Episode #474
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This rookie investor decided that instead of purchasing her own home, she’d buy rental properties in other areas, helping offset her high cost of living. Within just around a year, Mary Ho has bought a run-down property, performed a six-figure renovation project, got her first renters, refinanced the property, and then bought ANOTHER rental right after! Now, she’s sitting on two properties with three units in total, managing her rentals remotely and building wealth without the traditional boundaries.
Mary and her family live in Manhattan, an infamously expensive real estate market. She and her husband wanted to invest, but there was no way they could do it locally. So, she decided to start investing with “training wheels”—investing in a market she was familiar with that was within driving distance of her. She went WAY over budget on this first property, but it worked out in a way that would help her with deal number two!
From there, she went much farther, buying a multifamily property over a thousand miles away from home. How did she handle renovating, furnishing, and finding tenants, all while she was so far from her new property? How does she juggle it all with her job and kids to take care of? What’s the secret to her productivity? She’s sharing it all in this episode!
00:00 Intro
01:41 Investing from Pricey NYC
04:17 First Deal on “Training Wheels”
12:04 First Property Numbers
18:09 ALWAYS Have Reserves
19:33 Refinancing to Buy Another Rental
25:05 Furnishing and Managing Mid-Term Rentals
29:31 Scaling, Family, and Financial Freedom
33:42 Balancing Life with Real Estate