331: How to Find Your Perfect First Rental Property (Even in an Expensive Area) w/Lyrva Sanchez

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 18 October 2023

⏱️ 57 minutes

🔗️ Recording | iTunes | RSS

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Summary

Your first rental property is the hardest; trust us on that. You go through SO many strategies, different markets, and emotions throughout the process. Most wannabe investors get fed up and quit before they can build any real wealth, but those with a strong reason behind their dreams of rental property ownership make it and seldom regret it. Lyrva Sanchez’s “why” was taking care of her two boys while being present as a single mom. Shortly after her separation, Lyrva knew she didn’t want to sacrifice any quality of her children’s lives. She still wanted them to go to the best schools in the safest areas, but in Southern California, even the most basic property was pricey. She tried several strategies to get her first rental property and create extra income, but none cemented. One day, a light bulb went off, and she came up with the PERFECT first rental property strategy. If you’re struggling with analysis paralysis and don’t know which way to turn in your investing journey, hear Lyrva out. She flew across the country just to realize what she wanted was in her own backyard. Now, she makes life-changing side income and doesn’t have to sacrifice time with her kids to get it! In This Episode We Cover The perfect first rental property strategy that Lyrva calls “the best of both” way to invest Out-of-state investing and when purchasing properties from afar is NOT the right move to make Investing during tough times in your life and using your “why” to keep hunting for property #1 ADU (accessory dwelling unit) investments and how to turn extra space into a serious stream of income How to find underpriced, off-market real estate deals as a COMPLETE beginner And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-331 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real State Rookie Episode 331.
0:04.7	I've learned a little bit about how to screen tenants,
0:08.6	how to write up an agreement, how to enforce my own rules,
0:13.5	how to do renovations, even though they were small renovations.
0:17.6	But that's a big part of being an investor, getting bits, like all of that.
0:26.3	So it's just changed my life, and to where I'm confident now that if I venture out and do
0:34.1	another deal or another project, I have confidence in myself. I do know what I... I do know something.
0:41.2	My name is Ashley Care, and I'm here with my co-host, Tony J. Robinson.
0:45.6	And welcome to the Real State Rookie Podcast, where every week, twice a week,
0:49.5	we're bringing you the inspiration, motivation, and stories you need to hear to kick start your
0:53.4	investing journey. And in today's episode, you're even gonna get a healthy dose of all that.
0:56.7	You're gonna get a little bit of inspiration, a little bit of motivation, and a little bit of
0:59.6	kicking the butt to really make something happen. Today's guest is Lerva Sanchez. And when you hear
1:05.6	Lerva's story, you're gonna hear something that a lot of you are probably struggling with, which is
1:10.3	there's so much information out there, there's so many different strategies.
1:13.6	How do I choose one that makes the most sense for me? And you'll get to hear Lerva's story of how
1:17.6	she kind of went on this journey of identifying the right next step for her.
1:21.7	And the way that she talks about choosing her strategy, you'll be able to relate to it as to like,
1:28.9	I read this book, I listened to this podcast, things like that, but she breaks down as to some of
1:34.2	the reason she ended up going with the strategy that suited her. She talks about her lifestyle,
1:40.5	her why. Just the kind of person that she is. She actually started out trying to hold
1:46.4	her cell and she will tell you one thing that happened to her that was actually going well.
	...

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