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Ashley Kerr
Most people Hear army veteran, four kids, foster mom and full time W2 and assume there's no room left in the day for anything else. Molly Shepard heard that and thought perfect time to flip a house.
Tony G. Robinson
In just 22 months, Molly and her husband Kyle closed Eight Flips, picked up two rental properties and have more in the pipeline. All while Kyle made the leap to full time investor and Molly kept her W2 at the nation's largest VA lender. And today she's here to show you how exactly they made that.
Ashley Kerr
This is the Real Estate Rookie Podcast. I'm Ashley Kerr.
Tony G. Robinson
And I'm Tony G. Robinson. And with that, let's give a big warm welcome to Molly. Molly, thank you for joining us on the Real Estate Rookie Podcast today. Excited to have you.
Molly Shepard
Thanks for having me.
Ashley Kerr
I'm excited to be here, Molly. Before we get into the deals, I want to paint a picture for our listeners. So as we mention in the intro, you're an army vet, you work full time training loan officers, and you have four kids, including a foster daughter. So what made you decide to tackle all of this going on in your life at the same time of doing your first flip? Where does real estate fit into your life at this time?
Molly Shepard
I think I have always kind of gone against the grain a little bit, so that kind of came naturally. But when I was started working in real estate on the loan side of things, I really started becoming interested in the flipping and investing side of things. That's kind of what got me started.
Tony G. Robinson
So yeah, but I think what a lot of rookies hear, Molly, in your story is that you've got a lot going on and that that mimics a lot of what they're feeling as well. And there's this really weird paradox that we hear often where people want to invest in real estate so that eventually they have more time in their lives. They have more time to maybe be job optional or they can go part time or they can just have more time to do whatever it is they want to do, but yet they can't invest in real estate because they don't have time. And it becomes this like securitus thing where it's like, well, you can't Break the cycle. If you never do the thing that's going to give you the time. Right. How did you not fall victim to that same mindset or getting stuck in that same loop?
Molly Shepard
I mean, I think I have that same mindset of like, I do want the option to be W2 optional. I do want the ability to travel, you know, across the world, not just like in the States with our family. And I want to be able to do that when we're young and like not wait to travel until we're, you know, retired at 70. So I think working really hard now is going to pay off in the long run, even if it seems like a lot now.
Ashley Kerr
And Molly, was there anything that you were doing that maybe someone else isn't doing that's giving you that step ahead as far as, you know, taking on that first flip? Are you, did you make any changes in your life or sacrifices during that time period when you were kind of learning, researching and growing and ready to do the first deal?
Molly Shepard
I think a lot of times I hear people say I don't have the time or like, I don't know how you make the time. And everyone has the same 24 hours. And I think it really comes down to what do you do with that time. So you know, for instance, in the mornings when I walk, like I listen to rookie real estate for almost two years before we pulled the trigger. And then when I am at my kids soccer practice, I am on the phone with investors or I am working numbers on deals. Yes, I'm still paying attention, I'm still watching them. But like, I just kind of make sacrifices there so that I still am able to be present but also like be efficient with my time.
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Tony G. Robinson
how do you think your experience in the military maybe shaped your ability to maybe have a little bit more discipline than the average person, if at all?
Molly Shepard
Yeah, flexibility. I think, you know, everything, especially in real estate, everything changes daily, hourly, by the minute. And that was really easy for me to do coming into real estate because I was so used to doing that in the military already. And I think that comes down to a lot of places in my life, you know, being a foster parent as well. It's just like things change all the time and we just have to adjust and adapt and overcome is what I like to say all the time.
Tony G. Robinson
Now you talked about binge watching, you know, the Rookie podcast and doing that, doing your 5am walks. But for a lot of folks, they get stuck in that analysis process phase. I think you mentioned it was like two years. What finally broke you out of that just consumption phase to push you toward actually taking action.
Molly Shepard
After listening to so many and them all, I feel like having the similar bottom line of like, just go do the thing, pull the trigger and figure it out. I think the fear of knowing that you're going to make mistakes, but as long as you kind of cross your t's and dot your I's on the basics and like know that the numbers work, the rest will fall suit. I think that was really helpful to me. Um, and then I feel like literally after listening to episode after episode, it was finally like somebody shook me and said, just do the thing.
Ashley Kerr
Now, during this time, was your husband on board from the first day you listened to Real Estate Rookie and how also your family and people around you, were they on board with you doing this?
Tony G. Robinson
No.
Molly Shepard
So my husband had flipped our two, like previous primary residences while we were living in them. And it was nothing crazy, just, you Know, more cosmetic. And I knew that he just wasn't satisfied with his job. I could just tell, you know, he worked behind a computer all the time and it just wasn't his thing. And I was like, why don't you do this full time? And he was like, are you out of your mind? Like, we have four young children, like elementary school and under. So he was not on board at first. And then I was like, what's the worst that can happen? You go get another job? Like, that's, that's really the worst that could happen. Right. So when we went to our parents and said, hey, Kyle's going to quit his job and we have four young kids, they thought we were out of our minds, which is common. Right. Becoming foster parents and being in the military. My parents already know that. Like, what are we going to hear from her next? But they were very leery at first, and I kind of told them the same thing, like, what's the worst that happens? As we go, he goes and gets a W2 job if it doesn't work. So that's kind of the mindset that we've had. And literally, it has been life changing positively since then.
Tony G. Robinson
So, Molly, let me ask, because a lot of people that are listening are, Are much like you were. They were, they were in this kind of solo mode of consumption and, you know, obtaining all of the knowledge and, and getting that, that exposure to real estate investing. How did you actually get Kyle to the point where he believed in it as well? Like, like, what did those conversations look like? How did you get him on board with the idea of investing in real estate before actually even getting him to go full time?
Molly Shepard
Yeah, I just kept reminding him, like, do you want to live your life doing the same thing just because it's easy and habit? Right. He's kind of a creature of habit. And he would, you know, side eye and I mean, but it's, you know, it's just easy and normal. And I was like, but I, I don't want to live that life forever, so why not just step outside the box? It's so funny. He's not quiet necessarily, but more. Not outgoing. Not as outgoing as I am. And when we would go to look at these houses, at first he was just quiet. He's like, you know, I'll just work on the numbers side of things. Now he's the one that is calling the contractors, communicating with the inspectors and, like, building these relationships and also reaching out to new investors and like, getting them to pull the trigger of, like, hey, if I did this and I was such a creature of habit. I think you can also do the same.
Ashley Kerr
Now, on your side of things, you've worked, you know, for the VA and helping other people purchase with lending options. How has that benefited you having those relationships and, you know, working with those investors on your side of things?
Molly Shepard
Yes. So first, I don't work for the va, so I work for the top VA lender. Purchase lender. Can you ask that question again? Sorry.
Ashley Kerr
Okay, so with your job now, your W2 job, you work with the largest VA lender. So you're seeing people go in for, you know, purchase properties, you're helping them through the lending process. You know, you kind of described your husband's responsibility and things. Have you used your W2 and the things that you have learned from it and your skill set to kind of help you guys in your business of doing these flips and getting these rental properties?
Molly Shepard
Absolutely. I think one of the main reasons why I became interested is because I know the background of a lot of the, you know, brothers and sisters that I served with. You know, a lot of them are not only first time home buyers, they're first generation home buyers and they're not coming in and buying $500,000 houses off the bat. And I wanted to find a way to, in my own community, create some flip properties that are, you know, affordable and able for these people to actually live in. Because I see the finances and the stress that that much must have on them. And so that has had a huge impact on also who we rent to is we, we focus on, you know, homeless veterans and veterans that need housing of any sort.
Ashley Kerr
Okay, coming up, we're going to take a short break, but Molly's going to walk us through the deal that started it all. A 50 year old granny house full of 50 years of junk and the specific mistake that cost them $9,000. And another deal that every new flipper needs to hear. We'll be right back after this break. Okay, so welcome back. We are here with Molly and let's go back to the beginning of your very first rookie deal. So a neighbor of a former business partner actually passed away and you got the opportunity to see this house and it ended up being a true granny house. So take us inside that property. And what did this deal look like?
Molly Shepard
Yes. So it was wallpaper, old flooring, yellow tile, your typical. They have lived in there forever. And not updated. A bit of was very clean, just a lot of junk. So you had to be able to see past all the junk to kind of see what you could do with it. But when we got in there, my husband was really excited to do all of the things. And when we came in, you know, when we had our mentor come in and we were like, these are the things we want to do. They had to really set this, the market straight of like, hey, you're not flipping this for yourself, you're flipping it for the area. And I know that you kind of want to do all of these extreme updates, but I don't necessarily know that that's what you should do in that area, which was really, really helpful for us to kind of get in a different mindset when going into the split.
Tony G. Robinson
Can you talk about that? Like, how do you, how do you determine how much is too much rehab? Because I think that is a mistake that a lot of newer investors tend to make is that they think about renovating a place for themselves to live and not necessarily who the end buyer is. How do you, how do you walk that line of not doing so little that it doesn't actually get the sales price you're hoping for, but not doing so much that the deal actually becomes unprofitable?
Molly Shepard
Yeah, I think it was huge to realize, hey, comparables in the area had three ones, right? Like, they were a three bed, one bath. So, like adding a bathroom in the bed or in the basement, like, was that going to benefit us as much as we thought it was? And it's going to take more time, it's going to take different permits. When it's like, okay, if we could just go in and do flooring and cabinets and paint, we're going to be able to flip it much quicker and it's going to still meet the needs of our buyers in that area. So definitely looking at comparables, you know, recently sold properties and seeing what they've done is extremely helpful in all of the markets that we've touched.
Ashley Kerr
Now, Molly, can you share with us the numbers on this deal? What was the asking price? What did you purchase it for, what was the rehab, the time frame, and what did you end up selling it for?
Molly Shepard
So this property we purchased for 115,000 and then we put about 35 in rehab into it and we sold it for. We listed it for 195 and we sold it for 200.
Tony G. Robinson
Wow, that's a great first deal.
Molly Shepard
Yeah.
Tony G. Robinson
Is that purchase price typical of that area?
Ashley Kerr
Yes.
Tony G. Robinson
And for the listeners who don't know, where are you based out of?
Molly Shepard
I'm in St. Louis. So we focus on St. Louis county and then St. Charles county are our two areas.
Tony G. Robinson
So I guess a few questions here, right? I want to talk a little bit about actually finding the deal because obviously you have to find a great deal to be able to get that kind of margin. Right. You bought it at 115, said 30 grand in all in for 145. You sell for almost 200. So, you know, good margins. There's. But how did you actually find the deal? I know that we mentioned that it was like a friend of a friend, but what did that actually look like in practice?
Molly Shepard
Yeah. So our previous business partner, she had reached out because her. Her mom actually lived in the house across the street from this lady and that the family kind of reached out and was like, hey, I know that your daughter is getting involved in this. Would you guys want to do it? And they were so grateful. It was really cool. They. Our previous partner, she took them to do like a final walk through and there were lots of tears had. And it. It was really cool to see that they knew that we took really great care of the property because I think that's an area that's missed a lot is like, oh, they'll just sell it to some flipper and they never see or hear from it again. And that's an area that we've used kind of a tactic that we've used moving forward. We focus on letting them know, hey, we will share with you as much as you want to know. You know, progress photos and final, final photos, all of those things. We would love to share those with you if you want that. And especially to give you kind of. Especially if the property's been in your family forever. We want to be able to give you that peace of mind and, you know, burden, like, left off of you after. After selling the property.
Tony G. Robinson
But how did that seller know, Molly, that you and that first partner were even options, like, like, how did the word of mouth actually get around to that person? That's what I'm most curious about.
Molly Shepard
Yes. Social media. I thought it was crazy. I think that was a really big thing in the rookie podcast when I would listen and I. I was like, how are you saying that we buy houses, right? You're like, we buy houses. And I'm like, that is not my money. I'm not buying anything. So that was really hard for me to get over of. Hey, I can say this. And they don't. They don't need to know the background as long as the property is being taken care of. Right. So the we buy houses thing, we were posting a lot on Social media. And it did feel very. What's the word? Like, I felt very out of place.
Ashley Kerr
Like imposter syndrome, in a sense.
Molly Shepard
Yes, imposter syndrome. Like, totally. Because I'm like, I'm not buying the house. Like, what am I talking about? But I'm can. I'm controlling all of those factors that they don't have the capacity to carry themselves. So, like, I'm actually taking a burden off of somebody else.
Tony G. Robinson
But Molly, what, like, what were you saying and where were you posting? Like, obviously it struck a chord. So what was that?
Molly Shepard
Yeah, our stories were very like our Facebook stories, Instagram stories. At that point, we didn't have TikTok. Now we're very involved with the Tick Tock videos, but we were just sharing and saying we buy houses. Like, if you have an ugly house or a divorce house or anything, probate houses, anything that is a burden to you, like, reach out to us and we'll make it happen. And I think that was also another part of pulling the trigger initially. Really had to do with feeling comfortable not knowing the answers to everything, but knowing where to find the answers. Right. Like, I knew if somebody came to me with a probate deal, I'm like, I don't know what I'm doing fully, but knowing that I have the resources and community to find the answer to that. And that's not something that the seller is. They can't figure out right now. So I'm helping solve that problem for them.
Ashley Kerr
I've bought probably four properties that were either from an estate or like, there was like one right now that I'm literally just closing today is that the. The owner of the property is in assisted living and the family is in a trust and his children are actually the trustees and have the decision making or whatever and dealing with them. And I cannot tell you how much of a burden this property has been for those children that are selling it. For him just having to go to the property to, you know, meet the inspector, get, you know, the appraiser, like all of these different things and then getting the house cleaned out. I mean, just the, the in the seller has been messaging me and expresses to me how, like, this has been such a burden on her and things like that. So, like, there are those motivated sellers out there who just want to get the property sold because it's not worth the headache, the hassle of like putting it on the market, going through, you know, different offers, and then, you know, maybe that offer falls through and then it's going back on the market and Things like that. So there are definitely people out there that are just motivated to be done with it. And like, one of the people that I had purchased from that was an estate. Like, they were just so sad about their mom passing that they just wanted to be able to move on with their life and they just couldn't feel like they could pot, like, finish grieving until this part was also done of getting the house sold, getting their things cleaned out and everything like that.
Molly Shepard
We've actually focused on that. So we recently kind of going into the new year with our new goals. I was like, I really have a passion for. I am a pretty empathetic person and I love helping solve someone else's problem for them. Right. So we have actually recently started going to assisted livings and memory care facilities and meeting with their directors and saying, like, hey, we will come in and help your, you know, your new clients. Of somebody that's already dealing with the stress of having to put a family member into care. Like, hey, let us take the burden off. Instead of them going to find some random person that they're not sure their property is going to be taken care of, like, let us take that on for them and then provide whatever services they need for us. If. If they want us to clean out the junk, if they want to clean out the junk themselves, if they want, update pictures, you know, all of those things. Just adding another layer that I think it could be a really cool niche, hopefully coming into this new year.
Ashley Kerr
Yeah, that is such a great idea. What a great relationship to build. Have the. How have those conversations gone? Have they been receptive or how has that worked out?
Molly Shepard
We had to figure out first. When you, like, go into those home, like into the assisted living places, you commonly are talking to the, you know, front desk person. And we figured out like, hey, we actually need to call these places ahead of time and meet directly with the director. And that has been so much better. And we've seen a lot more, you know, success. They've, like, a lot of them have been like, we have never had someone come in to kind of, you know, offer this service. And it's not something that, like, you know, we want to, you know, there isn't any referral compensation between us and the assisted living. It's just saying, hey, if you're going in with a packet of stuff to give these people that are in such a, you know, distraught state of mind, let us be like a way to calm their mind a little bit and take care of that property and be able to close as Quick or, you know, a lot of people, I feel like in that same boat, you might have already like have dealt with this, but they think that they can rehab it or they think that they have the funds. And then, you know, two months down the road after paying that mortgage payment and realizing like, I, I don't have seven grand to drop on an H VAC system, then you become an option when maybe originally you weren't an option. So I think still getting your name out there and letting them know the services you provide can be extremely beneficial.
Ashley Kerr
So are you like giving them like pamphlets, business cards, you know, brochures that they can hand out? Okay, cool.
Molly Shepard
Just kind of like a five by seven, just kind of a postcard like item that just says, like, we buy houses and here's what we can provide to you in order to make your
Ashley Kerr
life easier, which are very inexpensive to create online and get printed. Yeah, what a great idea.
Tony G. Robinson
That's a great guerrilla style type marketing, Molly. I love that approach. But, but you mentioned like someone not having the funds, you know, 7K to pay for an H vac system. How did you actually fund this first deal? Was it just money you had saved up? Was it private money? Hard money? Walk us through how you actually put together the 115 for the purchase plus the 30k for the renovations.
Molly Shepard
Yes. So this one was hard money. We had saved up some funds when my husband. Well, he was still employed at that time during the first deal. And then when he, when we were doing, when he was flipping the property and also employed, we were like, yeah, this isn't gonna work. And that's kind of when he dipped. So we originally brought the prop, bought the property in February of 2024, and he quit his job in May of 2024. But yeah, this one was hard money.
Tony G. Robinson
Got it. And hard money covered what percentage of your total costs and what did you use to fund that? That difference?
Molly Shepard
Yeah, so they actually covered everything up front. So, yeah, we just came in and paid the interest on the back end and our points on the back end. And we came out of this deal. We put in $0 of this deal besides our monthly, you know, interest payments, which the concept was wild to me.
Tony G. Robinson
Yeah, so this is in 2024. So, you know, my very first real estate deal was very similar kind of set up where I had zero cash out of pocket. I just had to pay the monthly interest costs. But I found that it's been a little less common kind of post. Especially post Covid. Who is this lender? How did you find them?
Molly Shepard
Yeah. So we found them from the real estate community in St. Louis. We, they are a big with helping first time flippers with their project. So they actually were the ones that came in when Kyle had all of these big ideas and they were like, not necessary. So they, they were such a big, great mentor to us and we send a lot of people their way when they are, you know, thinking about doing, using hard money.
Tony G. Robinson
That's incredible.
Ashley Kerr
I know most hard money lenders are the opposite. Like they want you to have some experience, but if you think about it like you give somebody a chance and they, you know, end up becoming an investor. Like, you've built that relationship for a long period of time where most lenders are waiting until you've already got deals, then starting to build that relationship where they're getting in, in the forefront and trying to get your business and building that strong. Yeah.
Molly Shepard
And I feel like it's one a drill sergeant in basic training always told me, like, we'd rather someone come in that has never shot a gun before than someone who is, you know, a pro hunter. Because we can teach them the ropes. And I think that's kind of the tactic that they take is like, hey, we can teach you all the things the way we want you to learn it. Right. And I think that is huge to their success.
Ashley Kerr
Yeah, that's so funny. Like employers will even say that sometimes, like in different industries, like, we'd rather someone brand new that has bad habits from the other job they were doing.
Tony G. Robinson
But Molly, I think it just goes to show that there are so many different ways to fund your first deal. And as long as you find a deal that's good enough, if you can get it in front of the right people and enough people, sometimes you can find someone that's going to fund everything for you. Right. And you just got to kind of worry about the carrying costs. So the first deal sounds like a home run deal. Right. Like you do everything the right way, you find a great deal, you get great lending. But you actually said that your fourth property is the one that you're most proud of. And I know it involves a woman who lived there for a long time who maybe wasn't in the best position. Walk us through that fourth deal and why you feel that one is one
Molly Shepard
that really stands out to you, that connecting piece. Right. So we found this deal our kiddos in home daycare provider. It was her sister who we bought the property from. Annette. She had lived there for a long time. And we came in and flipped it and then on the back end, it's like, so cool to even think about. We didn't know this. The agent came in and was like, you know, hey, we have a. We have a buyer and all of these things. And after going under contract, we found out that the buyer was the lady who owned the home's daughter. And she was going to now have this property as her, you know, first. First home. And now her grand. The lady's grandkids are now going to, like, be living in this home. And I just. It's so cool to think about and the different, you know, she had lived there for so long, and then to be able to walk into the same property and have such a different eye for it, and now your kiddos and grand kiddos are living in it. Just really cool, full circle moment for us.
Ashley Kerr
That really is such a cool thing to find out that you were able to provide that service for someone in their family and to keep the property in the family. Because sometimes I think there is, like, this, like, bad reputation of investors of like, oh, you're stealing from grannies, you know, you're taking their home, you're cutting yourself a deal, and they're getting the shaft and stuff. But the fact that the same family actually went and came and bought the house at the price you were, you know, asking for and, you know, it shows that they didn't actually end up with a bad deal. They. They thought it was a good deal in the end.
Molly Shepard
Yeah, it was. It was really, really cool. I think about that property all the time because I'm like, gosh, how cool it must be for her to, like, pull up in the driveway of, like, now her kid's house that she lived in and, like, know the memories that are being created and that, you know, those same kiddos grew up in that house. Really cool.
Ashley Kerr
So, Molly, you've done eight flips in 22 months, and that's pretty fast. Now, you told us the deals that you've made money on, but have you lost any money on some of the deals and what were maybe some of those lessons that you learned along the way?
Molly Shepard
Yeah, so we did lose money on one of our flips. We did not do our due diligence when going to look at the property. Right. Sometimes you, like, trust other eyes on the property and don't look at it fully, or you're like, oh, okay. I think when we started doing multiple at a time, it gets easy to forget the really important things. Right. So we went into this property, we did not get any inspections on it, which, you know, sometimes is common for flip properties. But this one was a little bit different. We didn't notice that it didn't have gutters on it. So the rain, all the water was just dropping directly back into the foundation. And then come to find out there was $9,000 worth of termite damage that we did not see. And, you know, I'm surprised nobody fell through the flooring. The lady had lived there for a very long time, and that was a wholesale deal, which we have not done too many wholesale deals. And it was really just letting our checks and balances slide because we were working so many properties. And I think it really, it was such a good learning lesson for us to come back and be like, hey, there is no reason why this should have happened. But we let it slide because, you know, there were. There were a lot of other things going on in the pipeline, and it has really kept our checks and balances moving forward to not make mistakes like that.
Tony G. Robinson
So what, what's changed now in your process to try and avoid repeating that same mistake?
Molly Shepard
Yeah. So my husband views every single property. We take video of every property. AI has changed the flip game when it comes to being able to view a property quickly and efficiently. And if we miss something, AI is going to catch it.
Ashley Kerr
Let me, let me ask you about that, because my mind is just like, oh, my God, that's such a great idea. But I'm not sure if you're going the same way that I'm thinking. Are you uploading those images and video to AI and having them point out things to you?
Molly Shepard
Yeah. And, you know, you can upload the H VAC system and it'll tell you when it was, you know, the brand, the make, the model, the, like, any
Ashley Kerr
problem, like, oh, this model has had issues or warranty claims or things like that. Wow, such a great idea.
Molly Shepard
Yes. And there is, in, like the St. Louis real estate community, there's like an AI superstar that she just has really opened my mind to using it a lot more on these flips. And I mean, even things like, hey, can you tell me how many outlet covers I'm going to need? And it takes that video and it tells me how many outlet covers I'm going to need and how many vents. It's wild. So just using that stuff to our advantage, it kind of gives you a big brother, you know, it kind of gives you an extra set of eyes and things that you wouldn't catch. So that has really been helpful as well. And we have created just forms that are that happen on every single property where we walk it and the form looks the same on everything. So we can never go back and say like, hey, we missed, missed this.
Ashley Kerr
So with those forms, are you having it as in you upload the video and then you having AI actually fill out those forms for you?
Molly Shepard
We don't, but that's not a bad idea.
Ashley Kerr
That probably could happen, right?
Molly Shepard
Yeah. We kind of have created it off of the inspections, like our occupancy inspections, and we've taken those and just like, hey, what are the key points that we don't want to waste time on? Inspectors come in to look at these properties multiple times. Right. That's just time is money in this aspect. So that is what our forms are created off of in order to kind of keep tabs on the things we need to keep tabs on. But that's really a good, a good idea to use.
Tony G. Robinson
But when we come back, Molly, I want you to lay out some of the mindset shifts and maybe some of the tactical moves that you say any rookie can, can apply starting today, including how to deal with imposter syndrome, which you talked about earlier. How to make offers without fear and how you're involving your kids. Yes. Even the three year olds. And building generational wealth. So we'll cover all that after a quick word from today's show sponsors. All right, we are back here with Molly. Molly, you said something pretty incredible off camera, but that in the last 90 days, Kyle, your husband, has walked 114 properties, made offers on 47 and bought five. That volume is something most rookies would never even come close to first. How do you think you guys are even getting enough deal flow for him to walk 114 properties? Like where, where are you going to source that volume in such a short period of time?
Molly Shepard
A lot of our properties, surprisingly are on market, so we have started focusing on on market just because we didn't have a whole lot of luck with the wholesale game. There's just a lot of people trying to be wholesalers and they don't necessarily know the market or they don't live here. And it just makes it a little bit more convoluted. So a lot of the properties are on market. A lot of them are maybe portfolio loans that other people in the area have brought to us. Some are off market or we've created really great relationships with some realtors in the area and they'll bring us off market stuff or things that they don't think that they're going to be able to put on market or that maybe they've passed from a rental perspective on their side. So that's kind of all the different types of ways we've been getting the deals.
Ashley Kerr
Are you working with an agent that's taking you to all these showings and things like that, or has your husband thought about getting licensed?
Molly Shepard
My husband has thought about getting licensed. We do reach out to a lot of property owners as well, and I. We just don't necessarily know that we want to. It would be a great cost savings, but we don't want to. Don't necessarily want to have to, like, disclose that we're a realtor on those types of things. So we can't.
Ashley Kerr
And there's a lot of paperwork.
Molly Shepard
Yes. Yeah, it would be helpful. And honestly, like, he would be a great realtor because of the. You know, he just has a different eye for things, especially walking this many properties. I'll never forget when he came home from one of these properties, and he said. He's like, yeah, we walked in this property, and the. The people that were living there said, you know, there's a flea infestation downstairs. And I was like, oh, gosh. And he's like, yeah, the contractor was with him. Said one time we walked out looking like a strawberry, and I just couldn't stop thinking about the bugs and the strawberries. And that's not my lane. I work the finance side of things. He can look at the nasty properties. Well.
Ashley Kerr
Well, I was also curious because, I mean, I don't know the split of how many were actually on market, but, like, that's still a lot of properties for an agent to have the patience to walk through with all of these and, you know, only end up buying X amount out of seeing all of these showings. So are you working with one agent? Are you working with several? And why do you think they're okay with being available to do all these showings and, you know, not guaranteeing that, you know, maybe you'll close, you know, a tenth of them even or less.
Molly Shepard
So several. So every Friday, a realtor in the area sets up kind of a walkthrough of, like, some on market and some off market, about 10 to 12 every Friday. And new investors, a lot of them. We have a name for ourselves now. We used to be the new ones that went. Now they're like, oh, if Molly and Kyle show up, they're gonna buy all the properties. So we can't offer, but we really get to go and motivate them of, like, hey, if our numbers work on this and your numbers work on this. Make an offer, like, and I think that's a kind of, you know, you're going back to, like, mindset is just like, make the offer. And I think a lot of these realtors have realized that because we work with a few, probably three or four, pretty tight. And I think what has made them okay with looking at multiple properties is they know that when we find one, it's going through. We. We do have private money now, so they know that that deal is going to close. And there are also, you know, we're actually closing on wholesale one tomorrow. And I'm excited for that because I think this guy knows now that, like, you bring us a deal and we'll close it.
Ashley Kerr
I need to look at this at the. To flip this real quick and look at it on the agent side. So an agent is setting up almost like little mini open houses at properties where investors can show up at the allotted times, view all these properties. If you are an agent listening to this episode or what a great idea to build relationships to network with investors whether they buy one of the houses or not. Like, that is a great idea.
Molly Shepard
Yeah, we love it. And anytime that a new investor or somebody that's interested tells us, we're like, you need to go to Friday walkthroughs. Because they at least get you in the mindset and you're getting around the people. Right. Like, I think. I don't remember who says it, but the five people you surround yourself with, you know, like, that's the sum of you. And when you're doing that every Friday, chances are eventually, regardless, there are some that have been there for a year that haven't pulled the trigger, but they're going to get there. And because they're surrounding themselves with the people that are making the deals.
Ashley Kerr
Yeah. Even just to watch what other investors are looking at, pointing out, you know, asking them questions, like, just the networking piece of being, you know, a rookie real estate investor attending one of those. And like, how fun. Who doesn't love shopping for house?
Molly Shepard
It's so fun. I, like, brought my mom one time. She's like, of course trying to figure out the stories of all these houses, you know, But I was like, mom, are you ready? Like, where are your boots? Because you never know what you're going to walk through.
Tony G. Robinson
Molly, I'm curious, though. 47 offers on 114, and you even mentioned you tell the other new investors, like, hey, just make an offer. And I think that's where a lot of new investors get stuck is that they see whatever the asking price is, and maybe their numbers don't quite work there, so they just kind of walk away. Do you know, just like, ballpark, how many of your deals are actually below what the original asking price was? Is it like, you know, 10%, where maybe most of what you're closing is at or above? Or is it like 80%, where the majority of what you're buying is actually below what they initially asked? Do you have just, like, a rough estimate of what that looks like?
Molly Shepard
A hundred percent of the offers that we have put in are below asking.
Tony G. Robinson
And I think that's such an important thing for people to understand. Why is it that so many new investors see the purchase price and feel that that is like the. You know, that it's written in stone? How do you overcome that. That fear of maybe insulting the seller? That's the thing that I hear all the time. I don't want to. I don't want to insult the seller, so I don't want to go too low. How do you. How do you not get too caught up on that?
Molly Shepard
That took a while, honestly. And I didn't want, you know, us to create these relationship with these realtors, and these really. These realtors are getting, you know, cussed out by the seller because they're like, you know, why are you bringing us this offer? And I tell every realtor or anybody that if. If they want to see my numbers, I'm going to show them my numbers, because numbers don't lie, right? So I am always willing to show my numbers to show that this is what I have to be at in order to make my deal work. And guess what? I know that probably, you know, 80% of them, I'm not going to get. I know that. But I also know that if they don't have any other offers in the next four months and they're still sitting on market and they potentially don't have another option now. Now I'm an option, right? So they have. There have been multiple situations. We dealt with this on our second deal. I. Well, it would have been our second deal, but it took a while. You know, they came to us and we offered them something, and they were like, we can't take this. It was a probate situation. It was, you know, I think, a grandfather's house. And they were like, oh, no, we're just gonna flip it ourselves. And then three months later, they're like, we can't do this. And so you're still. They're still benefiting. It's A win win, right? Like, they're still getting money that they need and we are relieving them of the payment that they can't make. So don't be scared to make the offer. And also know that potentially six months later, they could come back to you and say, hey, are you still available to take this offer? Because that happens a lot.
Tony G. Robinson
I'll never forget, I think I might have talked about this in a podcast a while ago, but when I first started trying to invest again, I was focused on Shreveport, Louisiana. I hand wrote, wrote a bunch of letters and I mailed them all out. And I talked to this lady and she had, you know, her and her husband were retiring and they had like, I don't know, like eight or nine houses they were looking to sell. And at the time they were just asking too much. And like, I gave her my numbers, much like you. I walked him through, like, hey, here's where it works for me and here's why. And we just, we couldn't, we couldn't agree on our terms. She ended up calling me. I think it was like two years later. And she's like, hey, Tony, I don't know if you remember me. You know, we talked a few summers ago. Hey, I think we're finally ready to meet you. Where you're at now, we had, we had stopped investing in that market. We were focusing on short term rentals, on other things. So I didn't move forward with the deal. But that was two years later, right? And someone still had my phone number. So you never know just by opening up that dialogue. Even if it doesn't close today, maybe it's six months, maybe it's 12 months, maybe it's 24 months from now, but at least you've planted that seed to make yourself an option for them if and when they're ready.
Molly Shepard
When you brought up the handwritten letters, maybe you're the reason that I did this, But I wrote 100 handwritten letters and I sent them out. And the only person that called me off of them, this guy, was another investor. And he said, hey, you must be focusing on pre foreclosures because I've seen your letter at like six of my properties. And I was like, great. And he's like, I just want to let you know you're doing your due diligence. And also you have great handwriting. And I was like, okay, so how do I get the deals? And he's like, well, I get them at auction. And I said, can you teach me? And he said, no, thanks. But I was like the worst. Like the worst he's gonna tell me is no. But I was like, he doesn't want me to go because he has competition. Right? Like, he doesn't want to teach me that. And maybe in 10 years, when he's ready to retire, he'll come teach me and until then, I'll try a different route.
Ashley Kerr
So. So he was, he was the one that had bought them, but they still. The listing hadn't been updated. At first I thought me like all six of his properties. Properties were in free foreclosure. Like, whoa, that's a lot of properties to be delinquent on.
Tony G. Robinson
And I'll just, I'll just. Let me just clarify too, for any of the other rookies that are listening. When I say handwritten letters, that batch that I sent out, they actually weren't all handwritten. The letters were printed. I signed my name at the bottom and I hand wrote on the envelopes. So maybe save yourself just a little bit of time.
Ashley Kerr
There's companies that have the robots that look like cursive. That's what I
Molly Shepard
have learned my lesson. It was a good learning experience.
Tony G. Robinson
But it helped. But it helped.
Ashley Kerr
Well, Molly, thank you so much for joining us today. I can't even tell you the last time that I said that's a great idea so many times throughout an episode. But where can people reach out to you and find out more information?
Molly Shepard
Yeah. So on Facebook, just Molly shepherd. And then on TikTok, just real estate Molly. And on Instagram, real estate underscore Molly.
Ashley Kerr
Well, thank you so much for joining us today. I'm Ashley, he's Tony, and we'll see you guys on the next episode of Real Estate Rookie.
Tony G. Robinson
Hey, rookies, if you're watching this, we want you to apply to be a guest on the Real estate Rookie podcast. That's right. Ashley and I are looking for amazing stories just like yours to be a part of our. Our Real Estate Rookie podcast. Now, look, you don't need to be an expert. You don't need to have done thousands of deals. Even if you've done one deal, your story could help inspire the next listener
Ashley Kerr
as a rookie investor. Especially if you just got your first deal. It is all fresh in your minds and you are the best person to tell your story, give your experience on how you got it done to help someone else get their first deal.
Tony G. Robinson
So head over to biggerpockets.com guest if you want to be a part of our show again, that's biggerpockets.com/guest and we'd love to have you on.
Podcast: Real Estate Rookie by BiggerPockets
Hosts: Ashley Kehr & Tony J. Robinson
Guest: Molly Shepard
Date: March 23, 2026
This episode features Molly Shepard, an Army veteran, full-time W2 worker, foster mom, and mother of four who, alongside her husband Kyle, closed eight house flips and picked up two rentals in just 22 months—all while maintaining her career. Molly shares actionable insights on time management, getting buy-in from family, learning from mistakes, creative deal sourcing, and leveraging community relationships and technology to grow a real estate business from scratch.
Molly’s Background:
Motivation for Real Estate:
Time Management Hacks:
Military Mindset Transferred:
Analysis Paralysis:
Getting Family on Board:
Shifting Mindsets:
First Flip: The “Granny House”
Sourced via local connection—a neighbor of a former business partner [16:57].
Deal Details:
Key Learning: Don’t over-rehab; flip for the area and typical comps, not personal preferences [17:54, 18:16].
Quote: “You’re not flipping this for yourself, you’re flipping it for the area… that was really, really helpful for us.” – Molly Shepard [16:57]
Emphasized comps and speed over “all the things” in rehab scope.
Finding Deals:
The power of social media—posting “We buy houses” even with imposter syndrome [22:11].
Tactic: Offer transparency, customized updates, and support to reliving families (niche: estate/probate/assisted living) [21:18, 25:03].
Quote: "I'm not buying the house. Like, what am I talking about?... I'm actually taking a burden off of somebody else." – Molly Shepard [22:11]
Unique Seller Approach:
First Deal Funded Entirely by Hard Money (0% Down):
Lesson:
Fourth Deal: Full Circle
Flipping Stereotypes:
Lax due diligence while scaling led to missed gutters and severe foundation/termite issues [34:24].
Lesson: Always do your own inspections, especially when multitasking [34:24].
Process Improvements:
Quote: “AI has changed the flip game when it comes to being able to view a property quickly and efficiently.” – Molly Shepard [36:10]
Recent Pipeline:
Deal Sourcing:
Focus on on-market listings, referrals from local agents, and portfolio deals [39:18].
Relationship-focused: Regular "Friday walkthroughs" organized by local agents for new and seasoned investors to tour batches of properties (networking & buying opportunities) [41:50, 43:01].
Quote: “If Molly and Kyle show up, they're gonna buy all the properties.” – Molly Shepard (on reputation earned through consistent follow-through) [41:50]
Agent Partnerships:
Mindset on Offers:
Don’t fear making low or "offending" offers—share your numbers for transparency, accept most won’t work, stay top of mind for future motivation [45:32].
Persistence pays off—rejected offers may be accepted months later [47:19].
Quote: “Numbers don’t lie, right? … If they don’t have any other offers… now I’m an option.” – Molly Shepard [45:32]
“Don’t be scared to make the offer… potentially six months later, they could come back to you…” [46:10]
Supported by Tony’s similar experience with sellers calling back literally years later [47:19].
Guerrilla Marketing:
Generational Teaching:
Episode hosted by Ashley Kehr & Tony J. Robinson. For more stories or to apply as a guest, visit biggerpockets.com/guest.