BTM 101: My Spouse & I Want To Be Landlords with Pongee Barnes

Born and raised on the south-side of Chicago, today’s guest, Pongee Barnes embarked on her real estate career as a college student in 2005 at the age of 20, buying her first condo.

From 2008-2011, Pongee owned a furniture rental staging business which birthed from her passion of staging and flipping homes. Today, as a seasoned investor, more than her passion for real estate she has a central focus on inspiring black millennials to invest.

On today’s episode, we discuss the ups and downs of “hands on” landlording but more specifically, managing your rentals with a partner.

Key Points From This Episode:

  • How Pongee lost money on her 1st deal
  • Why Pongee started staging property, renting furniture & flipping homes
  • Why Pongee decided to drop out of Law School
  • How to take advantage of “Cash for Keys”
  • If and how you should partner with your spouse
  • How to raise a family around real estate investing

 

Links Mentioned in Today’s Episode:

Pongee’s Instagram

Before the Millions Books:

Millionaire Next Door by Thomas J. Stanley

Listen to this book for free!

Lifestyle Design App:

Free Training: Building A Lifestyle Business Through Real Estate Investing

BTM 77: How To Create Your Personally Tailored Business Strategy With Mitch Stephen

Mitch Stephen has been a self-employed RE investor for 20+ years. His real estate investing career started at the age of 23 when he read “Nothing Down” by Robert Allen. Mitch’s company, Independence Day, Inc., has bought and sold over 1,500 properties in and about San Antonio, Tx since 1996. Mitch has recently been named one of the Top 9 RE Investors to follow on Twitter. Mitch’s personal expertise includes; Raising Private Money, Finding Bargain Properties, Negotiating Favorable Terms, Dealing with Renovations and Contractors, Selling Houses & Notes with little to NO Discount, and helping others deal with the everyday throws of life in business.

 

On today’s episode, Mitch talks with us about how he earned a first-class degree in entrepreneurship from the streets and why it’s important to understand the difference between working on vs. working in your business. Mitch shares his story of becoming an accidental real estate investor after buying his first condo purchase and how he ended up getting paid to live for free. You’ll learn what owner financing is and the # 1 difference between making a good living vs. earning millions in passive income. 

 

Key Points From This Episode:

  • How you can make offers on real estate deals by becoming a professional deal finder
  • Why Investing in Mentoring Can Propel Your Real Estate Investments
  • How Mitch brought 62 houses (profited $500K down payments) and created a cash-flow of $32K/month 
  • The story of Mitch paying his wife 1-year salary ($36K) in 1 month and got her to quit her 9-5
  • Why being a wholesale/flipper will not get you long-term wealth for you and your family (what to do instead)

 

Links Mentioned in Today’s Episode

Mitch’s Website: http://1000houses.com/

Mitch’s Favorite Books:

Forever Cash https://amzn.to/2CRrJPk

Doing Business with GOD: https://amzn.to/2Erawhg

Think and Grow Rich https://amzn.to/2CLzRkp

Nothing Down https://amzn.to/2NIi7HF

Self-made in America https://amzn.to/2NJRaDB 

Freebie: Download any 2 audio books for free when you try audible for 30 days: https://beforethemillions.com/book 

 

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BTM 70: Buy, Fix and Flip Your Way To Financial Freedom with Javier Hinojo

Javier Hinojo is the owner of IQ REI, a family-controlled real estate company that buys, manages, repairs, and sells homes in the Raleigh, Durham, and Chapel Hill, NC area. He has extensive experience working with foreclosed properties, land development, lease options, and land contracts. Javier offers the kind of business that prides itself on having a quick response rate, professional experience, and simplified solutions that make clients’ lives easier. Javier has been married for 19 years and have 5 children with 3 still living at home. He has always been an entrepreneur (owning a few businesses, been bankrupt twice, day trader Forex, and more). Javier started investing two years ago and completed over 28 fix and flips and is on track do to over 50 by next summer. He is looking forward to investing into rentals, multi-family, and development deals in the near future.

 

Today, Javier talks to us about his journey from joining the military to becoming an real estate entrepreneur. Growing up, Javier always had an entrepreneurial spirit as a child seeing his parents run a locksmith business. He shares his story of attending a weekend seminar with a friend which opened his eyes to the possibilities in real estate. He realized that the buy, fix and flip business model was the best way to get started (the market was great, quick cash, also knew that fix and flip is still a job and doesn’t provide not residual income). He believes that the longer you go without doing your first deal, the closer you get to never doing one. You’ll hear about the lessons learned and experience using a hard money lender to finance Javier’s first deal. He also shares why investing in a coach is never a waste of money when getting started. Lastly, we wrap up the episode with a funny story about the “Wear Pants No Hands” video when Javier was looking to expand his team and why it’s importance to work with people who can think outside the box.

 

Key Points From This Episode:

  • How Javier incorporated his family into his fix and flip real estate business
  • The story of how Javier got interested in real estate by attending a weekend seminar
  • The concept of fixing and flipping and how the process works in real estate
  • Breakdown of what a wholesaler is, the benefits and how you can get started doing this today
  • The story of how Javier got into his first deal with little to no money and made $17K profit
  • Why you must have the right mindset when deciding to become a real estate investor
  • Hard Money Lender Financing: how to analyze and the process of getting a lender for your deals
  • What deed-to-deed is when doing fix and flip deals in real estate
  • Story of how Javier learned about the importance of cash flow and the story of his lowest point of his life (house payment was due, no money in the bank, and asking his kids for their Christmas money to help pay the bills) and what he did next to change his life for the better
  • Why investing in mentorship and coaching is never a waste of money
  • How taxes work in fix and flip deals and why you have to be creative with your money as an entrepreneur
  • Javier shares his story of showing the “Wear Pants No Hands” video to find the right team members

 

Links Mentioned in Today’s Episode

Javier’s Website: http://www.iqrei.com/

Wear Pants No Hands Video

Download any 2 audio books for free when you try audible for 30 days.: https://beforethemillions.com/book 

Javier’s Favorite Lifestyle Design App: Trello: Keeps track of everything, from the big picture to the minute details. https://trello.com/

 

Access The Best Strategies, Tips & Advice !

Every week, we send an email sharing my best advice, tips and strategies related to Real Estate Investing. Each of these weekly emails contain relevant and actionable information that can help you no matter where you are in your investing journey.

Sign up to join our community