18: Starting at Age 45 With a "1% Rule" Property (in New Jersey!) With Tricia Baxter

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 1 July 2020

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

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Summary

She read Rich Dad Poor Dad, got angry at herself for not having built multiple income streams... and decided to do something about it! Tricia Baxter is a real estate rookie who got in the game in her mid-40s. In this episode, she shares how she built a healthy portfolio of small multifamily properties on the Jersey Shore. Tricia's a busy professional with her own law practice, but she still decided to self-manage when she got started—namely, to learn the ropes and create standard operating procedures, which came in handy when she eventually hired a property manager (spoiler: that's her MVP!). This episode is full of great tips for anyone who aspires to treat their real estate investing like the business it is! In This Episode We Cover: Self-managing your first property as a learning exercise Why Tricia chose to buy long-term rentals in a touristy area How she finds great vendors using private Facebook groups How to handle raising below-market rents Her tips for financing deals creatively Juggling real estate with a demanding career The importance of multiple income streams And SO much more! Links from the Show Real Estate Rookie Facebook Group Felipe's Instagram Ashley's Instagram BiggerPockets Podcast Tony Robbins Robert Kiyosaki BiggerPockets Insights BiggerPockets Wealth Magazine BiggerPockets Calculators Check the full show notes here: http://biggerpockets.com/rookie18 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Real Estate Rookie Podcast show number 18.
0:06.0	But it is a tourist market where if I did Airbnb them it would probably get us more money.
0:16.0	But I wanted year-round income.
0:17.5	I wanted less work.
0:19.4	And Airbnb is much more work than year-rounds.
0:24.0	I am Ashley Care and I am here with Wannabe Tesla owner Felipe Mejia. Today in the show we bring up a Tesla so of course I have to
0:36.8	call you out on your Tesla that you're still shopping for. That's exactly right.
0:42.4	Today we have a great guest. I can't wait to introduce
0:44.6	her but she does talk about a Tesla and how I believe her husband wants one and I'm
0:49.2	in the same boat. I really wouldn't mind buying a Tesla but every time I have the down payment for one, I get into this mode of like,
0:56.0	I'm better not, I'm going to buy another property that's going to cash low and I'm going to use that money to buy the Tesla.
1:01.0	And then I have the money, then I buy another another rental and I get stuck in this like
1:03.8	buying rentals rut. Yeah and Tricia mentions that her and her husband kind of
1:08.4	go through the same thing like oh well you know we could use that as a down
1:11.5	payment on a property.
1:13.0	Tricia is started investing when she was 45 she has a law firm she's a lawyer she has
1:19.4	her own podcast she has two kids she is busy busy, but still has made time for real estate investing.
1:26.0	Yeah, I love it because she talks about some great nuggets including property
1:30.7	management, her managing her own properties,
1:33.8	creative financing on one of the deals
1:35.6	that didn't fund the day of, that's gotta be scary.
1:38.4	And then, you know, she gives great tips
	...

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