Show notes
Amy Swayze, based out of Selah, Washington, took a rather “jump into the deep end” approach when it came to doing her first real estate investing deal. It came in the form of a partnership between herself and her son, Chris. Going in, they didn’t know much, but they understood that they’d get further along together than they would alone.
They took some time to learn the basics and hunkered down on finding their first deal, which they closed on right before the COVID-19 pandemic. However, they didn’t let that stop them as they closed on another deal just one month after!
Up to date, Amy has purchased three properties in the span of only 11 months! She’s having a ton of fun taking on new real estate projects and looks to transition out of her full time job.
A piece of advice Amy would give to those looking to get started would be to, “Find a mentor and mastermind group.” The network you create and advice you receive will give you the biggest return on investment in the long run.
Highlights and lessons learned from Amy: 1) Investing with family. Amy believes that as long as everyone knows their role and does their part, it doesn’t make a big difference whether you partner with family or not. At the end of the day, it’s a business partnership and should be treated in a manner of accomplishing the same goal/deal.
2) Importance of planning. When Amy took on her first deal, she cautiously decided to use a hard money loan. While this made her nervous at first, she insulated her risk by creating multiple exit strategies should anything go wrong in the process. This doesn’t mean you should create a criteria so strict that it actually prevents you from doing deals. However, it does mean that you should be prepared for the worst and have a plan of action ready in the event it’s called for.
3) Persistence & creativity. From cutting out concrete windows herself to utilizing air rights to subdivide her parcel of land, Amy shows that roadblocks are not a reason to get into fetal position and give up on deals. You just have to stay focused on the end goal and find ways and/or people to accomplish those goals. There’s not much you can’t do with persistence and creativity.
4) Eating the elephant one bite at a time. Along with planning and persistence, many times the best thing you can do is just focus on the next bite. Amy admits she’s at the point in her portfolio where it gets overwhelming at times trying to juggle it all at once. But she’s developing her mental fitness by understanding that the best thing for her is to complete the task at hand and move on one task at a time.
To get in touch with Amy, follow her on Instagram @amyswayze, or visit: www.mailboxmoneyinvestments.com
To learn more about the Rat Race To FI Mastermind group, head over to: go.ratracetofi.com/optin and join our waiting list!
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