How to Build Wealth Through "Treehouse Investing" as a Working Mom

TL;DR

Amanda Salovitch shares her journey balancing real estate investing and family life.

Transcript

this is real estate rookie episode 207 i don't need a lot of information to dive into something i execute really quickly where my husband is very much opposite like he needs all the details he may be is a little bit more emotional about it than i am like he needs to be like brought along and so one of the ways that i got him on board is just by com... Read More

Key Insights

• Amanda Salovitch balances a full-time job, family, and real estate investing, demonstrating the importance of time management and support from a spouse.
• She started her real estate journey during the pandemic, inspired by the Real Estate Rookie podcast, and quickly scaled to six units.
• Amanda utilizes a variety of funding sources, including personal loans and hard money lenders, to finance her real estate deals.
• Her treehouse rental property in Maine offers multiple income streams, including short-term rentals and a disc golf course.
• Amanda emphasizes involving her children in her work to maintain a work-life balance and to teach them valuable skills.
• She highlights the importance of having a strong 'why' to drive her real estate business and future goals.
• Amanda's experience shows the value of networking and mentorship in overcoming challenges and finding creative solutions.
• She plans to achieve time freedom and flexibility by building a successful real estate business, allowing her to spend more time with her family.

Questions & Answers

Q: How did Amanda Salovitch get started in real estate investing?

Amanda Salovitch began her real estate investing journey during the pandemic after being inspired by the Real Estate Rookie podcast. She had always been interested in real estate, having become a licensed agent in 2008, but it wasn't until the pandemic that she had the opportunity to slow down and reassess her future goals. This led her to purchase her first three long-term rental properties.

Q: What challenges did Amanda face with her treehouse rental property?

Amanda faced several challenges with her treehouse rental property, including difficulty obtaining financing due to a lack of financial records and the unique nature of the property. She also struggled to find contractors willing to work on the property during the winter in Maine. Despite these challenges, she successfully closed on the property and quickly prepared it for short-term rentals.

Q: How does Amanda balance her responsibilities as a working mom and real estate investor?

Amanda balances her responsibilities by involving her children in her real estate activities, utilizing efficient time management strategies, and having strong support from her husband. She also emphasizes the importance of having a strong 'why' to motivate her and guide her decisions. By integrating her family into her work, she maintains a work-life balance while pursuing her real estate goals.

Q: What financing strategies does Amanda use for her real estate deals?

Amanda uses a combination of financing strategies, including personal loans, home equity lines of credit, and hard money lenders. She initially used traditional financing but quickly realized the benefits of leveraging other funding sources to acquire properties. Her creative approach to financing has allowed her to scale her real estate portfolio rapidly.

Q: How does Amanda involve her children in her real estate business?

Amanda involves her children in her real estate business by taking them to property showings and involving them in tasks like cleaning and organizing. She believes that involving her children not only helps her maintain a work-life balance but also teaches them valuable skills and gives them a sense of responsibility. This approach allows her to spend time with her children while managing her real estate investments.

Q: What is Amanda's long-term goal for her real estate business?

Amanda's long-term goal for her real estate business is to achieve time freedom and flexibility so that she can spend more quality time with her family. She envisions a future where she and her husband can leave their corporate jobs and focus on homeschooling their children and living a life of their choosing. Her real estate investments are a means to achieve this goal, providing financial security and independence.

Q: What role does Amanda's husband play in her real estate journey?

Amanda's husband plays a supportive role in her real estate journey. Although he initially had reservations about investing in real estate, he eventually came on board after Amanda communicated the benefits and involved him in the decision-making process. His support has been crucial in helping Amanda balance her responsibilities and achieve her real estate goals.

Q: What advice does Amanda offer to other aspiring real estate investors?

Amanda advises aspiring real estate investors to have a clear 'why' that drives their actions and decisions. She also emphasizes the importance of networking and seeking mentorship to navigate challenges and find creative solutions. Additionally, Amanda encourages involving family in the business to maintain a work-life balance and to teach valuable skills to children. Her experience demonstrates the value of persistence and creativity in building a successful real estate portfolio.

Summary & Key Takeaways

• Amanda Salovitch balances a full-time job, family, and real estate investing, managing to scale from zero to six units in a year and a half. Her journey began during the pandemic when she started listening to the Real Estate Rookie podcast.

• She utilizes various funding sources, including personal loans and hard money lenders, to finance her deals. Amanda's treehouse rental property in Maine offers multiple income streams, including short-term rentals and a disc golf course.

• Amanda involves her children in her work to maintain a work-life balance and emphasizes having a strong 'why' to drive her real estate business. She plans to achieve time freedom and flexibility to spend more time with her family.