46: How an “I Don’t Want to Invest” Couple Became Successful Long-Distance Landlords with Annie and Trey Johnson

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 13 January 2021

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

Most rookie real estate investors want to hit a home run on their first deal, Annie and Trey Johnson did it completely on accident. Neither of them were interested in being landlords or real estate investors, but after they made six figures profits on their first home, they realized there was real money in the real estate game. Annie and Trey were looking for a home to raise their family in. They found the perfect plot of land which had a new manufactured home and a scenic view. After living in the home for a few years they decided to move elsewhere to be closer to family, and instead of selling it, they decided to rent it out for a year. Now they were landlords by accident, and as the money started to flow in every month they questioned “is this something people are normally doing to make money?”. Fast forward a year, they subdivided the land, sold the home, and walked away with profits exceeding $200,000. Not bad for a couple of rookies! Annie and Trey now invest out of state, building up their real estate portfolio by rehabbing inexpensive homes. They’re so into real estate, that Annie even hosted her own socially-distant meetup during 2020! This investor couple walks through their keys to success, the players on their team that make the biggest difference, and how they went from just homeowners to real estate investors! In This Episode We Cover: How to use your primary home to make more money The ability to cash flow using ADUs and mother-in-law suites How to parcel out lots of land to sell them separately (and make more money!) Why writing a “love letter” may be a good move when submitting home offers How a good or bad property manager can make or break your long-distance investing What to do when there are no meetups in your area (or COVID has limited them) The best advice for new rookies who are looking to find their first deal How to find funding for your BRRRR And SO much more! Links from the Show Real Estate Rookie Facebook Group BiggerPockets Bookstore BiggerPockets Forums BiggerPockets Podcast BiggerPockets Meetups Rookie Podcast 43: Defeating 5 Years of Analysis Paralysis to Do 4 Deals in 2020 with Jacqueline Smith Check the full show notes here: https://www.biggerpockets.com/rookie46 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is real estate rookie show number 46.
0:04.4	I now like network a lot on bigger pockets forums and
0:10.9	actually we host our own meetup which was really out of my comfort zone since we're just
0:15.3	rookies. But everyone else is like Kerr and I am here it is New Year's Eve and I am with Tony Robinson.
0:31.6	Hello Tony. What's up Ashley? Happy New Year's Eve to you. We're like on the
0:35.7	cusp of ending one of the craziest years ever and hopefully 2021 is just a slightly
0:41.2	better version of last year or this year.
0:43.0	Right, right, you know.
0:44.0	So you would mention that you have a new property under contract
0:48.0	going into the new area already, so tell me about that.
0:51.0	It's been so crazy actually, you know 20 20 has been a
0:53.0	crazy year in so many ways but I feel so grateful for the growth that our real
0:58.6	estate business has had and we've been on like this really rapid pace of acquiring
1:02.3	property so we've got a
1:03.4	property in pigeon forge another cabin that closes in gosh like 10 days and
1:09.2	we've got another short-term rental and Josh for a tree that will be closing
1:12.1	next month and we just
1:13.0	saw that in person yesterday so super excited about that one. So you have two in
1:16.9	each of those markets right or do you have three in Joshua Tree? We have two in
1:20.6	Joshua Tree with a third under contract and then we have one in pigeon forge and then actually we have three in under contract in pigeon forge right now.
1:28.0	Oh my gosh, I didn't know that one that we have in Joshtree, that's our first time doing it with another partner.
1:36.0	So, you know, I've had the same partner for all of them, but we brought in a third partner on this one, so we're kind of testing out that model, so we're excited about it.
	...

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