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Annie and Trey were looking for a home to raise their family in. They found the perfect plot of land which had a new manufactured home and a scenic view. After living in the home for a few years they decided to move elsewhere to be closer to family, and instead of selling it, they decided to rent it out for a year. Annie and Trey now invest out of state, building up their real estate portfolio by rehabbing inexpensive homes.
This investor couple walks through their keys to success, the players on their team that make the biggest difference, and how they went from just homeowners to real estate investors! And hopefully, 2021 is just a slightly better version of last year or this year. You had mentioned that you have a new property under contract going into the new year already. Tony:We have two in Joshua Tree with a third under contract, and then we have one in Pigeon Forge. Actually, we have three under contract in Pigeon Forge right now. And then some of the land is leased to a farmer to use.
This property was bought by somebody, I think in 2008, they bought it as a foreclosure and they ran this boat storage out of it. I love all the different way you can actually do real estate investing and the different ways to make money off real estate and property. But today, we have another great guest, actually two guests, husband and wife, Annie and Trey. So for those of you that are curious on how to get your spouse on board, definitely listen to that piece. Trey also talks about his mother-in-law, so keep an ear out for that on how she feels about his mother-in-law. Ashley:Annie and Trey, thank you so much for joining us today on the podcast. Do you guys want to go ahead and one of you tell us a little bit about yourself and how you got started into real estate?
Me and Trey we got married when I was like 20, so I started out pretty young. For fun and for part-time work, I teach group fitness at a local gym and I love show running and mountain hiking. You guys talked about who is actually buying these deals. I just wanted a place to live, everybody leave me alone, live there forever, kind of thing. So I was not on board with real cash till payday monroeville pa estate investing or even having a mother-in-law or anything like that. Annie was like… I think she had a friend that actually mentioned something to her about house hacking. We took her advice and we rented it out and found some good renters.
So you guys were accidental investors to begin with.
Ashley:Oh, so you had the loggers come in and log the property and take the timber, and then you guys got the nice view? You had those six acres on there where you can sell the timber, you can have honey bees on there, you can tap into the maple syrup. But before they put that rule in, this guy split his property into two three-acre parcels, and we actually got both of those. And the caveat was, it went right through the shop for some reason, and so we had to find a creative way to move that property line so he could sell both properties separately.
I mean, to move that property line, to get it, did you have to have a surveyor come out and get a new survey done? Trey:It was actually super simple because we own both lots and the line was in between both my properties. And at that point we had all the proper distance from the property line so people could build on there if they wanted to.
And that parcel was right on top of this ridge with a mountain view that the timber guys had cleared, so it was a great lot and, it was super desirable. Ashley:What did the numbers look like on this deal? And then we lived there for two and a half years, we decided that we wanted to move on to something else. I went on the Facebook group and I asked, "Hey, what does it mean to be a landlord? It was before we really knew about capital expenses. Our mortgage is like 15-something, and we rented it for, what? Sorry, you mentioned, Annie, that you wrote a love letter. And then in your mind, what are some of the pros and cons with going with a manufactured home? But now, they actually held them to a higher standard than regular homes. Now, you guys have continued to grow your portfolio since then.
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Trey:Well, first before the duplex, we bought a house in Snohomish, another area in Washington, just a single family home. We had some money from the deal that we did before, but we still wanted to be a little conservative. We looked in the Seattle area, but the risk was really high, low reward, it seemed like. I still was trying to figure out what a syndication was.
I knew that I could find people that would do a good job, charge a instant approval emergency loans fair rate, and I could trust. So we went and found one in a little town right next to the Lake. Ashley:So when you purchased this property, did you go and look at it? How many times did you actually travel to see the property once you bought it?
The first time I went, I actually met up with a couple of realtors, one in the Jamestown area, and then another one actually up bad credit payday loan in the Buffalo area and looked around a little bit up there. I got a long story about that, but save that for another podcast, but some shady stuff going on. And then when we went to actually buy it, I went back before can you take out a morgage loan to pay rent for an apartment we closed and checked it out. Trey:Once we bought it, we actually closed December 28th, it took a little while. So I went back for three weeks and worked like 16-hour days trying to flip this house. But I got it to a point where I handed it over to my contractor buddy and he finished it off for can you use a personal loan to pay rent me.
And then I had another guy do the siding and fix some of the roofing. I will definitely say that they just did one of my properties too. The guy that I would call him, because he carries bad credit loans in georgia the cell phone, call him, schedule it and then they get their ride, and the guy sits in the van waits for them to be done. We had most of green payday loan our furniture in our house built by the Amish, and they would send us a postcard when it was ready to be picked up.
Trey:So we did get a mortgage originally, and then I used all my own money to flip it. Tony:You were scared early on, Trey, about being a landlord.
You have the right team to help you rehab the property. Annie:We put in a cash offer on a duplex maybe five months after Trey started renting out the duplex, how to find out if you have a old pay day loans online and it was in Jamestown.
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And then a deal popped up on MLS last summer, and it was a single family home in the area that we look in. And rddit where to borrow money online no credit check it was on 10 lots, and so that made us really attracted to it.
Ashley:And what are your plans for this property then? I think we could sell the single family home pretty easy because there was multiple offers, but we had a cash offer so they picked us. So you guys plan to keep expanding in that same general area? You guys also have a really cool dynamic, because it sounds like you guys are each holding different responsibilities within your real estate business. Can 2000 payday loan you guys walk us through who does what and how that dynamic works? We attended two meet ups in Seattle right before COVID hit, and then they ended that in February when stuff was starting to shut down, and then we just missed talking about real estate. I think you mentioned, Ashley, going and having instant approval emergency loans adrenaline or like a high after talking real estate, and we were just missing that. Ashley:Keeping each other accountable and motivated to keep going. And so that was hard for us to decide what market we want to live in and raise our family. So our goals for 2021 are building our home in Alaska and then adding an ADU to Airbnb. Ashley:What goes into the planning process of building in a different state, especially Alaska.
What are some resources for maybe someone else that wants to do this or go into a completely new market, they want to build new construction and they want to have a short-term rental there?
But we just put in the work and tried to do it and we got pre-approved. We contacted instant approval emergency loans instant approval emergency loans the builder, sent him our plans for the home we want to build. Talking to people there too and the real estate agents there and stuff.
Tony:Now, you guys have, I think, a unique journey in real estate. One thing I want to say is that how you said before you went into that just said, people have already probably said this a lot, but I want to say it again.
And sometimes it also takes the right person for you to hear that from. This is where we learn about someone who is a valuable player on your real estate team and has really helped you grow your real estate business.