Love, love, love “at 18 I was walking into the welfare office. When my daughter turned 18 she was walking into a bank with a business, great credit, and no college debt”… POWERFUL! The simple most difficult step is to identify your why, decide the goal, and execute. Thank you for sharing your experience. Congratulations 🎉
I'm looking to expand my real estate portfolio as well and I only have one rental property. What is the fastest way I could go about expanding my real estate portfolio and possibly include multi-family properties in my portfolio as well?
With all her disadvantages, she is an incredibly intelligent woman. That’s undeniable. You can hear it and see it in this interview. I’ve learned in life that when you are smart, you eventually figure out how to dig yourself out of any hole. Keep doing what you are going Mrs. Ashley.
This woman reminds me of my own mother. I’m incredibly grateful and proud of my mom. She worked really hard to provide for us and now has over 50 units.
The 1st time she came on biggerpockets was my 1st time listening. She definitely gave me the confidence to move towards real estate. Such an amazing queeN 👑👑 Thanks for the inspiration
I am so pumped after watching this. I’m a single mom with three kids that’s been trying to break through for a few years now. I could not put mine in daycare either. Just NO! Thank you for the certainty and inspiration you have given me that this *will* work!! I am in awe though. You go girl!! 🙌🏻
OMG the mindset to go from not having much to realizing that information and willing to not believe everything you’ve learned traditionally does not have to be true is so awesome with your story I love it wish if my family members could learn a thing or two from your story
Wow! Ashley is absolutely incredible!!!! Thank you for taking away all excuses!!! We think a lot alike Ashley! I love giving my tenants gift cards during the holidays! I’m in the process of developing a program to help my tenants become property owners! Helping others help themselves is definitely one of my strongest passions in life! Thanks again for sharing some of your strategies, I learned a ton of very valuable information from you!
Thank you!! This just reinforced my planned strategy. I wanted to buy, pay off, buy and I also was looking at doing that 7 years primarily paying off as I go and not using any of the money for living and leverage later. I was so encouraged to see someone successful doing this. Thanknyou!!
I love that she said she was happy to pay taxes. She treated the government as if it was another individual. She felt the need to reciprocate even for a large entity such as the government. I really respect that. If she feels that way towards the government I would be willing to bet that other individuals who work with her are treated very well. Mad respect for this story
💡ARV, or after-repair value, is the estimated value of a property after completed renovations, not in its current condition. House flippers commonly use ARV as a way to gauge the worth of a fixer-upper property, including how much it can be bought, and then resold for after repairs.
Wow, Ashley is just AMAZING! 👏🏽👏🏽👏🏽I’ve been trying to figure out where to start in building my RE portfolio! Detroit seems to be a good answer to he challenges I’ve been facing. Thanks for the new found hope Ashley! Time for a road trip! I’ll be looking into Detroit not only to build my portfolio but would love to met Ashley! 💜
I love this lady. There is so much good information in this episode. And coincidentally my husband and I have been thinking of inveating in Detroit since the episode if the top 10 cash flowing markets in the US. I already purchased David's book on long distance real estate investing... I need to start reading it now. My husband and I have a very similar approach to her. We overimprove our units compared to the competition. Then we can charge a bit more rent and our vacancy is zero.
Beautiful to hear! None of that I’m a woman, I’m black, I’m poor, its hard for me mentality… Had nothing and made it! Incredible story proving people just make excuses. P.S. She shouldn’t feel they were judging her in her first appearance. Even back then, it was an amazing story!
Yes! I want all 4 of those pillars for my kids. Already have the cars paid off and the credit score is looking great! Getting ready to pay for college with no loans for them and their first investment property will be the property that they will house hack during their second year of college
Im a new investor in Detroit metro area as well currently analyzing properties. She didn’t mention a maintenance and repair budget or vacancy. Im interested in how she handles these expenses. They can have significant impact on cash flow.
@@onanothernote Yes she mentioned her cap ex was 100-150 per month 42:03. Which is around 10%. When I analyze properties I factor at least 10% for repairs/maintenance, vacancy, and cap ex. Totaling more than 30% of the revenue which are of course not the only expenses.
@@anthonyrawles1154 my guess is she already has a pot to pull from but having at least 3 months worth of mortgage payments seems like a great place to start for a beginner 🤷🏾♀️. Plus giving that she has low turnover that money can cover any erroneous repairs that pop up.
I’m an investors with 37 doors. Short and sweet. Be prepared for each purchase $5K to $10K to get the house in condition to rent. Vacancies are killers. Do your best to avoid evictions but they are going to happened. Be prepared for 5-7 months to get another tenant because of court eviction takes for ever. Than you have to get it back in condition to rent. Pursue hard money lenders to fund your project. Good luck
Thank you Ashley for your path to freedom and inspiration for all of us. I do have a question about REO's. Is the Michigan REO market quick to close? In NJ the REO market takes 45-60 days to close. Or is there an alternative auction market you recommend that allows investors to close within two weeks.
How do you put a 80k house on 4 credit cards? Like in the most technical sense of the question: where are you swiping? How does that transaction get facilitated?
Questions??? Can you please clarify the refinance part..... Isnt when you refinance..you pay more monthly because you are actually borrowing money to add to the principal and you loose everything you have already paid on your monthly
Hello! Im not an investor but have been learning in hopes to become one one day:). So if I understood correctly, in her market you can buy a property for $80k appx. including renovations and all that. This purchase has to be paid in full aka cash -No loans on it because the price is so low. After it's renovated and you have a tenant, you can go to a bank to refinance your paid off property. This will create a mortgage that will be paid for by your tentant and the money from the loan goes into your pocket. So basically you get back almost, if not all, the money you used to purchase the property originally. This money you can now use to buy a 2nd property and repeat the process again 😊. This is the BRRR strategy (Buy, Rehab, Rent, Refinance, Repeat). Hope this helps! Cheers👋
Unrelated but... my husband believes there will be a debt jubilee in the coming year. Claims something big is coming in 2-3 weeks. He is trying to tell me to take out equity loan and buy gold and silver with it. Thoughts?
Ten minutes in and she says my monthly goal 7k Free and clear. Omg her story gives me chills because when I first heard it I didn't have my daughter at the time but listening to her gave me motivation to get in to the real estate game but in a creative way because I'm a daycare teacher. I don't make much but now that I have a kid I'm eligible for a higher income tax 😁. Along with my savings. Unfortunately my mother passed this March and I've been grieving and put it on hold for the time being but I think I'm ready now. I want to start getting back to me and make my father and mother proud.
how is 3600 per month ? how is that calculated ? we don't use interest in my country. if you borrow money you will have to pay back just the same amount. banks buy the house and resell to you at profit and distribute monthly amount over the agreed months to pay back. but your interest payment is that applied to the total purchase price and then divided over the months it takes to pay back ? i would like to see the calculation of it !
I’m so interested in starting my journey but I need a Mentor 😢.. I’m in a similar position.. saved Taxed return to purchase my first house and now I’m ready to purchase my second using the BRRR method
The interesting thing is, in an environment of very high interest rates and economic instability, hard money lenders might be more willing to shell out their capital in collateralized vehicles like rental properties. Sure, 10 year I bonds might be (theoretically) 8% but what if Ashley, with a huge portfolio, wants to buy 3 slam dunk rental deals and will give you 7% for 30 years and if she doesn't pay, your capital is almost surely protected by the commercial value of the rent generated by those properties.
They are definitely identical with the difference being you typically you get hard money to rehab the property and go to a traditional bank for heloc or refi. In a reverse flip you buy, reno with own funds or hml then instead of traditional bank, you refi with a hml to access your equity. The advantage to going to the hml/private lender is even though it’s a higher percentage loan, they won’t care if you already have 10 other traditional loans. The banks are very weary of your debt to income ratio especially once you hit 10 loan products, whereas the right hml/pl doesn’t have the same criteria. You can use traditional bank(low %) for your higher refi amount, and use the hard money for low end.
Well the first episode with Ashley with got the classic from Brandon turner “I can’t figure out this real estate thing so I went back to eating cereal without milk” and part 2 Ashley hit us with pilf a property I’d like to flip lol
To me it sounds like she's buying cash (or on a credit card) rehabbing then pulling out equity by doing a cash out refinance with a hard money lender. It sounds like to me that the only "technical" difference is that she's using credit cards or lines of credit to enter into the deal but honestly this seems to be exactly the same as BRRRR...either way it's a good strategy. I guess the other difference is the quality of the updates. Making it flip quality.
And with section 8, majority will mess up the property, and don't pay their portion of the rent .. it's not guaranteed that section 8 tenants would not mess up your propert, things are different now .. things have changed
Goodjob! Great podcast. Go Detroit right? Like you know what I mean right? Four banks in one business right, use those cards to buy a business right. Great podcast but the word “right” is used so so much 😂😂😅
