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Wow! I am still riding high from our Off Market Deals Workshop last night! Almost 200 of you came out to grow as Lady Landlords and I cannot be more inspired! Watching you every day make decisions for your portfolio to bring you closer to your goals is what this is all about! Thank you to all who participated!
Even if you weren't able to join last night, I know you are thinking about that next property. I know I am!
The first property is all about learning the buying process. The second property is learning how to leverage and get creative!
Listen in on how Libby is Scaling her Portfolio to 39 Properties by Age 39:
Click Here to Learn how You can Grow your Portfolio!
When I bought my first property, I was navigating the buying process as a totally newbie. Learning that process was enough to make my head spin, but once we closed and got that first check from our tenants, I was hooked!
But then, I had to figure out Property #2!
When I called my realtor and broker after closing and said I wanted to buy another one, they laughed! How could I buy another one so soon? Well, I wasn't sure then, but I did everything I could to figure that out. 😉 I tuned in to anything Real Estate Education that I could. I start asking questions and listening to the answers of what others had successfully done. Man, I wish the Lady Landlords Podcast existed back then! 🤣
And then, I built my path forward buying a Quadplex one year to the date after the first Duplex here in NY! 6 Units and over $1 million in Property value in 1 year!
And now, I'm sharing what I learned with you!
Here are 3 points to consider for Scaling:
1. Assess your Risk Tolerance.
We all have different paths and need to act accordingly. We need to know ourselves first in order to know which path is right for us. When we think beyond the first property, many of us think of leveraging--using what we got to get more. But how much we leverage and if we are even okay to do that at all, is a personal choice of comfortability level. What's amazing about Real Estate is that there is a place for everyone- with cash and without cash, risk taker to conservative. Once you know your risk tolerance, you have a major component of scaling on your side! Not sure what your tolerance is? Take our Risk Assessment here!
2. Learn your Financing Strategies.
Okay, so we now know your comfortability level with risk. Now, we have to match it up with your financing strategies. This is a simple game of mix and match with the different deals you come across and financing that goes along with it. Learn more about Creative Financing Strategies here if you still aren't comfortable going beyond traditional lending. Because the options will blow your mind! The most important part is having all the tools in your toolbox and knowing how to use each of them when the right time comes. Whether you have equity in current properties, cash in the bank, or no cash in the bank as you just left your W2 to start a business, there is still a strategy out there that will work for you. Need help with your specific situation? Join the Lady Landlords Mentorship Program to get the help you need! Learn more here.
3. Create a Clear Plan.
With knowing your Risk Tolerance and having that Toolbox of Financial Strategies ready to go, it's time to go House Huntin'. But what to buy 🤨🤨🤨 Make sure to have your criteria for buying really clear! Think about the type of property you want, what type of profit you want to see and what your exit strategy is. All of these factors will help know when you come across a deal...or a dud. This way you don't waste time, money, and mental energy in the wrong properties. (Pro Tip: Can also be used for dating! 🤪) And this frees you up to move when the right deal crosses your path!
Combining all 3 of these points will put you on the path to Portfolio Growth! Need more help with your situation? Hit reply and let me know what is going on for you!
Happy Tuesday!