54: Investing in Under $30k Real Estate, Working a Day Job, and Good Vs. Bad Neighborhoods with Lisa Phillips
How much money does it really take to buy a rental property?
$200,000? $100,000? $75,000?
On today’s show, we are going to chat with Lisa Phillips, a real estate investor who buys real estate in the under-$30,000 range and achieves some incredible cash flow from her mostly-passive investing. Lisa shares some amazing insights into how she went from a personal foreclosure to owning several rental properties – bypassing the banks and investing creatively. If you are someone who is looking to get started investing with real estate investing without spending hundreds of thousands of dollars – this is the show for you.
Read the transcript for episode 54 with Lisa Phillips here.
In This Show, We Cover:
- Investing in real estate while navigating the instability of day jobs
- How going through a foreclosure changed Lisa’s financial future… for the better
- Knowing when to call it quits
- Tips for negotiating with creditors
- What makes motivated sellers attracted to a certain real estate investor?
- Tips for defining a good vs bad neighborhood
- Finding a property manager who exceeds your expectations
- How much does a good property manager charge?
- Simple tips for attracting the best tenants to your rental properties
- The positives and negatives of low-price investing
- What crimes are acceptable?
Links from the Show
- Tenant Screening: The Ultimate Guide
- NARPM – National Association of Residential Property Managers
- CrimeReports.com
- SpotCrime.com
- Rentometer.com
Books Mentioned in the Show:
- Rich Dad Poor Dad by Robert Kiyosaki
- The 4 Hour Workweek by Tim Ferriss
Tweetable Topics
- “Be clear & upfront with what you can do for other people. What’s in it for them?” (Click to Tweet!)
- “Landlords: never sacrifice your standards just to fill a vacant unit.” (Click to Tweet!)
- “When looking to invest in real estate, leverage the power of the internet.” (Click to Tweet)
Connect with Lisa
- Lisa’s BiggerPockets Profile
- Lisa’s BiggerPockets Video Blog
- Lisa’s website: www.AffordableRealEstateInvestments.com
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