169: From Flight Nurse to Financially Fruitful Landlord with 7 Units (in 2 Years!) w/Stacey Stegenga

Real Estate Rookie

BiggerPockets

Entrepreneurship, Education, Investing, Business, How To

4.7 • 1.8K Ratings

🗓️ 30 March 2022

⏱️ 57 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stacey Stegenga wasn’t always a landlord, she was a nurse. But not just any nurse, Stacey was a flight nurse, helping transport military patients across the US. When she stepped away from flight-nursing, she picked up travel nursing, moving around the US for months at a time to provide medical care wherever needed. She finally ended up in Denver, where her pay was cut in half and her expenses saw a drastic boost. This was a massive change for Stacey. She wasn’t the best at budgeting and knew she needed more income. After stumbling upon the book Set for Life, by our own Scott Trench, she knew that the most logical conclusion to fix her financial troubles was saving, house hacking, and real estate investing. But at the age of thirty-three, Stacey questioned whether or not she was too late to get in on the cash-flowing action. After educating herself intensely, she took the risk and jumped into real estate. Stacey was able to build a seven-unit portfolio in just two years! She’s tried her hand at out-of-state investing, raising private capital, partnering on deals, and mid-term rentals, all of which have worked out generously in her favor. She shares the exact steps she took to build her portfolio as fast as she did, so you can do the same! In This Episode We Cover Fixing your personal finances before trying to invest in real estate Building a “financial runway” that allows you to buy properties, stress-free In-state investing vs. out-of-state investing and the best choice for those in pricey markets Scaling your real estate portfolio using cash offers (even if you don’t have the money) Using mid-term rentals as a way to keep rent stability while boosting your profit The risk vs. reward of buying properties sight unseen when investing out of state And So Much More! Links from the Show Ashley's Instagram Tony's Instagram Scott Trench's BiggerPockets Profile Tyler Madden's BiggerPockets Profile Real Estate Rookie Facebook Group BiggerPockets BiggerPockets Forums BiggerPockets Bootcamp Real Estate Rookie Youtube Channel MLS The War Room PropStream DirectSkip BatchLeads Appfolio Connect with Stacey Stacey's Instagram Check out the full show notes here: https://biggerpockets.com/blog/rookie-169 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real Estate Rookie, episode 169er.
0:08.6	It's a very inflated market right now, so I have been recommending to people
0:13.5	look back in the rents. See what the rents were demanding before all this inflation hit?
0:19.2	Does that market rent still support the cash flow?
0:22.4	My name is Ashley Care and I am here on my couch finally had my surgery and I am here with my
0:32.7	co-host Tony Robinson, who of course sitting in his nice office, people glow in the background.
0:39.4	Then there's me just slummin' and I'm like, oh my gosh, I'm so wet man.
0:44.1	There you go, but you know I have people so love you for it Ash, just don't worry now.
0:47.7	We'll give you a break since you're now. Is the ACL gone or is it just
0:52.1	that repaired it? I got it repaired, so you still have it.
0:55.8	Yeah, so it took a piece off of my kneecap. I don't remember what it's called even though they
1:01.0	told me 50 times took a piece of that ligament or tendon and then put it to my ACL and attached it.
1:09.7	Now you got no kneecap. Was that medical terms? I'm going to start calling you, no kneecap Ashley.
1:14.0	Yeah, no kneecap care. And then I tore my MCL too, but that I guess repaired it
1:21.7	else and thrown it off and that was good, so they didn't have to actually touch that when they
1:26.0	went into surgery. So hopefully I'm finally on the mend. We have the bigger pockets, a
1:31.7	rookie weekend coming up, so it's still undetermined if I will be on prejudice. If I will have a
1:38.4	brace on or if I will be running and nose diving into the crowd of people. We don't know
1:45.2	stage. We'll see. We'll see what happens. We're not here to talk about kneecaps today, right? We're
1:50.3	here to talk about some real estate. So well, I guess first what outside of your knee surgery, Ash,
1:54.4	what's new with you? I'm actually closing on a property tomorrow that been working on for a while.
2:00.9	They had a right of first refusal on the property and it just like took a long time to kind of
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