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Real Estate Rookie

227: The Vice-Principal Who Built a 9-Unit Rental Portfolio on The Weekends w/Mackenzie Grate

Real Estate Rookie

BiggerPockets

How To, Entrepreneurship, Business, Education, Investing

4.7 • 1.8K Ratings

🗓️ 19 October 2022

⏱️ 60 minutes

🧾️ Download transcript

Summary

Who says you can’t have it all? The career, the love, the wealth—it can all be yours if you want it and work for it. Today’s guest, Mackenzie Grate, works hard so she can have it all. Working full-time as an assistant middle school principal, Mackenzie spends her nights and weekends as a real estate investor and agent. She owns two single-family homes, a fourplex, a duplex, a short-term rental, and her primary residence.  Mackenzie’s real estate investing journey started in 2017. While living in her apartment, she rented out her extra room and decided to buy a home once rent prices became a little too high to handle. From there, she started looking for her first deal by googling the three fastest-growing job markets in New York. She then chose the market she wanted to invest in, asked a friend to go upstate with her, and started driving for dollars. She put in an offer on the first house she saw and closed on the home. But was she doing it alone? There is a common misconception that when you invest with a significant other, they have to be involved to be on board. Mackenzie’s relationship with her husband proves that involvement doesn’t equate to support. He supports what she’s doing, but he isn’t an active part of her investing journey, and for them, that works. He shows support by doing other everyday tasks at home, giving Mackenzie more time to work and pursue real estate. This freed-up time is essential for Mackenzie as she juggles all her endeavors and earns her nickname, the "Mack of All Trades." In This Episode We Cover The pros and cons of getting your real estate license and how to determine whether becoming an agent is for you The benefits of owning a co-op and what it means to “own a share” of a building How to find and capitalize on emerging markets that have strong rental demand Investing with a spouse and how to find the right balance for your relationship Property management vs. self-management and how to weigh the pros and cons for both Managing a short-term rental and automating your processes to become the ultimate host And So Much More! Links from the Show Ashley's Instagram Tony's Instagram Airbnb BiggerPockets Real Estate Rookie Facebook Group The Real Estate Podcast BiggerPockets Forums Real Estate Rookie Podcast Zoom RentRedi Digital Nomad-ing and Answering All Your FIRE Healthcare Questions w/ Amy & Tim from GoWithLess Connect with Mackenzie: Mackenzie's Instagram Mackenzies BiggerPockets Profile Mackenzie's Website Check the full show notes here: https://www.biggerpockets.com/blog/rookie-227 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

This is Real State Rookie episode 227.

0:04.8

I was living in a two bedroom apartment for many years in East Williamsburg,

0:10.7

and although I didn't own the apartment, I guess I was kind of house-hacking in a sense

0:14.9

that me and my husband, boyfriend at the time, would live in one room and we would rent out the other room,

0:20.5

and we were there for a very long time, and there just came a point where I was like,

0:24.8

we've got to buy, like this is just crazy, the prices are going up,

0:29.1

so we ended up buying a co-op in Brooklyn, and that was a game changer.

0:32.7

I was like, oh man, it's possible for us to buy, and then after that, that's when I really got

0:38.8

the bug, then I was like, okay, I'm ready to buy more. And of course, New York City, I was like,

0:43.2

I had better look elsewhere. We're going to start this sooner rather than later, and that kind of

0:48.3

tipped off the journey. My name is Ashley Care, and I am here with my co-host, Tony Robinson.

0:53.7

And welcome to the Real State Rookie podcast, where every week, twice a week we give you the

0:57.9

inspiration, information, and stories you need to hear to kickstart your investing journey.

1:02.0

And I want to start today's episode by shouting out one of our rookie audience members,

1:06.0

Sarah Price, Sarah left a podcast review for us on Apple, and she says, absolutely amazing,

1:11.5

I highly recommend listening to this podcast for some inspiration and to hear valuable tips on how

1:16.1

to get started in Real State investing. And Sarah, that's why we do it, because we want to inspire

1:19.4

people, want to help people get started. So if you are an avid listener, if you're a part of the

1:22.9

rookie community, and you haven't left us a review yet, ask yourself, what are you doing with your

1:26.9

life? Because the more reviews we get, the more people we can find, the more people that find us,

1:31.3

the more people we can help, and that is our goal. So Ashley Care, I know you got your mom in

1:36.2

there with you today. Seems like it's a different kind of podcast in day.

...

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