Manage episode 363011687 series 2514838
In this episode, Nicole Heasley shares her experience breaking into real estate investing as a house hacker. She shares how she navigated the process with minimal background knowledge, found a reliable agent who helped her pick a suitable property and established boundaries with her tenants. Nicole also reveals vital takeaways from her first investment that enabled her to build passive cash flow in future investments. Discover what it takes to get started with house hacking: finding the right loan program, interviewing potential tenants, and hiring outside help for maintenance.
Learn about Nicole's experience, and gain insights into the essential skills needed to succeed with real estate investing.
[00:01 - 06:45] Opening Segment
- Nicole Heasley talks about her experience with house hacking and the key lessons she learned
- She wanted to make sure there was enough recreational space for tenants and visitors
- Her location was chosen based on job availability and safety considerations
[06:46 - 15:41] Buying Your First Houses
- Nicole's realtor was very tactful in helping her decide what was best for her
- Nicole wanted to cover the mortgage and have a garage space for herself
- She covered all utilities herself initially but would split them evenly if she did it again
- Interviewed potential roommates and used the RoomieMatch website to find compatible people
[15:42 - 21:58] Learning to Be the "Bad Guy" as a Landlord
- Throwing in personal questions on the rental application
- How Nicole learned how to be the "bad guy" when necessary
- Student loans didn't impact the ability to get a mortgage or make a down payment
- How Nicole started attending meetups and eventually bought more properties
[21:59 - 26:19] Closing Segment
- Best investment: time invested in meetups
- Worst investment: trading in stocks
- The most important lesson learned: not being shy
"I did learn how to tell people, 'No, you can't do that,' or 'No, I can't waive this.' That's absolutely a skill." - Nicole Heasley
"I don't care what business endeavor you're starting, you always start off undercutting yourself." - Nicole Heasley
Connect with Nicole!
Invest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through https://www.passivewealthstrategy.com/crowdstreet/
Track your rental property's finances with Stessa. Go to www.escapingwallstreet.com.
Join our Passive Investor Club to access passive commercial real estate investment opportunities.
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