Manage episode 274486526 series 83575
Ever wonder how your family would manage if you or your spouse lost your job? Emma Powell faced that reality head-on. She knew she needed "full-time income" while continuing to spend time with her family... and she knew real estate investing would be the vehicle to get her there.
Today Emma shares her journey from part-time photographer to multifamily dealmaker – how she got in the game by joining a REIA and immediately loaning money to an experienced investor (we discuss the right and wrong way to do this); her #1 piece of advice when meeting with a potential mentor; and her foray into the world of lease option ("rent to own") deals.
Plus – Emma shares her perspective on how to choose a niche that suits your strengths (wholesaling wasn't for her; syndication and bigger commercial deals were a better fit).
This is an inspiring story of someone who experienced a financial wake-up call, and went from total rookie to syndicator in just a few years... all while homeschooling 6 kids. Enjoy this one, and we'll see you again on Sunday!
In This Episode We Cover:
- Emma's reaction to her husband being laid off from his tech job
- What a Real Estate Investor Association (REIA) Meeting is
- How she's found nearly all her deals by simply networking
- Due diligence when loaning money to an investor
- What lease options are
- What a "due on sale" clause is
- Closing a great deal after a seller was burned by wholesalers
- Her passive income goals for the future
- And SO much more!
Links from the Show
- BiggerPockets Forums
- BiggerPockets Podcast
- Real Estate Investment Association
- The Real Estate Syndication Show
- 5 Hour School Week
- BiggerPockets Podcast 325: From Major Business Failure to Buying 20 Houses a Month With Aaron Amuchastegui
- BiggerPockets Blogs
- BiggerPockets Webinars
Check the full show notes here: https://www.biggerpockets.com/show408