Achieving Financial Freedom as a Single Mom with Mandy McAllister

[Charles Carillo]

Mandy McAllister went to school and got a master's degree. Noticing the student housing situation there inadvertently gave her a career. She saw her friend whose parents had purchased a home for her and then rent it out to her college friends.

Mandy wishes that at 19 she had started investing, but she bought a $400,000 house first for herself. Finally, in 2016 she purchased a fourplex using her own money as a 25% down payment. This was in a college town in Illinois near a state school. She realized the benefits of furnishing it and relied on her property management to furnish it for a larger profit. She setup one bedrooms that went from $450 to $800 per month, largely because they were furnished. She realized that an exit strategy would be to sell houses to the college afterwards.

From there, her progression of investing was incremental as she went from a four to a six to an eight-unit multi-family property. She liked this strategy because she could own them all by herself.

Mandy started to scale by setting up joint ventures with other investors. She herself did joint ventures through knowing people for a long time. She divides tasks up for her team so that everyone has an active role. Mandy suggests to rely strongly on property management who know

what they're doing.

Mandy likes smaller properties as a strategy since many are owned by people that aren't necessarily profit minded. She says that you still have to know what you're doing in these smaller complexes because even one vacancy can make a big difference in a fourplex.

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