Getting a Property Manager to Renovate a Floor in the Back of the Unit

The property manager spent $40,000 to renovate a home. The house was built in 1899 and had horses and carriages going through it. "It really is a lesson that, ha, not everything is going to be the way that you read in books," he says.

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Episode notes

Military members in the real estate community love to preach about how great the VA loans are for financing primary residences. They also love the fact that these primary residences can be turned into rentals, quite easily, when the military decides to station you elsewhere. This is exactly how Angel Garcia got his start; accidentally investing in real estate, all while stationed overseas.

Angel bought his first house as a way to ensure financial security for his wife and daughter, but when he was re-stationed, he decided to give landlording a go. He bought another primary residence, but once again, was forced to move, leaving him with two rental properties. He started to notice the cash flow coming in, and with some help from David Green’s Book Long-Distance Real Estate Investing, he made the jump to invest out-of-state.

He made an offer on the perfect property, a $55,000 duplex, but when his inspector wouldn’t even enter the house, he knew he may have made a mistake. This home had $40,000 in foundation damage that needed to be repaired, turning his small investment into a cash-heavy burden. Through perseverance and the ability to learn from past mistakes, Angel was able to make this rental cash flow a respectable amount and it allowed him to get even further along the path to financial freedom.

In This Episode We Cover

Opening yourself up to investing, even if you were raised without an investor’s mentality

Using rental property investing as a way to secure generational wealth for your family

Utilizing VA loans to get 0% down financing on your primary residence

Why you need to be careful you don’t talk yourself out of a deal

Why you should always “do something” even if you can’t buy a property yet

Recovering from a $40,000 surprise when rehabbing a property

How to help those around you even if they don’t seem interested in learning

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

Ashley's Instagram