All Forum Posts by: Myeisha Greene

Thanks Will! Yes it has helped accelerate my career and focus in real estate. I have been able to build a property management company as well as acquire additional investments. Also more importantly I have been able to start a family and co-run a household with my husband without having to worry about finances. And of course considering current economic conditions it is good to know that I can weather to storm with out having to worry about foreclosure. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $62,000
Cash invested: $4,500

Husband and I house hacked a duplex using FHA loan and down payment assistance.

What made you interested in investing in this type of deal?

House hacking, had experience in property management. The mortgage was less than the rent.

How did you find this deal and how did you negotiate it?

MLS, I was the agent

How did you finance this deal?

FHA with down payment assistance

How did you add value to the deal?

didn't have to the duplex was less than 10 years old at the time.

What was the outcome?

Lived in one side for a year, then moved out to move into another investment property I owned free and clear and moved in a long term good paying tenant I knew from years of experience in property management.
5 years later that tenant was approved to purchase and is buying another flip we are due to complete in April.

Lessons learned? Challenges?

I would do this deal 100 times over! Don't count out the affordable housing market.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am the professional!

Investment Info:

Single-family residence buy & hold investment in Kansas City.

Purchase price: $40,000
Cash invested: $40,000
Sale price: $40,000

Owner financed

What made you interested in investing in this type of deal?

Upcoming neighborhood, tenant occupied Sec 8 high rent

How did you find this deal and how did you negotiate it?

My investor client was liquidating portfolio, asked if I could purchase if he made me his agent I would use commission checks to pay him back.

How did you finance this deal?

I was his agent moving forward on all his future deals. Bought $2million in properties over 2 years. Used commission checks to pay off property. Used leasing checks to pay personal bills.

How did you add value to the deal?

Tenant moved out after 6 months, used credit cards to rehab unit.

What was the outcome?

Moved into the unit and started a family. Own it free and clear doubled in value.

Lessons learned? Challenges?

I would do this deal three times over!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Myself! Use me! I know the numbers because I used them myself.

You can find them in all the above. And depending on how to acquire a license in your area there should be schools just for Real Estate Licensing and Continuing Education. 

I found that due to my educational experience as a youth, being in a classroom setting taught me a lot more about real estate than relying on myself to read books and learn. No you don't have to become an RE agent to learn about real estate but at least taking the classes will help you get familiar about the laws and basics. 

Also, look into finding a mentor that is currently involved in the type of RE transactions you want to do. 

And of course check out BiggerPockets as often as possible!

Having the support of your partner at home is very important; it is a necessity as you all must function as a team to ultimately reach your family goals. 

However, women must be able to build wealth for themselves as too often more women are entering retirement with next to nothing. As hard as we work, this is Unacceptable! 

Being that you have about 4 to 5 properties I would hate for you to lose them but sounds like you may need to lighten your load a bit ( sell a unit or 2) and prepare to start over but the right way. A negative cash flow is taking away from your financial goals. You either need to increase your rent or sell. Also, work to rebuild your rainy day funds and clean up personal finances. 

In addition, with 2 small children and lack of support at home I would also recommend you look into quality property management to help you build your RE investment portfolio. 

Best of Luck!

@Elizabeth Colegrove Thanks! I love the articles, blogs, and all on biggerpockets! Definitely looking forward to becoming more active with the network!

@Carrie Hallensleben Thank you! I grew up attend school and college in the area so it is only right I work and invest in the same area. Lots of new things and developments are coming to the urban core under Mayor James leadership and I am looking forward to benefiting! Thank you and best of luck to you and your path as well! 

@Ryan Mullin  sorry forgot to mention you above. 

I have been leasing independently, but for one company (client), I negotiated a flat fee model with that company as they gave me a large amount of inventory move.  With other clients I charge between first month to 75% depending on their inventory of homes and other tasks requested, i.e. complete the full move in process.