Real Estate Rookie Podcast Summary
Episode Title: Making Over $300K in Profit from JUST 2 Deals
Release Date: June 23, 2025
Host/Authors: Ashley Kehr and Tony J Robinson
Guest: Jason Manion
Introduction: From Layoff to Real Estate Success
The episode opens with host Ashley Kerr posing a thought-provoking question: "What would you do if you were laid off from your job with a baby on the way?" (00:00). The guests for today’s episode are Jason Manion, who transformed a challenging personal situation into a six-figure triumph through real estate investing.
Jason Manion’s Journey: From Tech to Real Estate
Background Before Real Estate
Jason Manion shares his professional background, explaining that he worked as an online community manager in the tech sector, earning over six figures and climbing the corporate ladder (01:08). Despite his success, Jason harbored a deep passion for real estate, often imagining himself remodeling houses during morning walks.
Catalyst for Change
The turning point came when Jason decided to purchase his first property with an investor’s mindset, influenced by reading Rich Dad, Poor Dad and listening to BiggerPockets (02:11). He realized that investing in a 2-bedroom, 2-bathroom condo and renting out one room (house hacking) would not only reduce his living expenses but also build equity over time.
"Approaching it as an investor, analyzing deals and running my numbers made it so much more approachable." – Jason Manion (02:30)
Early Challenges and Learning Experiences
Initial Struggles After Pivoting
Jason discusses the difficulties he faced after fully committing to real estate investing. Transitioning from a stable six-figure tech job to real estate was daunting, especially with a baby on the way (04:11). He attended seminars and invested in lead-generating platforms, some of which turned out to be scams, costing him around $5,000. These early missteps were painful but ultimately strengthened his resolve and investment strategies.
"Taking missteps, going down the wrong path was lost time, lost money. And so it hurt. But I feel like it has made me a much stronger investor." – Jason Manion (05:49)
Experimentation Before Commitment
Tony J. Robinson emphasizes the importance of experimenting with different strategies before fully committing to one. He relates his own experience of trying various approaches before finding his niche in hospitality (06:46).
The Big Move: House Hacking During a Pandemic
Strategic Purchase Amid Uncertainty
Jason details his bold decision to purchase a condo in Joshua Tree, California, during the global pandemic (09:16). By leveraging house hacking—living in one unit and renting out another—he minimized his living costs and built equity through strategic renovations.
"I approached it as a place I could do some sweat equity and improve, looking for something that needed some TLC." – Jason Manion (09:16)
Pros and Cons of Buying a Condo with an HOA
Jason outlines the advantages of condo investments, such as focusing on interior renovations without worrying about exterior maintenance. However, he cautions about the challenges posed by Homeowners Associations (HOAs) when undertaking significant modifications.
"If you're looking for a more approachable project, condos can be a good place to start because you just have to focus on the inside." – Jason Manion (11:27)
Achieving Significant Profit: The Live-In Flip
House Hacking and Tax Advantages
Jason explains how his house hacking strategy combined with living in the property paid off. By renting out a room, he reduced his mortgage burden and gained equity through cosmetic updates. Additionally, by designating the condo as his primary residence, he leveraged tax advantages that allowed him to net $220,000 tax-free after four years.
"The house hack, the live and flip, and the tax advantages of it being my primary residence helped me net that big number after four years." – Jason Manion (14:31)
Comparative Financial Impact
Ashley Kerr highlights the significant financial benefits by comparing the tax-free profit Jason earned to the long-term savings he would have accumulated had he invested the same amount through traditional means like a 401(k).
"If I had made $100,000 profit, that could be you making, you'd have to make $150,000 before taxes to actually net the $100,000." – Ashley Kerr (15:21)
Validation of Investor Identity
Jason reflects on the moment he realized he was a successful investor when his net profit from the condo sale doubled his 401(k) contributions over 20 years, solidifying his identity as a real estate investor.
"Watching my property value rise and then netting over $200K made me sit back and think about what I was doing." – Jason Manion (15:41)
Scaling Up: Taking the Next Big Leap
Facing New Adversities
Eight months post-success, Jason was laid off from his tech job while preparing for a new baby. Faced with the decision to return to a W2 job or dive deeper into real estate, he chose the latter, leveraging his previous profits to fund another high-stakes flip.
"I felt like I was stepping off a cliff, but I decided to turn this moment into something that I could be proud of." – Jason Manion (24:14)
Risk Mitigation Strategies
To navigate the risks of his new project, Jason focused on key cost areas: contractor labor and materials. He meticulously analyzed deals, vetted contractors through multiple interviews, and sourced quality materials at discounted prices by dealing directly with distributors. Additionally, Jason minimized living expenses by sleeping in his car during the renovation phase, thereby reducing overhead costs.
"I focused on buying, the contractor, labor, and materials. Maximizing those costs and efficiencies removed a lot of the risk." – Jason Manion (26:29)
Overcoming Unexpected Challenges
One of the toughest days was when Jason had to manually handle the delivery of 10,000 pounds of stone for landscaping. Instead of getting overwhelmed, he reached out to mentors and rented equipment, turning a potentially stressful situation into a productive and enjoyable experience.
"The hardest day was when 10,000 pounds of stone was dumped at my feet, but I rented a small bulldozer and it turned out to be one of the funnest days." – Jason Manion (33:54)
Project Completion and Financial Outcome
Successful Flip in Joshua Tree
Jason provides a detailed breakdown of his Joshua Tree flip. He purchased the condo for $300,000 using a hard money loan with 30% down payment due to the property’s location in a tertiary market. Total project costs, including construction and closing fees, amounted to approximately $410,000. Upon selling the renovated condo for $520,000, Jason netted a profit of around $105,000.
"I netted around $105,000 off of the property, which was beyond my goals." – Jason Manion (37:40)
Lessons from Scaling Up
Jason emphasizes the importance of quality over quantity, advocating for intentional and focused investments rather than spreading oneself too thin across multiple projects.
"I much rather focus on quality over quantity. It may be a little less diversified, but it’s the way I approach my investing." – Jason Manion (40:45)
Advice for Aspiring Investors
Overcoming Barriers and Building Confidence
Jason advises prospective investors to identify and address their biggest fears related to real estate deals. He underscores the value of research, mentorship, and networking in building the confidence needed to take significant investment steps.
"Researching, listening to BiggerPockets, reading books, finding mentors, and networking helped me dissolve my fears and take that step." – Jason Manion (40:58)
Embracing a Solution-Oriented Mindset
Drawing from his professional experience, Jason highlights the importance of being solution-oriented when faced with challenges, a mindset that not only helped him navigate unexpected issues but also reinforced his commitment to real estate investing.
"Being solution-oriented means focusing on how to solve a problem rather than dwelling on it." – Jason Manion (35:18)
Future Endeavors and Closing Remarks
Next Steps in Real Estate
Looking ahead, Jason plans to continue flipping properties while also leveraging his newly acquired real estate agent license to reduce commissions and gain deeper industry insights. He expresses an interest in expanding into buy-and-hold strategies in the future.
"I'm looking for more flips and also pursuing full-time real estate agent flipper investor." – Jason Manion (36:20)
Final Thoughts
Ashley Kerr and Tony J. Robinson commend Jason for his strategic approach and resilience. They encourage listeners to draw inspiration from his journey and apply similar strategies to their own real estate endeavors.
"Your primary residence isn't an investment, but clearly, Jason has redefined that perspective with his success." – Tony J. Robinson (19:30)
Key Takeaways
- Adopt an Investor Mindset: Viewing property purchases through an investment lens can uncover hidden opportunities and maximize returns.
- House Hacking: Renting out part of your property can significantly reduce living costs and build equity.
- Tax Advantages: Utilizing primary residence exemptions can lead to substantial tax-free profits.
- Risk Mitigation: Careful analysis of costs, thorough vetting of contractors, and strategic sourcing of materials are crucial for successful flipping.
- Resilience and Adaptability: Overcoming setbacks and staying solution-focused are essential traits for thriving in real estate investing.
- Quality Over Quantity: Focusing on fewer, well-executed projects can yield more significant financial rewards and personal satisfaction.
Connect with Jason Manion
- Instagram: @JasonManion
This episode of Real Estate Rookie serves as an inspiring blueprint for novice investors looking to navigate the complexities of real estate investing. Jason Manion’s story underscores the importance of strategic planning, continuous learning, and unwavering determination in achieving financial freedom through real estate.