Challenges of Managing Contractors for a Rehab Project

The speakers discuss finding contractors through word of mouth, having a detailed scope of work, regularly checking the property, and following other investors for project management tips.

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Can’t fund your next rental property? Never let a little money get in the way of a great deal! When today’s guest didn’t have the cash to buy the property of her dreams, she negotiated a MASSIVE discount and used creative financing to get it across the finish line.

Welcome back to the Real Estate Rookie podcast! Today, we’re joined by Multifamily Bootcamp graduate Dayna Hicks, a foster parent and investor with a HUGE heart for the less fortunate. After reading Rich Dad Poor Dad and discovering BiggerPockets, Dayna realized that investing in real estate would give her something to pass along to her (many) children. It took her very little time to get started, buying three multifamily properties as a rookie!

In this episode, Dayna shares how she secured her latest deal—a thirteen-unit transitional house designed to help young adults get back on their feet. Dayna was able to negotiate the purchase price down by a whopping $180,000 simply by using her newfound real estate knowledge to her advantage. Now, the property brings in $25,000 per MONTH!

In This Episode We Cover:

How Dayna negotiated $180K off a seller’s asking price

Using creative finance to fund a unique rental property

The MANY advantages of investing in multifamily real estate

Leveraging your primary residence to fund MORE deals

Creative ways to raise rent on a good tenant (and keep them happy!)

Life-saving tips for managing a home renovation project

And So Much More!

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