Financial Freedom with Just 4 Rentals? Why Small Portfolios Win

Summary

BiggerPockets Real Estate Podcast: Episode Summary

Title: Financial Freedom with Just 4 Rentals? Why Small Portfolios Win
Host: Dave Meyer
Guest: Antoinette Monroe
Release Date: May 12, 2025

---

Introduction

In this compelling episode of the BiggerPockets Real Estate Podcast, host Dave Meyer welcomes back Antoinette Monroe, a real estate investor operating in Florida and Georgia. Antoinette shares her inspiring journey from the corporate grind to achieving financial freedom with a modest portfolio of just four rental properties. The conversation delves into the advantages of maintaining a small yet effective real estate portfolio, the strategies that enabled Antoinette to thrive, and her insights on sustainable growth.

---

Antoinette’s Journey into Real Estate Investing

Discovering Investing Unexpectedly
Antoinette's foray into real estate was serendipitous. At a wedding, a neighbor introduced her as a "budding real estate investor," which caught her off guard. Reflecting on the moment, she shares:

“I had bought a house in the neighborhood and walked around, knocking on my neighbors’ doors to get to know them. I used contractors referred by a particular neighbor who was a real estate investor. After completing my project and listing it on Airbnb, I was told by my neighbor that my real estate portfolio was starting. I was like, okay, I guess.”
— Antoinette Monroe [00:44]

Transition from Corporate to Real Estate
Previously entrenched in the corporate world, managing the southeast region for a large beverage company, Antoinette felt unfulfilled. Her initial goal was financial independence, which led her to real estate as a pathway to retire early and pursue passions beyond her day job.

“This project was the rebirth of who I knew I was but had forgotten. Going to work every day.”
— Antoinette Monroe [04:24]

---

The First Real Estate Deal: Trials and Triumphs

Securing the First Property
Antoinette’s first investment was not without hurdles. It took nine months to find the right property in Orlando, Florida. The process was fraught with challenges, including the unexpected death of the seller, necessitating a protracted probate process.

“From a contract in April, we closed in November. It took that long because I needed the right thing in the right area.”
— Antoinette Monroe [05:25]

Navigating Probate and Financial Strains
The probate delays exponentially increased costs due to rate lock extensions and insurance issues, forcing Antoinette to partner with a new lender and absorb additional fees. Despite these setbacks, she persevered, highlighting the importance of patience and resilience in real estate investing.

“This deal tested me in every way in terms of cost, flexibility, and ability to stick it out, even when everyone was telling me to walk away.”
— Antoinette Monroe [07:50]

Antoinette lived frugally during this period, sharing a bunk bed with her boyfriend’s mother, underscoring the personal sacrifices often required in the early stages of investing.

---

Scaling the Portfolio: From Two to Four Properties

Second Property Acquisition
Encouraged by her first success, Antoinette leveraged her growing knowledge and network to acquire her second property. Using strategies like house hacking and employing a cash-out refinance, she successfully purchased an off-market deal under $200,000 with minimal renovation needs.

“I was able to get that deal because of the personal relationship and she was getting the price that she wanted, and that was enough for her.”
— Antoinette Monroe [17:11]

Diversifying Investments
Her third and fourth deals further diversified her portfolio. Partnering with a contractor during the 2020 market downturn, Antoinette ventured into flipping houses and later delved into assisted living facilities, demonstrating her adaptability and willingness to explore various real estate niches.

“In just four deals, I’ve touched a good percentage of the different types of real estate models or styles that you could go after.”
— Antoinette Monroe [26:35]

---

Strategies for a Small but Mighty Portfolio

Maximizing Cash Flow
Antoinette emphasizes the significance of creating multiple cash flow streams from each property. By split-unit conversions and leveraging platforms like Airbnb, she ensures that each asset performs optimally.

“I use a strategy to make single families have twice as much cash flow, which is splitting them in half.”
— Antoinette Monroe [20:19]

Financing Techniques
Her approach to financing involves utilizing home equity lines of credit and private lending from family, showcasing the importance of creative financing in building a sustainable portfolio without heavy initial capital.

“I bought this outright in cash using the equity from the home equity loan and borrowed private money from my brother-in-law.”
— Antoinette Monroe [19:37]

Operational Efficiency
Antoinette advocates for automating and delegating operational tasks to maintain a manageable workload, allowing her to focus on strategic growth rather than day-to-day management.

“Once the systems are in place, it does a lot of running itself. My level of involvement is purely by choice.”
— Antoinette Monroe [37:01]

---

Insights and Advice for Aspiring Investors

Embracing a Personalized Investment Philosophy
Antoinette stresses the importance of developing a real estate investment strategy that aligns with individual financial and lifestyle goals rather than mimicking others.

“Don’t chase what other people are doing. Listen to yourself and figure out what you are capable of time-wise and what you want financially.”
— Antoinette Monroe [33:57]

Balancing Portfolio and Happiness
She highlights an often-overlooked aspect of investing: the relationship between portfolio size and personal happiness. Antoinette argues that a smaller, well-managed portfolio can lead to greater satisfaction and sustainability compared to larger, more burdensome investments.

“If what you're doing isn't what truly resonates with you, it's not going to be sustainable or fulfilling.”
— Antoinette Monroe [32:01]

Leveraging Networks and Continuous Learning
Antoinette credits her success to the support and knowledge gained from communities like BiggerPockets, advocating for continuous learning and networking as essential components of a successful investment journey.

“If I hadn’t been listening to the podcast and doing the research, I wouldn’t have known how to make these opportunities work.”
— Antoinette Monroe [18:00]

---

Future Plans and Continuing Growth

Expanding into Assisted Living and Passive Investments
Antoinette plans to further scale her portfolio by converting properties into assisted living facilities and reinvesting profits into more passive investment vehicles like stocks and commercial real estate. Additionally, she aims to enhance her lifestyle by acquiring several Airbnbs in her favorite vacation spots, ensuring that her investments contribute to both her financial freedom and personal fulfillment.

“I want to get at least five Airbnbs in places I like to visit, ensuring they pay for themselves.”
— Antoinette Monroe [34:26]

Maintaining Purpose-Driven Investments
Her current focus is on property types that provide both financial returns and meaningful societal impact, such as assisted living facilities that improve the lives of individuals with developmental disabilities.

“Everything I do has a massive impact for the individual, the families, and the staff involved. It goes far beyond just earnings.”
— Antoinette Monroe [30:06]

---

Conclusion

Antoinette Monroe’s story is a testament to the power of strategic, purpose-driven real estate investing. By maintaining a small yet diversified portfolio, leveraging creative financing, and aligning investments with personal values, she exemplifies how financial freedom can be achieved without the overwhelming burden of managing a vast property empire. Her journey underscores the importance of patience, resilience, and continuous learning in the path to successful real estate investing.

---

Notable Quotes:

• “If what you're doing isn't what truly resonates with you, it's not going to be sustainable or fulfilling.” — Antoinette Monroe [32:01]
• “You have to work with what you got.” — Antoinette Monroe [09:52]
• “Your philosophy has to come from you. You can't borrow every guru’s path.” — Antoinette Monroe [33:57]

---

This episode serves as an inspiring guide for both novice and seasoned investors, highlighting that financial freedom through real estate is attainable with the right mindset and strategies, regardless of portfolio size.

Transcript

[Host]

It only took four investment properties to.

[Dave Meyer]

Change this investor's entire life. She was sick of the corporate grind.

[Host]

And looking for a more fulfilling lifestyle.

[Dave Meyer]

When she accidentally discovered real estate investing.

[Host]

Now she's implemented strategies to maximize her monthly cash flow.

[Dave Meyer]

She's created systems to automate the parts.

[Host]

Of investing she just doesn't enjoy and.

[Dave Meyer]

Is passionate about providing badly needed services.

[Host]

For people in her community.

[Antoinette Monroe]

Hey, everyone.

[Dave Meyer]

I'm Dave Meyer, head of real estate investing at BiggerPockets, where we teach you.

[Host]

How to achieve financial freedom through real estate investing.

[Dave Meyer]

Today's guest on the show is Antoinette Monroe, an investor operating in Florida and Georgia. You may have heard her on the pod a couple of years ago back.

[Host]

On episode 7 10.

[Dave Meyer]

And we're bringing Antoinette back because she's a great example of how you don't need some massive portfolio to change your entire life. Like I said at the beginning, she only owns four properties and she aspires to stay small and mighty instead of.

[Host]

Growing to dozens or even hundreds of units.

[Dave Meyer]

Antoinette and I are going to talk about how she first dove into real estate after learning that there is another.

[Host]

Path besides working that traditional career for 40 years. The strategy she's using today to create.

[Dave Meyer]

Multiple cash flow streams from each new property she buys and why her next investing strategy is based all around the.

[Host]

Places she likes to vacation. Let's bring on Antoinette.

[Dave Meyer]

Antoinette, welcome Back to the BiggerPockets podcast.

[Host]

Thanks for joining us again.

[Antoinette Monroe]

Thank you very much for inviting me back, Dave. Happy to be here. Here.

[Dave Meyer]

I want to start at the beginning here.

[Host]

Tell me a little bit about where you were in your life when you started thinking about investing in real estate for the first time.

[Antoinette Monroe]

Well, I wasn't thinking about it. This happened unintentionally. I was at a wedding, being introduced to the wedding guest by one of my neighbors as a budding real estate investor. And then I remember looking over to my boyfriend being like, I think I got to become a real estate investor. Let's figure out what that is.

[Host]

Why would they introduce you that way?

[Antoinette Monroe]

Well, I had bought a house in the neighborhood and I walked around and knocked on my neighbor's doors to get to know them, and I used some contractors that was referred to me by one particular neighbor. He was a real estate investor. And when I finished the house and then put it on Airbnb and was just kind of checking in with him and telling him the things that I was doing, he was like, oh, boy, your real estate portfolio is starting. I think you're going to be a great investor. And I was like, okay, I guess.

[Host]

If the shoe fits, right? Yeah. It's like you're already doing the work of an investor. You just didn't call yourself that at that point.

[Antoinette Monroe]

I had no idea. So I had to reverse engineer that project to understand what being a real estate investor meant and what I had done. So, yeah, it was definitely unintentional.

[Host]

But you bought this house to put it on Airbnb. That was the original point of it.

[Antoinette Monroe]

Well, I bought it. I was pursuing, like, five financial independence, retire early. I bought this house so that I could pay it down quickly and not have a mortgage, and then I could leave my job and find something else to do. So I was working a retirement plan. But it just so happened that after completing the project, I'd found out about Airbnb and decided to use two of the bedrooms for that.

[Host]

Okay, got it. Very cool. And where in the world was this?

[Antoinette Monroe]

In Orlando, Florida.

[Host]

And were you working full time or, like, what else were you doing at this time?

[Antoinette Monroe]

Yeah, I was in the good old corporate grind, working my way up, managing the southeast region for a large beverage company. So you may have seen me in, you know, mini CVS's and Walgreens, selling my wares, trying to get extra shelf space.

[Host]

Nice. And so was that just not fulfilling to you, or were you not enjoying it?

[Antoinette Monroe]

It wasn't. It never was. The plan, like, coming out of college, I just wanted to make sure I had a job. And I graduated in 2008, so that was, like, at the height of the market crash, people's offers were getting rescinded, so I just. I wanted a job. So I took the highest offer I could get with a plan to, like, I'm gonna work, save up, pay off my student loans, and be out of here within two years, because this is not what I want. And then I look up eight years later, and I was still there, having successfully forgotten about all my dreams, wearing the golden handcuffs proudly. So I was. This project was the, like, rebirth of who I knew I was but had forgotten. Going to work every day.

[Host]

That's awesome. Wow. Good for you. And this is a pretty common story, right, where people just think that they're going to go into a job for a couple of years, and then fast forward, you're just in a totally different part of your life. What sort of snapped you out of that and got you started thinking about a different alternative path or trying to do the financial independence? Retire early.

[Antoinette Monroe]

If you Google I hate my job enough, lots of interesting things come up, and that's really what it was. So, you know, lots of late nights where I'm like, I hate my job or what to do if you don't think how to find your purpose. So those late night searches eventually led me to fire and started down that path. So really, the very first few years of that job was just fire saving, making smart money management investments so I could have the freedom to choose a job that I enjoyed and not have to choose employment for money.

[Host]

So how did, how did that first deal that you inadvertently became a real estate investor on, how did that one work out?

[Antoinette Monroe]

It was great, actually. And it changed my entire life. It was a long, crazy process. So it took nine months to find that first property. We got it under contract, and the day before the first closing, the seller died. So then we spent about five months going through probate. It took that long because the first probate was filed in the wrong county. So then they had to refile it in the proper county. So finally, from a contract in April, we closed in November. Wow. Yeah.

[Host]

Oh, my gosh.

[Antoinette Monroe]

Yeah.

[Host]

I've never heard anything like that before. I have several questions. So first of all, you said it took you nine months to find. I think that's, you know, this is a common challenge that people have, especially when they're trying to find their first deal, and especially in today's day and age when it is hard to find deals. So, you know, what was the process you were going through and how did you stay disciplined and focused through a long search for your first deal?

[Antoinette Monroe]

It was the standard process. And at the time, I'm just a regular person. Right. I'm looking for a home to live in in an area that I want to be in. So I was being picky, but I also needed it to be like rehab able because I knew I didn't want to spend too much and I wanted to make it my own. So it took that long because I needed the right thing in the right area. I didn't know that I was doing, you know, real estate investor type situation. So it just took that long to find something. I didn't want to pay over 200,000. Right. And I needed to be able to fix it up. And it needed to be in a 1 mile radius of like the best neighborhood in Orlando. So that's what took the longest.

[Host]

And then I need to ask about this probate process. And if anyone doesn't know, not a lawyer. But probate is basically when someone dies, their will goes through a legal process called probate, where all of their assets are accounted for and divvied up appropriately. But it sounds like you had a contract with someone who passed away. And so because they passed away, you had to wait for this entire probate process to go through. It sounds like twice through two different counties.

[Antoinette Monroe]

And in the midst of that, you know, there. There were rate locks. So every time the rate was extending, I was getting charged additional for the rate lock, so the cost was going up. And then I lost insurance twice. Right. Because it kept not closing. And so my insurance guy was like, well, I'm out on this deal. So I had to, in the end, change lenders by the time we actually closed so that I could get rid of all those fees from the initial rate locks and find new insurance.

[Host]

And did they hold your earnest money that whole time as well?

[Antoinette Monroe]

They did, they did, but it wasn't much. I think it was just like $1,000. But I canceled my lease because I thought I was moving in in June.

[Host]

Oh, yeah.

[Antoinette Monroe]

So now I'm slightly homeless and, you know, sharing a twin buck bed with my boyfriend at his mom's. So it's one of those deals where it tested you in every way in terms of cost, in terms of flexibility, ability to stick it out, even when everyone's telling me, hey, walk away from this one. It's not a good one, but it made all the right sense for, like, my purposes and my needs. So I also think that going through that, you gain a level of patience that you're gonna need as you continue to do deals and as everything goes wrong and surprises you each day. So after that experience, there was nothing else that was going to come up in a project that was going to take me out. Like, if I stuck through that, I'd be able to weather the ups and downs of just typical things that happen in real estate investing.

[Host]

It's such a good attitude because that's just how it works. Right? Every deal has some challenges. I don't know about you. I've rarely maybe one deal that's ever gone like, exactly how I was expecting. And getting that over with. Your first time is honestly really helpful.

[Dave Meyer]

And that's sort of what you got.

[Host]

To do, because most people, when they buy their first deal, they're not coming from a place where they have a ton of money or a ton of experience. And so you got to substitute that money and experience with a little bit of hustle and a little bit of patience and a little bit of just willing to do whatever it takes, like share a bunk bed with your boyfriend. And that's Just, I mean, my first deal, I lived in my friend's grandma's basement for a few years when I was. Instead of paying rent. And, you know, that's just sort of how, how it goes when you're trying to get started. Unless you've made a little more progress in your life and maybe you have some financial means to, to buy a really good quality deal right off the bat.

[Antoinette Monroe]

Yeah, you have to work with what you got. Like, even for that project, we did all the work ourselves. So I hung drywall, I pulled up floorboards, I knocked down walls because there was no budget to hire someone to do those things. But in doing it, you learn why you pay someone to do it. Now I have no problem paying somebody to do that because it's tough.

[Host]

Yeah, those are, those are like a what it does kind of experience. You do it because you have to. Then realize, this is probably not for everyone. Let the experts do it. Well, it sounds like the first deal worked out really well. I want to hear more about how you scale your portfolio from there. But we do have to take a quick break. We'll be right back. Hey. So they say that real estate investing is passive, but let's get real.

[Dave Meyer]

Chasing rents, drowning in receipts and getting.

[Host]

Buried in spreadsheets feels anything but passive.

[Dave Meyer]

If you're tired of losing valuable hours on financial busywork, I've found a solution that will transform your business. It's Baselane, a trusted BiggerPockets Pro Partner. Baselane is an all in one platform that can help you automate the day to day. It automates your rent collection and uses.

[Host]

AI powered bookkeeping to auto tag transactions.

[Dave Meyer]

For instant cash flow visibility and reporting. Plus they have tons of other features like recurring payments, multi user access, and free wires.

[Host]

To save you more time and money.

[Dave Meyer]

Spend less time managing your money and.

[Host]

More time growing your portfolio.

[Dave Meyer]

Ready to automate the busy work and get back to investing. Baselane is giving BiggerPockets listeners an exclusive.

[Host]

$100 bonus when you sign [e-mail] BP.

[Dave Meyer]

So I tried explaining a sandwich lease to my insurance guy once and he just blinked at me like I made it up. And that's sort of the thing, right? Most insurance companies don't understand how we invest. You go vacant for a few weeks, you switch strategies, you hold stuff in an LLC and suddenly your coverage doesn't fit. That's why I recommend National Real Estate Insurance Group. They actually get real estate investors. Their coverage adjusts as your property changes and you get one monthly bill for everything, no matter how Weird your portfolio is. You can check them out at N r e I g.com b that's n r e I g.com bppod Aaron, the ad guy here.

[Aaron]

Yeah, that's right. I do all the ads for Biggerpockets and you might be saying to me, aaron, the ads are too long or Aaron, there's far too many ads. You know what? Come get me then. You think you're so tough. If you can tag me while I'm unawares, I will remove every single ad from the Biggerpockets network. You have my word. But you're never going to catch me. You know why? Because I have the SimpliSafe home security system and I've got multiple locations I can go to with it installed there too. Just try and get past my high tech sensors that detect break ins, fires and floods or indoor and outdoor cameras to keep watch day and night. There's no way you're getting past my 247 professional monitoring that I only pay like a dollar a day for. And they even said if I don't like my system that I could get a full refund with SimpliSafe 60 day money back guarantee. But that'd be crazy because I love it so much and they love us so much that they're doing 20% off any new SimpliSafe system with fast protect [e-mail] pockets. That's simplisafe.com pockets. There's no safe like Simplisafe. Another safe ad in the books.

[Dave Meyer]

All right, I'm going to share with you guys a little known way to fund your next real estate investment. It's actually your retirement account. With a self directed IRA from Equity Trust, you can invest your retirement savings into nearly any opportunity, including real estate. And here's the best part. You can reduce or even eliminate taxes on your real estate investments. If you don't have much in your IRA, that's not a problem. You can partner with other IRAs or funding sources to make deals happen. Equity Trust has over 50 years of experience and $58 billion in assets under custody and administration. As the exclusive self directed IRA company for BiggerPockets, they're here to help you take the next step. You can get started online and learn more@trust etc.com BP that's trust etc.com BP.

[Advertiser]

You ever thought about diving into real estate but got kind of stuck on where to start? I mean of course you have. You're listening to this podcast. Well, we've got something that might just kickstart your journey. Enter Propstream, your secret weapon in the world of off market properties. With over 155 million properties at your fingertips, Propstream lets you uncover hidden gems right from your phone, tablet or computer. PropStream's got over 120 search filters from pre foreclosures to bankruptcy, helping you find motivated sellers faster than ever. And with public record data and MLS sales estimate accuracy of over 99%, you'll nail those comps every single time. They're even throwing in a learning academy to get you started on the right foot. Dive in with 50 free leads during their seven day free trial at propstream.com/bp that's propstream.com BP like BiggerPockets welcome back.

[Dave Meyer]

To the BiggerPockets podcast.

[Host]

I'm here with Antoinette Monroe talking about how she hustled her way into her first deal in Orlando. Antoinette, tell us what happened from there. You did, did you catch the bug immediately? Did you really like that, how that first deal played out for you?

[Antoinette Monroe]

Yes, I did. One, the rehab was gorgeous because, you know, I did it. But also Airbnb was like, you know, lighter fluid on a fire. I had no idea. At first I was like, maybe I'll get roommates. But using Airbnb instantly in the first month, my mortgage was completely covered and now I was living for free. So I spent that entire first year kind of digging through all of the BiggerPockets forums, listening to all the podcasts to understand, okay, what do you do next when you've done this? I learned about house hacking. I realized that that's what I was doing, but then also the birth strategy. And that is how I got my second deal. So in 2019, I purchased an off market deal from my neighbor in my the neighborhood I grew up in. So I had a direct connect to the seller. And that deal I was able to get under contract for under 200,000. It only needed about 30 or 40 worth of work. And through some tips that I got off the Bigger Pockets forum, I was able to refinance that house and get all of my cash back within 45 days of closing.

[Host]

Wow, amazing. I'd love to dig into that because I think this is one of these deals that people listening are going to be like, I want one of those.

[Antoinette Monroe]

Give me that.

[Host]

So tell me a little bit how the off market deal comes up, because we always hear about off market deals. They're great and they kind of just this magical thing. And I think, how did this one come about? Did your neighbor know you were buying Houses or tell us about it.

[Antoinette Monroe]

Well, no, because at the time I wasn't. I just had the, the one house. But my mom knew that I, I was learning to be a real estate investor and I wanted to do that. So talking to her one day, she mentioned, hey, the neighbor across the street, she's planning to move to Georgia to be with her kids because she's getting older. And I was like, ah, I know what this is. I heard that podcast. This is a wholesale deal. So I. Number. I'm going to call her. And so I called her, found out what she was interested in doing. I went through all of the steps of the things that I learned about from a wholesale deal. I was not a good negotiator. So I was just like, you know, what is it that you want for it? I'll agree to that because the numbers worked out. Yeah.

[Host]

Which is kind of a win, win situation, right?

[Antoinette Monroe]

Yeah. And so she still talked to a couple of different wholesalers, and I explained to her, I was like, you know, they're going to give you offers, then they're going to come and look at it, and then they're going to whittle that offer down based on the expenses that they have. So they'll, they'll do whatever to get you under contract. But ultimately, I think I was able to get that deal because of the personal relationship and she was getting the price that she wanted, and that was enough for her. So it's one of those, you know, sometimes right place, right time, you know, you never know when that deal will come. But if you're putting out what you're interested in or what you're looking for, then people usually try to help. So I told my mom, I want to be a real estate investor. I want to buy more properties.

[Host]

Yep.

[Antoinette Monroe]

So anytime now, her ears are open. When she hears about opportunities, she's going to think of me and give me a call.

[Host]

Well, I love that. Good for you. That's amazing story about sort of this combination of, like, serendipity and circumstance, but also being prepared for it.

[Antoinette Monroe]

Being prepared.

[Host]

Yeah.

[Antoinette Monroe]

If I hadn't been listening to the podcast, if I hadn't been doing the research and understanding that opportunity would have came and I wouldn't have known what to do with it or how to, like, actually make it work.

[Host]

Yeah. Your mom would have said, hey, our neighbor's moving. You've been like, oh, cool. I hope they enjoy Georgia. You know, like, you wouldn't have been thinking about how can you potentially create a mutually beneficial situation for yourself. And for this person. So you. A single family home, I assume and you were just. Your plan was to turn into a rental?

[Antoinette Monroe]

Yes. So it was a single family. I put it under contract before I saw it. I just had like the memories I'd been in here before as a kid, you know, similar to my house.

[Host]

That's kind of fun.

[Antoinette Monroe]

But once I closed on it, I came down and saw that they had done an addition to that made it a much larger single family than I knew. And the layout made it, you know, conducive for a split, which is what I did with the first house. I bought a single family, split it in half and kind of made two units out of it. Right up to the line of being in trouble with code. Like just.

[Host]

Just toe in that line.

[Antoinette Monroe]

Yeah, yeah. So I saw this opportunity in that house as well and I did the same thing. I just dropped a wall through the middle of it. Made a one bed, one bath, studio in the back with a kitchenette because kitchens mean code issues. And then kept the three, one in the front. And I was able to rent both sides out, one to a family member. Because anytime you're doing something, there's always somebody watching. So immediately one half went to a family member and the other half, I use a realtor to get rented out.

[Host]

Okay, great. You said you bought it for under 200 grand. You had to put like 30 or 40 grand in. How did you finance all that?

[Antoinette Monroe]

So with the first project, I had improved it and then added 700 square feet. So there was a good bit of equity in that home. I learned on the forms that I should pull home equity lines of credit. So I had one existing and ready to go on that first home. So I was able to buy this outright in cash using the equity from the home equity loan. And then I borrowed private money from my brother in law to complete the renovation on that second home. So it was a combination of all the things you learned. There was that home equity line of credit, there was borrowing money from my brother in law. And then the hack that I use is my strategy to make single families have twice as much cash flow.

[Host]

That's great.

[Antoinette Monroe]

Which is splitting them in half.

[Host]

Well, good for you. I mean this again, it's just kind of a story of just like piecing it together. It's not the easiest way to do it if. When you're, you know, taking money from here and there. But it's not that hard. Right? I mean it's just like using your network, using your connections and shout out to the BiggerPockets forums, it feels like they're giving you some good advice. And everyone you know. If you need advice about your own deals, you can go to the Bigger Pockets forums for free and ask these types of questions or just see what other people are asking. Great resource out there. So after these first two deals, Antoinette, how did you scale up at this point? Did you figure out that you wanted to sort of have a more full time career in real estate at this point?

[Antoinette Monroe]

Yes. The, the first project, it was, if I did this well, I'd move in this direction until I could leave my job. So by the second deal, I'm feeling confident. I've done some heavy things. Right. I've done a brrrr. And a cash out refinance finance. In 45 days. I've done private money, home equity loan. Okay, cool. Then I went to work for a contractor. 2020 touched us all. I lost my job in 2020 and I was like, okay, I'm interested in real estate. Let me see. Maybe I want to be a contractor. So I took a job with a contractor and he invited me to my first flip. So I hadn't done one of those before we partnered. 5050 kept it very simple. I did one flip with him and then later in that year, another neighborhood, same neighborhood, actually. The house next door called and say, hey, I saw what you did with Ms. Gladys House. I have a property that I want to sell. Are you interested? So then there was property number two that's going to remain in my portfolio down in Miami that I was able to purchase. And I reached out to that contractor and said, hey, I have no money, so I can't pay a hard money loan. But if we partnered, I'll bring the deal, you bring the money in the construction, and we'll go from there. And so that's how we did that one.

[Host]

I have to ask because I'm trying to follow the timeline, but you had lost your job, so were you still able to get loans?

[Antoinette Monroe]

No, that's why I had to partner with that contract.

[Host]

Okay.

[Antoinette Monroe]

Last week we just talked about I couldn't go to a lender and get anything. I couldn't carry it month to month even. So that's why that deal ended up being a partnership for that last flip.

[Host]

Got it.

[Dave Meyer]

We have to pause for one more ad break, but on the other side, we'll hear what Antoinette is up to now. Okay, let's say you're one property's mid flip. Ones between tenants. One's on Airbnb now. Try explaining that setup to a regular insurance company. Yeah, it's not fun. But with National Real Estate Insurance Group, it's actually easy. They're built for this stuff, whether it's flips, short term rentals, even creative deals like subject to or sandwich leases. It doesn't matter if you've got properties in an LLC or a trust either. They just roll it all into one bill and their coverage flexes as your properties change. If you invest in real estate, this is who you want. Go to nreig.com bpp pod to check it out. That's nreig.com bppod all right, I want to talk to you guys for a second about investing strategy. Smart investors know that reinvesting profits is key to building wealth. And with a 1031 exchange, you can defer capital gains taxes while keeping your money working for you. Here's how it works. Sell your property, defer your taxes and reinvest into higher value properties or new markets for long term growth. It's the ultimate cheat code for investors. With Equity 1031 exchange as your trusted qualified intermediary, you'll get expert guidance and a smooth transaction every single time. With over 50 years of combined experience, Equity 1031 Exchange can help you discover how a 1031 exchange can elevate your real estate strategy. Start building your path to tax deferred growth today at getequity1031.com BP that's getequity1031.com.

[Advertiser]

Hey, listen up aspiring real estate moguls. I've got a secret weapon for you. Say goodbye to the traditional real estate grind and say hello to Propstream, the ultimate tool for finding off market properties. With a whopping 155 million properties in their database, Propstream opens doors you never even knew existed. Propstream also delivers public record data and MLS sales estimates with pinpoint accuracy, making comps a complete breeze. Ready to seal the deal? Propstream's got lead automation, skip tracing and top notch marketing tools to help you close deals like a pro. And the best part? They're throwing in a free learning academy to help you level up your skills. Try it out with 50 free leads during their seven day free trial at www.propstream.com bp. That's www.propstream.com BP like BiggerPockets real estate.

[Dave Meyer]

It'S been a cornerstone of wealth building for generations, but it's also often a major headache for investors. You get these 3:00am maintenance calls, tenant disputes, property taxes Enter the Fundrise flagship real estate fund, a 1.1 billion dollar real estate portfolio built for you. We're talking more than 4,000 single family homes in the thriving Sunbelt, 3.3 million square feet of in demand industrial facilities, all professionally managed by a very experienced team. With the Flagship Fund, you're tapping into real estate's most attractive qualities like long term appreciation potential, hedge against inflation, diversification for the stock market, all of those things.

[Host]

Check, check, check.

[Dave Meyer]

All this comes without complex paperwork. Massive down payments are the soul sucking landlord duties we all know about. So visit fundrise.com/pockets to explore the portfolio. Check out historical returns and see just how easy it can be to add real estate to your investing strategy. Carefully consider the investment objectives, risks, charges and expenses of the Fundrise Flagship Fund before investing. This and other information can be found in the Fund's [e-mail] flagship this is.

[Advertiser]

A paid advertisement Abercrombie's Shorts and Swim Sale is live and they're giving Spotify listeners an extra 15% off with code SWIM AF. Abercrombie shorts and swim trunks come in so many fits and fabrics it's easy to find your go to pair prep for summer during Abercrombie's Shorts and Swim Sale excludes clearance Online price reflects discount. Use code SWIM AF to get an additional 15% off almost everything at checkout from May 8, 2025 through May 12, 2025 offer valid in US and Canada. Exclusions apply. See details online.

[Dave Meyer]

Welcome back to the Bigger Pockets podcast. I'm here with investor Antoinette Monroe talking.

[Host]

About how she's scaled up up her.

[Dave Meyer]

Small but mighty portfolio.

[Host]

You've done so much in four deals. That's more than I think most people do, or at least more variety that you get in your in your sort of types of deals in the first four. So how are you thinking about it at that point? What was your plan of attack after that?

[Antoinette Monroe]

At that point I still was like trying to be a real estate investor thinking that I wasn't one yet because I hadn't done enough deals. And I'm still listening and learning and every guest that came on with this huge portfolio, I'm like, man, I just, I've done three or four, I'm not working hard enough. And so first I had to like get out of my own head and stop comparing myself to other people's journeys. Because even though I had done less, there was just such a wide breadth of the different types of things I had to encounter that I still was knowledgeable even though I was small and mighty. Absolutely. So I worked with him with the contractor for about five months in total. And through that time, he had introduced me to assisted living or group homes because he was rehabbing them and he and his wife were considering opening one on their own. So I looked at the numbers with that was like, hey, yeah, this does way better than Airbnb. I think I'm going to make this switch and pursue that. So at the end of five months, I let them know that I would be leaving. Two months later, I purchased the home that I was going to use as Airbnb. In the meantime, while I went through the licensing process to convert it over to a system, Assisted living.

[Host]

Oh, cool.

[Antoinette Monroe]

So that was the next thing. And again, it's like Turbo Speed. My fourth deal is now an assisted living facility. So in just four deals, I think I've touched a good percentage of the different types of real estate models or styles that you could go after you keep going.

[Host]

Yeah. Assisted living comes up a lot on the show recently because I think the demographics of it just make a lot of sense. Right. Like there's just a need for it and there's not enough supply, but it seems hard. What was that licensing process like?

[Antoinette Monroe]

The licensing process for the end result is almost too easy. Right. Like, I just filled out paperwork and let me clarify, within the states, there may be a couple different agencies, so people use like assisted living as a overarching moniker, but there are different agencies involved with licensing, and they. These agencies serve different populations. So specifically for me, I serve adults that were born with a developmental disability. And so that's the agency for persons with disabilities in Florida. Their licensing process, it's free to apply. It's a lot of paperwork, but that's all it is. And you don't have to have like a college degree. You could have a GED or a diploma and still be able to apply. So once you complete the application, the hardest part is finding the application on their website and understanding the additional documents that you have to go through. So for that, I reached out to a consultant and had them help me prepare that application.

[Host]

Wow, that sounds not that hard. And then what is the operations like, though?

[Antoinette Monroe]

That's a different beast now you're beyond real estate investing at this point. It touches it. But the moment you reach that threshold, you have now crossed over and you're now owning and operating, in our case, a medical facility, because we provide 24 hour nursing care.

[Host]

Yeah.

[Antoinette Monroe]

So you learn medical terminology, you learn the tenets of hr, because now you have to hire and staff and schedule. You're Doing inventory, you're maintaining medical supplies, you're going to doctor's appointments. So it's a whole nother world now. It just. The path that led me here was real estate.

[Host]

Is it worth it?

[Antoinette Monroe]

Oh, 100%.

[Host]

Yeah.

[Antoinette Monroe]

On. On all fronts. Right. Just from the numbers perspective, there is nothing else I was going to do with that property to generate this level of revenue at all. Hands down, it doesn't matter how sexy your Airbnb is, you're not beating this. But two, what I'm doing is necessary and purposeful, right? Like, I know that every effort I make is improving the life of an individual. That one, can't make those efforts for themselves. And two, based on what you see in the industry, there is not a lot of effort placed for these individuals in terms of the quality of their home or the quality of care. So everything that I do has like this massive impact for the individual, for the families, for the staff involved. So it goes far and beyond. Like any, oh, okay, I make six figures or I make this much at this job, and this is my title. This is now like path aligning with purpose or purpose to path, or however you say it is probably the greatest thing I could have ever done that I never knew that I was going to do or ever thought I wanted to do. But I'm here.

[Host]

Good for you. I could just see it on your face. Like, you seem so genuinely passionate about this, and it's just another example. I think this story is so inspiring because even before that, throughout your career, you've just found win win situations. And, you know, I think real estate investors sometimes get a bad knock for being greedy or just, you know, you know, people don't like landlords a lot of the time, but like, you've just demonstrated at each step in your career ways that you are helping other people while also creating a profitable and meaningful business for yourself. So. So to me, that's like the ultimate. No matter how, what size of portfolio you have, whether it's two properties or 200, like, if you can accomplish that, man, you're doing pretty well for yourself. So congratulations.

[Antoinette Monroe]

And you have to make peace with that because, like, you'll want to do what everybody else is doing. You'll want to play like the big boys, you'll want to be able to say, I have 100 plus doors. But ultimately, if what you're doing is not what truly resonates with you, it's not what's coming organically, it's not going to be sustainable, it's not going to Be fulfilling. So I'm happy with my little portfolio of just four properties. Right. But each of those properties, they come, it comes with so much more than the earnings there. And the earnings are great. But there's the, and then that also comes with it that you can't like put a price on.

[Host]

I love that. And I think, you know, I wrote about this in my book, but I actually think there's like almost an inverse relationship for how many properties you own and how happy you are about your own portfolio. Like the people I know who have huge portfolios, they're all like, they're just grinding all the time and they're miserable about it. Not all of them, but a lot of them. Whereas like I don't have a massive portfolio. I'd say I have a medium sized portfolio. And like I'm, I'm chilling. Like I'm fine. I'm pretty happy. I have great relationships with all my tenants. Like, I feel good about all of the, of the properties I own. It sounds like you're in a pretty similar place. And like that's so great. I just think in this real estate investing world we've sort of created this narrative where like financial freedom is like this destination. And I really hope, and it sounds like you agree, like people just enjoy the journey of it as well. And one deal is great. Like one deal will get you is a better financial situation than you were the day before. A second deal will move you a little bit further, further. The third deal will move you a little bit further. And like each one of those steps is an accomplishment and is something that you should be proud of and that you should be celebrating. And I, I just think these are, you're such a perfect example of at least the philosophy that I, I believe in as a real estate investor.

[Antoinette Monroe]

Yeah. And that philosophy has to come from you. Right? Like you can't borrow every gurus you listen to and try to follow their path. Exactly. You really do have to create your own and be clear and like what it is that you want for you. And it's very much like freedom first for me. And 100 plus unit portfolio. I don't know how free I would be if I had that much responsibility. So yeah, definitely listen to yourself. Don't knock yourself about what you've done or haven't done yet. Just keep making the next best step.

[Host]

Absolutely. It's great advice, great advice. So what's next for you? I mean, you know, we're talking about scaling. Are you, are you done or what are you thinking about?

[Antoinette Monroe]

Next, I think now I'm trying to employ more of a strategy. One that's I have the cash cow, right? So I'm converting each of the properties I have to these group home or assisted living models. So it takes that one property and makes it perform as if that one property were a portfolio of 50 to 100 units based on the income that we earn from it. So from there I want to reinvest in like stocks, other things I may attempt to get some commercial, but my real estate investment moving forward would involve things that could be truly passive, right? Things I can put the money into or buy and have under a management team so that I'm not doing the day to day. Of course I'm going to stick to my roots. So I want to get at least five Airbnbs and places I like to visit. So basically I'm just, you know, doing some lifestyle enhancement. Okay, I want to visit here, let me get this. But also I'm smart enough to know that it should pay for itself and not me pay for it. So that's it. I'm just continuing to like build the life that I want, but using real estate as the tool to do the building.

[Host]

What you were saying before about sort of finding passive places to reinvest I think is so important and it's a, it's a topic we do talk about sometimes on the show, but I think is really important for people to think about is just like the structure of your portfolio. And not every deal has to be the same. Like it sounds like, you know, doing these group homes is very labor intensive. That sounds like a full time job. And so you can scale even if it's a little bit less profitable. Finding the type of deals that work for not just your financial goals, but your lifestyle goals. Because it sounds like scaling up group homes to 30 or 40 units, that's, you know, you're running a medium big business at that point and maybe that's not what you want. But having five or 10 of these and then passive real estate can create perhaps the, the right combination of investments for you. Like I own a bunch of small duplexes, single family homes and then I invest in syndications because it's completely passive. And I don't want to do major rehabs, but I know people who are good at that and so I'll invest with them. And it's about sort of creating the right balance for yourself. And as Antoinette said, not chasing what other people are doing, but just figuring out what are you capable of time wise. What do you want financially and then sort of reverse engineering what types of properties, what types of deals you need to ultimately get there.

[Antoinette Monroe]

Yeah. And I want people to know, like, assistant. It sounds like a lot, but it isn't. I have more freedom in this model than I do when I'm doing a flip and driving out to that product every day, or than I did when I was doing Airbnb and, you know, responding constantly to guest requests or complaints because this requires staffing. So I just had to be good enough to set up the systems to hire properly. And then once those things are in place, it does a lot of running itself. So that my level of involvement within the system living is purely like choice. The things I enjoy to do, I want to go to their doctor's appointments because I want to keep up with what's going on with them. I want to throw the birthday parties for them when that's happening there. So it's still choice, but the actual operations of it, I don't want anybody to shy away from attempting it. If you staff it properly and put management in place, that can still allow you to be have that freedom that you want from real estate investing. It just adds a little bit of purpose for you.

[Host]

Perfect. I love it. That's great. And good advice. It sounds like it's kind of true of every business. Right. Like, you can choose how much you want to outsource, how much you want to do yourself, what are you good at? What you know, gives you energy, what fulfills you. Sounds like you found a great balance there. My last question for you, Antoinette, is you gave me a lead here that I need to follow up on. Where. Where do you want your Airbnb is? What are the places? Give me the top three spots. You want to go hang out and have an Airbnb.

[Antoinette Monroe]

Well, one in la. That's not my top choice. That's my boyfriend's choice. But if I didn't say it, I'd be in trouble. I like Chicago because food is really good there, honestly.

[Host]

Our producer, Ian and I were planning, like, a road show and we picked Chicago because we want to just go eat there because the food is so good.

[Antoinette Monroe]

So that's probably in Atlanta because also food is there. It's a little bit bit closer. And I just love the whole vibe and culture of Atlanta. I think the others would need to be in other countries, so I would go as far as I can and put one in Bali because also there's a theme here.

[Host]

Food. If you put them there, I'll stay there. Food is my thing. So I'll be your first guest.

[Antoinette Monroe]

And then outside of Bali, another international one. Probably Italy, because food, because.

[Host]

Yeah, yeah. Just somewhere in central Italy. You'll be eating. Eating. Great. That's super fun. I love. I love the dream. I love how you're approaching this and just really thoughtfully pursuing a life that you want through real estate. That's what this is all about. So thank you so much for joining us here today, Antoinette. We really appreciate you coming on and sharing your story.

[Antoinette Monroe]

Thank you for having me. I was worried that I was like, I only have four deals. I don't have that much to update. But thank you for helping me show that you know enough. It's still good enough.

[Host]

Absolutely.

[Antoinette Monroe]

Small and mighty.

[Host]

Exactly. Well, thanks again, Antoinette. And thank you all so much for listening to this episode of the BiggerPockets podcast. We'll see you next time.

[Dave Meyer]

Thank you all for listening to the Biggerpockets Real Estate podcast. Make sure you get all our new episodes by subscribing on YouTube, Apple, Spotify, or any other podcast platform. Our new episodes come out Monday, Wednesday and Friday. I'm the host and executive producer of the show, Dave Meyer. The show is produced by Ian K. Copywriting is by Calico, content and editing is by Exodus Media. If you'd like to learn more about real estate investing or to sign up for our free newsletter, please visit www.biggerpockets.com. the content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk. So use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. And remember, past performance is not indicative of future results. BiggerPockets LLC disclaims all liability for direct, indirect, consequential or other damages arising from a reliance on information presented in this podcast.

[Host]

Let's be honest, everyone.

[Dave Meyer]

Real estate investing feels kind of weird right now. Rates are up, deals are thin, and every expert on social media has a different take. So where do real investors go to figure out what's actually working? BPCON 2025 is your answer. It is the biggest real estate investing conference in the country and the only one powered by BiggerPockets. From October 5 to 7, thousands of investors are heading to Vegas to swap strategies, spark partnerships, and get real answers. In this uncertain market, there's no fluff, there's no pitches, just proven tactics from.

[Host]

Folks still closing deals.

[Dave Meyer]

You'll hear from 50 plus speakers, including Chris Voss, Dan McNeely, and me Dave Meyer. And if you grab your ticket now, you'll also score a free 300 workshop. That offer ends June 15th, so go save your spot [e-mail] Vegas that's biggerpockets.com Vegas.