Whitney Nicely likes to move fast. From 6 week long house flips to educated decisions when it comes to renovating, Whitney knows what’s what in the world of real estate. Tune in to learn why house flipping TV show are crap, what Whitney does to make the most out of her investments, and what tends to hold women back in the world of real estate.
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Time Stamped Show Notes:
- 00:45 – Whitney is in Knoxville, Tennessee, she flipped her first house in 2009, and now has land, houses, and apartment complexes all over east Tennessee
- 02:01 – She’s allergic to the “f” word: “Foreclosures”
- 02:28 – Whitney’s background: Her mom taught her a lot about real estate as a kid, her mom is self-taught and made ends meet through rental income
- 03:33 – She believes women are held back in real estate so she fights for women; she was taught to go out and get what she wants, not wait for it
- 03:57 – She was raised to look at deals herself and soon outgrew her mother when it came to investing
- 04:34 – How she got over the fear of her first flip
- 04:42 – The first ones she did were her mother’s and they’d take 6 months, in 2014 she got her own house and flipped it in 6 weeks
- 05:34 – Advice for flippers: TV shows are crazy or crap
- 05:53 – Always assume that there’s water damage and factor it in
- 06:20 – Re-do one room or one major thing throughout the whole house; don’t gut the whole thing because then you’re just earning what you invested into the house
- 07:15 – Many homes that she buys aren’t a disaster; they just need little updates
- 07:38 – What’s the most mind-blowing thing you’ve seen in real estate?
- 07:44 – People with empty houses that don’t put the extra effort in to sell or have a tenant; they make payments on an empty house for years
- 08:15 – She tries to take these homes off their people’s backs
- 08:35 – She finds these homes on Facebook
- 09:30 – Whitney believes that the best agents are also investors; but the best investors she knows don’t have a license
- 09:45 – Most realtors don’t invest because they are so busy getting the “close” and helping others make money
- 09:50 – Women realtors have the maternal instinct to just “help, help help” and “give, give, give”
- 10:10 – It’s ok to be selfish and build up your own retirement
- 10:25 – Realtors don’t invest outside of what they’re going to get credit for
- 11:15 – The risk involved in investments doesn’t stop people from investing
- 11:30 – Whitney’s coaching specialty
- 11:45 – She helps agents become investors and focuses on women
- 12:07 – Men and women speak in different languages; she is working to help established investors make more money on their investments or make their next investment better
- 12:45 – She helps investors move into smaller or larger apartments and think bigger
- 13:30 – Trailer parks and storage units are also good investments
- 13:50 – Trailer parks don’t go empty and is one of the last good private ways to have an affordable living situation
3 Key Points
- It’s ok to be selfish and build up your own retirement; think of yourself and your future, too.
- Find something that make sense and pull the trigger; don’t wait until the next market downturn.
- Get in touch with an expert like Whitney to make educated real estate investment decisions.