422: From W2-Job Single Mom to Flipping Real Estate Rockstar with Amanda Young

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Investing, Business

4.8 • 16.6K Ratings

🗓️ 3 December 2020

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

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Summary

Amanda Young stumbled into real estate. After being let go from a job, dealing with a family emergency, and homeschooling her son, Amanda knew that she had to find a way to provide for her family, but also allow her to discover her hidden edge. After finding BiggerPockets and joining a local REIA (real estate investors association), she decided to take the jump and buy her first rental. Now, in 2020, she has 7 rental properties and a flourishing flipping business, working with a partner that matches her energy. Amanda found her localized niche by targeting owners of “sinkhole homes” and offering them deals that not only made sense for the buyer, but were a steal for her. She then used creative financing (really creative) to get these homes under contract. Amanda is the definition of someone who has grit, and is willing to work hard to earn their piece. She talks through Section 2 deals, 1031 exchanges, refinancing, and even how to “COVID-Proof” your tenants, so when the next global emergency happens, you’ll be ready. In This Episode We Cover: How to fight your analysis paralysis and get deals done What probate deals are and how to find leads Why owner financing can be a win-win for buyers and sellers How Amanda found a niche in “sinkhole homes” Why it’s important to find a niche that others would run from How to “COVID-Proof” your rental properties Getting ahead as a woman in a male-dominated industry (flipping) Empathizing with the seller so you’ll win negotiations (even with less money) And SO much more! Links from the Show BiggerPockets Forums David's Instagram Brandon's Instagram BiggerPockets Podcast Sinkholes: Swallowed Alive (Discovery Channel) BiggerPockets Podcast 412: Start Investing in Large Multifamily? How to Do it, and Why (or Why Not) with Ashley Wilson Check the full show notes here: https://www.biggerpockets.com/show422 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the BiggerPockets Podcast 422.
0:04.0	It's limiting beliefs.
0:05.3	You don't have to have a whole lot of money to get into real estate and make money.
0:09.2	You really don't.
0:10.0	And you can see as my examples, I really did not have a whole lot of money to put into these deals at all.
0:15.0	You're listening to Bigger Pockets Radio, simplifying real estate for investors large and small.
0:22.0	If you're here looking to learn about real estate investing
0:24.8	without all the height, you're in the right place. Stay tuned and be sure to join the millions
0:30.3	of others who have benefited from BiggerPockets.com.
0:34.1	Your home for real estate investing online.
0:37.2	What's going on everyone?
0:37.9	It's Brendan Turner, host to the BiggerPockets Podcast,
0:40.4	here with a phenomenal show for you that's going to go down in the history of Bigger
0:44.5	Pockets podcast is one of the ones that people remember and come back to over and over and
0:48.2	over interviewing an amazing person named Amanda you're gonna get to know her in a
0:51.3	minute but first let me introduce you to my friend my
0:53.6	partner in crime Mr David Green David when you were a kid what did you want to be
0:59.7	when you grew up well I went through a phase or I wanted to be what my dad did and he painted houses.
1:04.6	Thank God I moved out of that one.
1:06.8	And then I think I wanted to be a professional athlete and that definitely didn't happen.
1:13.0	And then I had no idea what I wanted.
1:15.0	I actually went through a lot of anxiety
	...

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