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Episode Info:

Lisa Phillips is the founder of Affordable Real Estate Investments and #1 bestselling author of Investing in Rental Properties for Beginners: Buy Low, Rent High. After her second layoff and a foreclosure in the bloated Las Vegas, NV real estate market, Lisa found herself alone and halfway across the US from her friends and family with no job. She was left with a 35k condo and only enough money to renovate the place doing the work herself to stretch her unemployment check. It not only gave her a solid foundation of repair maintenance and costs, but also a taste of how owning real estate could be affordable and profitable. After purchasing four more rental properties around or under 30K in OH, MD, and VA, Lisa is now focused on doing one thing she loves to do: showing EVERYONE how they too can affordably start investing in real estate for high profits and cash flow.

 

Podcast Highlights

 

  • Who is Lisa Phillips?

Lisa Phillips was born in an impoverished situation but has a strength and conviction that the world can be a better place. Everyone has a need for a house, but there is another process that goes into turning a house into a home, which is one of Lisa’s innate talents.

Lisa was born and raised in Las Vegas and saw the real estate market in the area and thought it was going to the moon. After getting laid off, Lisa had to move to Ohio to find a job that paid a similar salary to what she was making before, which she needed to covering the mortgage on the condo she had purchased. One of the main lessons she learned from that experience was to make sure the average rent of the neighbourhood can cover the payment in case you need it to.

While living in Ohio, she was laid off again after purchasing a small condo and realized that low priced and affordable homes are a great protection in times of recession and uncertainty.

 

  • Saving Money For Real Estate

When you’re single you choose what level of savings you want to achieve. Once you have a family it becomes much harder to save the same level because your dream of frugality may not be theirs.

  • Courage

Courage comes from being true to who you are. It comes from acknowledging your soul and not letting other people tell you how you live your life. Listen to your own internal intuition and guidance, don’t ignore it.

Lisa noticed that every time she didn’t listen to the voice in her heard, she tended to regret it so she had some practice with it. It can be very hard when everyone around you is going in one direction and your intuition is telling you to go the other way but Lisa found that the more she listened to her soul the more she came out ahead.

Optimism and confidence in yourself to figure out something for yourself or ask for help are two other tools that will help you succeed. You can weather through the storm.

Lessons learned can help you when you get burned. By having such a negative experience with her first real estate purchase, Lisa learned a lot about the economics and math of the whole process and that helped her with her future deals.

  • Why do you help people?

Lisa felt that even though she doesn’t have a massive portfolio of properties she still had some knowledge that other people could really benefit from.

Inspiring people and creating a culture of responsibility are big reasons why Lisa continues to talk to people about her real estate methods. She knows that it doesn’t take a huge number of properties to change the way you think about life and allow you to do things that you always wanted to.

If even 10% of the people in the world had the financial ability to spend most of their time doing the things that they really love, the world would be a different place. Sometimes you just need to see someone else do it before you realize you can do it yourself.

Reference: Investing in Rental Properties for Beginners: Buy Low, Rent High, Lisa Phillips

  • Lisa’s Takeaway

 

First get really clear about what you want and why you’re doing it. Then talk to yourself in your head about what that vision will do and what it’s going to be. Don’t tell anyone else until why you believe it. Do the research so you can minimize the risks and then choose the path to get you there. Start acting. Have your daydream sessions and then make them fun. Find a coach and talk to them about what you want to achieve, invest in people that can help you.

 

Links:

affordablerealestateinvestments.com

youtube.com/user/affordablerei

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