Hello everyone, welcome back to episode 32 of the WIIRE Podcast! This week we have a special request from one of our followers on Instagram. Melissa writes: “Hello loving your podcast. I'm new to real estate and we are looking for strictly cash flow to pay for liabilities we have. My husband wants to buy our first investment property with cash, hold, and then later when rates come down, and hopefully, the place appreciates, refinance. I would love a podcast on buying all cash and whether you think that would be okay?”The short answer, it depends. But what does it depend on?Well, there are a few factors we would take into consideration before making this decision and in this episode were going to talk about strategies for buying cash, the perks, and the pitfalls of both ways. What it really comes down to is being able to predict when rates are going to come down. If we could do that, we would be crazy rich. But since we can’t we need to know how to lean into what you know and what you are comfortable with. If you know that you have no debt on a property and you want one cash-flowing rental then that could be a great option. However, if you are looking to scale we would advise against it because you want to keep your capital moving, as quickly as possible in most cases.So many things can happen to any one given property so consider that. We like to have some diversification in our portfolios. Even if all of your properties are in the same market you can still have a diverse portfolio because you are not relying on one single tenant to pay for everything for you. If you are planning to buy a property then BRRR, or refinance within six months to a year, then we would consider that purchase. Melissa also mentioned refinancing when the rates come down, but consider this: why not purchase it via financing right now, then refinance again when those rates come down? “Just because you have a loan on it doesn’t mean you can’t refinance it.”For us, we're in scale mode; so it's all about the next property. However, Melissa might not be. She might want one and done and that's okay. It’s a really personal decision and there is a lot to consider on both sides. Thank you SO much, Melissa, for submitting that question. If you have a question you’d like us to feature in an upcoming episode send us a DM on Instagram or reach out via email. Thanks for tuning in, we’ll catch you in the next episode!  Resources:Get instant access to our Property Management AcademyJoin our private Facebook CommunityConnect with us on Instagram

Hey everyone, welcome back to another WIIRE podcast episode. This week we’re diving into a fun topic; 7 ways to find off-market properties. Both of us have purchased a good majority of our deals when they were off-market so we have some great stories and experiences to share with you. Method 1: Driving for DollarsThis tried-and-true method involves you simply getting into your car, and taking a drive. While we have found that this method tends to work better in smaller towns, that doesn’t mean it won’t work anywhere, it just means you have to be more specific. What we do is drive around, looking for run-down multi-family properties, write down the address, then looking up the owner's information on the assessor's website. Once you find out who the owner is reach out to them, and ask if they have considered selling. Start the conversation, don’t overthink it, and don’t be afraid to ask. Lastly, remember that some ‘no’s’ might also mean ‘not right now’.  Method 2: Direct MailThe direct mail method can happen in two ways: one is if you are looking on a smaller scale to find a property you like (think about method 1) and write them a handwritten note. The second way is more of a professional approach, but also more costly and yields a larger number of leads. However, with this route, you have to be prepared to funnel in a large number of leads and scale quickly. Method 3: Calling For-Rent SignsThis is how Grace found her first property. She called the number on a for-rent sign and after realizing the owner was an investor she asked if they had any available properties they were interested in selling. After getting a list of around 30 properties, Grace asked to see the crappiest property because they knew they could make a massive dent and turn it into a BRRR. After walking the property they went under contract, while it was off the market.  Method 4: WholesalersIn the world of REI, knowing people is truly where it’s at. Make sure you are joining local Facebook groups and attending local networking events to make those connections with wholesalers in your area. If you are going the wholesale route, make sure you are crystal clear on your buy-box so your time is not wasted by people sending you properties you wouldn’t even consider. Lastly, wholesalers are willing to sell quickly, for a lowball cash offer, which means you have to have cash and close quickly. Method 5: Word-of-Mouth/ Contractors/ NetworkingAnother favorite method of ours, word-of-mouth is an effective way to find off-market properties. Don’t be afraid to shout from the rooftops what you do and what you are looking for. We recommend having a space (whether that is on Facebook or IG) where people can follow you and you can keep your name in their heads so when they do hear about a deal, they remember to connect with you about it. This also goes for letting your contractors know because they know a lot of people and are very well-connected.  Method 6: Social MediaWe touched previously on social media but when you make sure people can find you easily and see what you are doing people are much more likely to reach out to you. Also, we both have experienced organic leads (both legit and not-so-great) from social media, so make sure you are posting those rehab photos! Method 7: Connecting with Current LandlordsThis final method is another tried-and-true one and we cannot emphasize enough how important it is to utilize your network. Contact investors/property owners, you have purchased from before, or other local landlords to see if they know of any gems that might not be on the market. By purchasing off-market deals you are also avoiding realtor commissions and landlords are always happy to have more money in their pocket from a sale.  The moral of the story about off-market properties is that sometimes they're hard to find, but if you just keep your eye out, you're constantly putting yourself out there, and you're always asking questions, they will come to you.We hope you enjoyed this episode and we will catch you in the next one.  Resources:Get clear on your Buy-BoxListen to our Guide to Rental ArbitrageJoin our private Facebook CommunityConnect with us on Instagram

Hello friends! Welcome back to the WIIRE Podcast. This week we are super excited to welcome Datha Santomieri from Steadily insurance onto the show to share with us all things landlord insurance. Datha is one of the co-founders and head of insurance at Steadily, an insurance solution for landlords, and also REI investors themselves. Datha has done a few flips of her own and one of her first flips was on a 7,000-square-foot property (what?!?) in Kansas. When she tried to get insurance on it during the renovation period it took dozens of phone calls and very few follow-ups to find an agent that knew how to correctly cover her property. It was such a clunky process and Datha knew the process could, and should be, much simpler. With her co-founders having similar experiences they knew it just didn't make any sense why it had to be so complicated to find insurance for investment properties. After a few years of frustration, they realized they were best positioned to solve the problem themselves. Being an insurance person herself, Datha had spent her entire career in the insurance industry, building programs and rolling out technology and operations to support them. Steadily’s customers love them because they have taken the friction out of something that didn’t need to be complicated in the first place. In this episode, Datha is sharing: Intel between the different types of policies and propertiesHow to make sure your property is covered, correctlyWhat vacant property insurance meansCash value vs replacement value of a propertyThe benefits and how you can best use SteadilyFor more info about Steadily and find out how they can support your REI properties, head to their website to learn more!Thanks for tuning in, we’ll catch you in the next episode!   Resources:Check out Steadily for your REI bizFind Steadily on TwitterLearn about Steadily on LinkedInGet the scoop on Steadily on InstagramHear more about Steadily on FacebookJoin WIIRE’s private Facebook CommunityConnect with us on Instagram

Hello everyone! This week we're going to talk about a very popular topic, arbitrage. More specifically we are going to focus on MTR arbitrage because that is the realm where the majority of our personal experiences lie. Rental arbitrage has become increasingly popular. It is what we would call a buzzword in the real estate world right now, and for good reason. Let’s dive in!We do want to note that a lot of this information will also be helpful when it comes to short-term rental arbitrage as well because when it comes to MTR or STR arbitrage, the execution is nearly the same, either way. It can be a great way to first get started in REI and especially so if you don’t have a lot of capital to work with.  What is rental arbitrage?Rental arbitrage is when you lease a property, then turn around and release it, typically as a mid or short-term rental. Think of it like flipping a lease, except you are the middleman. You are getting the initial lease from the owner, then turning around and releasing it for more money so you are making a profit. What are the benefits of rental arbitrage?It requires less capital to startThere is significantly less risk involvedThey are very easy to startOffers a high ROIYou can choose turnkey properties for quick setupYou can potentially land properties with low, to no maintenance, that you are responsible for since you do not own the property What are the disadvantages of rental arbitrage?No tax benefits since you are not the ownerLess control over the propertyNo control over neighboring tenantsYou are subject to property rules and rent raises by the owner If you are looking for a simple way to get started in REI but have low capital, arbitrage could be an excellent way for you to dip your toe into the industry, before taking the full dive. Thanks for tuning in, we’ll catch you in the next WIIRE episode!  Resources:Check out Steadily for your REI bizJoin our private Facebook CommunityConnect with us on InstagramReserve your spot for our retreat in Salt Lake City

Hey everyone! Welcome to the WIIRE podcast. This week we’re super pumped to welcome onto the podcast our friend Hannah McCoy, a real estate investor who has a very unique perspective on the travel nurse industry because Hannah is actually a travel nurse herself! As an MTR owner, Hannah is bringing a lot of intel to the table and we are excited for you to meet her and get to know a little bit more about not only her journey in real estate investing but also hear a few trade secrets of the travel nurse industry.Hannah began investing in February of 2020 with her boyfriend and now owns four duplexes and one single-family property (plus they’re under contract for another) near where they live just north of Pittsburgh, PA. As an ER nurse, Hannah wanted to be able to travel and make more money and has been working as a traveling nurse since 2021. She decided to try something new and knew the money you could make as a travel nurse was a huge draw and she was so excited to be able to do something different and keep not one but two income streams. Since 2021 Hannah has gained a lot of experience when it comes to looking for, staying in, and how travel nurses best utilize MTRs, and can offer a unique inside perspective to our audience. The travel nurse industry has dramatically changed (and still continues to change) and Hannah is sharing her take as both a travel nurse who stays in MTRs, her perspective as an MTR owner, and the changing seasonality of travel nurses, to help bridge the gap between how we as owners can better understand how travel nurses operate under their contracts and also offer them better services.If you want to see what Hannah is up to you can subscribe to her YouTube Channel or follow her on Instagram.Thanks for tuning in, we’ll catch you in the next episode!  Resources:See what Hannah is up to on InstagramCheck out Hannah’s YouTube ChannelCheck out Steadily for your REI bizJoin our private WIIRE Facebook CommunityConnect with us on InstagramReserve your spot for our retreat in Salt Lake City

Hello friends! We’re excited to dive into this week’s podcast episode content because it’s another episode that YOU, our amazing listeners, asked for! It also is on our list of most common questions we receive so in this episode we’re sharing exactly what we look for (including red flags) in an investment property. For us, knowing what to look in an investment property for has become second nature when we are analyzing deals, but if you are someone who is just starting out you likely have no idea where to even start - and that is totally okay!First, we’re going to talk about what we look for in single-family properties. Amelia is one who is really never looking for a single-family home, but when she does, give her the smelliest house you can find, especially for those that need cosmetic updates as well. Amelia loves the phrase ‘smells like money’ because even a smell can scare off buyers, and often times it’s not that hard to get rid of odors. Grace tends to also look for houses that stink, because again, a smell can be gotten rid of with some work. Also, those tend to have less competition in a buyer pool. Grace also has learned that she now stays away from houses with less-than-desirable layouts or funky driveways, especially when the house is on a busy road. We both love houses that are packed full of ‘stuff’. In many cases, buyers can’t see past the junk and all you have to do is remove the junk and there can be so much opportunity behind it. A few other things we stay away from are houses with foundation issues, bad neighbors, and those that are located in less-than-desirable neighborhoods/locations. Moving onto multi-family homes, we agree that houses with funky driveways and interior layouts, monster/Frankenstein-converted houses, properties with little to no off-street parking, and common areas to keep clean, are all things we stay far, far away from. When we are looking into buying a multi-family property we look for those that are under-managed. Mismanagement is a huge area where you can add value by coming in and really overhauling their units (and business processes) and in turn, raise the rent. For the most part, tenants are okay with the increase in rent because it means you are taking better care of the property. When it comes to buying a property, one big red flag we look for as a buyer is if the seller won’t let you see all of the units. In most cases, a seller not letting you see each unit means they aren’t properly being cared for or maintained. However, if you are in the position where you are buying the property and are aware that there are problematic tenants/units, that is a completely different story and you can work with it.Next, if a seller is unorganized or seemingly hiding their financials, we recommend staying far away from those. With the exception of someone selling a simple duplex, etc., and has no other units, sellers should always be organized and upfront with their financials. The more intricate you get, the better the financials you have to have because there are so many more pieces to the puzzle. ​​We would love to hear what you look for when buying/selling your properties and if you have any other questions you’d like us to answer in an upcoming episode! Last, we would also love to have you inside our private Facebook Community where aspiring and existing investors come together, learn, grow and support one another.We’ll catch you in the next episode!  Resources:Check out Steadily for your REI bizJoin our private Facebook CommunityConnect with us on InstagramReserve your spot for our retreat in Salt Lake City

Welcome back to another episode of the WIIRE Podcast. We hope everyone had a great New Years and we are so excited to jump into 2023 with all of you! This week on the podcast we are going to talk about some of the mistakes we made in our businesses in 2022 and how we are going to fix them moving into 2023.  Mistake #1: BookkeepingThis year we both learned exactly how important it is to either outsource your bookkeeping tasks entirely or set yourself up with a strong bookkeeping foundation from the get-go, in your business. Bookkeeping is something that never stops which means that you really need to stay on top of it so you don’t continue to get further and further behind. If bookkeeping is just not your jam, we get it. But in this case, we highly recommend outsourcing your bookkeeping early on, to make sure your finances are kept in order, track your expenses, etc., especially come tax season. If you plan to track your expenses and manage your books internally, that’s great! But make sure you set yourself up with a strong foundation either by using a bookkeeping platform and setting up a bookkeeping routine you can stick with, or outsourcing setting up your system and having them teach you how to manage it yourself.  Mistake #2: Putting Things On Hold For The Next Big ThingLong story short, Grace’s deal to purchase the manufacturing business didn’t pan out, and while they were out time and some lawyer fees, the biggest bummer was that they had hit pause on so many things they could have been doing. They could have purchased more rentals, upped their equity, cash flow, etc. Our biggest piece of advice here is to always keep moving.  Mistake #3: Not Having a Daily Routine/ StructureBeing self-employed has amazing perks, one of which is the freedom to design your own lifestyle. The challenge is that it can be super easy to fall into the trap of not getting as much done as you could because you don’t have a daily routine or structure for your day, to allow you to be as productive as you could be.In 2022, we both learned that by actively blocking our calendars, we were able to be so much more productive.  If you want to deep-dive into your relationship with time management so that you can you can live the life you desire without the stress, join Amanda Boleyn’s live group coaching program, Attention Audit, where she will be teaching her 4 P’s to Effective Time Management. Thank you for joining us for our first episode in 2023! Catch you next time!  Resources:Join Amanda’s Beta Group Coaching Program Attention AuditConnect with us on InstagramReserve your spot for our retreat in Salt Lake City

Hello everyone, welcome back to the WIIRE Podcast! We know you all love hearing about all things MTR so this week we are bringing you another episode about MTR strategy, except this time we are talking about the 5 pitfalls (which we’ve lovingly termed ‘cash-flow-killers’) you’ll definitely want to avoid making with properties in your REI portfolio.   1. UtilitiesIf you’re not tracking tenant utility usage, you should be. Utilities are typically covered for tenants in mid-term rentals, but you’ll want to make sure that your tenants aren’t going over ‘average’ usage for the utilities. We recommend adding a utility addendum to your lease explaining that any overage from the average usage (which can typically be found on your utility company’s website) will be billed back to the tenant. You can also post signs on the doors so when they go to leave the property, they’re reminded to check things like the lights and thermostat, and not leave them in use when they aren’t even home. Lastly, you could invest in a thermostat that you can control remotely and set limits on.  2. LocationC & D class neighborhoods, simply put, are just not recommended for MTRs. Even units in some B-class neighborhoods will sit vacant longer than desired because traveling professionals know what kind of areas to look for and which ones to stay away from. Vacant units will always cut into your cash flow, so choose your MTR location very wisely.  3. Noisy LocationsMany MTR tenants are traveling nurses, and as you could guess, work nights (or even around the clock) on some days. Typically they are only in the unit to eat, sleep, and repeat so they want to come home to a quiet space they are comfortable in and aren’t interested in dealing with a noisy neighborhood or noisy neighbors. 4. Cleaning FeesThis one can be a bit tricky. It’s nice to be able to cover your tenant's cleaning fees - it’s one less thing for them to pay, right? While true, that also cuts into your cash flow.After covering cleaning fees for quite some time by just charging more for rent, Grace has discovered that she is likely leaving money on the table because it cuts into her cash flow. She realized that she could simply include a cleaning fee, along with the deposit, and tenants are still happy to rent her units, despite the cleaning costs coming out of their pocket. She also realized that for the most part, tenants are used to paying a cleaning fee. Amelia collects a deposit to hold the unit, then 1-2 days prior to move-in collects the 1st month’s rent along with the cleaning fee.5. Not having a detailed list of supplies for your unit.Do you know exactly how many cups, plates, forks, towels, etc., are in each one of your units? If you don’t you should. Now before we proceed, we will be the first to admit that we have both been super lax here, but it is on both of our ‘goals for 2023’ lists to do a much better job of this one.Go through your units with a fine tooth comb. By having this list for each unit, when your tenant moves out you know not only needs to be replaced and charged back to the tenant. Keep this list handy for yourself, your cleaner, or your property manager so everyone knows exactly what should be in each unit so you aren’t losing money by keeping your rentals stocked and passing those charges along to the tenant. That’s all for this week friends, thank you for joining us. If you have any questions or topics you’d like us to cover shoot us a DM on Instagram!Catch you in the next episode!  Resources:Join our WIIRE MTR Profit AcademySee what Amelia is up to on InstagramCheck out Grace’s updates on InstagramConnect with the WIIRE Community on InstagramGrab your spot for our retreat in Salt Lake City

Welcome back to another podcast episode! We recently received a great topic request on Instagram to talk about low and no-money-down deals that we’ve each done so this week we are diving into exactly that. In this episode, we will be sharing three examples of deals we’ve done, all real-life examples from our personal portfolios, and we hope they are super helpful and allow you to think outside of the box!Amelia purchased a single-family home in April 2021 after having found the deal through a local investor she saw working through Facebook Marketplace. But by the time she called him about the deal, it had already sold, so Amelia did a bit of research and found out that the seller owned multiple properties in the area. She reached out to see if he had other properties for sale and offered a package deal for multiple properties. This offer was for a 30-day close on four properties and despite dragging her dad along (kicking and screaming), it was a killer deal.  Amelia and her parents partnered 50/50, but none of them had to come out of pocket for money with their creative financing techniques.  Grace also has done her share of creative financing and on her deal wanted to use instant equity that they were buying into. At the time she had one single-family home that was under construction and wanted to buy two duplexes (four units) for $255,000. 20% Down would have been $51,000, which she absolutely did not have at the age of 23 and only one year into her W-2. Even splitting it 50/50 with her partner wasn’t going to work, but Grace was willing to work some creative financing to make it happen. Grace knew the owner of the four units who had had a wholesaler approach him to purchase the units. Grace convinced the seller to let her look at the unsigned contract and told him, in short, that it was basically a piece of crap, and he should sell to her instead. The good news was that the wholesaler had already worked the seller down to his bottom dollar of $255K. Grace called the bank she had used for a previous deal, which turned her down. She called a second bank, one she had been banking with personally, and spoke with the VP directly, who knew Grace and her background well and was willing to take the chance on her deal of 10% down. Being newly employed at the time and her boyfriend being unemployed, Grace turned to her sister to bring her in as a 3rd partner in the deal. Her sister agreed and this allowed Grace’s portion of the down payment to drop from the original amount of $51K to only $8,500.  The final example were going to share is the first (and only) deal Grace and Amelia have partnered on together. In a previous episode you heard us share that we purchased a property in Amelias hometown from one of her friends parents for only $38,940. Having mentioned to the seller about a year prior her interesting buying, the seller remembered that seed Amelia had planted. One important thing to note about this deal was that the seller is moving and not taking everything with them, and was moving into an apartment and didn’t need the immediate seller payoff. Amelia and Grace negotiated to pay her one year after closing, so they could fix it up and flip it with no down payment. They planned to do some painting, updated the flooring, and sell it for between $60-70K. During the process, plans changed and they ended up putting a renter into the property, furnished, and with a few other unexpected expenses coming up, they had to do some additional work to refinance the property so Amelia could solely own the property and buy out Grace’s portion. A few months in, Amelia refinanced with her local bank to purchase Grace’s portion of the property, which appraised at $65K. To buy out Grace’s portion of the property Amelia partnered with her parents because, despite Amelia financing the down payment, her parents adore the property and would like to flip it when the current tenant moves out. All in all, they were under contract for $38,940 and did a wrap mortgage for the financing, and paid her off in full after the 1-year time period.  One final recommendation…Don't be afraid to wheel and deal with your bank. Some of them will say no, but some of them also might be interested in what you have to offer, especially if they know that you can get the deal done. So the first deal you do, maybe you won't be able to wheel and deal as much. But as you establish that relationship, just ask and make sure you're exploring all of those options.We hope you liked the breakdown of these deals. As always, if you have any recommendations for future episodes, feel free to DM us on Instagram. We love getting your requests, and we will catch you in the next episode!  Resources:Grab your spot for our WIIRE retreat in Salt Lake CityConnect with Amelia & Grace on Instagram

With 2022 drawing to a close, tax season is nearly upon us. This week on the podcast we are joined by our friend, Natalie Kolodij, a Real Estate Tax Strategist who is sharing her expertise with us on what we should be doing to prepare for tax season when it comes to REI. Natalie is an IRS Enrolled Agent and Real Estate Tax Strategist who has been working exclusively in real estate since 2014. Natalie is highly specialized in her niche and loves helping people get set up with the right strategies to really work on building their wealth in the most effective way they can.The first thing we cover in this episode is how you can save on taxes by having your rental property transition (temporarily) to a short-term rental property, before turning it into a long-term or mid-term rental. One of the key things with normal rentals, long-term rentals, or even mid-term rentals, is that they're in the same category for taxes called ‘passive income’ to the government, meaning that you don't pay any payroll taxes on it. But a trade-off there is that when a passive activity like a rental creates a loss, you can't always use it, depending on your circumstances. There are certain circumstances where you can, and some circumstances when you can't. So typically, if your annual income is above $100,000, you might not be able to use that loss. It can always offset other passive income, but not your W-2’s or other income types. It's in its own bucket and that is passive loss limit. You don’t lose it, but rather it carries forward into the next year. Short-term rentals are a unique hybrid area where if you have a short-term rental, where the average stay is 7 days or less, then it can qualify as non-passive. By breaching that nonpassive designation, any losses you create are no longer subject to that income limit and there’s no true cap on that. So with a short-term rental, you can do something like utilize cost segregation, where you push some of your depreciation up to the front end, have a big loss in one year, and be able to fully deduct it against your earnings from your W-2 job (or flipping income or any other types of income). It creates a really great loophole. In this episode, Natalie shares so many great tips and tricks, just like this, about how to prepare yourself for tax season, find the right accountant for your business, and so much more, in a way to help set you up for a stress-free tax season. She also shares her Year End Tax Prep Checklist for Real Estate Investors with our listeners. Want to connect with Natalie or find out more about her current client offerings? Shoot her a DM on Instagram or visit her website to learn more!Thank you for listening, friends! We’ll catch you in the next episode!   ResourcesVisit Natalie’s WebsiteConnect with Natalie on InstagramGrab your ticket to our 2023 retreat in retreat in Salt Lake City