177: Gang Houses, Animals, and 17 Units by Capitalizing on Properties People Avoid

Real Estate Rookie

BiggerPockets

How To, Entrepreneurship, Business, Education, Investing

4.7 • 1.8K Ratings

🗓️ 27 April 2022

⏱️ 65 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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 Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Youtube Channel Real Estate Rookie Podcast Real Estate Rookie Facebook Group Alpha Geek Capital MLS Yelp Apartments.com Stride: Mileage & Tax Tracker Wave Financial Connect with Tammy: Tammy's Instagram Tammy's Email Tammy's BiggerPockets Profile Check out the full show notes here: https://biggerpockets.com/blog/rookie-177 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real Estate Rookie, episode 177.
0:08.0	I always get three quotes for everything, and the reason I do that is
0:11.5	one to see what the better price and the person I get the best vibe with,
0:15.1	but also to learn. And I get information that helps educate me for my decision.
0:24.8	My name is Ashley Care, and I am here with my co-host, Tony Robinson.
0:28.9	And welcome to the Real Estate Rookie podcast. If this is your first time joining us,
0:32.6	we are the podcast's focus on those investors who are at the beginning of their journey.
0:37.3	And we're here to give you the inspiration, the information that you need to keep
0:41.3	going and to kind of blow up your career as a real estate investor. So,
0:45.1	Ashley Care, what's new? What's going on?
0:47.6	I just, I've been this whole episode. I've been doing my knee extensions a lot.
0:53.3	We stood here, you know, till two birds with one stone.
0:56.2	There you go.
0:57.2	Yeah, I still have a recording from my couch, but I actually finally closed on the property
1:01.9	that is going to have my office in it, and also a nice little recording studio.
1:07.5	So, I have to actually, you'll have to remind me when we're done recording this,
1:10.8	I have to ask our producer, Eric, what exactly do I need to actually build the house.
1:17.6	Then I can look more professional, like Tony instead of sitting here on my couch,
1:22.2	in a Biggie Smalls teacher, when I lay on ice.
1:27.2	But, you know, it wouldn't be Ashley if you were in a Biggie Smalls teacher,
1:30.1	right? You got to have some cool t-shirt on. But,
1:32.8	no, congrats Ashley on closing that property. I know,
	...

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