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Sure, you’re making money hand-over-fist as an agent right now — but what’s your long-term plan for building wealth? Whitney Nicely, an expert property investor and real estate coach in East Tennessee, has some ideas for you.
“I focus on monthly investments,” Nicely explains. “I don’t do regular listings — I make way more money investing.” Intrigued? Nicely will be sharing her secrets at Inman Connect San Francisco, July 17 through 20 at the Hilton San Francisco Union Square, in a session about investing strategies for agents.
Nicely uses lease options and owner financing to create her real estate portfolio. “I teach agents to make four offers every time they look at a house for a seller: a cash offer to buy it, two offers to take over payments with either a 5-year or 10-year balloon loan, and then they should offer to list it. But listing is a one-hit wonder — after you sell, you have to go find something else.”
She just focuses on investing, herself. She finds “tired” landlords and sellers who are interested in her balloon payment options. “I take the properties over when they’re empty, then I have people move in and pay more than the mortgage costs to live there,” she says. “I’m basically a glorified tenant who sublets my properties out.” She’s got 15 homes, 19 apartment units, and “a lot of little pieces of land.”
Agents who try this tactic will find that after two to three years, they could make up to $ 10,000 every month in steady income. “Sometimes we overcomplicate the process,” opines Nicely. “I’m able to be successful by talking to my sellers and presenting myself as a one-stop shop where they can just get rid of their property.”
Could it work for you? Find out at Inman Connect San Francisco in July.
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