Episode #355

If a $25,000/month rental property came your way, but you didn’t have enough money to buy it, what would you do? Do what Dayna did! Never let a little money get in the way of a great deal! When today’s guest didn’t have the cash to buy the property of her dreams, she negotiated a MASSIVE discount and used creative financing to get it across the finish line.

Welcome back to the "Real Estate Rookie" podcast! Today, we’re joined by Multifamily Bootcamp graduate Dayna Hicks, a foster parent and investor with a HUGE heart for the less fortunate. After reading "Rich Dad Poor Dad" and discovering BiggerPockets, Dayna realized that investing in real estate would give her something to pass along to her (many) children. It took her very little time to get started, buying three multifamily properties as a rookie!

In this episode, Dayna shares how she secured her latest deal—a thirteen-unit transitional house designed to help young adults get back on their feet. Dayna was able to negotiate the purchase price down by a whopping $180,000 simply by using her newfound real estate knowledge to her advantage. Now, the property brings in $25,000 per MONTH!

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Join the Real Estate Rookie Facebook Group:
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Join a BiggerPockets Bootcamp:
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Books Mentioned in This Episode:
“Rich Dad Poor Dad”: https://store.biggerpockets.com/products/rich-dad-poor-dad?utm_source=youtube&utm_medium=description&utm_campaign=none
“One Rental at a Time”: https://www.amazon.com/One-Rental-Time-Financial-Independence/dp/1793142203/
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Making $90K/Year with Just ONE Rental by Combining Compassion with Cash Flow: https://www.biggerpockets.com/blog/rookie-265?utm_source=youtube&utm_medium=description&utm_campaign=none
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How to Negotiate House Prices:
https://www.biggerpockets.com/learn/negotiating?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Dayna:
Email: hicks.dayna@gmail.com and itsyourturnnow2024@gmail.com
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Connect with Ashley and Tony on BiggerPockets:
Ashley: https://www.biggerpockets.com/users/echopm?utm_source=youtube&utm_medium=description&utm_campaign=none
Tony: https://www.biggerpockets.com/users/tonyr75?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Ashley and Tony on Instagram:
Ashley: @wealthfromrentals or https://www.instagram.com/wealthfromrentals/
Tony: @tonyjrobinson or https://www.instagram.com/tonyjrobinson/


Show notes at: https://link.chtbl.com/Rookie


00:00 Intro

01:13 Becoming a Foster Parent

08:31 Dayna’s “Why” for Real Estate Investing

13:06 Buying 2 Properties with a HELOC

21:22 Finding Your Buy Box

27:57 Managing Home Renovation Projects

32:58 The "Transitional" House

39:10 Negotiating a $180K Discount!?

44:58 INSANE Cash Flow