134: Real Estate Biz Q&A - Part 1: How We Got Started in Investing, Buying in a Seller’s Market, Working with Your Spouse, Picking the “Right” Property, and AirBnbs vs Long Term Rentals

Today starts our 3 week series on real estate investing – get excited because within the next 3 episodes there is over 2 hours worth of really tactical advice for you on the topic of real estate. WOOHOO. I’ve been anticipating recording these episodes since the end of 2020 when we first got started with all of this and when I first started asking you guys what questions you had. Now here we are! 

On today’s episode, you’ll hear myself and my husband Adam answering questions you sent in on Instagram about real estate investing! If you haven’t met Adam on the podcast previously, he’s the best. He’s been a guest on my podcast a few times over the years — some to talk about personal finance in an early episode and to talk about our “we’re pregnant” announcement as well! 

You’ll hear me say this on the episode, but we aren’t “real estate experts” and certainly don’t pretend to be! We are regular people like you who decided to invest in real estate. I am all about more people who aren’t “experts” teaching what they’ve found works for them. (Often we feel unqualified to do that, and I don’t think we should!) So, know that is where we are coming from. For context, we live in Nashville, we own 3 rental properties all in different parts of Middle Tennessee. 

In each of these 3 episodes, we’re tackling completely different types of questions. So, be sure to listen to all 3 episodes for the “full scoop”. Here’s some of what we’re answering today: 

- I’d love to just know more on what got y’all interested and whether you were nervous buying during a sellers market? 

- Tips for going into business with your spouse? 

- I’m curious if you have already purchased a house for yourself to live in? I’m currently renting a house but I want to buy a rental property this year! It feels weird to buy my first house that I wouldn’t live in, does that sound silly? 🤣

- I would love to know if you bought these properties while having a mortgage on your current home and if so did you find that that was a complication! I’m also super curious if you saved to be able to buy these out right or if you chose to take mortgages on these two proper

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Over my 9 years of business, I have learned some financial skills the hard way and a few years ago, I developed an an 8 step process I go through at the end of each month. This process helps me know how my business is doing financially, pay myself well and allocate money for things like taxes and expenses. And, it's yours for FREE at https://elizabethmccravy.com/profit