Podcast Summary: From a $35K Salary to Owning 3 Rentals (Starting in 2024!)

BiggerPockets Real Estate Podcast | February 23, 2026
Guest: Flo Jacques
Hosts: Henry Washington & Dave Meyer

Episode Overview

This episode features the inspiring story of Flo Jacques, who went from working as a college admissions counselor earning $35,000 a year to owning three real estate investment properties within two years—all while overcoming market challenges, funding constraints, and tough rehab projects. The main theme is action: taking calculated risks, learning on the fly, and refusing to wait for perfect timing or a six-figure salary.

Key Discussion Points and Insights

1. Flo’s Background and Path to Real Estate

• Starting Out (00:12–02:21):

  • Flo was working as a college admissions counselor in North Carolina.
  • Saved $15,000 by working multiple jobs during college.
  • Bought her first home at age 22 instead of renting.

    “I remember being in my... last semester of college and I had a good bit of money...something clicked...I wonder if I could buy instead of rent?” —Flo (02:22)

• Learning Before Leaping (02:59–04:16):

  • Took three years between buying her first home and her first investment property.
  • Got her real estate license and built a professional network, attending investor-focused sessions.
  • Started having “real estate dreams” in 2024; acted quickly afterward.

2. First Investment Property: “Trial by Fire”

• Finding the Deal (05:06–06:43):

  • Found the property on MLS while serving investor clients.
  • Package deal: aging landlord selling 19 properties.
  • Flo made offers on properties her client didn’t want.

    “I submitted her package for three properties...then I submitted on two. That’s how I found that first deal.” —Flo (06:21)

• Property & Numbers (06:49–07:27):

  • Rocky Mount, NC (“Murder City”); single-family home bought for $70,000 (down from $90k when flood zone discovered).
  • Rehab budget: $75,000.
  • Plan: Buy-and-hold using the BRRRR method.

• Major Lessons (07:27–08:07):

  • Didn’t know about the flood zone—a critical oversight not disclosed by the listing agent.
  • Overran renovation budget.
  • Encountered significant issues with contractors.

3. Scaling Up: Duplex Investment in Durham

• Acquisition & Funding (12:21–14:40):

  • Bought a downtown Durham duplex for $287,000 (far below expected).
  • Used hard money loans for both first and second properties: 100% financing of purchase and rehab up to 75% ARV.
  • Saved funds by living frugally and working two jobs.

    “All of my deals, actually, so far have been hard money.” —Flo (13:53)

• Dealing with Experience Gaps (14:51–15:40):

  • Found a lender that did not require prior deals, rare in hard money space.
  • Embraced higher fees for first few projects in exchange for opportunity.

• Project Management Realities (16:32–17:34):

  • Managed renovations remotely, relying on contractors’ photos and updates—later acknowledged as a mistake.
  • Juggled full-time work, side hustle as an agent, and two simultaneous renovations.

• Renovation Challenges (17:46–18:43):

  • Fired multiple contractors due to lack of capability or price gouging.
  • Ultimately, found an unlicensed contractor with the right experience.

4. Lessons Learned and Advice

• Advice for New Investors (18:43–20:18):
  • Be conservative with deal structures, especially in cheap markets with limited comps.
  • Anticipate appraisal and refinancing challenges; expect underwriters to challenge your numbers.

    “Structure deals more conservatively, especially if you’re targeting those cheaper housing markets.” —Flo (19:18)

5. Portfolio Performance and BRRRR Details

• Performance After Refinancing (20:20–21:35):

  • First property: Rented to a group home at $1,595/month; minimal cash flow after flood insurance.
  • Duplex: Airbnb/VRBO short-term rentals yielding $800–$1,000/month cash flow; appraised at $462,500 (from $287k purchase).

• Pulling Cash Out (21:45–22:43):

  • Did cash-out refinances on both.
  • Used proceeds to offset budget overruns and fund future deals.

6. Next Steps: Off-Market Flip and Evolving Strategy

• Transition to Flipping (26:25–30:09):

  • Bought a single-family flip on a half-acre in Raleigh via InvestorLift.

  • Off-market deal avoided by others due to code issues (ceiling height); saw opportunity to negotiate.

    “The strategy is when others are not buying it, that’s your opportunity to negotiate and win it.” —Flo (27:14)

  • Purchased for $120,000, ARV $337,000; nearly six-figure potential net.

  • Became more meticulous: budgeted for contingencies, paid herself for project management, and structured at 65% ARV.

• Active Project Example (30:21–30:56):

  • Actively raising ceiling height to meet code, literally “raising the roof.”

    “We are literally doing that right now... literally raising the roof. I love it.” —Hosts/Flo (30:53–30:56)

7. Current Portfolio Snapshot and Future Vision

• Flo’s 2-Year Portfolio (31:07–31:40):

  • Primary condo in Cary, NC (intended as a rental)
  • Single-family in Rocky Mount (rental)
  • Duplex in Durham (short-term rental)
  • Single-family half-acre in Raleigh (flip)

• Broadening Aspirations (32:00–32:46):

  • Long-term goal: Continue building a portfolio, possibly move toward real estate development.

    “I want to be a developer because I want to build communities... providing solutions to communities and things like that.” —Flo (32:25)

8. Real Estate’s Impact and Giving Back

• Giving Back Through Education (32:55–33:30):
  • Teaching free real estate investment classes; merging her education background with investing.

    “This kind of...education thing...is now fully present in my real estate investing career...So I've been teaching real estate investing classes. Just free.” —Flo (32:55)

Notable Quotes & Memorable Moments

• “Most people wait for the perfect time. Flo did not wait at all.”—Henry (00:00)
• “You can just make offers. You can just stuff. It's pretty cool.” —Henry (05:19)
• “At that time, it became very clear to me that I was being called to make a move. And a month later, I purchased my first rehab.” —Flo (04:41)
• “You got put through the ringer. But at the end of the day, you have a couple of properties.” —Henry (22:46)
• “She started in a difficult time. 2024 is maybe the hardest market in...seven or eight years, and she just went for it.” —Dave (35:11–35:14)
• “If Flo can do it, everyone out there, if you educate yourself, you can do it as well.” —Dave (36:03)

Important Timestamps

• Flo’s background: 02:12–02:44
• First property purchase story: 06:18–07:27
• Duplex purchase & financing: 12:43–13:53
• Advice to new investors: 19:18
• Cash flow and BRRRR results: 20:35–22:21
• Off-market flip deal negotiating: 27:14–28:53
• Active flipping project: 30:21–30:56
• Portfolio summary: 31:07–31:40
• Vision for real estate development: 32:19–32:46
• Community impact and education: 32:55–33:30

Tone & Final Takeaway

The episode is energetic and empowering, packed with humor and real-world lessons. Flo’s determination, resourcefulness, and willingness to make (and learn from) mistakes is highlighted as the essential formula for real estate success—especially when starting without wealth or experience. The hosts reinforce that opportunities still exist, even in tough markets, and that action and education are more potent than waiting for the “right time.”

“Creativity and just determination still net good deals in 2024.” —Dave Meyer (34:58)