I Had 4 Kids, No Cash, and a Traveling Spouse: Now I've Got 4 Rentals

Summary

BiggerPockets Real Estate Podcast

Episode Title: I Had 4 Kids, No Cash, and a Traveling Spouse: Now I've Got 4 Rentals
Date: March 16, 2026
Host: Dave Meyer (plus Henry Washington, others)
Guest: Joanna

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Episode Overview

This episode features Joanna, a nurse and mother of five who, with little cash and a spouse working offshore, built a thriving real estate investment portfolio in less than four years. The conversation follows her inspirational journey from uncertainty and zero experience to owning multiple rental properties and flipping houses. Joanna shares detailed, actionable strategies she used, reveals her biggest challenges, and offers encouragement to listeners who are contemplating similar paths toward financial and lifestyle freedom.

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Key Discussion Points & Insights

1. Joanna's Background and Motivation

• (01:42) Joanna explains her situation: four kids, a traveling spouse, a demanding nursing job, and a desire to build passive income to bring her husband home.
• She found inspiration from Henry Washington's story on BiggerPockets and joined his mentorship in early 2023.

"I just, in a short amount of time have been able to essentially change my family's life. It's a pretty big deal for us." — Joanna (01:28)

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2. Her First Deal: Leveraging Home Equity

• (02:59–04:41) Joanna reached out to motivated sellers via mail. Her first response was from an elderly man wanting $82K for his house, which she realized was worth much more.
• She offered $100K (more than asked) out of fairness and because that’s what she could raise.
• Paid with a loan from her brother, then refinanced a HELOC on her home to pay him back.
• Light renovation and tenant placement turned it into a strong cash-flowing rental.

"I can't just give you $82,000. Like, I need to give you more because I know that your house is worth more." — Joanna (04:53)

"I bought my first rental property for $100,000 ... and now that house is worth double the amount I paid and it's cash flowing hundreds of dollars." — Joanna (04:41)

• Key Numbers: Bought for $100K, rehabbed, now rents for $1,500/month, mortgage $800; appraised for $220K after rehab.
  (07:45–08:41)

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3. Scaling Up: Flips and Using Private Capital

• (14:29–17:42) After the first success, Joanna started working for Henry as an acquisition manager, picking up skills while working nights as a nurse.
• Second Deal: She purchased a house for $140K (after negotiation), did a $30K light rehab, and sold it for $275K, netting $82K profit in about five months.

"I walked away with $82,000 on that one." — Joanna (18:50)

• Funded with new HELOCs on her primary and rental properties.

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4. Creative Financing: Tapping Friends and Family

• (20:53–24:25) For her third deal, Joanna needed $150K for the purchase and funded the rehab through a combination of her mother-in-law and brother's HELOC funds at 10% interest.
• She emphasized honest, transparent presentations about the deal to her family lenders, giving them confidence their loans were secured by the property.

"I really had to lay all the numbers out for them and let them know that their money was secured by the asset." — Joanna (22:34)

• Third Deal Outcome: Bought for $150K, $60K rehab (with family labor and discounted work), sold after about 50 days on market for $281K, netting around $40K.

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5. Persistence & Community Banking: Rebuilding After a Natural Disaster

• (30:50–38:15) Joanna’s fourth major deal came after a tornado hit northwest Arkansas in 2025. She spotted a storm-damaged house, negotiated with the seller directly, and closed at $120K even after a $150K cash offer arrived during signing—thanks to her relationship-building skills.
• Planned a major renovation, including adding a second floor. Faced initial loan denials from banks due to debt levels, but ultimately secured a bridge loan from a community banker who knew her through her mother’s cleaning business.

"So there I go, right before my nursing shift, I go in there and I'm explaining ... and he was like, she cleans my house. I've known your mom for years ... I'm gonna work this out for you." — Joanna (36:12–37:19)

• Numbers: All-in $280K, post-reno value appraised at $420K. Joanna’s family moved in, gaining a five-bedroom home at an affordable price.

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6. Portfolio Update & Life Transformation

• (40:49–43:36) Joanna now owns two rental houses, a duplex (bought for $240K, rents of $1,200/side, appraised at $350K), two ongoing flips—including another tornado house—and continues to actively invest and expand her portfolio.

"It's been less than four years since you started ... and you've improved your family's life in tangible ways." — Co-host (41:51–43:36)

• Real estate allowed her husband to come home, pay off debts, and improve their family's day-to-day life — not just future “financial freedom,” but immediate, real improvements.

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7. Mindset & Advice for Beginners

• (44:01–45:14) Joanna closes with candid advice:
  • She made time for real estate by multitasking and affirming her intention daily, even when confidence wavered.
  • Encourages listeners to simply start, be persistent, believe in themselves, and focus on daily progress.

"I'm going to do this. I'm going to be a real estate investor ... Just believing it. Because I didn't believe it ... So really just tell yourself every day that you're going to do this and it will happen." — Joanna (44:30)

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Notable Quotes & Memorable Moments

• On Fair Deals:
  "Real estate does not have to be a zero sum game where one person wins and the other person loses. It should be mutually beneficial." — Co-host (05:47)

• On Confidence and Growth:
  "I was still very scared. So I. I'm still scared all the time." — Joanna (15:05)

• On Community Banking:
  "Community banks can be a little more flexible ... get in your local community groups, ... you'll meet them on a more personal level." — Henry Washington (38:59)

• On Immediate Life Change:
  "Now ... we have this room for everyone. It's brand new and we can afford it ... my biggest happiness of all of this is that I was able to put my family in a brand new home ..." — Joanna (42:09)

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Important Timestamps

• Starting the journey: 01:42 – 03:29
• First property purchase & strategy: 03:29 – 08:34
• Transition to working with Henry: 14:29 – 15:19
• Second deal & flipping: 16:30 – 19:26
• Third deal & family/private money: 20:53 – 25:03
• Tornado house & community bank story: 30:50 – 38:15
• Current portfolio & life transformation: 40:49 – 43:36
• Joanna’s advice for beginners: 44:01 – 45:14

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Inspiration & Takeaways

• Real estate success is possible even with modest beginnings, family obligations, and little starting cash.
• Leveraging equity, integrity in negotiations, forming personal relationships, and transparent communication are critical.
• Community banks and family/private lenders can often provide opportunities when traditional finance isn’t available.
• Focus on tangible, immediate lifestyle improvements—not just future wealth or “door” counts.
• Belief in oneself, making time, and consistent action are keys to steady progress.

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For further resources, strategies, and detailed discussions, visit BiggerPockets.

Transcript

[Joanna]

I was scared to make my first phone call.

[Henry Washington]

Now she has four rental units and she's profited over $130,000 on her first two flips. In 2023, Joanna was home alone with a six month old baby while her husband was offshore working. And she was looking for a passive income stream that could help her have enough money to bring him home.

[Joanna]

Then I discovered real estate investing.

[Henry Washington]

Joanna didn't have any cash to start with, so she leveraged her home equity.

[Joanna]

I wasn't seeing many deals on the market and that's when I started talking to sellers.

[Henry Washington]

She didn't have any construction experience, but she figured that out.

[Joanna]

I bought my first rental property for $100,000 and that's after she paid the

[Henry Washington]

seller $20,000 more than he was asking for.

[Joanna]

I'll explain that later. Now that house is worth double the amount I paid and it's cash flowing hundreds of dollars.

[Henry Washington]

Joanna has made five more investment deals since 2023, right in our backyard of northwest Arkansas. Her husband isn't working offshore anymore and her family has a beautiful new five bedroom home. That's the lesson of this inspiring story. Anyone can figure out real estate investing and start on the path to building financial freedom.

[Joanna]

You can even use the same real estate investing strategies I used because we're

[Henry Washington]

about to reveal them right now. Joanna, welcome to the show.

[Joanna]

Thanks for having me, Henry.

[Henry Washington]

This is cool, like good full circle moment for me because I've been around you for a while and I'm excited for you to tell people your story because I think it's really inspirational.

[Joanna]

Yeah. I just, in a short amount of time have been able to essentially change my family's life. It's a pretty big deal for us.

[Henry Washington]

I love it. I love it. So let's start at the beginning. Tell us how you got started.

[Joanna]

I'm a nurse. My husband used to work in the oil field and we had a lot of children. So at the time, so at that time we had four children. It was just like, we need to figure something out to where you can come home.

[Henry Washington]

Oh, so he was working like out of town?

[Joanna]

Yes, he was working 20 days out of town and then he'd be home 10 days. The boys were getting older and so I was just like, they need their dad. So I started thinking about ways that I could make money for us. Also just thinking about when they go to college, how are we going to pay for all this? So I started listening to Bigger Pockets. Actually heard you on a podcast. Henry Washington from Northwest Arkansas, able to achieve 100 doors. And I was like, wait, there's somebody here who does this? So I was raised in Sereno, Arkansas, and immediately started following you, immediately started watching your funny videos and just was like, okay, I think I'm ready for the next step. Joined your mentorship in January of 2023, and then decided, okay, it's time for us to start sending mail. So. So started sending mail. And that is how I got my first deal. I received a call in June from an elderly man who was looking to sell his property. He was getting older. He didn't want to deal with the hassle of owning a home anymore. His children did not live close, and so he was ready for the next step in his life. So, of course, I asked him all the questions that I needed to ask him. And then in the end, I was like, what are you looking to get? What are you wanting? And he said, you know, I really would like to just get 82,000. And I was like, oh, okay. Yeah, sounds great.

[Henry Washington]

Oddly specific number. Yeah.

[Joanna]

So in my mind, I was like, this house must be terrible, because he only wants 82,000, and it's in the middle of Rogers, Arkansas, which is. It was in a great location. So I go over to the house that evening, because, you know, Henry's always like, you got to go that day. So we went. I went that day, looked at the house, made him my offer, and essentially, I asked him again at that point, you know, what are you looking to get? And he said, you know, I really want 82,000. I said, well, I'll be honest. Your house is in great shape. I don't foresee you having any issues selling this house on your own. All I can offer you is 100,000.

[Henry Washington]

What a negotiator.

[Co-host/Interviewer]

He was like, you heard me say

[Dave Meyer]

that's.

[Joanna]

Laughs he's like, can I sign this right now? I was like, yeah, sure, you can sign right now. And so he signed, and we shook hands. I was like, it's a pleasure to meet you. And I left.

[Dave Meyer]

Why?

[Co-host/Interviewer]

Can I just ask, why did you go with 100 when he wanted 82?

[Joanna]

In all honesty, like, I just knew that his house was worth more than what he wanted.

[Co-host/Interviewer]

Yeah.

[Joanna]

And I knew that if he sold it on the market, he could probably get more than 82,000. At the time, I had a sibling of mine who told me, hey, I know you're starting this journey. If you find something, just know that I have a hundred thousand. You know, I have that money to be able to. So that's all I had. And so that's what I offered because that's, you know, that's the best I have for you. I can't just give you 82,000. Like, I need to give you more because I know that your house is worth more. I know you're gonna need more. And it. I don't know. To me, it was just the right thing to do in that moment. Like, I just, like, was like, I know I can give him 82, but I have a hundred, so. So even if I buy it at 100, it's still a really good deal.

[Co-host/Interviewer]

I think that's super commendable. Good for you. We talk a lot on the show about real estate. Does not have to be a zero sum game where one person wins and the other person loses. It should be mutually beneficial. And you created a good situation where the seller got more than he was expecting, and you still got a great deal. And to me, that's the perfect example of a win, win situation you can create in real estate.

[Joanna]

Yeah. So he was really happy about it. I was obviously elated about it, and that was my first deal. I ended up helping him find an assisted living where he could move to. I helped him move some stuff out and sell some of his stuff that he left in there and ended up paying him that money of, like, what we sold. And he actually rode with me to title because he didn't have any kids around and he didn't drive anymore. So we. We drove together to Tidal.

[Co-host/Interviewer]

Do you guys still hang out or.

[Joanna]

No, we don't hang out anymore. He was so sweet, and he was so happy to be in his community. So, yeah, it was a really beautiful experience. So I ended up calling my brother as well, like, right after, and I was like, hey, you remember that 100k

[Henry Washington]

you said you had?

[Co-host/Interviewer]

I need it all now.

[Joanna]

I'm gonna need that money. So then immediately my brother was like, okay, so how are you gonna pay me back? And I'll. And so then we, my husband and I, started the journey of getting a HELOC on our first property. Okay. So we were homeowners at the time. We bought our house in 2016. And so by 2023, we bought it for 130. And it was. When it appraised at that time, it appraised for 250. Okay. Oh, wow. So we were able to pull out $100,000 HELOC on that property. And I paid my brother back, like, two months, you know, so once we closed on that, I paid him back.

[Co-host/Interviewer]

So he lent you the money to close and you paid cash for the deal?

[Joanna]

Yes.

[Henry Washington]

Okay.

[Co-host/Interviewer]

Then you paid him back with the heloc.

[Joanna]

Right.

[Co-host/Interviewer]

Was this a flip?

[Joanna]

That was the idea going in for it to be a flip. After just telling my family members about the property, they were like, it's in such great shape. Like you should just keep it. So we fixed it up, we put new floors in it, granite painted, did some other work that needed to be done, put a renter in it six months later, refinanced.

[Co-host/Interviewer]

Great.

[Joanna]

So we were it appraised for 220. Right.

[Co-host/Interviewer]

Okay.

[Joanna]

And I pulled out just the one. It was like 110 that I was in it.

[Co-host/Interviewer]

Amazing.

[Joanna]

Wow. So perfect.

[Co-host/Interviewer]

Brrrr.

[Joanna]

Right, right.

[Henry Washington]

What does it rent for?

[Joanna]

It rents for 1,500.

[Henry Washington]

That's great deal.

[Joanna]

Yeah. And yeah, the mortgage is like 800 or so, something like that.

[Co-host/Interviewer]

Amazing.

[Joanna]

So good for you. Yeah. And it's still in really good shape. Man, I was so happy about that.

[Henry Washington]

So what I really love about this story and just kind of what I want to put out there, because I can see the comments already, like, oh, I could do this too if my family had $100,000. Right. Like, I get it. You did have a brother that gave you 100,000 to buy it, but that just bought you time because what you did was you went and you pulled a HELOC on your primary. And a lot of people do have a primary and have equity. And that's a great way to find capital because once you pulled that heloc, you just paid your brother off and you were all in it with your own money. So this is something that people can repeat. And I think one of the benefits and one of safety net that she had that I want people to realize is don't just go pull a HELOC and then go buy anything. Right. Because if you use borrowed money and buy a bad deal, you put yourself in double hot water. Yeah, Right. But you use credit card. Yeah, exactly. But you used HELOC money and you bought a really good deal and that gave you exits. You had equity. So if something were to happen and you were like, you know what, I need to sell this thing, you could have sold it, got all that money back and you were safe. So HELOCs are great tools to use if you buy a good deal and protect yourself. Man, that's super cool story. I've heard it a bunch of times, but it still gives me goosebumps when I hear it. We've got more of Joanna's story that we'll get to right after the break. 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 end up doing every weekend, flipping between a bunch of bank apps, bank statements and receipts, trying to sort it all out by property and figure out who's late on rent. But then I found Baselane and it takes all that off my plate. It's BiggerPocket's official banking platform that automatically sorts all 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 I don't need anymore. Get a $100 bonus when you sign up today at baselane.com BP BiggerPockets Pro members also get a free upgrade to Baselane Smart that's packed with advanced automations and features to save you even more time.

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[Henry Washington]

all right, we're back on the Biggerpockets podcast with Joanna, and she was telling us about her first deal, which ended up being a rental property. So what happened next?

[Joanna]

Oh, so after we bought that one, it was July of 23. My husband was laid off from his job and I was not working at the time, so I had just had a baby when we had baby number number five. Baby number five.

[Co-host/Interviewer]

Congratulations.

[Joanna]

Yeah, baby number five. And I was like, okay, crap, I'm a nurse. So I told him, I'll just. I'll just find work. I'LL work. We were on a call with you, with your group, and I was just telling you about our situation and you said, well, why don't you come work for me? That'll be good experience for you while you find a nursing job. So I said, sure, I'll do that. So, huge mistake working with me.

[Co-host/Interviewer]

This is going to end badly.

[Joanna]

So I was officially Henry Washington's acquisition manager.

[Co-host/Interviewer]

Nice.

[Joanna]

So, yeah, so I started working for him. And about a month later, I also started working as a nurse. So I would work three days, 12 hour shifts. And then on my days off, I would work for Henry. And then my husband was at home with all the kids, which he loved. Actually, I even more doubled down on, like, I need to learn this stuff. You know, I mean, I was very blessed on my first deal. I was very happy about it, but I was still very scared. So I. I'm still scared all the time. So I worked for him and that helped me a lot. Just like running numbers, talking to the sellers, going through the process. And I finally got another call from a mailer in April of 2024. It was a house on an acre out by the lake. And. And so I went out there to see it. I offered him. I think I offered him 130.

[Henry Washington]

Did he ask for 110? And you were like, no, no, no, I've got 130 for you.

[Co-host/Interviewer]

He's like, I could get Henry to pay 150.

[Joanna]

He also was an older man looking to travel. He wanted to buy an rv. He also was looking into, like investing into other things. And so he wanted like liquid cash. So we went back and forth a little bit on that one and we ended up settling at 140.

[Co-host/Interviewer]

Was the idea to flip this one?

[Joanna]

Yes. So this one, I wish, I wish I would have kept it. It was a cute home. And it's like not even five minutes from the lake. So I ended up putting new floors in it, painting it granite, and it was a very light flip for me. So I was like, okay, I see why people do this.

[Henry Washington]

So what was the rehab budget on it?

[Joanna]

So the rehab on that one, I think we spent what, 30. 30 on. Took a lot longer than it was supposed to. But anyways, we ended up putting it on the market for 275.

[Co-host/Interviewer]

Yup.

[Henry Washington]

And you were in one 170?

[Joanna]

Yeah. Yes. 24 hours later, we had a offer for full price.

[Co-host/Interviewer]

Unbelievable. That's so cool.

[Joanna]

Yeah.

[Co-host/Interviewer]

So did you just finance it with cash because you pulled that one 10 out of the first deal? Or did you use any financing?

[Joanna]

When we've refinanced our rental, we use that money to pay the HELOC back. So we had 100 k. And.

[Co-host/Interviewer]

Okay.

[Joanna]

By this time, I had already pulled a HELOC also on my rental property. So I had 100,000 from our primary home, and then I had 75,000 in a HELOC from our rental property. So that's the money that I use to. To pay for it and to fix it.

[Co-host/Interviewer]

It's just an example of how once you get that first deal or second deal, you can use the equity that

[Dave Meyer]

you have, and that starts to build

[Co-host/Interviewer]

momentum and never gets easy, but it makes every deal a little bit easier.

[Henry Washington]

Never gets easy. It always feels scary.

[Co-host/Interviewer]

Yeah.

[Henry Washington]

But when you buy a good deal, you do have somewhat of a safety net. And it sounds like the second one was a good deal, too, because you were all in for 170. You had it on the market for 275.

[Joanna]

Right.

[Henry Washington]

Had an offer, full price in 24 hours. So what were you able to, like, net walk away with on that one?

[Joanna]

I walked away with 82,000 on that one.

[Co-host/Interviewer]

82,000 is your lucky number. It's the second time it's come up today.

[Joanna]

Yeah.

[Dave Meyer]

All right.

[Henry Washington]

Can I. Can I ask this for some perspective? How much were you making as a nurse?

[Joanna]

Oh, God, I think I was making yearly, probably like 50, maybe 50 to 60.

[Co-host/Interviewer]

Unbelievable. And how long did that whole flip take you?

[Joanna]

Probably about five months. Because I let him stay in it. Yeah, I let him stay for a month. It took us about a month to fix it all up. And then, yeah, once it hit the market, it was unreal. Yeah.

[Co-host/Interviewer]

So I imagine at this point, you're all in on this. You're like, yeah, I just made more than my annual salary.

[Joanna]

My husband was like, okay, we're doing

[Henry Washington]

this, both of us.

[Co-host/Interviewer]

Like, that's what I'm talking.

[Henry Washington]

Then both jobs combined. Henry's cheap, so.

[Joanna]

So, yeah, I mean, that was. You know, my husband was like, this is crazy. And I was like, this is crazy. So I continued to work for Henry. I continued to do my nursing job. While I was fixing that one. Around June, another house came up that a wholesaler had. Essentially, he contacted me and was like, do you know Henry Washington and. Or do you work for Henry Washington? And I said, yes, I do. And so he said, I have a house that I'm looking to sell. I went to go see it. Made the offer.

[Henry Washington]

Made the offer for me.

[Joanna]

Yeah. Made the offer for Henry. And Henry, you know, the goat, he's just had all these projects going on. So he was like too busy? Yeah, he was so busy. So, so he was like, hey, you know, what do you want to do this one? And it was a very scary one because it was not what I'm used to. I'm used to these little pretty ones that I can just, yeah. You know, put some floors, paint granite, you know, obviously I was not going to say no, but I was definitely scared. And so I was like, yeah, no, I'll take it. It's not a big deal. Yeah, I got it. And so he was like, all right, find money.

[Co-host/Interviewer]

Oh, you thought I was going to pay for it.

[Joanna]

So my mother in law had just retired and I knew we were on the brink of closing the one by the lake. So I was like, that money's gonna come right back to me. So I talked to my mother in law about lending us money. And then my other brother also, we were just having a discussion and I was like, I don't, I don't know where I'm gonna have to get these other $50,000 because we went under contract for 150,000 with her. And he was like, well, you know, I, I have a HELOC on my house. I can just let you borrow that. You could just pay me the interest on it. And same with my mother in law. I actually was the one who had the idea in a savings account and it wasn't really making her a whole lot. So I was like, listen, I'll pay you 10% on your money if you let me borrow it.

[Henry Washington]

That's fair.

[Joanna]

So I, I borrowed the money from them to pay for the Bella Vista closing. Yes. And then once I closed on the lake one, when we got that money, I used that money to rehab the Bella Vista one.

[Co-host/Interviewer]

Can I ask you a little bit about this? Because in real estate everyone always talks about private money. Right?

[Joanna]

Right.

[Co-host/Interviewer]

Private money. It sounds like this like, organization of

[Dave Meyer]

like bankers who are like handing out cash left and right.

[Co-host/Interviewer]

But usually it's friends and family, at least when you're starting it is very. You know, I do some private lending. I don't really lend to new people if, if they haven't done a couple of deals. But I imagine it's hard to approach your family and friends with those conversations. Can you just tell us a little bit about like how you approach those con, how they went?

[Joanna]

Definitely. So I really had to lay all, lay all the numbers out for them and let them know that their money was secured by the asset. Right. So, you know, with my mother in law and my brother, I just let them know, listen, if I was to sell this how it is, you could still get your money back. It's, it's a good deal where we could clean it up, put everything in a dumpster, get it nice and clean and we can probably still sell it as is for X amount of doll and you can get your money back. Like, I wanted them to know that it was a safe investment for them, that I wasn't just like making up numbers. And, you know, I really had to explain everything out to them, what I planned on doing and what the value of that house was.

[Co-host/Interviewer]

I mean, that's great. That's how a bank would think about it.

[Joanna]

Right, right.

[Co-host/Interviewer]

Looking at the collateral and operator experience.

[Henry Washington]

So this one you paid one for 150. Put how much into it?

[Joanna]

We actually ended up putting 60 into, which was about budget of what we were meant to put in it. And we sold it for 281.

[Henry Washington]

So you made what, 40?

[Joanna]

Yeah. One thing I didn't budget for was like windows. That was something that I wasn't expecting but still worked within the budget. I have a lot of uncles that help me on that one. That's nice. Yeah. I ended up getting a roof for like five grand.

[Co-host/Interviewer]

Oh, nice.

[Henry Washington]

So that helped me in terms of roofs. That's almost free.

[Co-host/Interviewer]

What is your uncle's phone number?

[Joanna]

Yeah, so. So that helped me out with the budget. I was able to put the money that I thought I was going to put into a roof into the windows. My stepdad does floors and tiles, so he did my floors and tiles on that one.

[Henry Washington]

Not for free though.

[Joanna]

Yeah, not for free, but he, you know, he helped me out. Yeah, yeah.

[Henry Washington]

She got a dose of reality on this because it didn't sell in 24 hours. And when I tell you this girl is freaking out after like two weeks on market. What did you do wrong that you didn't have enough?

[Co-host/Interviewer]

I think a whole generation of investors felt that in 2024 though, or 25.

[Joanna]

Yeah, yeah. I listed it in October of 2024. And crickets, I did everything brand new. So roof, windows, water tank, I mean, everything was new. But everyone wanted the heating and cooling system. Like they wanted a brand new heating and cooling system.

[Co-host/Interviewer]

Just the one thing you haven't done.

[Joanna]

The only thing I didn't do.

[Co-host/Interviewer]

Do you have an uncle who does hrec?

[Joanna]

I don't. I don't have a couple that does H vac. I know, I'm telling my cousins. I'm Like, I need one of y'

[Dave Meyer]

all to do H Vac.

[Joanna]

So anyways, we did end up going under contract in December, and we closed in January of 25.

[Henry Washington]

Nice.

[Joanna]

The next step, because my Realtor was like, okay, it's getting long here. Like, I know your money's out. Like, I know you're making those payments. So what he's like, I really recommend if you don't sell it, just. Just rent it or like, airbnb it. And we still would have been in a position, I think, to be able to do that.

[Henry Washington]

Perfect.

[Joanna]

But that week we had that conversation, we ended up having, getting an offer on it.

[Co-host/Interviewer]

How many days on Market?

[Joanna]

Over 50.

[Co-host/Interviewer]

Yeah. I mean, that's like average these days, but I'm sure it was average.

[Henry Washington]

I remember it was. It was over a month. Because at about a month, you were. You were asking me. You're like, I don't know what I want.

[Joanna]

Yeah.

[Henry Washington]

And I'm like, all right, let's run through the numbers. And I'm like, like, you're sitting on 50 grand here. Like, you're fine. All right, Joanna, that's three amazing deals. I like the creativity you use to be able to get these things financed, but it's actually not the most creative deal that you've done. And we'll get into that one when we come back from our break.

[Dave Meyer]

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[Henry Washington]

All right, we're back on the Bigger Pockets podcast and we are talking with Joanna, and she's talked us through three deals that she's done where she's had to get creative with how she took the deals down, but they were really successful. But I know you've got another one that involved a little more creativity, so let's talk about that one.

[Joanna]

So in northwest Arkansas, we had a huge tornado come into the city that was May of 2025. The city was destroyed. It was the worst thing that I think we've ever it's that has ever happened in this area, tornado wise. There was a house on a corner lot that I would drive by every day.

[Co-host/Interviewer]

Had it been tornado damage?

[Joanna]

Yes. So there was no roof on it. And one day I happened to drive by and I saw somebody putting a for sale, like an older man putting a for sale sign. So I stopped immediately and hopped down. And, you know, I was like, hi, my name is Joanna. I'm a local investor in the area and I wanted to talk to you about your property. Can you tell me a little bit about it? And he was like, well, as you can see. And so I said, okay, well, let's just get to it. What are you looking to get for it? What do you want? And he said, I really like to get 120,000. I immediately messaged my realtor, asked him for some numbers. He told me ARV was 350, 375. So the very next day, I walked to the house with my uncle, who's a contractor, and he was like, listen, honestly, roughly, he's like, you're probably gonna spend like 150 or 60 on this house if you want to put it back where it was.

[Co-host/Interviewer]

So that's a big, a much bigger bite than massive than you've taken so far. Yeah, yeah.

[Joanna]

So I told the little man that I would give him the 120.

[Co-host/Interviewer]

Was he short?

[Joanna]

Well, he wasn't a little nervous. He He. He was very sweet. He actually, as we're signing the contract, had people like pulling up and were like, wanted to buy it. And he was like, nope, I'm selling to her. We're signing a contract as we speak. And this guy was even like, I'll give you 150. And he was like, no, I'm gonna sell it to her. And I told him. I was like, take it, Take the money.

[Co-host/Interviewer]

People just want to sell you houses.

[Dave Meyer]

Honestly, no.

[Co-host/Interviewer]

It really is a skill that you have. Like, if you obviously have a way with people, they trust you and want to work with you.

[Joanna]

I think he was a very old school man and was like, we shook on it. We signed the contract. I'm selling to you. And I was like, this is nothing but a piece of paper if you want to sell it to him. So anyways, I ended up closing on that one. It was going to be a flip. My husband walked it with me one night and he was like, why don't we add rooms up top? And he was like, we could just move in it and it'll be brand new. He's like, we've been talking about, we want a new house. All the houses in northwest Arkansas that are four bedroom, five, you know, they're selling for a significant amount of money.

[Henry Washington]

So you're currently at this time married with five children, right?

[Co-host/Interviewer]

Yeah.

[Henry Washington]

So it's seven of you and you were living in how. How much square footage?

[Joanna]

It's 2100 square feet. We had a bonus room in the back, but really it was a 3, 2. They converted the garage, so we used that as a play area. But so we had all the boys in one room. Baby was in the room with us. And the oldest, obviously, she had her own room because she's the oldest girl

[Co-host/Interviewer]

ready for a bigger house.

[Joanna]

It was crowded. Yeah. Our older boy, he's 11 now, but he was just like, like, you know, they never really complained. They like being with each other, but we knew that they needed their own space. Yeah.

[Co-host/Interviewer]

At a certain point. Yeah.

[Joanna]

Right. So.

[Co-host/Interviewer]

And this house that you're talking about, I mean, popping the top's expensive, but there's no roof on it.

[Joanna]

There's no roof.

[Dave Meyer]

Lid's already gone.

[Henry Washington]

The top's been

[Sponsor/Ad Voice]

okay.

[Joanna]

Yeah.

[Co-host/Interviewer]

And you're gonna have to do some structural work, I assume, on this house anyway.

[Joanna]

Right. So we ended up getting an architect out there and getting an engineer out there to let us know if it could bear the weight of, like, adding on top. They said yes. The house was originally a 3, 2 but again, it had like a. It had like an office in the back without a closet. And so we ended up converting that office into an actual room. And then we built a room upstairs with a bathroom. And so it became a 5 3.

[Dave Meyer]

Okay.

[Joanna]

Is what it ended up being. And. And I had a garage, which I was so excited about, because we didn't have a garage at our old house. So it ended up 5:3. We started on that renovation in August of 24. I didn't have any money. I mean, we had money, but not enough for me to pay cash, as you can say.

[Co-host/Interviewer]

And this kind of changes it because you're not going to sell it quickly. So you need money that you can leave into the deal.

[Joanna]

Right. I went to several banks to ask them for a loan on this house. We looked terrible because we had both our helocs out. So we had our helocs in the Bella Vista house because it wasn't selling. Essentially, I paid my family back, my mother in law and my brother with the helocs. And so we were out the helocs. And people were looking at us like, y' all are crazy. You have $175,000 in debt and you think, I'm going to give you a loan? Yeah. So several shut doors, like, they would not. They would not. And I was starting to freak out because I was like, how am I going to find the money to pay for this? Like, I told him that I already

[Co-host/Interviewer]

had it under contract. But you hadn't closed.

[Joanna]

No, we had it under contract, and I was looking for the money. One of my cousins said, you need to go see Martin at Legacy. He knows our family. He's helped me with some deals. So there I go, right before my nursing shift, I go in there and I'm explaining to Martin the situation. And I said, listen, as soon as this Bella Vista property closes, I'm going to pay those helocs back. I'll be in a way better position than I am now. I've done a few deals. He was like, well, tell me about you. Tell me about. Tell me about you. Are you from here? Like, what? I said, well, obviously, you know my cousin and you know my brother. All my brothers have their own businesses. And then I started doing this. And I said, my mother has her own business. And he was like, what does your mother do? And I said, she cleans houses. And he's like, oh, okay. He's like, what's her name? And I was like, Delilah. I was like, her company's De's cleaning. He was like, delilah? And I was like, yes, Delilah. Dee Dee's cleaning is your mom? And I was like, yes, Dee Dee's cleaning is my mom. And he was like, she cleans my house. He was like, I know your mom. I've known your mom for years.

[Co-host/Interviewer]

Oh, my God.

[Joanna]

So I was like, no way. And he was like, I'll tell you what. I know your mom. I know she's an amazing human. I know she works hard. He was like, I'm gonna work this out for you. We're gonna get this done. He's like, we're gonna get this done. So essentially, community bank. Yes, local community bank. And he ended up lending me the rehab and lending me the. The purchase. So we just had to come up, obviously, with the. It was 10 down payment.

[Co-host/Interviewer]

And was that financing? Did you refinance it when it was done?

[Joanna]

Yes.

[Co-host/Interviewer]

So that was just like a bridge loan kind of thing, right? Yeah.

[Henry Washington]

So purchase was 1120 20. Rehab was 1 16. So you're all in for 280.

[Joanna]

We were all in for 280. And when we refinanced the house, appraised for 420,000.

[Co-host/Interviewer]

Wow. Unbelievable. That's so cool.

[Joanna]

Yeah. So we ended up just refinancing it, and now in the process of pulling a heat lock on that one as well.

[Co-host/Interviewer]

Amazing. And the kids like it.

[Joanna]

The kids are obsessed with it. They love it. They love it so much. And I'm not gonna lie to you, I used to talk to Henry about this because they used to make me mad. They did not wanna move from our old house like they were, because they just, like, loved the neighborhood, and they lived there all their childhood. So we'd walk it when it was almost done, and they'd be like, I don't like this. I don't. And I'd be like, you ungrateful little thing. I'm working two jobs. I'm flipping houses. I'm trying to do something for you guys, and you guys don't like it.

[Co-host/Interviewer]

And now they love it.

[Joanna]

They love it. Yeah. They are obsessed with it. They're so.

[Dave Meyer]

That's great.

[Co-host/Interviewer]

What a cool story. Good for you.

[Henry Washington]

What I like about this story is there's a couple of lessons, like, in real estate investing. Oftentimes we make decisions for other people. Like, it could have been very easy for you to say, Four banks told me, no, they're right. My finances aren't in the best place. I get it. And you could have walked away from this deal. Right. That obviously has improved your family's life for the better. And so I think there's a lesson in this and not taking no for an answer. Right. Like banks, one bank isn't the end all be all. And community banks can be a little more flexible. So instead of just saying no, you had to go put yourself out there again at the risk of being told now. So I love that you put yourself back out there. But also this is what community banking is, right? Like personal relationships matter and there are ways you can manufacture connection. Like we've talked about this all the time. Get in your local community groups, you can go to RIA groups and meet local bankers. You can go to Rotary Club meetings and meet local bankers, you can go to chamber of commerce groups and meet local bankers. And you'll meet them on a more personal level. So that when you're walking into their office, at least these people have seen you. So these are things that you can manufacture. But like this, the point of community banking is to support local businesses. And as a real estate investor, as a house flipper, you are a local entrepreneur. So walk into these banks, put yourself out there and try to take advantage of some of the benefits that come from community banking. I love this story. It literally makes me feel good every time I hear it. I just know your family personally. Joanna's children are just amazing human beings. And so like me, envisioning them in this house just makes me feel good. So it's a super fun story. It's great that real estate has allowed you to do that. So did you continue to buy? What's your portfolio look like now?

[Joanna]

So after we did the refinance on our house that we're living in, we. I got a call about some duplexes. So we bought duplexes and we bought those for 240. We have each side rented out for 1200. Yeah, perfect. So we fixed both the sides, but one of them had a more extensive rehab. So we fixed that side. So they appraised for 350. And then shortly after, in September, I got another call. Well, actually it was a call, but I'd been following up with her for a while. Was another tornado house. This one had half of a roof. I'm currently working on that one. And I just recently went under contract last week on another one in front of the house where I live right now.

[Co-host/Interviewer]

Amazing.

[Joanna]

So across the street. Yeah, So I have two flips going on right now. And we have a duplex and two rental homes. Right?

[Henry Washington]

Amazing. Wow.

[Co-host/Interviewer]

Congratulations. So, I mean, it's been less than four years since you started. You said you started in 22, and it sounded like when you got it started, you had some goals. Right. You want to bring in more income, get your husband closer to home.

[Joanna]

Right.

[Co-host/Interviewer]

How has your progress so far helped you in pursuit of those goals?

[Joanna]

Goals. Oh, wow. Tremendously, because we were able to pay off a lot of debt that we had. He is now home, so we're happy about that. I think my biggest goal that I didn't know I had at the time was this house. So our brand new house is just life changing that we were able to acquire that and invest in it and still not have because mortgage rates are high. So we were like, how are we gonna be able to afford a $600,000 home? So now, you know, we have this room for everyone. It's brand new and we can afford it. And so that's like my biggest happiness of all of this is that I was able to put my family in a brand new home and it's enough space for all of us and we all love it.

[Co-host/Interviewer]

I love what you just said. That your goal being your own lifestyle. I think a lot of real estate investors focus on, like, financial freedom. Like it's the. This thing.

[Henry Washington]

Yeah.

[Co-host/Interviewer]

Years in the future that you go out and pursue and nothing is good until you get that. But you're a perfect example that, you know, real estate can help you improve your life today. It doesn't have to be once you hit X amount of doors or some net worth, like you have improved your family's life. Intangible ways you have a new house, your husband's home, and closer to his family. Like, that happened quick. Like it didn't have. You didn't have to get dozens of doors. Like, that was less than four years ago. So it's a very inspiring and tangible story.

[Joanna]

Yeah. So that's just the biggest thing, that he's home. We're in our new house. And he ended up opening up a car dealership.

[Henry Washington]

Amazing.

[Joanna]

That's what he does. So, you know, just for us to have the lifestyle of being able to be there for our kids, for soccer, for school things.

[Henry Washington]

Five kids. That's a lot of kid activities. I got two. And it's a lot to keep up with.

[Joanna]

Yeah. So, gosh, that's just like my biggest thing.

[Henry Washington]

This story is amazing and I'm sure a lot of people got a lot of value from it, but I also know there's probably some people listening who maybe feel like, man, I don't know if I have the confidence to do this. I don't know if I have the time to do this. I don't know if I have the finances to do this. And you struggled with a lot of those thoughts. So what, what piece of advice would you give to the young lady or man listening right now and feeling those feelings?

[Joanna]

Oh man, I really had to make the time. Especially when we would have the meetings. I would be cooking on the meetings, I would be at soccer practice on the meetings. I started telling myself, I'm going to do this. I'm going to be a real estate investor. I'm going to find my first property just believing it because I didn't believe it. I didn't believe that I could achieve what I've achieved so far. That girl would never in a million years think that she would be in this position right now. So really just tell yourself every day that you're going to do this and it will happen.

[Henry Washington]

So I love it. Thank you so much. Thank you so much. Thank you so much, Joanna, for coming and sharing this truly inspiring story. It is a testament to how real estate can benefit benefit you in the short term and long term and a testament to how we all have to kind of overcome our own, you know, negative self thought and self doubt. But there's fundamentals to real estate and if you follow the fundamentals, you can a build wealth but B protect yourself while doing it. And I know that there was scariness and risk along the way, but you navigated that and you mitigated that and it shows. So we're proud of you and thank you for sharing that with us. And for those of you listening, we hope you got great value from this episode. We appreciate you joining us and we'll see you on the next episode of the Bigger Pockets Podcast.

[Dave Meyer]

Thank you all for listening to the Bigger Pockets 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.

[Legal Disclaimer Voice]

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.