Real Estate Rookie 177: Gang Houses, Animals, and 17 Units by Capitalizing on Properties People Avoid
Someone has to step up to the plate when a challenge presents itself, and today’s guest always does. Tammy Skeath began her real estate journey in 2018, and despite being faced with several unique obstacles, she has found immense success. She currently has seventeen units and plans on expanding exponentially within the next few years.
Tammy was inspired to get started after watching her cousin continue to build wealth through real estate. Her first deal was a carbon copy of one of his deals. By doing this, she learned the ins and outs while having a step-by-step real estate guide she could reference. Despite replicating his deal, she encountered various problems that made the process more difficult. The city she invested in has strict rules to protect endangered animals, and instead of investing elsewhere she decided to do more research on the issue. From her research she was able to find a unique solution and complete the project.
She did this again when she bought a gang house with twenty-seven code violations. Most people would say this type of property isn’t worth the hassle, but it was for her. She was able to double her initial investment, and pull out $600,000 from this one deal. Now real estate allows her to bring in a large amount of income, reach her goals faster and still have the time to spend with her kids.
In This Episode We Cover
Goal setting—how to define your goal, pursue it, and pivot once you achieve it
How to become good at and capitalize on something everyone’s scared of (it’s not as hard as you think)
Spec builds—how to find a contractor & ask the right questions
1031 exchanges, how to perform one, and why they’re an underrated investment tool
How to use cash for keys as a tool to help you and your tenant part ways peacefully
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Connect with Tammy:
Check out the full show notes here: https://biggerpockets.com/blog/rookie-177
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