898: Making $175K in Instant Equity on Her First Real Estate Deal w/Lacey Russell and Sam Haack

BiggerPockets Real Estate Podcast

BiggerPockets

Investing, Education, Business

4.8 • 16.6K Ratings

🗓️ 21 February 2024

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

What if you could make six figures on your first real estate deal? “Yeah, right! Where am I going to find a property like that?” you say. What if we told you that instead of finding a home-run rental property, you could build a better one? Now, not only do you have some instant equity once the house is built, but you also deal with none of the expensive capital expenditures, regular repairs, and common headaches that come with owning an older home. And you can do this even in the most expensive of markets. When Lacey Russell was looking for an investor-friendly agent, she turned to BiggerPockets Agent Finder, where she found her rockstar real estate agent, Sam Haack. Together, they realized that building a new construction rental worked FAR better than buying one, so Sam scoped the market for investor-friendly builders, and now, they’re off to the races. They’ll go through the full numbers of this real estate deal, from land costs to loans, equity forecasts, cash flow, and more! Want to find an agent just like Sam? Hop on the BiggerPockets Agent Finder, answer a few questions, and get matched with investor-friendly agents in your area! In This Episode We Cover: How to find profitable real estate deals when your market is VERY expensive or has no inventory When building rentals beats buying them and how much instant equity you can make How to find an investor-friendly agent no matter your real estate market The type of lender to look for that’ll get you a lower mortgage rate Finding a builder in your area that’ll work with your investor-first numbers What you MUST tell your real estate agent in the beginning to find success together 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 Join BiggerPockets for FREE 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 Grab Dave’s New Book, “Real Estate by the Numbers” Hear Henry on The “On the Market” Podcast Henry's BiggerPockets Profile Henry's Instagram BiggerPockets' Instagram Try the Rental Property Calculator on Your Next Real Estate Deal Books Mentioned in the Show Buy, Rehab, Rent, Refinance, Repeat by David Greene Rich Dad Poor Dad by Robert Kiyosaki Wealth without Cash by Pace Morby Connect with Lacey Lacey's LinkedIn Connect with Sam Sam's BiggerPockets Profile Sam's Instagram Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-898 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	What's going on everybody? Welcome to the Bigger Pockets Real Estate Show, episode 898.
0:06.7	I am Henry Washington and I'll be your host today as we dive into a very special episode focused around just one deal.
0:14.8	Today we're going to hear from Lacey Russell.
0:16.8	Lacey is new to investing, but she was able to make her first deal
0:21.2	a really smart deal even in a crazy expensive market with low inventory.
0:26.9	And when I say expensive, I mean expensive.
0:30.2	We'll also hear from one of the heroes of this deal, Lacey's real estate agent, Sam.
0:34.0	Sam is one of our elite agents here at Bigger Pockets. So if you are looking for an investor-friendly real estate
0:39.9	agent who understands investors and the goals investors have, then go to BiggerPockets.com
0:47.0	Agent Finder today.
0:48.0	Lacey, can you give us some context on your investment priorities and what are you hoping to achieve with this deal?
0:55.2	Yeah, this was after buying, you know, a married amount of books that you guys have, you know, wealth
1:02.4	without cash right for investment books you know rich
1:06.3	dad poor dad I'd I'd gone through like the first phase of just trying to
1:10.5	educate myself and then I went through the website to try and find an agent.
1:15.9	And what I was hoping to find when I was looking for an agent was somebody that could also be in a way a mentor or somebody that would have advice in terms of real estate investments right because I was incredibly
1:27.8	agreeing myself
1:29.2	Okay and fortunately when I met Sam he just he was all of those things. He was a sounding board. He was somebody who had great ideas. And he knew our market and he knew, right, like how much potential there was in the current market, even though inventories were low and everything that we were looking at initially was kind of like, well, you know, with interest rates going up, maybe buying something that's already built doesn't make sense.
1:54.8	Maybe we go and build.
1:56.1	I want to make sure I understand kind of your kind of order operations and your logic
2:02.4	as you were thinking through this because there's a lot of people who are in your shoes or in a similar position where they live in a market they think they see some opportunity.
2:11.6	You said that that kind of struck my attention you said I saw the
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