In this video, the speakers shared their real estate investing journey and the valuable lessons we learned along the way.
They started with flipping properties and quickly realized the potential for building passive income through wholesaling and rental properties.
We’ll discuss our successes and failures, the strategies we’ve used to overcome challenges, and the important lessons we’ve learned about the real estate market.
Whether you’re just starting out in real estate investing or looking to take your portfolio to the next level, our journey and experiences are sure to provide valuable insights and inspiration.
Join us for an informative and engaging discussion on real estate investing!
Transcript:
Chris Bounds 00:00
You started out, wanting to buy rental properties ended up moving into flipping and wholesaling. We took that same path into building a business around it, which I think you kind of alluded to it was a little bit of a detour on the wealth building side. Do you feel like knowing what you know, now, you probably could have gone in to the just straight into the wealth building the building the actual rental portfolio, the passive income and not going into the flipping or wholesaling business?
Chris Bounds 00:32
in a lot of this is hindsight, but would that have been a better decision at the time? Or? Or do you feel like, it definitely was the best decision because it’s led to these other things?
Stephanie Betters 00:45
Yeah, it’s such a such a hard question to answer because I wouldn’t trade where I’m at right now. Or, or anything and the journey, although extremely difficult, I learned so much and had other opportunity that I never thought I would have, you know. So if I could go back and restart, first of all, I would want to know, like, but it all turns out, okay. Yeah. Because when you’re going through it, you’re like, This is This is hell, this is really hard. And you’re so all in like, everything is all in your your, all your personal finances are intermingled, and families on the road with you going to these things. So I would love to know, like, for sure that would have been okay. But I probably wouldn’t have taken such the detour with building the business. I think I probably would have just been slower and buying the rental properties and kind of slowly chugging away. When I if I’m totally honest. It’s like the emotional cost that it like it cost it cost me something, you know,
Chris Bounds 01:46
are you saying instead of, and I don’t know what your volume was, instead of flipping or wholesaling? 10 a month? Doing that three to five a month and holding half? That kind of thing? Or?
Stephanie Betters 01:58
Well, no, because I don’t even think that that’s really, and this is just my opinion, from my experience. But I think it’s actually harder to do three a month than it is to do the 13 month, because there’s that like middle piece that really sucks, you know, where you don’t have enough volume to support staff, but he’s not. Exactly but you have enough volume that like you’ll die by yourself, you know, like, it’s just, it’s such a you can’t do it that part halfway. I think you either do it very low volume deals a year, or you go high volume and do the do the go through all the you know, the brain damage to get there. Yeah,
Chris Bounds 02:35
for us. It was for more than four. That was the because we went through that with the death zone. And I read it in a book, I forget which book it was. Yeah. I think it was simple numbers. Profit and there’s profit first and simple numbers love both those books, but I think it was Dad with talks about that depth. So on your your small, but it’s you, then you scale. But the problem is if you don’t scale big enough, and you stay in that death zone, like you have a choice, you either run off the cliff and die like your business dies, or you got to, you know, scale back down and rebuild. So like for us it was that room for a month. Because we never really scaled much more than seven a month. We were in that death zone. We ended up just pulling back. But I’ve seen others explode past that and do 1020 30 deals a month a lot more than that and do very well.
Stephanie Betters 03:33
Yeah. Yeah, I think you kind of have to find yourself making that choice while you’re growing. And I don’t know, I think both I think both work out. I mean, I’m sitting on the other side of it. Now it worked out great. It worked out immeasurably more than I thought it would. And that’s not I don’t think that’s from my own contribution. Or is that I mean, that I think we’ve been really, really blessed along the way. But had I had started over I would have been perfectly happy, you know, continuing to work as a nurse practitioner, and then just like slowly buying rentals and kind of adjusting expectations as far as like what we could achieve. But on the other side of the coin, like we’ve had the most incredible experiences I’ve we’ve accumulated more wealth than I ever thought was, was possible. And being able to own different businesses that diversify that that income, like looking at owning a business as far as passive income versus owning a property as passive income.
That has been amazing, you know, and so I recommend the journey for people who know how hard it is. I don’t recommend the journey for people who think is going to be easy. So and in the beginning, you’re like you’re doing it because you’re like I can do this like these other guys are doing it. I could totally do this too. So it’s kind of conflicting advice. I think you I think, I wish I had understood how hard it would have been because I would have felt more normal during the past. SSH. That was that was the hardest part of just being so all in and just be like, Why is it so hard? Is it supposed to be this hard? The answer is yes. The answer is definitely yes. And, you know, confronting the choice that you make, like I, I sacrificed time with my kids. I sacrifice sleep. I sacrifice my own health. Like I wouldn’t do that again. But doesn’t mean I wouldn’t do it once.