883: From Homeless at 17 to Solving the Affordable Housing Crisis for a Profit w/Terrica Lynn Smith

BiggerPockets Real Estate Podcast

BiggerPockets

Investing, Education, Business

4.8 • 16.6K Ratings

🗓️ 31 January 2024

⏱️ 55 minutes

🔗️ Recording | iTunes | RSS

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Summary

The affordable housing crisis is an ongoing challenge here in the United States, but this developer has cracked the code in her own backyard—providing more opportunities for low and median-income households without gentrifying their communities. The cherry on top? She’s making a huge profit while doing it. In 2005, during Hurricane Katrina, Terrica Lynn Smith couldn’t scrounge up a few hundred dollars to evacuate her and her two children from New Orleans. After this traumatic event, Terrica was determined to break the curse of generational poverty and create a better financial future for her family. Little did she know that she would be creating a better life for countless people in her community as well. After seven failed attempts, Terrica passed her real estate exam and started selling homes. She jumped at any opportunity to learn something new, which allowed her to advance from a real estate agent to an investor, and finally, to a developer. If you want to have a powerful impact with real estate but lack the resources to do it, this episode is for you. Terrica provides the blueprint for delivering affordable housing to your community at a profit. She also shares the best ways to bring value to a real estate investing partnership, how to get bank financing for large developments, and why cultivating the right mindset is so crucial to your success as an investor! In This Episode We Cover: Solving the affordable housing crisis in your community (and how to make a profit) Why you should get into real estate even if you’re starting from ZERO Building an impenetrable mindset for real estate investing How to bring value to a real estate partnership (beyond capital) How to get bank financing for new development projects FREE resources to fast-track your real estate journey And So Much More! Links from the Show Find an Agent Find a Lender BiggerPockets Youtube Channel BiggerPockets Forums BiggerPockets Pro Membership BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Podcast BiggerPockets Merch Listen to All Your Favorite BiggerPockets Podcasts in One Place Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts Get More Deals Done with The BiggerPockets Investing Tools Find a BiggerPockets Real Estate Meetup in Your Area Expand Your Investing Knowledge With the BiggerPockets Books Be a Guest on the BiggerPockets Podcast Ask David Your Question Rob's BiggerPockets Profile Rob's Instagram Rob's TikTok Rob's X/Twitter Rob's YouTube Henry's BiggerPockets Profile Henry's Instagram Catch Henry on the "On the Market" Podcast The Beginner’s Guide to Real Estate Development (with LOW Money Down!) Institutional Investors are Buying Up Affordable Housing in Droves—Are They on to Something? Connect with Terrica Terrica's BiggerPockets Profile Terrica's Facebook Terrica's Instagram Terrica's LinkedIn Terrica's Website Terrica's X/Twitter Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-883 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Bigger Pockets Podcast Show, 883.
0:04.0	Hey everyone, I'm here with my good friend Henry Washington for a very, very powerful investor
0:08.7	story today.
0:09.7	Man, that's right, Rob.
0:10.8	We are here talking to Terica Smith.
0:13.8	Terica is single-handedly solving affordable housing in Louisiana
0:18.0	while turning a profit.
0:19.4	This is one of the best episodes that I've ever been a part of is an
0:25.0	understatement.
0:28.0	investor who started out with nothing,
0:29.0	who started out with nothing,
0:32.0	like in terms of resources in terms of finances in terms of
0:35.8	understanding what real estate investing is we hear all the time that
0:39.3	affordable housing is this puzzle that no one knows how to solve and she is literally doing it right now in her backyard and started at Ground Zero where a lot of new investors find themselves right now without money and without knowledge.
0:56.2	And so if you are in that boat where you know, I want to do something extremely powerful with real estate and I just don't feel like I have the resources to be able to do that.
1:09.0	This is the show for you because this is somebody who was in your shoes and is now changing her
1:14.8	community and is now changing the lives of the people within her community and
1:19.2	building wealth while doing it. And she's solving affordable housing for Louisiana and actually turning a profit,
1:25.1	which just makes this whole story all that more inspiring.
1:28.0	So you're going to definitely want to stick around until the very end.
1:30.0	I know you're going to love it.
1:31.1	And without further ado ado let's bring in
	...

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