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

Summary

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

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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.

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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)

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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)

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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

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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.”

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

Transcript

[A]

From a $35,000 a year salary to owning three investment properties in just two years. That's investor flow. Jacques story. And it started with a simple decision at age 22 to buy a home instead of renting. Most people wait for the perfect time. Flo did not wait at all. Fresh out of college, working as a college admissions counselor, flo had saved $15,000. And instead of letting it sit in the bank, she used it to buy her first home in North Carolina. That purchase wasn't her end game. It was just the beginning. Over the next few years, Flo educated herself about investing and networked relentlessly. When she finally felt ready, she jumped in with a full gut rehab on a roach infested property in a flood zone. That first deal tested everything. Almost everything that could go wrong did go wrong. But Flo didn't quit. She didn't even slow down. She adapted. Problem solved. And a month later, she bought a duplex, then another property shortly after that. Today, Flo is building a portfolio focused on multifamily properties and has her sights set on real estate development. This episode isn't about waiting for the perfect moment or having a six figure income. It's about taking action with what you have, learning fast and refusing to settle for 40 years of a typical 9 to 5 career. What's going on, everybody? Welcome Back to the BiggerPockets podcast. I'm Henry Washington. I've been investing in real estate in Arkansas and Missouri since 2017, and my co host Dave Meyer is here with me. It's still weird saying that. My co host Dave Meyer is here with me. What's up, Dave?

[B]

I love it. You have to do all the reading. I just get to sit here. This is the best.

[A]

Today's guest is Flo Jacques, an investor from North Carolina who went from a $35,000 a year job to managing and growing a rental property portfolio in just a few years. Flo's story is all about taking action fast, so let's jump right in. Flo, welcome to the show.

[C]

I am so psyched to be here.

[A]

That's awesome. I'm glad you are here. Sounds like you've got a pretty interesting story, so why don't you start and tell us about your background and what you were doing just before you got into real estate.

[C]

Just before I got into real estate, I was actually a college admissions counselor. So I was blessed and fortunate to purchase my first home at 22 years old.

[A]

Oh, wow.

[C]

I remember being in my seat senior semester, like my last semester of college and I Had a good bit of money that I had saved from working multiple jobs, and something clicked. And it was like, I wonder if I could buy instead of rent? And I remember at that period in time, I was also considering renovating homes. You know, I wanted to flip homes, build wealth through real estate.

[A]

What year was this?

[C]

This was actually 2021.

[A]

Okay, okay, so. So you were curious about investing, curious about doing renovations. So how long was it between when you purchased a home to live in to when you actually decided to buy investment property?

[C]

It was another three years.

[A]

Oh, wow.

[C]

Yeah. And honestly, during that time period, I was, you know, figuring it out, you

[A]

know, you were 22. Fair enough.

[B]

You don't need an excuse to take three years to buy a property.

[C]

Well, somebody told me, you should probably get your real estate license, start there. And so I said, okay, sure. You know, I'll start with my getting that. Learn the ropes of the business and stuff, and then build the funds to be able to buy, you know, because college admissions education just doesn't really pay.

[B]

Like, we know that you weren't making

[A]

$700,000 a year in college admission.

[C]

Actually, I purchased my first home on a $35,000 annual salary, so.

[B]

Good for you.

[C]

Yeah. During that period, after I became licensed, I, you know, joined organizations, started building relationships, professionals in the real estate industry. And through that, I also, you know, was attending some sessions that were investor focused, and I knew I wanted to build, you know, a portfolio and not work to the day I die like that. And so it was like some spaces I was in was giving me the information, but, like, 2024 was really when I. I was having some dreams that I was buying investment properties.

[A]

You know, man, when you start having real estate dreams, that's how you know you're in.

[B]

My real estate dreams are happy dreams.

[A]

No, mine aren't always. Mine are.

[B]

Mine are always scary dreams. I have this recurring dream that I forgot about a property all the time I have it. Like, someone calls me and they're like, oh, there's a rental that you, like, haven't been to in three years. I have that recurring dream, and I wake up terrified every time.

[C]

Oh, my God.

[B]

Sounds like yours were more positive flow, at least.

[C]

Yeah, at that time they were. 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.

[A]

That's super cool, because I feel like a lot of people are probably resonating with this story where it's like, education, education. When do I jump off the Cliff. And what does that look like? So you bought your first deal. How did you find this deal?

[C]

It was on the mls. I mean, I'm a realtor, so I'm not opposed to the mls. I know people hear off market, off market. But the thing is just like, off market, you can negotiate too.

[A]

You can just make offers.

[C]

Make offers.

[A]

You can just stuff. It's pretty cool.

[C]

Yeah. I mean, like, yes, the sellers are often delusional, and yes, you are dealing with a realtor in the way of that. But yeah, so. So the funny thing is, I had an investor client at that time who I was helping her purchase some investment properties, and she targeted cheap rehabs in the outer skirts of the Raleigh, Durham area, like Rocky Mountain, North Carolina, Henderson, you know, those areas. She was interested about this property and another. So I called the listing agent, and the listing agent said, yeah, we just listed like 19 of them. So he had an investor who's in his 70s letting go of his portfolio, you know, and so I said, oh, can you. Where can I find the list of these properties so I can send it to my client? At that time, I wasn't even thinking for myself. I was just like, yeah, I want to send these to her because she wants to browse through and make a decision on maybe a package deal. And so I sent her the options and I thought, flo, make it, like, make an offer or on one or two of these too. And I was like, oh, okay.

[A]

I like that you have a whole conversation with yourself in your head. Right.

[C]

Literally, you know? And so when I sent her the list, I said, okay, whatever she doesn't offer on, I will offer on one or two of these. Like, I had already selected. So I submitted her package for three properties, right? And then I submitted on two. That's how I found that first deal on the MLS package deal. Same thing with another client I jumped into.

[B]

And what did you like about these deals? What was different about these than everything else out there on the MLS?

[C]

Well, number one, it was 90,000, 60,000 the price.

[A]

So you could afford it. The price. Got it.

[C]

Yeah, exactly. So if you've ever heard of Rocky Mountain, North Carolina, people call that area Murder City. You know, like, I don't want to say it's a dead town, but it's a very large renter population, you know, But a lot of investors target it because real estate is cheap there. What really stood out to me was getting a single family home for under 100,000.

[B]

And what was the rehab budget for this?

[C]

Yeah, so the rehab budget for this. We originally had it for 75,000.

[A]

So you paid 90? Is that what you said or so

[C]

we went under contract for 90, but we actually ended up closing it at 70,000 because I found out that it was in a flood zone which the listing agent did not disclose, you know, and I was ballsy enough to still move forward with it, you know. So my first property was in a flood zone. I didn't do my due diligence nor was it disclosed. And that's a material fact that was supposed to be for sure disclosed, you know.

[A]

So you bought the single family home you're working on, the renovation you said you did go a little bit over budget. This was a fix and flip. Or were you planning to keep this one as a rental?

[C]

Keep because my whole goal was to build a portfolio. So my mindset was buy and hold, you know, brrrr method.

[A]

So you're working on this project and the renovation and then I'd like to know what happens next. But we'll talk about that when we come back. As a real estate investor, the last thing I want to do or have time for is to play accountant, banker and debt collector. But that's what I was doing every weekend, flipping between a bunch of banking apps, bank statements and receipts, trying to sort it all out by property and figure who's late on rent. Then I found Baseline and it takes all that off my plate. It's BiggerPocket's official banking platform that automatically sorts my transactions, matches receipts and collects rent for every property. My tax prep is done. My weekends are mine again. Plus I'm saving a ton of money on banking fees and apps that I don't need anymore. Get a $100 bonus when you sign up today at baselane.com BP Biggerpocket's pro members also get a free upgrade to Baselane Smart that's packed with advanced automations and features to save even more time.

[D]

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[A]

All right, we're back on the Bigger Pockets podcast with Flow Jacques, and we're talking about her first investment property and transitioning to her second. So what was next?

[C]

So, you know, I closed on that. I knew that the rehab budget was assigned, that was being worked on. And then I had, like, another burst of this duplex, Downtown Durham. I'd love to have it, you know, and so I'm like, I have the funds. I can take on another project that

[A]

couldn't have been $90,000 downtown Durham duplex?

[C]

No, not at all. I saw it, prayed about it, and I took a minute, you know, I took a couple days, and then everything started feeling right. And so I went and put an offer on it. That one was. I closed it at 287,000.

[A]

Oh, whoa.

[B]

That's way cheaper than I thought you were going to say.

[C]

Say. Yeah.

[B]

Where were you getting the money from at this point? Were you working in admissions or were you making money as a.

[E]

As an agent?

[C]

I was doing both. I was a college admissions counselor up until early 2025, as well as I did real estate. I wasn't like, the top producer agent killing it with deals really, but my mortgage on my first home was like, $700 a month, you know, so I saved. I was. I mean, just like, at 21, I decided to buy a house. It's because I had 15k saved. You know, I've just been a SA.

[A]

Think that that's just a good habit to have, the fact that you're a saver because it helps you to be prepared when opportunities arise. And it sounds like you have no problem capitalizing on opportunities when they arise. But still, you had a job. You had to scrounge up the money in order to save up. So what did the financing look like, both on the first one and then on the duplex? Were these conventional loans? Were they construction loans?

[C]

What I did was hard money. All of my deals, actually, so far have been hard money. And so from a lot of communication, asking who people know, who do you recommend? I landed with this lender, this hard money lender, and their terms were great. 100% financing of the purchase and rehab, up to 75% of the ARV. And so I was like, oh, so you'll fund the rehab and the purchase 100%, so long as it meets the 75% or 70% formula. Perfect. So once I found that lender, all I had to do was pay origination fees, closing costs, that sort of stuff. And you know, so that's really what empowered me to do that multifamily a month after closing on the first one. Because so long as you have liquid cash, you're like, I could do two at the same time. They're taking care of the purchase and rehab.

[B]

Well, I love the way that you're approaching this. I am sure there are people listening to this who want to do the exact same thing, get 100% financing on a duplex or Renault.

[E]

How did you approach lenders with no

[B]

offense, like you didn't have any experience either. So like how did you get people to lend to you in that for these deals?

[C]

I think this lender is a gem, to be honest, because they don't have experience requirement actually. But most other lenders did. They, in order to lend to you at 100%, they need you to show five deals or something like that. They have a loyalty program though. Your first three deals, you know, you pay it's like 12.99%, 2.99% origination fee or something like that. After your first three deals with them, then it goes down to 10.9% interest rate and 1.99 origination fee.

[B]

Good for you for finding that. Honestly, like just doing that little bit of legwork sounds like enabled you to really start your portfolio quickly.

[C]

Exactly, yeah. I just needed the financing and then I was ready to go, you know.

[A]

Yeah, I have a very similar situation. I found a lender when I first got started that was basically telling me how they could fund all my deals without me having to spend a ton of money. And so the goal became to figure out how to go bring in more deals so that I could get them financed. And so I understand going shopping because you're like, hey, I got a checkbook, I'm going to go shopping. But with hard money, it's a short term loan. And you said these were rental properties. So I'm assuming you had to refinance out of this, this short term loan at some point.

[C]

Correct. The duplex finished first, which was funny, you know, even though I bought it second, it finished first. That was also a six figure rehab too. That's. That was supposed to be 65. I think it came out to like 130,000 or something. Like.

[B]

Yeah, I mean, that's a mess. That one's a mess.

[A]

Yeah, that's okay.

[B]

I mean it happens.

[E]

Yeah.

[C]

I mean, maybe it was slightly undergrounded. I did account for like, I had to furnish it because that one I made it into, like, an Airbnb. No.

[B]

How are you managing this? You were working full time. You said you were. You didn't even have that much time necessarily to be an agent. Then you're managing two construction projects at the same time. How were you going about that?

[C]

So I actually had contractors doing the work. And so I will be honest, I was not visiting those properties, which was a mistake I made. You know, when I look back, you know, you know, weeks going by, not not paying attention, just trusting them. Like, just send me pictures, you know, that sort of stuff. So, you know, whenever I could, I would, but I really wasn't. So, yeah, I mean, I. I went forward with just having them pay for, like, materials and labor. And so all I'm doing is wiring or whatever the costs.

[A]

So this, I assume it was a general contractor. They brought in all their own subs. They were sending you pictures, communicating each week, and you were just wiring money, saying, oh, yeah, that's great.

[C]

Yeah, pretty much.

[A]

So when, okay, on the first one went. Went slightly over budget on the second one, but with the overages, were you able to go ahead and pull off the refinance?

[C]

Yes, I was able to pull off both refinances. I will say that these stories are. This is a little wonky. Like, you know, for the first property, I had a contractor. He was licensed and everything. Really sweet guy. He didn't have the crew to handle that scope. We had to, like, rehab the entire foundation. That was like, literally full gut. We tore down the foundation, rebuilt it. That was like, rebuilt every single thing in that house. Like, roach infested and everything. He didn't have the scope to do that level of work. I ended up firing him and having the guy that was doing my duplex to come and kind of step in. Then things went off with him where he was a greedy gouger and was insane with his prices, so I got rid of him. And then the third contractor is. Who really finished that job. They weren't licensed, but they had. They worked under licensed people had their subs and whatnot. So that's for that first house in the flood zone.

[A]

Before we move on to talking about what came next for you, given the situation with these contractors and given the situation with how you found these properties and the size of renovations you took on, what advice do you have for people who are maybe considering buying a property in that same price point who have. That have heavy renovation? Because I think people often forget that, yes, you can buy cheap houses, but a lot of the times, they are tied to large renovations. And it's not necessarily a bad thing, but it sounds like you learned a lot of lessons. So what did you learn? Or what would you do different if you were brand new? Again, looking at properties like this, I

[C]

would definitely structure the deal a lot more conservatively than I did, because I can. I structured it initially at 75% and then at a. In a market where homes are dirt cheap, a highly renter market, which meant there were a lack of sales and comps to justify this new, completely renovated home to be 230,000, which is what it appraised to be. But because there were some challenges with comps, when I went to refinance, the underwriter asked, hey, can you tell me why you use these comps instead of this? Even though the appraiser was like, well, this is pretty much new construction. Like, you didn't have to replace the roof or the exterior, but you did everything brand new inside, new electrical, new everything, you know, and so that question ended up bringing the appraisal price down 26,000. So that's the lesson that I learned there. Structure deals more conservatively, especially if you're targeting those cheaper housing markets.

[E]

Those are great lessons.

[B]

Thank you, Flo. And lessons we unfortunately all sometimes have to figure out. But now that you're now a year and a half or so into this, where did these two rental properties net you at the end of the day after you refinancing? Are they cash flowing for you? How are they performing?

[C]

Yes, they're doing pretty good. So the. For that first one, we had that one rented out to a group home tenant. There's a lot of interest for some reason, in that market for group homes. You know, I had that rented out for 1595, so I was. Yeah, I was cash flowing, very minimal. I'm telling you that that flood zone insurance is really eating into it, But I was just happy that the mortgage was being covered. And, you know, sometimes that's all you can be happy with. You know, as far as the duplex, both are Airbnb on vrbo, furnish, finder, that sort of stuff. So, yeah, they've been. That one's cash flowing between 800 to 1,000 per month.

[B]

Wow. On a $200,000 purchase, right?

[C]

Yeah. 202. 87. Yes. That one appraised for 462 5. Nice. So that one turned out. Yeah, that was. That's a lesson I learned for targeting slightly more expensive markets. Right. Because then they have more comps, and

[B]

when you did the refi for just for that example, on the duplex, you built a ton of equity. That's awesome. When you did the refi, did you

[E]

pull cash out to use for your

[B]

next deal like a burr, or did you keep cash in to preserve your cash flow?

[C]

So I actually did pull cash out of that one. I actually pulled cash out of the other one too. Like 2000. That was like 2000, to be honest. I was like, I mean, I know this, this is something very real out there. I was also drowning in the losses of these going over budget. So I needed cash out to recover a little, you know.

[B]

Yeah, there's no right answer. I'm just curious because I think people say, you know, you can't do a burr, but clearly you created a deal that you could pull substantial amounts of cash out of.

[C]

Yeah.

[B]

It's up to you whether you want to keep money in that improves your cash flow because you're borrowing less money. But then you, you know, have to save up to buy your next deal. So I think sounds like you're only at the beginning of your career here. So pulling money out and focusing on a next acquisition, doing more kind of deals where you can build equity, makes sense to me that you would prioritize that over cash flow right now.

[C]

Right, Exactly. So, yeah, that one turned out well.

[A]

Well, Flo, it sounds like you became a real life real estate investor. You, you, you went through the ropes of buying cheap property. You went through the ropes of $100,000 renovation. You went through the ropes of contractors not doing what you wanted them to do, spending too much of your money. I mean, you got, you got put through the ringer. But at the end of the day, you have a couple of properties. So I'd love to transition and talk to you about what you did next, but I'd like to do that right after this break.

[D]

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[E]

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[A]

All right, we are back again with Flo Jacques talking about how she has been through the real estate investment ringer but has come out clean on the other side. So Flo, after these two deals, so you've bought a single family and now a duplex. First, do you still own the single family?

[C]

I still own both, yes.

[A]

Okay, okay, so you still own the properties and have you purchased anything else since then?

[C]

Yes. So right before the year ended December 1, 2025, I closed on a single family half acre lot in Raleigh, North Carolina.

[A]

I love Raleigh. Okay, and is this a home you're going to live in? Is this a rental? Is it a flip? Tell us about it.

[C]

So actually I decided I wanted this one to be a flip. Although I, in my mind initially when I started this journey, I thought I would just burr my the rest of my life, you know, literally. But I, you know, I'm like, you know what, I could use some, I could use some extra capital right now, especially after those two rehabs, honestly. So this one I actually found off market. That's my first off market deal.

[A]

Okay, off market. So, so tell us about that. How did it, how did it come to pass?

[C]

You know, I attended a private money lending conference back in October after bpcon. So I was at bpcon and I flew back from Vegas on a red eye and literally headed to Atlantic Beach, North Carolina for this private money lending conference. And that kind of reignited this like, okay, Flo, get back on the saddle, you know. And so I think a month after that conference I landed, you know, this deal. I found Investor Lift, you know, that off market platform wholesalers are on there, you know, and so I was just browsing and working out the deals. You still got to do your own calculations because those are liars. Yes. And so that one, it seems like a lot of investors were passing on it because the ceiling doesn't meet code, it's under 7ft and Raleigh requires a minimum of 7ft. And so to me, the strategy is when others are not buying it, that's your opportunity to negotiate and win it.

[A]

You know, that's absolutely true. I think everybody should have a buy box and should have some sort of deal breaker. And it's different for every person and it's different in every market. Like I've heard people like Laika, who's on this show frequently, who said she will never buy a property to flip that's on a double yellow line road because the houses on busy roads don't sell. I flip those houses all the time. It's different in different markets, but I pay a lot less for them because I underwrite them extremely conservatively. So everything that you need to fix on a house, no matter how catastrophic, is just a dollar amount.

[C]

Right.

[A]

And so it tells you how much you need to pay in order to fix the problem. So I'm assuming that's the lens you were looking through. Can I fix this problem if I get it cheap enough?

[C]

Correct. Exactly.

[A]

So how'd you do it?

[C]

Yeah, so this time I was much better. At this point I'm A full time real estate professional.

[A]

I know as well get your contractor's license.

[C]

Exactly. Well, you know, I've thought about that. I have really thought that. But yeah, you know, now that I'm like a fully like full time real estate professional, I don't work that job anymore. And so I have more time to take my time and do my due diligence. So I invited the contractor, walked it through with him. He gave me a budget and so hopefully he doesn't listen to this episode. But the budget I tell the contractor is very different than what I actually borrow from the lender.

[A]

That's just called being a smart investor, dear.

[C]

You know, especially after, with the lessons I learned, right. Going over budget and stuff. So, you know, once I was clear on how much he was going to do it for, I budgeted for contingencies. A very good bet. Also paying myself. I also started budgeting to pay myself for my time and energy for these projects. And so it was, it was, I, I worked backwards from there. This is the rehab budget. I actually structured it at 65% ARV.

[A]

Okay.

[C]

For this one. So I purchased it for 120 and the ARV on it is 337. And that is actually a conservative appraisal.

[A]

That's a stellar deal. That's almost a six figure net profit.

[C]

Yes, that's correct.

[A]

That's a stellar deal. So did you have to pop the top and raise the, raise the roof?

[C]

We are literally doing that right now. I've been back and forth on the phone with the power company, turn the meter off and install a temporary meter pole. Like we are actively working on this right now. We actually a little two months behind the ball thanks to that contractor who I really wanted to fire, you know, but I'm like, you know what, I've worked with him.

[A]

So just to be clear, it had lower than seven foot ceilings. And so for you to be able to sell this property, you've got to get to at least 7 foot ceilings on your renovation. So you're raising the ceiling height, but all the same level. You're not adding a second story to the living room.

[B]

Literally raising the roof.

[A]

Literally raising the roof. I love it.

[F]

Yes.

[E]

All right, so Flo, we're 18 months

[B]

into your investing career flow. Can you just like summarize what your portfolio looks like today?

[C]

Yeah. So currently I do include my primary home because I bought it to be an investment property three months after, but that didn't work out. I'm still here, you know, so. But I am very Proud of it. Because it's hard to find a home in Cary, North Carolina. It's one of the more expensive places to live in North Carolina. So I consider this condo as well as the single family in Rocky Mount, the duplex in Durham, and this single family half acre lot in Raleigh. So that is my portfolio. Two years from 2024 to date.

[B]

Nice. Good for you. I mean, it's a really well diversified first couple of deals.

[E]

Right.

[B]

Like you've done a little bit of everything. But it sounds like the goal is still long term cash flow. Maybe you like do some flips opportunistically, but still want to be a, a buy and hold kind of investor.

[C]

Yes, my goal is to continue to build the portfolio. I haven't exactly figured out my freedom number. I think maybe when I figure that out, I'll know exactly how many properties I want to have. But I will tell you this though. My life as a licensed real estate broker investor, the goal is to eventually develop.

[B]

I love that goal. That's awesome. What about development appeals to you? Because I'm terrified of it.

[C]

So I want to be a developer because I want to build communities. I spoke to somebody this morning about her. Her son is special needs. She wants to build a community for special needs families. You know, it's just thinking about providing solutions to communities and things like that. So I don't have it all figured out, but I do know I want to build, you know.

[A]

All right, Flo, well, this is an incredible story. Before we get out of here, is there anything you want to share with us? Maybe something that real estate allows you to be able to do now?

[C]

Yeah, I think my life is like full circle, right. Like I got my background, like my education, you know, social studies, teaching license, my master's in school counseling. So this kind of like education thing that I thought I did just to not ever actually do is now fully present in my real estate investing career where I did I help other people get the information I was desperately seeking when I wanted this information. So I've been teaching real estate investing classes. Just free, just like inviting people and that sort of stuff. So it's been phenomenal. Just bringing that to the community.

[A]

I love that. I love that you're now able to provide help to your community through your experiences. And that's something that real estate allows us to do because when we have something that we know is going to bring us income, then it allows us to be able to focus on things, especially like people who want to start businesses first couple of years in business is hard. You may not make money. And so being able to lean on your real estate and start a business or start a passion project or a non profit is super cool. So I'm glad you're. You're able to give back to your community.

[B]

Totally. And I just love that. It's kind of like an intersection marrying like two different parts of your life. Like for you, teaching and real estate. You found a way to incorporate both of those. I've done that. I know Henry's done that as well. It's really cool that you don't just have to be a real estate investor. There are ways that you can use this industry to pursue things that you really like as well. It's awesome to hear that you're doing that flow so early in your real estate investing career.

[E]

Congratulations.

[C]

Thank you. Thank you.

[A]

All right, well, we'll have to have you back so you can tell us all about the flow estates after you get finished developing those. And then I'll sure you'll be teaching people how to be a real estate developer.

[C]

Yeah, well, never know, right?

[A]

All right. I think that was fun. That was a cool story to listen to. I think we often hear the opposite from people where it's. I just researched for years and then, yeah, I finally took some action and Flo was like, I'm just gonna go buy something.

[B]

I'm diving in right now. I'm just gonna buy something. I love it. It's a great approach. Approach. And I think it shows that creativity and just determination. Still net good deals in 2024. Like, you know, I was.

[E]

She started in a difficult time.

[B]

2024 is maybe the hardest market in the last seven or eight years, you know, and she just went for it, found great deals, educated herself and pulled it off.

[A]

And think about the confidence she now has because if you were able to to successfully invest in 2024 and 2025, whether you got beat up along the way or not, she's still here now talking about deals that were that are positive in a lot of ways. Like that breeds a lot of confidence as the market shifts to a more favorable real estate market. Like, you gotta be feeling good.

[B]

I hope everyone listening listens to flow story and realize that deals still can be done. Like this is someone who started with very little experience, very little capital in a super expensive market and pulled off

[E]

three deals in 18 months.

[B]

Like if Flo can do it, everyone out there, if you educate yourself, you can do it as well.

[A]

I mean, she did several things that people say you can't do. She went and she got 100% financing on her first deal.

[C]

That's true.

[A]

And yeah, yeah, she went over budget on her renovation. She had to fire three contractors. But who hasn't had to go through some of those things? I think we're all going to goes through some of those things. What I think is a good part about this story is single family real estate. Yes, you can have challenges, but no one's going to die if it doesn't go perfectly right. Like you're not going to go bankrupt if you feel like you have enough of a financial backing to take a couple of lumps along the way. Like taking the action and learning the lessons can be far more valuable than trying to learn all the lessons up front and then getting into a deal where you're still going to take some lumps. All right, folks, we're gonna get out of here, but if you enjoyed Flow Story, I recommend that you check out the Bigger Pockets podcast, episode 1105 with Deandra McDonald. It's another investor story and one of our most popular episodes from the last few years. That's episode 1105 from last April, and we'll link it right here on YouTube as well. Thank you so much for watching. We'll see you on the next episode of the BiggerPockets podcast.

[E]

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 plat. 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.

[F]

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.