sell faster.
And so if it's overpriced and you write anoffer that's under the price, are you
(41:28):
submitting a low ball or are yousubmitting a market price offer that they
might just not be aware that the marketprice is lower than what they think it is?
Right.
Yeah.
So I think that's, that's the bigdifference is like,
You need to sub.
I think it's great to submit offers thatare market price If you want to submit
(41:50):
below market then you know By all meanssure go for it, but that's a different
story than submitting a market price offerfor something that's mispriced So if it's
been sitting, you know It's always goingto feel like a lowball because the price
is almost always wrong.
If it was right, it would have sold a longtime ago So I think you know,
(42:12):
That's an interesting one where it's justlike, in most cases, the seller just
doesn't care, right?
They're just like, this is the price Iwant, why?
Because I want it.
All right, well, that's not the price ofthe property.
So I'm sorry, Mr.
and Mrs.
Seller.
Here's what I believe to be a marketprice, here's why.
And then leave it alone, right?
(42:33):
If they don't wanna talk at all, noproblem.
But if you've already analyzed the deal.
you're wasting your time if you're notsubmitting what you believe is the market
price, I think.
So I think that could be an opportunityfor you too, is just like, and that's one
of those things that gets easier the moreyou do it too, right?
(42:53):
It's just, I know there's a little bit ofconfrontation associated with it, because
it's like, hey, I know you want a million,but here's 700, right?
And so it's kind of like, I know thisisn't what you want, but you could also
just be honest with people.
And we are very honest with people.
We try to...
We're not doing hard sales.
We're just letting people know like, hey,we don't want to offend you.
(43:14):
We ran our numbers and it's a lot lowerthan what you're asking.
So we didn't want to craft the entireoffer and spend our time because we're so
far apart.
And you could also just like tell themlike, hey, you know, we put in the work to
figure out what it is, but we just didn'twant to put it in front of you.
(43:36):
because we don't want to offend you.
And they might, they often will becurious.
Well, all right, well, what's the number?
And then you could just throw out a numberand now they've asked for you.
Like you've already told them it's goingto be low and you don't want to offend
them.
And if they ask, then, then you can stillput it in front of them.
And then, then you can probably, afterthat, you can usually have a real
discussion about like, they'll tell youwhere they really want to be at or need to
(43:59):
be.
Okay.
Well, I can't take 700, but look.
My minimum is 850.
And then you can just rerun your numbersand see if you can get any closer.
But I think if you don't even submit theoffer, you're not going to have the
opportunity for a conversation.
So just like a small opportunity for youto throw out a few more of those and have
those discussions and deliver themlightly.
(44:19):
Like I just said, you don't have to belike, it's 700 and it sucks for these
reasons.
You don't have to be harsh with people.
I think you could still be gentle withpeople and get your point across.
if you're going to be doing the analysis.
So yeah, I just think that's another smallopportunity for you.
Yeah, no, that's great.
Great feedback.
(44:43):
All right, so now that we've talked, doyou feel like there's anything that you
might want to do differently or?
change about like your how you'reapproaching your investing goals or are
(45:03):
you pretty satisfied with the path thatyou're on?
I'm going to just continue on that.
No, yeah, I didn't realize how much I wasclenching my fist throughout this, like
holding on to my comfort zone until youbroke a lot of this down and a lot of it's
just fear, right?
But I guess I was holding on to thecourage of even doing my first duplex and
(45:28):
getting my first tenant.
And that's good.
And that is like momentum I need to carryforward.
But I've allowed that to.
I have to use it as momentum, right?
Like momentum will stop eventually if youdon't continue it yourself.
And so I have been clenching my fistsaround like the $500 and just picturing
(45:48):
that like, that's not enough.
That's not what's going to help me, but Ihave to open up right to the other
opportunities that will come to me andbring in more than the 500 we'll get from
our current duplex.
And that's how we'll get there.
And so definitely need to.
step it up and go by year, which we goback and forth on.
(46:09):
It's just, it's the fear, right?
And this is something that I have to takelead on that my husband has told me
before, like, this is your department,it's not mine.
You know, he still had the dream of yourfirst home is your forever home type
mindset, which is pretty outdated intoday's world.
It's not realistic anymore at all for themost part, right?
And so,
(46:30):
He's let go of that, but he's always justbeen like, you have to take Leap.
Like I don't, I don't know this.
And that can be an intimidating thing too.
And it's both of our lives and I'm like,okay.
And I just gotta take the leap andcontinue looking for opportunities.
And yeah, I think too, we just need toconnect with our lender now after tax
(46:51):
season and just look at our numbers andjust see where we're at too.
Just so that way, if an opportunity doescome up.
that we are comfortable with.
We already know where we're at.
And I think, and it's funny, becausethat's like the main thing I tell
potential clients.
They want to, I'm not ready for a lenderyet.
I'm not ready to look at this and that.
And it's like, well, that's, then you'remaking decisions based on assumptions,
(47:13):
right?
You're assuming you couldn't get the loan.
You're assuming you couldn't afford yourmortgage.
I don't want you to make decisions onassumptions.
I want you to make decisions based onfacts.
If you apply and you realize you don'tqualify for what you want or your mortgage
isn't where you want it.
then it's time to create a game plan onhow to change those numbers to be
something that you feel confident in.
So it is very funny how I am not the samerealtor to myself that I am to others.
(47:38):
And I need to work on that.
So, and we need to do by year right now,we need to every year have a different
property and get out of our comfort zone abit.
So we're hitting one year this May, like Isaid, and so.
We've talked about buying this year andwe're wanting to wait a few more months
(48:01):
until the cool down after the summer,unless something great comes up.
Like I said, I'm looking all the time.
So I also like just how much yousimplified a lot of this.
Like it's so easy to get in my head about,you know, especially I listened to so many
podcasts.
I'm surrounded by amazing investors andpeople that just have these incredible
(48:24):
empires like yourself.
And so it's hard sometimes to feel like Ineed to jump to make it to them, but it's
not a jump, it's a step.
And I need to just focus on that nextstep.
And networking is something that's veryattainable that I can definitely do.
Reaching out to our lender to know ournumbers right now is attainable and
something I can do.
And then keeping an eye out on homes andnot only like let go of the off market and
(48:49):
just focus on what I'm comfortable with,which is our market and the MLS.
and keep an eye out.
There's already, I toured two last weekthat have been sitting for over 80 days
and there's, you know, it's a seller'smarket.
So when homes are sitting that long,they're panicked.
There's no way they're not.
And so there's always opportunity whenthere's fear, right?
(49:13):
Like if you can stay calm and steady, youcan take opportunity out of the fear that
a lot of other people are feeling.
I love it.
Love it, Julia.
Well, it's great to talk with you.
I think you're on a great path.
I think it's super exciting to be whereyou're at.
So just enjoy it.
And thanks for talking with me today.
(49:33):
And thanks for having me on your show.
Yeah, thank you so much.
I really appreciate your time and pleaselet us know how can we get connected with
you?
I know you provide mentorship and coachingcalls.
What's the best way for someone to reachout to learn more about this?
Sure, I think the best way to reach me istypically going to be on Facebook.
Like I said, I run that big investorcommunity.
(49:55):
It's totally free.
Join the group.
It's called W -A -R -E -I, Wari,Washington Real Estate Investing.
Find me on there.
Send me a message.
Comment on something I post.
And I'd love to talk with you.
If you're interested in any sort ofclasses that I put on, I do a, it's called
(50:15):
the Wari Masterclass.
That's basically,
six week class, full weekend in person,four Zoom calls, project walkthroughs,
three one -on -ones with me.
And I do that twice a year.
That's a really fun thing.
If you are just getting started and youwant like a deep dive into A to Z, how do
I start buying off market, on marketproperty, rentals, flips, novations,
(50:40):
subject to seller financing?
How do I figure out all the basics ofeverything I need to do like my first 10
deals really effectively?
And I do that twice a year.
Also teach seller financing mobile homeparks.
That's really fun.
MHparkacademy .com.
And this summer we're doing, this is formore experienced investors, we're doing
our first mastermind, the Wari Summer CampMastermind.
(51:03):
So come and learn about that if you're amore experienced investor and you're just
trying to continue to level up.
Come and hang out with us this summer formastermind.
So that's what I've got for you guys.
Come and find me on Wari.
If you don't want to pay for any of thatstuff, no problem.
Come and learn for free on Wari.
There's tons of great free content andwould love to chat with you on there.
(51:25):
So that is how you can reach out.
Awesome.
Okay, welcome everybody to the WashingtonState Real Estate Investing Podcast.
I am Julia Pardo and I'm very excited tosay that I will be getting coached on the
show today by Yawn Wanted and we can justjump right in to your coaching call.
(00:22):
Yann, do you want to start by just givingan introduction of yourself and...
Sure.
Yeah.
Thanks for having me on Julia.
Well, my name is Yon.
I am a full -time real estate investorsince 2016.
So coming up on seven years here andabsolutely love it.
(00:42):
Best job ever.
I started with residential single family,like most of us and, and let me redo that.
Cause I was getting the call.
Or let me just go on focus mode.
All right.
Cool.
(01:04):
Okay, my name is Yann.
Thanks for having me so much, Julia.
I started with residential single familyinvestments like most of us, and then
transitioned into small multifamily.
And now I focus on mobile home parks.
So own a couple hundred cash flowingrental units.
And absolutely love what real estateinvestment has done for my life.
(01:27):
What it's done for the properties that Ipurchase and for being able to provide
clean, safe and affordable housing.
My mission is to provide clean, safe andaffordable housing to 10 ,000 humans.
And, that's what I do on the commercialside.
I really love doing residential remodelsas well.
And so that's kind of what I do to havesome creative outlet and get to design new
(01:51):
spaces and.
I run a Facebook group that I started whenI first got started with real estate
investment and that's called Wari,Washington real estate investing.
And we've got about 20 ,000 members inthat group.
It's grown organically and it's a greatplace for you to share value with others,
to share what you're learning, to findpartners, mentors, contractors, you name
(02:16):
it.
It's probably there in Wari.
And so.
That's a little bit about how I gotstarted and what I do now.
Very cool.
Yeah, that's how we got connected.
I went to a Wari event and got to networkand just hear a bunch of speakers,
including yourself.
So super excited to have you here.
(02:36):
And I won a raffle there to get a 30minute coaching call with you.
And so I'm excited to just get into thatand learn more about the mentorship that
you provide for others to help them attaingenerational wealth through real estate
investing as well.
Sure.
(02:57):
Yeah, I generally, I love working withpeople sharing kind of golden nuggets from
my journey to see how we can supporttheirs.
And I'd love to talk to you about whereyou're at in your investing career.
And I guess let's just start there.
Tell me about what you've done so far withinvestments and what you want to do.
(03:21):
Okay, so I bought my first home, which isa duplex in North Tacoma last year.
And I'm going up on my one year of being ahomeowner this month and we house hacked.
So we live in one unit and run out theother unit.
And when we bought the home, we remodeledit the upstairs unit just so we could get
top market value.
(03:42):
and we did, we got tenants immediately andwe're going to re -sign those tenants now
and we do long -term rental.
And our goal is to buy another duplex ormulti -family.
I want a four -plex, still convincing thehusband.
He's feeling comfortable with the smallerunits right now, but we'll see, we have
time.
So every two years, our goal is to buyanother multi -family, house hack it and
(04:05):
continue.
And I don't know if I have a specificnumber of how many rentals I hope to
provide for others like you do, which isawesome.
But I'm open to kind of figuring out whatthat number would really mean.
Like our long -term goal is to buy theforever home that is for us, it's on lots
(04:27):
of acres.
We have, you know, just land to ourselvesand our own home.
And then we have passive income coming inthrough our rental.
properties.
We want to buy and never sell, hold on tothem for as long as possible, for forever,
hand them down to our future children.
And, you know, I've never left thecountry.
I haven't traveled much.
I've worked very hard since I turned 18and moved out.
(04:50):
I've just worked a job or two or three toget going.
And so my goal is to just, you know,buckle down now, buy those investment
properties, and then one day get to usethat income to kind of live more freely, I
would say.
Okay, awesome.
So, so far you've bought one duplex andyou would like to continue buying cash
(05:12):
flowing house hack investments every twoyears for, I guess, the duration of your
career.
Do you want to just keep doing that, youthink?
Because that's working well.
I think so.
Yeah, it's where I'm comfortable being arealtor myself.
I like that I can use my commissiontowards my down payment.
(05:33):
And I like that I'm, you know, fairlyfamiliar or very familiar with our current
market.
And I also have opportunities for off-market deals for multifamilies as well.
And so I feel like this is just where I'mcomfortable in an uncomfortable area of
investing, I guess.
Okay, cool.
And just so I understand kind of likewhat's driving all of this.
(05:56):
So it sounded like you have some personallike desires to travel more and just have
more freedom driven by some of thatpassive income you would earn from your
rental properties.
And you want your dream home.
Is that right?
And that's kind of like a, that would be afinancial goal.
(06:16):
Okay.
What?
What is there anything else that's drivingyou?
Do you have any other personal orprofessional goals that you think you
could achieve through real estateinvestment?
I think that, hmm.
I am second generation American.
(06:36):
My grandparents were born in Mexico.
And so I think too, like that Americandream is very strong in me of just wanting
to own land here and own homes here.
And so that's just something I feelpassionate about is just having.
a property for each child I have and justto have kind of this empire.
(06:57):
I don't have children yet, but the goal islater to have a handful and to have a home
at least for each one and use that insteadof, you know, saving for college, having a
home to give to each of them when theyturn 18, if they want to go to college, if
they want to be travelers orentrepreneurs, I just want them to have.
this investment that hopefully I paid offby then, by the time they're ready to make
(07:20):
that decision.
And I can say, you can sell it, you canlive in it, you can rent it out and get
that income.
I just want to have options for them.
And yeah, just them have more of them.
freedom at the age of 18 than I did.
When I turned 18, I moved on immediatelyand worked three jobs until very recently
(07:40):
when I became a full -time realtor.
And so I hope when my kids get that age,they get to make more fun choices than I
had to at that age.
Yeah, okay.
Okay.
Taking some notes here.
So another important thing that's drivingyou is generational wealth really and
(08:02):
opening up options and an easier life withmore opportunity for your kids and for
your parents perhaps and some of your evenother family members, right?
(08:24):
man, the wifi is killer.
Sorry you guys are gonna have to do allthese edits on this.
Yeah, is it lagging for you as well?
Okay.
Mine's not great either, honestly.
(08:45):
I'm just in a weird part of Seattle.
I don't know why.
I mean, I'm super close to downtown.
It's just not great here.
Ahhhh
I don't know what to do.
I don't know if we should like let itbuffer or like just keep trying to go.
I just like, it's difficult to hear allthe things you're saying.
(09:14):
Yeah, I'm getting more of a lag from Juliathan I am from you, Jan.
Yours seems to be pretty stable on my end.
But yeah, she's frozen, then she comesback.
She's frozen, then she comes back.
Let's go ahead and start, see if you canstart again where you asked that last
question to her about the notes that youtook on her conversation.
(09:36):
Okay, so Julia, it sounds like you also,in addition to gaining freedom and the
passive income and working towards yourdream house, you also want to take care of
your family and have generational wealth.
Is that right?
Yes.
Okay, awesome.
Okay, great.
So generally, you know, I, you thought itwas cool that I have like a unit number,
(10:00):
you thought it was cool.
I have a number of tenant, basically goal.
I want to provide clean, safe, affordablehousing, 10 ,000 people.
And the thing is like, that's not reallytied.
Like I know, I know that I'm, it issomewhat tied to my financial goals, but
it's also just like a, an impact numberfor me.
Right.
(10:20):
For you, since your initial goal and myinitial goals were all based on financial
freedom as well.
And so I think this is kind of where westart, right?
When we get interested in financialliteracy, we start with the target of
financial freedom.
And that's a great target because youcan't even have time freedom or start
working on like deep, emotional, personal,et cetera freedoms until I think you have
(10:44):
financial freedom, because otherwiseyou're just concerned about security and.
When's my, where's my mortgage paymentgoing to come from?
Where's my next rent payment going to comefrom?
How do I feed my family, et cetera?
So I think you're at a perfect startingpoint, which is, okay, you want financial
freedom.
So now I think more interestingly thanfiguring out like how many units you need
(11:08):
or what I think more interestingly thanfiguring out anything about like assets
under management.
I think it's just like, all right, well,
How much cash, how much passive income doyou need?
And that's based on what is your lifestylelike?
And have you thought about that at all?
Like how much?
(11:29):
How can you comfortably live or live thelifestyle you want to live and like how
much does that cost per month?
Have you thought about that number?
Yes, I not to a super specific number.
Another part of my goal is to retire myhusband by 30.
He's 26 now.
(11:50):
He does a blue collar job and it's it'stough on his body and it's just you know
my dad grew up blue collar and it'ssomething I'd love to get him out of by
the time he's 30.
And so four more years from now where hecan.
maybe switch over to more real estate orproperty management or just something
different that's not going to be so taxingon him.
(12:11):
And so his income is about 80 ,000 a year.
And so for sure, we'd have to be able toreplace that.
And then I'm still working on building upmy income too with real estate on my own.
So for our investments, I would say it'dhave to be the number that I've ran before
is like 117 ,000 a year.
(12:34):
in annual passive income.
Mm -hmm.
Okay, great.
So if your husband's at 80 and let's sayyou want to be, you know, close to there
as well from like a just lifestyleperspective.
Okay, so minimum, let's say 120, that's,that's simple to back into.
(12:55):
So that's 10 grand a month, right?
You need 10 grand a month of passiveincome and your first property you live
in, right?
So we can't get a true idea of how muchpassive income it would generate since you
live there, but
If you moved out and rented it tomorrow,how much do you think you would be cash
flowing from that one property?
(13:17):
minimum $500.
Our interest rate is pretty high, so it'snot...
It's not ideal yet, so we're definitelyexcited for a day to refinance, but till
then, that's where we're at.
Okay.
Great.
That makes sense.
(13:39):
Okay.
Awesome.
And so, I mean, now we could easily, veryeasily back into like, well, what would it
take at your exact same current rate ofprogress?
See if you are satisfied with this plan,right?
So if you buy a new house hack every twoyears, let's say and They all cash flow
(14:02):
$500 and You need $10 ,000 per month 10,000 divided by 500 is 20 You need 20 of
those deals and you're saying you want tobuy one every two years.
So it would take you At your current planif if everything goes the same as it went
on your first deal It would take you 40years
to meet your goal of 10 grand a month inpassive income.
(14:26):
How does that sound?
too long.
I would agree.
Yeah.
Of course, this doesn't account forinflation or market changes, et cetera.
But I would say this is kind of a long,it's just too long.
So immediately, my first question is, haveyou considered buying a new house hack
(14:49):
every year, at least for the next three tofour years?
We have, we, I want to, it is, it'sintimidating, I won't lie.
That's where we're feeling two years ismore comfortable.
And then if we did do it this year, likewe're thinking about it, I see homes, I
(15:10):
send them multifamilies every week, right,that I see.
It's just, yeah, it's intimidating.
But hearing 40 years to reach our goalsounds pretty bad too.
Yeah, that is intimidating.
what specifically is intimidating aboutit?
(15:34):
I think, just to be honest, just it's...
It's new, right?
I mean, I'm a landlord now for one yearand I also take pride in being a good
landlord, being the landlord I wish I hadwhen I was renting and providing safe and
reliable housing for others.
And so that standard cannot drop.
(15:55):
And so I have to maintain the extra incometo make sure like anytime my tenants let
me know something went wrong, I'm up theremyself or hiring someone immediately to
get it done, to get it fixed, whatever itis.
I want them to be comfortable.
And so it's intimidating growing with moretenants and having to just be prepared
(16:17):
for, you know, every water heater andevery property going out in the same week
or things like that.
That's just kind of where my mind goes isto be ready for the worst case scenario,
you know.
Right.
That makes sense.
That makes total sense.
So it sounds like you feel like you canmanage the one duplex you have well,
(16:38):
because you know it, you understand it,you've gotten comfortable with it, and you
have the time and capacity and resourcesto do it.
You're proving that to yourself now.
But if you were to, I mean, if you were tobuy in 20 units tomorrow, you're not sure
if you would have the time, resources,capacity to provide the level of service
and housing that you would want.
(16:58):
Is that right?
Okay, got it.
Okay, well, what if you already had, let'ssay, $5 ,000 a month of passive income
coming in, right?
And then your husband could be supportingyour investments or both of your
(17:24):
investments, right?
Since you're married.
Do you think he would be able to providesupport to more units if it was both of
you like tag teaming and you startedcreating processes around what needs to
happen and what's the best way to dealwith it?
Would you feel more confident in yourability to like manage more units?
(17:46):
Let's say five more.
Yeah, like if he quit his other job andwent into property management with me.
Yeah, yeah I would.
Okay, and then so if you had like hissupport it could it would be less
intimidating probably, right?
(18:06):
Yeah.
Okay.
And what about if you just found reallygood deals?
What if you found way better deals thanyour first deal?
So this one, if you rent it out now, youwould make $500 a month in cashflow.
What if you found a property that, if youjust rented it out and you didn't live
(18:32):
there, if it generated $1 ,500 a month incashflow, like...
Would you feel comfortable then spending,let's say five or even $750 or even $1
,000 per month in finding the bestpossible property management company you
can and letting them manage it?
(18:52):
Like as long as you had the cashflow, evenafter they managed it, like would that be
okay?
Yeah, that would be okay.
That would be great.
So here's the thing that like, I thinkthis is an, you're, since you're just at
the very beginning, like, I'm, even thoughI'm, I, I'm going to tell you these words,
they may not mean anything to you becausewe all just kind of have to go through
(19:16):
this progression.
But I just want you to be aware of likewhat the progression looks like, because
the sooner you can move to the next step,generally the more success you're going to
find faster.
Like in the beginning, I think we're all.
DIY people like you you're doingeverything yourself.
You're like painting walls.
(19:37):
You're like unclogging toilets you'rechanging light bulbs and Cleaning up units
and just doing everything yourself becauseyou're like, all right, I gotta figure
this out I can't afford propertymanagement.
I have to squeeze every penny out of this,right and Then after a while Once you get
some traction, I think you kind of move tothe next step, which is you start hiring
(19:59):
generalists
You hire someone like maybe your husband.
and maybe he's not a hire, maybe he's apartner, but you bring in people that are
generalists.
They can like do a bit of everything.
And that's kind of the next step.
And so that way, once you bring on someonelike a virtual assistant or a partner, and
they can start doing like half of this day-to -day stuff that you're having to do.
(20:23):
Now, maybe you can focus on what you're alittle bit better at, which is like, let's
say finding the next deal, right?
something that's going to bring you realmoney or generate real wealth, as opposed
to like, you know, unclogging a toilet inyour rental.
And then the, and so that's kind of likethe next step is like, okay, well, what if
I had help?
What if I had another Julia that was doinghalf this work, which you can hire someone
(20:48):
to do that or find an equity partner thatis like wanting to get into real estate
and give them a small piece of equity andlike literally hand off 80 % of the work.
90 % of the work, you know, I do thisregularly because people, they get to
learn, they get some equity in a deal.
And then I coach them through like, Hey,this is all the stuff you need to do and
(21:08):
go ahead and do your best and they'd befine.
Right.
So, and then I can just focus on my timeon what I'm best at, which is like
creative deal structure, like detailedunderwriting, hiring more people, that
kind of thing.
Right.
So I think it, I definitely hear you likeon.
how it can be intimidating because youcurrently don't feel like you have that
(21:31):
still support systems or like resources ortime to do it as well as you want it.
But the only way I think to start to feellike you're going to have more of those
opportunities to hand stuff off is tobring in more revenue, right?
So it's kind of a cash 22, right?
Like if you had $10 ,000 a month ofcashflow from your properties now,
(21:54):
It would be a no brainer to be like, dude,I need to hire a VA for like a thousand
bucks a month to just hand off all theadmin stuff.
And I need to maybe like, just hand offproperty management to some, to someone
that's like a pro at that.
And it would just wouldn't matter becauseyou had the cash, right?
And so like, I think first and foremost,you just have to realize like some of the,
some of the fear you have is just basedon, not having enough resources.
(22:17):
And the only way to go get more resourcesis to like, buy more deals, right?
To like prove the system further.
So.
Yeah.
just funny how it gets kind of, it's alittle bit of a catch 22, but I think if
you do what you want to do every twoyears, there's no reason you can't do it
every year is basically what I'm saying.
So I think at a minimum that that's what Iwould say is like your biggest opportunity
(22:39):
is shorten your timeline by half.
And you're going to all, all, all I thinkit's going to give you is more learning
opportunities faster and more cashflowfaster.
And there's no reason you shouldn't be.
using a owner occupied loan once a year,because every single year you can get an
(23:01):
owner occupied loan, right?
Every 12 months.
And so that's the biggest opportunity formost new investors is to use that every
year.
So when I got started, I used that everyyear for the first three years minimum,
you need to be using it every year.
And that's like the biggest opportunity Isee for you.
And then the next one I think is like,
(23:24):
If you've made it work with a duplex, youcan definitely make it work with a
fourplex, right?
So.
tell me next about like how you'refinding, how'd you find your first deal
and how are you looking for subsequentdeals?
And maybe let's dive into that to seelike, cause here's the reality.
If you found an incredible, incredibledeal tomorrow and it hasn't been two years
(23:49):
since you bought your first one, like doyou wait or do you pass up like half a
million dollars in equity gain and $1 ,500a month in cashflow?
Or do you just, do you just make ithappen?
Right?
You should just make it happen if you findan incredible deal, right?
So let's talk about that.
Like,
opportunities to find incredible deals.
How did you find your first one and howare you finding your next one?
(24:12):
So our current one, it was on the MLS andI found it that way and within one day of
it being on, we toured it and wrote anoffer.
And so I knew that with interest ratesbeing where they were, our interest rate
was 5 .75 that we would need.
or we wanted 2 ,500 in rent to be morethan half of our mortgage to save and be
(24:35):
ready to buy again and have the money weneeded to remodel it and get it where we
wanted it and then take care of them aswell.
And so we got that.
It's North Tacoma.
So we're getting 2 ,500 in rent.
And it was a fixer upper too.
So the ugliest house on our street forsure by far.
You can tell the guy did all the fixingand painting and everything himself and
(24:57):
was not trained to do so.
So YouTube sort of
for sure.
So we saw the opportunity there and theequity we could gain.
And so that's what we did.
And we remodeled the upstairs unit and notours.
And so when we remodel ours, we think wecan get 29 for it as well.
And so it should be good.
But as of now, if we run in it, it'd be26, maybe 27.
(25:21):
So.
-hmm.
because we're in the larger one.
And so looking for the next one, I do, Ilook at the MLS constantly since I'm a
realtor and I have lots of clients thatare trying to house hack as well and look
for duplexes and multifamilies.
I'm on the Wall -Ree page.
And so I look at the off -market dealsoffered there.
And I also work at a great brokerage wherewe're very collaborative and we talk about
(25:42):
off -market deals too.
I've done a lot of off -market deals forclients.
just by showing up at my office and havingconversations with people who haven't
signed a listing yet and but know ofsomething coming and I'll just encourage
them to sell it to one of my clients offmarket.
And so definitely hoping to find more ofan off market deal for the next one just
(26:05):
to hopefully save a little more.
We were competing for this current duplexso we had to go up a little more.
We got the closing costs we wanted but
I didn't love the numbers.
I loved the location and I loved thepotential of it.
Like I think long -term it was a reallygreat investment, but short -term, you
(26:27):
know, it's just not big numbers for whenwe run out both sides.
and I'm very open to a fourplex.
My husband is just very out of the realestate world.
And so it just intimidates him, but I'm, Ifeel confident.
He didn't want a duplex either and he ishappy in our duplex and sees the thing.
(26:48):
So I'll just keep planting the seeds andwe'll see.
Mm -hmm.
Okay, got it.
Okay, so you found your first one on theMLS and you were kind of the first one
there it sounded like like you made anoffer and it was accepted quickly and you
just got it done before other people couldsee it, right?
Okay, great.
(27:09):
And you have and you've just bought onedeal so you don't have a big sample size
but your next deal you would like to buy,you know, either on market as you've found
the first one or off market, right?
Through one of these groups.
or wholesalers or et cetera.
Okay.
Got it.
Okay.
So since you're a full -time agent, Idon't recommend, do you like being in a
(27:34):
full -time agent?
Do you like that job?
Okay.
Okay.
Since you, you have a job you like, Idon't recommend starting your own off
-market acquisitions.
Like if you were like, all I care aboutwas investment and I need to get to 10
grand a month.
in the next three years, I'd be like, youshould probably quit being an agent and
(27:55):
start off market acquisitions likeyesterday, right?
But since you like your job and you havelike more modest goals and you're doing
investing on the side to grow wealth, youknow, slowly, which is great.
I think you don't need to do off marketacquisitions because that's what I do.
That's what like, you know, wholesalersdo.
And that's how we get deals.
(28:16):
But this is my this is my only job.
is finding off -market deals and adding tothe portfolio and et cetera.
So, and I love this job.
I would like, I would prefer not to be anagent.
And so like, I just do what I'm good at.
And so I think you should stick with doingwith what you're good at, but add a little
bit to it, which is if you can start, ifyou can build, just a few wholesaler
(28:42):
relationships, literally by time blocking,I'm talking about.
15 to 30 minutes a week where you areliterally just committed to every week
checking in or checking in with one ofthese wholesalers or doing something to
build further a relationship, right?
(29:03):
You're already in a relationship business,which is real estate sales.
So now it's what I'm saying I think wouldbenefit you greatly is if you start
focusing on building relationships withpeople that can bring you off market
deals.
You don't have time.
You don't have the
it's not the best opportunity for you togo get deals yourself, but since you're
already good at building relationships andyou're good at real estate sales for
(29:26):
others, like why not start buildingrelationships with people that are like
you, but do it off market.
So that's the first thing I wouldrecommend to you if I was in your
position, like time block 15 to 30 minutesevery single week and check in with
wholesalers.
How do you, how do you find wholesalers?
I have.
(29:46):
gotten many deals from people that postedon Wari.
They posted an insanely good deal and Ididn't get that deal because they sold it
to someone else and I was just SOL, right?
But what I did do is like notice the onesthat found the best deals and go, shoot,
that person found an amazing deal.
Maybe I just need to build a relationshipwith that person and maybe if we're cool
(30:10):
after a while, they'll send me a deal thatthey don't even post on Wari.
And so I've gotten multiple deals done inthat exact way where I just noticed
someone that posts an amazing deal and Igo, Hey, I would love to be a backup buyer
for that, but I'm sure you have a ton ofinterest.
even if it's already assigned, Hey, I'dlove to like, you know, show you my
duplex.
(30:31):
I'd love to buy you a coffee or stop byyour flip project and like, just learn,
the basics of flip.
Like tell me the most important thingabout flips in 10 minutes at your flip.
I'll stop by and make it super easy foryou.
and just build a relationship.
And I've done that multiple times.
And because of that, and then following upwith those people, literally weekly.
(30:54):
So one of my best deals I bought, and kindof like you, I want to take care of my
family too, my third deal ever, this guyposted on Wari, an amazing deal in
Seattle.
I didn't get it, but I followed up withhim once a week.
I said, hey man, I'm a backup buyer forthat deal.
Hey man, I'm a backup buyer for that deal.
Hey, can I stop by your flip?
Hey, what are you doing this week?
Like, do you want to come sauna with me?
(31:15):
It's like literally just start, you know,becoming friends with them.
check in on them.
And three weeks later, this guy calls meand goes, Hey, you know, that sale deal
sold like, sorry, but thank you for yourinterest.
And I just got this Tacoma Triplex.
do you want to come look at it?
My wife says we're too busy with ourflips.
(31:35):
I can't take it on.
Well, guess what?
I went down there.
The Triplex has like water and mountainviews from every unit and I got it for
$210 ,000 in Central Tacoma.
And it's like three weeks after he postedthat amazing deal, right?
So someone that gets an amazing deal,guess what?
It's usually not their only one.
(31:56):
They're gonna get another one.
And if they don't have to blast it to thegroups, they don't want to.
If they know Julia is like...
she's going to buy a duplex from me inthis price range in this area.
Then they'd rather just sell it directlyto you.
I know for sure.
That's my favorite thing as a wholesalermyself.
(32:17):
We do half a million dollars in assignmentfees a year.
If I don't want to blast it, that's justmore work.
If I know I can call Julia and because Iknow she wants a cash flowing duplex in
North Tacoma and she's willing to pay 500for it or whatever the price is, then I
just want to call you.
And so that would be a big opportunity foryou with minimal effort.
(32:40):
I'm trying to give you things that areinitially minimal effort, because if I
tell you things that are big effort, youwon't do it.
Right.
So if you time block 15 to 30 minutes aweek to build relationships with
wholesalers that it might take six months,it might take 12 months, but it will pay
off.
And you're going to make six figures onthose small relationship investments.
(33:01):
And worst case, you're going to make afriend or two, too.
Like, it's just like it's a win win.
So that's an obvious one for you.
And then the other thing I want to talkabout is on market, you understand what
it's like to be the first one there andget the deal that way.
And what I want to talk to you aboutexploring is being the last one there.
(33:21):
So do you often browse properties thathave been sitting for months?
OK.
That's a huge opportunity.
That's another one.
So most of my deals that I've bought onmarket, and by the way, one of my mentors
exclusively buys on market, almost neverbuys off market.
There's millions of dollars sitting onmarket.
(33:44):
So don't, I know you just told me at thebeginning of this, you're like, hey, maybe
I want my next one to be off market.
It doesn't matter.
Like there's amazing deals on market andoff market.
So don't think off market's better.
I've gotten amazing both on and off.
With on market deals, yeah, I think rightnow the market's kind of hot.
(34:04):
And so I think just consider actuallysetting up searches for stuff that's been
sitting more than two, three months andjust continuing to like chip away at some
of those deals.
And no matter what your valuation is ofthat property, make the offer.
So I've gotten many, many deals done thatway by being the last one there.
(34:28):
By the time the sellers just been beatendown by the market over and over, finally
they're like, all right, let's worktogether.
Let's figure it out, you know, and maybewe'll meet somewhere in the middle.
But if I've performed an analysis, I neverwaste that opportunity by not submitting
the offer unless we're like 300 grand off.
(34:49):
Even if I'm, I mean, just today.
So I submit, just so you have a referencepoint.
I submit at least,
five to 10 offers on mobile home parks perweek and at least five properties on
residential properties per week.
So at least I would say 15 offers a week.
And we get about one contract per month.
(35:10):
It takes a lot of offers, right?
So out of 40 to 60 offers a month, I'monly getting one contract.
And that's what it takes sometimes.
It just takes volume.
I think most people getting starteddramatically underestimate.
the volume it takes to play this game atthe highest level.
So something to consider there is like,how many offers do you think you're making
(35:32):
per week or per month right now?
If any.
Alright man.
(35:55):
Internet's tough.
Okay, I lost you for a second.
okay.
Where did you lose me?
(36:18):
Okay, I think you're back.
I lost you for a second there.
Okay, where'd you lose me at?
Do you remember?
You were talking about how peopleunderestimate the amount of volume it
takes.
Okay.
Yeah, my internet's so bad right now.
So it's, it's, it might be both of us.
(36:38):
I just tested my internet.
It's like five megabits per second.
That's crazy.
Cause I'm paying for a thousand megabitsper second.
we're not stronger with our internet rightnow.
Yeah, it's bad.
That's okay.
That's, that's the reason why we use thisprogram because it's actually recording
(36:59):
locally on your computer.
So we don't have any lag in the finalproduct.
So it just, yeah.
So it's just bad for us now, but in thefinal product, it'll be crystal clear.
So, but go ahead and ask your lastquestion again.
How many offers is she making?
Is she making per week, month, whatever.
Yeah.
Okay.
(37:19):
So yeah, I think most people when they'regetting started and myself for the first
multiple years just dramaticallyunderestimate the volume it takes to play
this game at a high level.
And so I'm curious for you, how manyoffers do you think you're making per week
or per month, if any?
How many deals are you analyzing per week,per month as well?
(37:41):
For myself?
Yeah, well right now we're not reallylooking.
So we told ourselves we'd wait anotheryear before getting serious about doing
another multifamily.
And so none right now.
When we were looking for the multifamily,we only wrote two offerings and the first
one was accepted and it just fell apartfor different reasons.
(38:05):
And the second one was for the one we'recurrently living in.
So I'm, but I'm looking at propertiesevery day.
I'm staying in touch with listing agentsand things since I'm a realtor, like I'm
making those connections often and atleast introducing myself when I do have
interest.
And I just try not to write an offerreally, unless we're going to be the
winning offer or at least very close to itsince Tacoma is a multiple offer city for
(38:30):
the most part.
Mm -hmm.
Right, right.
That makes sense.
How about for the ones that have...
like a fear of writing low ball offers orwriting offers that, you know, that I
should just throw out there.
Like why not put it out there, especiallyfor the homes that have been sitting for a
while that I see more opportunity in.
(38:52):
And so I could be better about that forour next one is just crunching the
numbers, seeing what would make more sensefor me and just putting it out there.
And if it gets rejected, it gets rejectedmoving on.
And so.
So do you still have fear about writinglowball offers on properties that you've
(39:17):
been sitting, you've seen sitting forthree, four, five months?
It was interesting doing it for myself.
I did.
When I do it for other clients, I don't atall.
I'm like, I'll tell them what I think andI'll write it and I'll defend them and
negotiate and advocate.
Like I'm like, yeah, but when it was doingit for myself, I was not the same fierce
(39:39):
realtor.
I feel like I am for others.
And so that was an interesting shift.
Sure, yeah, it is different for yourself.
And that's why, even though I cannegotiate probably quite well on my own
behalf, I still, there's an emotionalcomponent when it's for yourself that you
(40:01):
can't fully remove yourself from thenegotiation, as opposed to if you're
negotiating on someone else's behalf,you're like, you know your marching orders
and you're trying to do the best you canfor them.
It's definitely different, so I hear youthere.
I think the perspective shift that mightbe of value to you is that if it's been
sitting for three to six months.
(40:23):
Then what do you think the problem is?
The primary problem.
Did you get that?
(40:44):
I heard perspective shift and then youbroke up.
I'm sorry.
so I'll ask again.
So, okay, this is a perspective shift thatI think might be of value to you.
And a question to kick this off is, whatdo you think is, if you could only name
one issue, what do you think is the issuewith properties that have been sitting on
(41:05):
the market for three to six months?
What is the number one problem with thoseproperties?
overpriced.
100%.
If they were priced a lot better, theywould sell faster.
And so if it's overpriced and you write anoffer that's under the price, are you
(41:28):
submitting a low ball or are yousubmitting a market price offer that they
might just not be aware that the marketprice is lower than what they think it is?
Right.
Yeah.
So I think that's, that's the bigdifference is like,
You need to sub.
I think it's great to submit offers thatare market price If you want to submit
(41:50):
below market then you know By all meanssure go for it, but that's a different
story than submitting a market price offerfor something that's mispriced So if it's
been sitting, you know It's always goingto feel like a lowball because the price
is almost always wrong.
If it was right, it would have sold a longtime ago So I think you know,
(42:12):
That's an interesting one where it's justlike, in most cases, the seller just
doesn't care, right?
They're just like, this is the price Iwant, why?
Because I want it.
All right, well, that's not the price ofthe property.
So I'm sorry, Mr.
and Mrs.
Seller.
Here's what I believe to be a marketprice, here's why.
And then leave it alone, right?
(42:33):
If they don't wanna talk at all, noproblem.
But if you've already analyzed the deal.
you're wasting your time if you're notsubmitting what you believe is the market
price, I think.
So I think that could be an opportunityfor you too, is just like, and that's one
of those things that gets easier the moreyou do it too, right?
(42:53):
It's just, I know there's a little bit ofconfrontation associated with it, because
it's like, hey, I know you want a million,but here's 700, right?
And so it's kind of like, I know thisisn't what you want, but you could also
just be honest with people.
And we are very honest with people.
We try to...
We're not doing hard sales.
We're just letting people know like, hey,we don't want to offend you.
(43:14):
We ran our numbers and it's a lot lowerthan what you're asking.
So we didn't want to craft the entireoffer and spend our time because we're so
far apart.
And you could also just like tell themlike, hey, you know, we put in the work to
figure out what it is, but we just didn'twant to put it in front of you.
(43:36):
because we don't want to offend you.
And they might, they often will becurious.
Well, all right, well, what's the number?
And then you could just throw out a numberand now they've asked for you.
Like you've already told them it's goingto be low and you don't want to offend
them.
And if they ask, then, then you can stillput it in front of them.
And then, then you can probably, afterthat, you can usually have a real
discussion about like, they'll tell youwhere they really want to be at or need to
(43:59):
be.
Okay.
Well, I can't take 700, but look.
My minimum is 850.
And then you can just rerun your numbersand see if you can get any closer.
But I think if you don't even submit theoffer, you're not going to have the
opportunity for a conversation.
So just like a small opportunity for youto throw out a few more of those and have
those discussions and deliver themlightly.
(44:19):
Like I just said, you don't have to belike, it's 700 and it sucks for these
reasons.
You don't have to be harsh with people.
I think you could still be gentle withpeople and get your point across.
if you're going to be doing the analysis.
So yeah, I just think that's another smallopportunity for you.
Yeah, no, that's great.
Great feedback.
(44:43):
All right, so now that we've talked, doyou feel like there's anything that you
might want to do differently or?
change about like your how you'reapproaching your investing goals or are
(45:03):
you pretty satisfied with the path thatyou're on?
I'm going to just continue on that.
No, yeah, I didn't realize how much I wasclenching my fist throughout this, like
holding on to my comfort zone until youbroke a lot of this down and a lot of it's
just fear, right?
But I guess I was holding on to thecourage of even doing my first duplex and
(45:28):
getting my first tenant.
And that's good.
And that is like momentum I need to carryforward.
But I've allowed that to.
I have to use it as momentum, right?
Like momentum will stop eventually if youdon't continue it yourself.
And so I have been clenching my fistsaround like the $500 and just picturing
(45:48):
that like, that's not enough.
That's not what's going to help me, but Ihave to open up right to the other
opportunities that will come to me andbring in more than the 500 we'll get from
our current duplex.
And that's how we'll get there.
And so definitely need to.
step it up and go by year, which we goback and forth on.
(46:09):
It's just, it's the fear, right?
And this is something that I have to takelead on that my husband has told me
before, like, this is your department,it's not mine.
You know, he still had the dream of yourfirst home is your forever home type
mindset, which is pretty outdated intoday's world.
It's not realistic anymore at all for themost part, right?
And so,
(46:30):
He's let go of that, but he's always justbeen like, you have to take Leap.
Like I don't, I don't know this.
And that can be an intimidating thing too.
And it's both of our lives and I'm like,okay.
And I just gotta take the leap andcontinue looking for opportunities.
And yeah, I think too, we just need toconnect with our lender now after tax
(46:51):
season and just look at our numbers andjust see where we're at too.
Just so that way, if an opportunity doescome up.
that we are comfortable with.
We already know where we're at.
And I think, and it's funny, becausethat's like the main thing I tell
potential clients.
They want to, I'm not ready for a lenderyet.
I'm not ready to look at this and that.
And it's like, well, that's, then you'remaking decisions based on assumptions,
(47:13):
right?
You're assuming you couldn't get the loan.
You're assuming you couldn't afford yourmortgage.
I don't want you to make decisions onassumptions.
I want you to make decisions based onfacts.
If you apply and you realize you don'tqualify for what you want or your mortgage
isn't where you want it.
then it's time to create a game plan onhow to change those numbers to be
something that you feel confident in.
So it is very funny how I am not the samerealtor to myself that I am to others.
(47:38):
And I need to work on that.
So, and we need to do by year right now,we need to every year have a different
property and get out of our comfort zone abit.
So we're hitting one year this May, like Isaid, and so.
We've talked about buying this year andwe're wanting to wait a few more months
(48:01):
until the cool down after the summer,unless something great comes up.
Like I said, I'm looking all the time.
So I also like just how much yousimplified a lot of this.
Like it's so easy to get in my head about,you know, especially I listened to so many
podcasts.
I'm surrounded by amazing investors andpeople that just have these incredible
(48:24):
empires like yourself.
And so it's hard sometimes to feel like Ineed to jump to make it to them, but it's
not a jump, it's a step.
And I need to just focus on that nextstep.
And networking is something that's veryattainable that I can definitely do.
Reaching out to our lender to know ournumbers right now is attainable and
something I can do.
And then keeping an eye out on homes andnot only like let go of the off market and
(48:49):
just focus on what I'm comfortable with,which is our market and the MLS.
and keep an eye out.
There's already, I toured two last weekthat have been sitting for over 80 days
and there's, you know, it's a seller'smarket.
So when homes are sitting that long,they're panicked.
There's no way they're not.
And so there's always opportunity whenthere's fear, right?
(49:13):
Like if you can stay calm and steady, youcan take opportunity out of the fear that
a lot of other people are feeling.
I love it.
Love it, Julia.
Well, it's great to talk with you.
I think you're on a great path.
I think it's super exciting to be whereyou're at.
So just enjoy it.
And thanks for talking with me today.
(49:33):
And thanks for having me on your show.
Yeah, thank you so much.
I really appreciate your time and pleaselet us know how can we get connected with
you?
I know you provide mentorship and coachingcalls.
What's the best way for someone to reachout to learn more about this?
Sure, I think the best way to reach me istypically going to be on Facebook.
Like I said, I run that big investorcommunity.
(49:55):
It's totally free.
Join the group.
It's called W -A -R -E -I, Wari,Washington Real Estate Investing.
Find me on there.
Send me a message.
Comment on something I post.
And I'd love to talk with you.
If you're interested in any sort ofclasses that I put on, I do a, it's called
(50:15):
the Wari Masterclass.
That's basically,
six week class, full weekend in person,four Zoom calls, project walkthroughs,
three one -on -ones with me.
And I do that twice a year.
That's a really fun thing.
If you are just getting started and youwant like a deep dive into A to Z, how do
I start buying off market, on marketproperty, rentals, flips, novations,
(50:40):
subject to seller financing?
How do I figure out all the basics ofeverything I need to do like my first 10
deals really effectively?
And I do that twice a year.
Also teach seller financing mobile homeparks.
That's really fun.
MHparkacademy .com.
And this summer we're doing, this is formore experienced investors, we're doing
our first mastermind, the Wari Summer CampMastermind.
(51:03):
So come and learn about that if you're amore experienced investor and you're just
trying to continue to level up.
Come and hang out with us this summer formastermind.
So that's what I've got for you guys.
Come and find me on Wari.
If you don't want to pay for any of thatstuff, no problem.
Come and learn for free on Wari.
There's tons of great free content andwould love to chat with you on there.
(51:25):
So that is how you can reach out.
Awesome.
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