331: How to Find Your Perfect First Rental Property (Even in an Expensive Area) w/Lyrva Sanchez
Your first rental property is the hardest; trust us on that. You go through SO many strategies, different markets, and emotions throughout the process. Most wannabe investors get fed up and quit before they can build any real wealth, but those with a strong reason behind their dreams of rental property ownership make it and seldom regret it. Lyrva Sanchez’s “why” was taking care of her two boys while being present as a single mom.
Shortly after her separation, Lyrva knew she didn’t want to sacrifice any quality of her children’s lives. She still wanted them to go to the best schools in the safest areas, but in Southern California, even the most basic property was pricey. She tried several strategies to get her first rental property and create extra income, but none cemented. One day, a light bulb went off, and she came up with the PERFECT first rental property strategy.
If you’re struggling with analysis paralysis and don’t know which way to turn in your investing journey, hear Lyrva out. She flew across the country just to realize what she wanted was in her own backyard. Now, she makes life-changing side income and doesn’t have to sacrifice time with her kids to get it!
In This Episode We Cover:
The perfect first rental property strategy that Lyrva calls “the best of both” way to invest
Out-of-state investing and when purchasing properties from afar is NOT the right move to make
Investing during tough times in your life and using your “why” to keep hunting for property #1
ADU (accessory dwelling unit) investments and how to turn extra space into a serious stream of income
How to find underpriced, off-market real estate deals as a COMPLETE beginner
And So Much More!
Links from the Show
Book Mentioned in the Show
Real Estate Partnerships by Ashley Kehr and Tony Robinson
Connect with Lyrva:
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-331
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