I Had 4 Kids, No Cash, and a Traveling Spouse: Now I've Got 4 Rentals

Just three years ago, Joanna Caldera was working as a nurse, raising four children while her husband was gone most of the month in the oil fields. She wanted time with her kids and her husband to come home, but all of that required money. Now, just three years later, she has four rental units, has made $130K in profit from her first two house flips, has replaced her nurse’s salary with real estate income, and has her dream home. Anyone can do the same, using the strategies she shares today, even if you have no experience, even if you’ve got very little cash to play with. Joanna even overpaid for her first property by $20,000—a mistake almost every rookie investor is scared to make, but it paid off. She’s done everything—cosmetic flips, BRRRRs (buy, rehab, rent, refinance, repeat), added floors and rooms, dealt with hoarder houses, and did it all in between picking up her kids from school, taking them to practice, and oftentimes while working a nurse’s shift. Joanna proves real estate investing is possible for everyone, and within just a few years, your life can completely change because of it. In This Episode We Cover How to invest in real estate when you have very little time or cash Why “overpaying” for a property is not a bad idea (if your situation is like Joanna’s) Using your home equity to invest and why HELOCs are an investor’s secret weapon Pulling off the “perfect BRRRR” and getting a renovated house for very little money Raising private money from your friends and family when starting to invest (and how to protect their principal) Making six figures to renovate your dream home? Joanna did it, you can, too And So Much More! Check out more resources from this show on ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠BiggerPockets.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠h⁠ttps://www.biggerpockets.com/blog/real-estate-1252 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00Speaker 00

  I was scared to make my first phone call.

• 0:02Henry Washington?

  Now she has four rental units and she's profited over $130,000 on her first two flips. In 2023, Joanna was home alone with a six-month-old baby while her husband was offshore working, and she was looking for a passive income stream that could help her have enough money to bring him home.

• 0:18Speaker 00

  Then I discovered real estate investing.

• 0:20Henry Washington?

  Joanna didn't have any cash to start with, so she leveraged her home equity.

• 0:24Speaker 00

  I wasn't seeing many deals on the market, and that's when I started talking to sellers.

• 0:29Henry Washington?

  She didn't have any construction experience, but she figured that out.

• 0:32Speaker 00

  I bought my first rental property for $100,000.

• 0:36Henry Washington?

  And that's after she paid the seller $20,000 more than he was asking for.

• 0:41Speaker 00

  I'll explain that later. Now that house is worth double the amount I paid, and it's cash flowing hundreds of dollars.

• 0:47Henry Washington?

  Joanna has made five more investment deals since 2023, right in our backyard of northwest Arkansas. Her husband isn't working offshore anymore, and her family has a beautiful new five-bedroom home. That's the lesson of this inspiring story. Anyone can figure out real estate investing and start on the path to building financial freedom.

• 1:03Speaker 00

  You can even use the same real estate investing strategies I used.

• 1:08Henry Washington?

  Because we're about to reveal them right now.

• 1:15Henry Washington?

  Joanna, welcome to the show.

• 1:17Speaker 00

  Thanks for having me, Henry.

• 1:18Henry Washington?

  This is cool, like, good full-circle moment for me because I've been around you for a while, and I'm excited for you to tell people your story because I think it's really inspirational.

• 1:28Speaker 00

  Yeah, I just, in a short amount of time, have been able to essentially change my family's life. It's a pretty big deal for us.

• 1:37Henry Washington?

  I love it. I love it. So let's start at the beginning. Tell us how you got started.

• 1:42Speaker 00

  I'm a nurse. My husband used to work in the oil field, and we had a lot of children. So at the time...

• 1:51Speaker 00

  So at that time, we had uh, we had four children. I was just like, we need to figure something out to where you can come home.

• 1:59Henry Washington?

  Oh, so he was working like out of town?

• 2:01Speaker 00

  Yes, he was working um, twenty days out of town and then he'd be home ten days. The boys were getting older and so I was just like, they need their dad. So I started thinking about ways that I could make money for us. Um, also just thinking about when they go to college, how are we gonna pay for all this? So um, so I started listening to BiggerPockets, actually heard you on a podcast. Henry Washington, Denver, North Dakota, able to achieve a hundred doors. And I was like, wait, there's somebody here who does this? So um, I was raised in Serena, Arkansas and um, immediately started following you. Immediately um, started watching your funny videos and just was like, okay, I think I'm ready for the next step.

• 2:44Speaker 00

  Joined your mentorship in January of twenty twenty-three and then decided, okay, it's time for us to start sending mail. So started sending mail um, and that is how I got my first deal. I received a call um, in June from an elderly man who was looking to sell his property. He was getting older, he didn't want to deal with the hassle of owning a home anymore. His children did not live close and so he was ready for the next step in his life. So of course I asked him all the questions that I needed to ask him. And then in the end, I was like, what are you looking to get? What are you, what are you wanting? Um, and he said, you know, I really would like to just get eighty-two thousand. And I was like, oh, okay, yeah, sounds great.

• 3:28Henry Washington?

  It's an oddly specific number.

• 3:32Speaker 00

  In my mind, I was like, this house must be terrible because he only wants eighty-two thousand. And it's in the middle of Rogers, Arkansas, which is, it was in a great location. So I go over to the house that evening because, you know, Henry's always like, you gotta go that day. So we went, I went that day, looked at the house, um, made him my offer. And essentially, I asked him again at that point, you know, what are you looking to get? Um, and he said, you know, I really want eighty-two thousand. I said, well, I'll be honest, your house is in great shape. I don't foresee you having any issues selling this house on your own. All I can offer you is a hundred thousand.

• 4:16Henry Washington?

  What a negotiator.

• 4:20Speaker 02

  He was like, you heard me say.

• 4:23Speaker 02

  That's less.

• 4:26Speaker 00

  He's like, can I sign this right now?

• 4:29Speaker 00

  I was like, yeah, sure. You, you, you can sign right now. And um, so he signed and we shook hands. I was like, it's a pleasure to meet you. And I left.

• 4:39Speaker 02

  Why, can I just ask, why did you go with a hundred when he wanted eighty two?

• 4:45Speaker 00

  In all honesty, like, I just knew that his house was worth more than what he wanted.

• 4:52Speaker 02

  Yeah.

• 4:53Speaker 00

  And I knew that if he sold it on the market, he could probably get more than eighty two thousand. At the time, I had a sibling of mine who told me, hey, I know you're starting this journey. If you find something, just know that I have a hundred thousand. You know, I have that money to be able to. So that's all I had. And so that's what I offered because that's, you know, that's the best I have for you. Um, I can't just give you eighty two thousand. Like, I need to give you more because I know that your house is worth more. I know you're gonna need more. And it, I don't know, to me, it was just the right thing to do in that moment. Like, I just like,

• 5:39Speaker 00

  was like, I know I can give him eighty two, but I have a hundred. So I, even if I buy it at a hundred, it's still a really good deal.

• 5:47Speaker 02

  I think that's super commendable. Good for you. I, I, you know, we talk a lot on the show about real estate does not have to be a zero sum game where one person wins and the other person loses. It should be mutually beneficial and you created a good situation where the seller got more than he was expecting and you still got a great deal. And to me, that's the perfect example of a win win situation you can create in real estate.

• 6:11Speaker 00

  Yeah. So he was really happy about it. I was obviously elated about it. And that was my first deal. I ended up helping him find an assisted living where he could move to. I helped him move some stuff out and sell some of his stuff that he left in there and ended up paying him that money of like what we sold and he actually rode with me to title because he didn't have any kids around and he didn't drive anymore. So we drove together to title.

• 6:45Speaker 02

  Do you guys still hang out?

• 6:49Speaker 00

  No, we don't hang out anymore. He was so sweet and he was so happy to be in his community. So yeah, it was a really beautiful experience. So I ended up calling my brother as well, like right after and I was like, hey, you remember that a hundred K?

• 7:05Speaker 02

  I need it all now.

• 7:06Speaker 00

  I'm gonna need that buddy. So then immediately my brother was like, okay, so how are you gonna pay me back? And so then we, my husband and I started the journey of getting a HELOC on our first property. So we were homeowners at the time. We bought our house in 2016. And so by 2023, we bought it for a hundred and thirty and it was when it appraised at that time, it appraised for two fifty.

• 7:33Speaker 02

  Okay. Oh, wow.

• 7:34Speaker 00

  So we were able to pull out a hundred thousand dollar HELOC on that property. And I paid my brother back like two months, you know, so once we closed on that, I paid him back.

• 7:45Speaker 02

  So you he lent you the money to close and you paid cash for the deal?

• 7:49Speaker 00

  Yes.

• 7:50Speaker 02

  Okay, then you paid him back with the HELOC?

• 7:51Speaker 00

  Right.

• 7:52Speaker 02

  Was this a flip?

• 7:53Speaker 00

  That was the idea going in for it to be a flip. After just telling my family members about the property, they were like, it's in such great shape. Like you should just keep it. So we fixed it up. We put new floors in it, granite, painted, did some other work that needed to be done, put a renter in it, six months later refinanced.

• 8:15Speaker 02

  Great.

• 8:16Speaker 00

  So we were appraised for two twenty. Right.

• 8:22Speaker 02

  Okay.

• 8:22Speaker 00

  And I pulled out just the one, it was like one ten that I was in it.

• 8:26Speaker 02

  Amazing.

• 8:27Speaker 00

  Yeah. So.

• 8:29Speaker 02

  Perfect burr.

• 8:30Speaker 00

  Right. Right.

• 8:31Speaker 02

  What's it rent for?

• 8:32Speaker 00

  It rents for fifteen hundred.

• 8:35Speaker 02

  Great deal.

• 8:37Speaker 00

  And yeah, the mortgage is like eight hundred or so, something like that.

• 8:41Speaker 02

  Amazing.

• 8:41Speaker 00

  So.

• 8:42Speaker 02

  Good for you.

• 8:43Speaker 00

  Yeah. And it's still in really good shape. So that was, man, I was so happy about that.

• 8:48Speaker 02

  So what I really love about this story and just kind of what I want to put out there, because I can see the comments already like, oh, I could do this too. If my family had a hundred thousand dollars, right? Like.

• 8:56Henry Washington?

  I get it. You did have a brother that gave you a hundred thousand to buy it. But that just bought you time because what you did was you wouldn't you pulled a HELOC on your primary. And a lot of people do have a primary and have equity. And that's a great way to find capital because once you pulled that HELOC, you just paid your brother off and you were all in it with your own money. So this is something that people can repeat. And I think one of the benefits and one of the safety net that she had that I want people to realize is don't just go pull a HELOC and then go buy anything. Right? Because if you use borrowed money and buy a bad deal, you put yourself in double hot water. Yeah. Right? But you used. Credit card. Yeah, but you used HELOC money and you bought a really good deal. And that gave you exits. You had equity. So if something were to happen and you were like, you know what, I need to sell this thing.

• 9:40Henry Washington?

  You could have sold it, got all that money back and you were safe. So HELOCs are great tools to use if you buy a good deal and protect yourself. Man, that's a super cool story. I've heard it a bunch of times, but it still gives me goosebumps when I hear it. We've got more of Joanna's story that we'll get to right after the break. As a real estate investor, the last thing I want to do or have time for is to play accountant, banker and debt collector. But that's what I end up doing every weekend, flipping between a bunch of bank apps, bank statements and receipts, trying to sort it all out by property and figure out who's late on rent. But then I found Baseline and it takes all that off my plate.

• 10:18Henry Washington?

  It's BiggerPockets' official banking platform that automatically sorts all my transactions, matches receipts and collects rent for every property. My tax prep is done. My weekends are mine again. Plus, I'm saving a ton of money on banking fees and apps I don't need anymore. Get a hundred dollar bonus when you sign up today at baseline.com/bp. BiggerPockets Pro members also get a free upgrade to Baseline Smart. That's packed with advanced automations and features to save you even more time.

• 10:46Dave Meyer?

  Most investors only think about insurance when something goes wrong. A tenant injury, storm damage, loss of rent. Then suddenly the cheapest policy doesn't feel like the best one anymore. That's why a lot of BiggerPockets investors use steadily for landlord insurance designed specifically for rental properties. Whether you own one property or a growing portfolio, they make it simple to get covered properly. And BiggerPockets Pro members get an extra 5% off their landlord insurance premiums. Visit biggerpockets.com/landlordinsurance to get a quote today.

• 11:20Henry Washington?

  Here's a strategy that most W2 employees have never heard of. Normally, if you want to write off a rental property against your regular income, you need real estate professional status. That means tracking hundreds of hours a year. Rent to Retirement just launched a program that skips all of that. It's called the STR loophole tenant placement program. Here's how it works. You buy one of Rent to Retirement's Class A new construction investment properties. You set up an Airbnb listing and self-manage it for the remainder of the year. Rent to Retirement then rents the home as a short-term rental to establish it as an STR for the year, no furnishing required, making this the easy button to save five or six figures in taxes this year.

• 12:02Henry Washington?

  And because you're the sole manager, there's no hourly minimum to meet. That lets you use a cost segregation study to accelerate the depreciation and potentially write off over $100,000 against your income, even on your first rental. Add in cash back up to 13% of the home price, which exceeds $60,000 on some properties. With this massive cash back incentives, investors are seeing total returns up to 126%. New construction, A-class properties, and inventory is limited. Learn more at biggerpockets.com/retirement or text REI to 33777. Again, text REI to 33777.

• 12:44Dave Meyer?

  I just booked a backpacking trip through Olympic National Park. Two nights out on the trail, no cell service, nothing to do but eat trail mix and stare at mountains I'll never get tired of. That's the whole appeal. But while I'm off-grid, my place doesn't need to sit empty. I can list my space on Airbnb and make a little extra income while I'm away. And with Airbnb's co-host network, I could partner with a vetted local co-host to help take care of the details, from guest communications to onsite support, so I can fully unplug and enjoy my time out in the backcountry. If you've got upcoming travel plans, you can find a co-host at Airbnb.com/host.

• 13:26Speaker 04

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• 13:58Henry Washington?

  All right, we're back on the BiggerPockets Podcast with Joanna, and she was telling us about her first deal, which ended up being a rental property. So what happened next?

• 14:06Speaker 00

  Oh, so after we bought that one, it was July of '23. My husband was laid off from his job, and I was not working at the time. So I had just had a baby when we bought our-

• 14:20Speaker 02

  Baby number- Number five?

• 14:21Speaker 00

  Baby number five.

• 14:22Speaker 02

  Congratulations.

• 14:24Speaker 00

  Yeah, baby number five. And I was like, okay, crap, I'm a nurse. So I told him, I'll just, I'll just find work. I'll work. We were on a call with you, with your group, and I was just telling you about our situation. And you said, well, why don't you come work for me? That'll be good experience for you while you find a nursing job. So I said, Tora, I'll do that. So-

• 14:49Speaker 02

  Huge mistake.

• 14:52Speaker 02

  This is gonna end badly.

• 14:56Speaker 00

  So I was officially Henry Washington's acquisition manager.

• 15:01Speaker 02

  Nice.

• 15:02Speaker 00

  So yeah, so I started working for him. And about a month later, I also started working as a nurse. So I would work three days, 12-hour shifts. And then on my days off, I would work for Henry. And then my husband was at home with all the kids, which he loved. Actually, I even more doubled down on like, I need to learn this stuff, you know? I mean, I was very blessed on my first deal. I was very happy about it, but I was still very scared. So I-

• 15:35Speaker 02

  I'm still scared all the time.

• 15:38Speaker 00

  So I worked for him and that helped me a lot, just like running numbers, talking to the sellers, going through the process. And I finally got another call from a mailer in April of 2024. It was a house on an acre out by the lake. And so I went out there to see it. I offered him, I think I offered him 130.

• 16:07Speaker 02

  Did he ask for 110?

• 16:12Speaker 02

  He's like, I could get Henry to pay you 150.

• 16:19Speaker 00

  He also was an older man looking to travel. He wanted to buy an RV. He also was looking into like investing into other things. And so he wanted like liquid cash. So we went back and forth a little bit on that one and we ended up settling at 140.

• 16:36Speaker 02

  Was the idea to flip this one?

• 16:38Speaker 00

  Yes. So this one, I wish, I wish I would have kept it. It's a cute home and it's like not even five minutes from the lake. So I ended up putting new floors in it, painting it granite. And it was a very light flip for me. So I was like, okay, I see why people do this. So.

• 16:56Speaker 00

  Um, so the rehab on that one, I think we spent what 30, 30 on it. It took a lot longer than it was supposed to. But anyways, we ended up putting it on the market for 275.

• 17:10Speaker 02

  Yup.

• 17:10Speaker 00

  And.

• 17:11Speaker 02

  You were in for 170.

• 17:13Speaker 00

  Yeah. Yes. 24 hours later, we had a offer for full price.

• 17:18Speaker 02

  Unbelievable. That's so cool.

• 17:20Speaker 00

  Yeah.

• 17:20Speaker 02

  So did you just finance it with cash? Because you pulled that 110 out of the first deal? Or did you use any financing?

• 17:28Speaker 00

  When we refinanced our rental, um, we used that money to pay the HELOC back. So we had 100K in HELOC.

• 17:35Speaker 02

  Okay.

• 17:36Speaker 00

  By this time, um, I had already pulled a HELOC also on my rental property. So I had a hundred thousand um, from our primary home and then I had 75,000 in a HELOC from our rental property.

• 17:52Speaker 00

  So that's the money that I use to to pay for it and to fix it.

• 17:56Speaker 02

  It's just an example of how, once you get that first deal or second deal, you can use the equity that you have and that starts to build momentum. It never gets easy, but it makes every deal a little bit easier.

• 18:08Henry Washington?

  Never gets easy. It always feels scary.

• 18:10Speaker 02

  Yeah.

• 18:10Henry Washington?

  But when you buy a good deal, you do have somewhat of a safety net. And it sounds like the second one was a good deal, too, because you were all in for 170. You had it on the market for 275.

• 18:20Speaker 00

  Right.

• 18:21Henry Washington?

  Had an offer, full price in 24 hours. So what were you able to like net walk away with on that one?

• 18:27Speaker 00

  Um, I walked away with 82,000 on that one.

• 18:30Speaker 02

  Eight two thousand is your lucky number. Second time I'm lucky today.

• 18:36Speaker 00

  All right.

• 18:36Henry Washington?

  Can I, can I ask this for some perspective? How much were you making as a nurse?

• 18:41Speaker 00

  Oh, God, I think I was making yearly, probably like 50, maybe 50 to 60 a year.

• 18:47Speaker 02

  And how long did that whole flip take you?

• 18:49Speaker 00

  About five months because I let him stay in it.

• 18:52Henry Washington?

  Yeah.

• 18:52Speaker 00

  I let him stay for a month. It took us about a month to fix it all up. And then, yeah, once it hit the market, it was.

• 18:58Speaker 02

  Unreal.

• 18:59Speaker 00

  Yeah.

• 18:59Speaker 02

  So I imagine at this point, you're all in on this. You're like, yeah, I just made more than my annual salary.

• 19:04Speaker 00

  My husband was like, okay, we're doing this. You're like, that's what I'm talking. I've been saying this.

• 19:10Henry Washington?

  Jobs combined because the henry's cheap.

• 19:14Speaker 00

  So, um, so, yeah, I mean, that was, you know, my husband was like, this is crazy. And I was like, this is crazy. So I continued to work for Henry. I continued to do my nursing job. While I was fixing that one, around June, another house came up that a wholesaler had. Essentially, he contacted me and was like, do you know Henry Washington? And or do you work for Henry Washington? And I said, yes, I do. And so he said, I have a house and I'm looking to sell. I went to go see it, made the offer.

• 19:48Henry Washington?

  Made the offer for me.

• 19:49Speaker 00

  Yeah, made the offer for Henry. And, um, Henry, you know, the goat, he's just had all these projects going on. So he was like.

• 19:58Speaker 02

  Too busy.

• 19:58Speaker 00

  Yeah, he was so busy. So, um. So he was like, hey, you know what? Do you want to do this one? And it was a very scary one because it was not what I'm used to. I'm used to these little pretty ones that I can just, you know, put some floors, paint, granite. You know, obviously I was not going to say no, but I was definitely scared. And so I was like, yeah, no, I'll take it. It's not a big deal. Yeah, I got it. And so um, he was like, all right, find money.

• 20:30Speaker 02

  Oh, you thought I was gonna pay for it?

• 20:33Speaker 00

  So my mother-in-law had just retired. And um, I knew we were on the brink of closing the one by the lake. So I was like, that money is going to come right back to me. Um, so I talked to my mother-in-law about lending us money. And then my other brother also, um, we were just having a discussion and I was like, I don't, I don't know where I'm gonna have to get these other $50,000 because we went under contract for 150,000 with her. And he was like, well, you know, I, I have a HELOC on my house. I can just let you borrow that. You could just pay me the interest on it. And same with my mother-in-law. I actually was the one who had the idea because she had it in a savings account and it wasn't really making her a whole lot.

• 21:16Speaker 00

  So I was like, listen, I'll pay you 10% on your money if you let me borrow it.

• 21:19Speaker 02

  That's fair.

• 21:20Speaker 00

  So I, I borrowed the money from them to pay for the Bella Vista. Closing, yes. Um, and then once I closed on the lake one, when we got that money, I used that money to rehab the Bella Vista one.

• 21:39Speaker 02

  Can I ask you a little bit about this? Cause in real estate, everyone always talks about private money, right?

• 21:44Speaker 00

  Right.

• 21:44Speaker 02

  Private money, it sounds like this like organization of like bankers who are like handing out cash left and right. But usually it's friends and family, at least when you're starting. It is very, you know, I do some private lending. I don't really lend to new people if, if they haven't done a couple of deals. But I imagine it's hard to approach your family and friends with those conversations. Can you just tell us a little bit about like how you approach those conversations and how they went?

• 22:12Speaker 00

  Definitely. So I really had to lay all, lay all the numbers out for them and let them know that their money was secured by the asset, right? So. You know, with my mother in law and my brother, I just let them know, listen, if I was to sell this how it is, you could still get your money back. I it's it's a good deal where we could clean it up, put everything in a dumpster, get it nice and clean, and we can probably still sell it as is for X amount of dollars and you can get your money back. Like, I wanted them to know that it was a safe investment for them, um, that I wasn't just like making up numbers and, you know, I really had to explain

• 22:55Speaker 00

  everything out to them, what I planned on doing and what the value of that house was.

• 23:01Speaker 02

  I mean, that's great. That's how a bank would think about it, right? They're looking at the collateral and operator experience.

• 23:07Henry Washington?

  So this one, you paid one for one fifty?

• 23:10Speaker 00

  Mm hmm.

• 23:10Henry Washington?

  You put how much into it?

• 23:12Speaker 00

  We actually ended up putting sixty into it, which um, was about budget of what we were meant to put in it. And we sold it for two eighty one.

• 23:22Henry Washington?

  Two eighty one.

• 23:23Speaker 00

  Yeah, so.

• 23:24Henry Washington?

  So you made what, forty?

• 23:26Speaker 00

  Yeah. One thing I didn't budget for was like windows.

• 23:29Henry Washington?

  Mm hmm.

• 23:29Speaker 00

  That was something that I wasn't expecting, but still worked within the budget. Um, I have a lot of uncles that helped me on that one.

• 23:37Speaker 02

  That's nice.

• 23:37Speaker 00

  Yeah, I ended up getting a roof for like five grand.

• 23:40Speaker 02

  Oh, nice.

• 23:41Speaker 00

  So that helped me.

• 23:42Henry Washington?

  In terms of roofs, that's almost free.

• 23:44Speaker 02

  What is your uncle's phone number?

• 23:49Speaker 00

  Yeah, so, um, so that helped me out with the budget. I was able to put the money that I thought I was gonna put into a roof into the windows. My stepdad does floors and tiles, so he did my floors and tiles on that one.

• 24:01Henry Washington?

  Not for free, though.

• 24:02Speaker 00

  Yeah, not for free, but he, you know, he helped me out. Yeah, yeah.

• 24:06Henry Washington?

  She got a dose of reality on this, though, because it didn't sell in twenty four hours. And when I tell you this girl is freaking out after like two weeks on market.

• 24:16Henry Washington?

  That she didn't have an offer.

• 24:17Speaker 02

  I think a whole generation of investors felt that in twenty twenty four, though, or twenty five, whatever this was, yeah.

• 24:22Speaker 00

  Yeah, I listed it in October of twenty twenty four. And crickets. I did everything brand new, so roof, windows, water tank. I mean, everything was new. Um, but everyone wanted the heating and cooling system, like they wanted a brand new heating and cooling system.

• 24:40Speaker 02

  Just the one thing you haven't done.

• 24:41Speaker 00

  The only thing I didn't do.

• 24:43Speaker 02

  Do you have an uncle who does HVAC?

• 24:44Speaker 00

  Um, I don't. I don't have an uncle that does HVAC. I know, I'm telling my cousins, I'm like, I need one of y'all to do HVAC.

• 24:53Speaker 00

  So anyways, we did end up going under contract in December and we closed in January of 25.

• 24:59Speaker 02

  Nice.

• 24:59Speaker 00

  The next step, because my Realtor was like, okay, it's getting long here. Like, I know your money's out. Like, I know you're making those payments. So what he's like, I really recommend if you don't sell it, just rent it or like Airbnb it. And we still would have been in a position, I think, to be able to do that.

• 25:18Speaker 02

  Perfect.

• 25:18Speaker 00

  But that week, we had that conversation. We ended up having and getting an offer on it.

• 25:22Speaker 02

  How many days on market?

• 25:24Speaker 00

  Over 50.

• 25:25Speaker 02

  Okay. Yeah, I mean, that's like average these days, but I'm sure.

• 25:29Speaker 00

  It was average, yeah.

• 25:30Henry Washington?

  I remember it was, it was over a month because at about a month you were, you were asking, you're like, I don't know what I would do. And I'm like, all right, let's run through the numbers. And I'm like, you're sitting on 50, you're in private here. Like, you're fine.

• 25:41Speaker 02

  Breathe.

• 25:44Henry Washington?

  All right, Joanna, that's three amazing deals. I like the creativity you used to be able to get these things financed, but it's actually not the most creative deal that you've done. And we'll get into that one when we come back from our break.

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• 30:39Henry Washington?

  All right, we're back on the BiggerPockets Podcast, and we are talking with Joanna, and she's talked us through three deals that she's done where she's had to get creative with how she took the deals down, but they were really successful. But I know you've got another one that involved a little more creativity. So let's talk about that one.

• 30:55Speaker 00

  So in Northwest Arkansas, we had a huge tornado come into the city. That was May of 2025. The city was destroyed. It was the worst thing that I think we've ever it's that has ever happened in in this area tornado wise. There was a house on a corner lot that I would drive by every day.

• 31:18Speaker 02

  Had it been tornado damage?

• 31:20Speaker 00

  Yes, so there was no roof on it. And one day I happened to drive by. And I saw somebody putting a for sale, like an older man putting a for sale sign. So I stopped immediately. And hopped down and you know, I was like, hi, my name is Joanna. Um, I'm a local investor in the area. And um, I wanted to talk to you about your property. Um, can you tell me a little bit about it? And he was like, well, as you can see.

• 31:48Speaker 00

  And so I said, okay, well, let's just get to it. What are you looking to get for it? What do you want? And he said, I I really like to get a hundred and twenty thousand. I immediately messaged uh, my Realtor, asked him for some numbers. He told me ARV was three fifty, three seventy five. So um, the very next day I walked to the house with my uncle who's a contractor. And he was like, listen, honestly, roughly, he's like, you're probably gonna spend like a hundred and fifty or sixty on this house if you want to put it back where it was.

• 32:21Speaker 02

  So that's a big, much bigger bite than you've taken so far, yeah.

• 32:25Speaker 00

  So I told the little man that I would give him the one twenty.

• 32:30Speaker 02

  Was he short?

• 32:32Speaker 00

  Well, he wasn't a little man.

• 32:36Speaker 00

  He um, he was very sweet. He actually, as we're signing the contract, had people like pulling up and were like, wanted to buy it. And um, he was like, nope, I'm selling to her. We're signing a contract as we speak. And this guy was even like, I'll give you one fifty. And he was like, no, I'm gonna sell to her. And I told him, I was like. Take the money.

• 32:59Speaker 02

  People just want to sell you houses.

• 33:01Speaker 00

  Right.

• 33:02Speaker 02

  Honestly, no, it really is a skill that you have. Like, if you obviously have a way with people, they're, they trust you and want to work with you.

• 33:09Speaker 00

  I think he was a very old school man and was like, we shook on it. We signed the contract. I'm selling to you. And I was like, this is nothing but a piece of paper. If you want to sell it to him.

• 33:20Speaker 00

  So anyways, I ended up closing on that one. It was going to be a flip. My husband walked it with me one night and he was like, why don't we add rooms up top? And he was like, we could just move in it and it could, it'll be brand new. He's like, we've been talking about, we want a new house. All the houses in Northwest Arkansas that are four bedroom, five, you know, they're selling for a significant amount of money. So.

• 33:46Henry Washington?

  You're currently at this time, married with five children.

• 33:49Speaker 00

  Right.

• 33:50Henry Washington?

  Yeah. So it's seven of you and you were living in how, how much square footage?

• 33:54Speaker 00

  It's 2,100 square feet. We had a bonus room in the back, but really it was a three, two. They converted the garage. So we used it as a play area. But so we had all the boys in one room. Baby was in the room with us and the oldest, obviously she had her own room because she's the oldest girl.

• 34:10Speaker 02

  Ready for bigger house.

• 34:11Speaker 00

  It was crowded. It was crowded. Yeah. Our older boy, he's 11 now, but he was just like, you know, they never really complained. They like being with each other, but we knew that they needed their own space.

• 34:21Speaker 02

  At a certain point, yeah.

• 34:22Speaker 00

  Right. So.

• 34:23Speaker 02

  And this house that you're talking about, I mean, pop of the top's expensive, but there's no roof on it. The lid's already gone.

• 34:33Speaker 02

  Okay. And you're gonna have to do some structural work, I assume on this house anyway.

• 34:37Speaker 00

  Right. So, um, we ended up getting an architect out there and getting an engineer out there to let us know if it could bear the weight of like adding on top. Um, they said yes. The house was originally a three, two, but again, it had like a, it had like an office in the back without a closet. And so we ended up converting that office into an actual room. Um, and then we built a room upstairs with a bathroom. And so it became a five, three.

• 35:08Speaker 02

  Okay.

• 35:08Speaker 00

  Is what it ended up being. Um, and, and I had a garage. Which I was so excited about because we didn't have a garage at our old house. So, um, it ended up being a five, three. We started on that renovation in August of twenty four. I didn't have any money. I mean, we had money, but not enough for me to pay cash.

• 35:28Speaker 02

  Yeah.

• 35:28Speaker 00

  As you can say.

• 35:29Speaker 02

  And this kind of changes it because you're not going to sell it quickly. So you need money that you can leave into the deal.

• 35:34Speaker 00

  Right. I went to several banks, um, to ask them for a loan on this house. We looked terrible because we had both our HELOCs out.

• 35:45Speaker 02

  Mm hmm.

• 35:45Speaker 00

  So we had our HELOCs in the Bella Vista house because it wasn't selling.

• 35:49Speaker 02

  Yeah.

• 35:50Speaker 00

  Essentially, I paid my family back, my mother in law, my, and my brother with the HELOCs. And so we were out the HELOCs and people were looking at us like, y'all are crazy. You have a hundred and seventy five thousand dollars in debt and you think I'm going to give you a loan?

• 36:04Speaker 02

  Yeah.

• 36:07Speaker 00

  So several shut doors, like they would not, they would not. And I was starting to freak out because I was like, how am I going to find the money to pay for this? Like I told him.

• 36:16Speaker 02

  But you already had a contract, but you had it closed.

• 36:19Speaker 00

  No, we had it under contract and I was looking for the money. One of my cousins said, you need to go see Martin at Legacy. He knows our family. He's helped me with some deals. So there I go, right before my nursing shift, I go in there and I'm explaining to Martin the situation. And I said, listen, as soon as the Bella Vista property closes, I'm going to pay those HELOCs back. Um, I'll be in a way better position than I am now. Um, I've done a few deals. He was like, well, tell me about you, tell me about, tell me about you. Are you from here? Like what? I said, well, obviously you know my cousin and you know, my brother, all my brothers have their own businesses. Um, and then I started doing this and I said, my mother has her own business. And he was like, well, what does your mother do? And I said, she cleans houses.

• 37:04Speaker 00

  And he's like, oh, okay. He's like, what's her name? And I was like, Delilah, I was like, her company is Dee Dee's Cleaning. He was like, Delilah? And I was like, yes, Delilah. Dee Dee's cleaning is your mom. And I was like, yes, Dee Dee's cleaning is my mom. And he was like, she cleans my house. He was like, I know your mom. I've known your mom for years.

• 37:21Speaker 02

  Oh, my God.

• 37:23Speaker 00

  So I was like, no way. And he was like, I'll tell you what, um, I know your mom. I know she's an amazing human. I know she works hard. He was like, I'm gonna work this out for you. We're gonna get this done. He's like, we're gonna get this done. So essentially.

• 37:36Speaker 02

  Is this a community bank?

• 37:37Speaker 00

  Yes, local community bank. And he ended up lending me the rehab and lending me the, the purchase. So we just had to come up, obviously, with the, it was 10% down.

• 37:48Speaker 02

  Down payment. And was that financing? Did you refinance it when it was done?

• 37:54Speaker 00

  Yes.

• 37:54Speaker 02

  So that was just like a bridge loan kind of thing?

• 37:57Speaker 00

  Right.

• 37:57Speaker 02

  Yeah.

• 37:57Henry Washington?

  So purchase was one.

• 37:58Speaker 00

  One twenty.

• 37:59Henry Washington?

  Twenty. Rehab was one.

• 38:00Speaker 00

  Sixty.

• 38:01Henry Washington?

  So you're all in for two eighty?

• 38:03Speaker 00

  We were all in for two eighty. And when we refinanced, the house appraised for four hundred and twenty thousand.

• 38:09Speaker 02

  Wow, unbelievable. That's so cool.

• 38:12Speaker 00

  Yeah, so we ended up just refinancing it and um, now in the process of pulling a heat lock on that one as well.

• 38:20Speaker 02

  Amazing. And the kids like it?

• 38:22Speaker 00

  The kids are obsessed with it. They love it. They love it so much. And I'm not gonna lie to you. I used to talk to Henry about this because they used to make me mad. They did not want to move from our old house, like they were, because they just like loved the neighborhood and they lived there all their, their childhood. So there were, you know, we'd walk it when it was almost done and they'd be like, I don't like this. I don't. And I'd be like, you ungrateful little bitch.

• 38:48Speaker 00

  I'm working two jobs. I'm flipping houses. I'm trying to do something for you guys. And you guys don't like it?

• 38:56Speaker 02

  And now they love it.

• 38:57Speaker 00

  And now they love it. Yeah, they are obsessed with it. They're so happy.

• 39:03Speaker 02

  What a cool story. Good for you.

• 39:04Henry Washington?

  What I like about this story is there's a couple of lessons. Like, in real estate investing, oftentimes, we make decisions for other people. Like, it could have been very easy for you to say, four banks told me no. They're right. My finances aren't in the best place. I get it. And you could have walked away from this deal, right? That obviously has improved your family's life for the better. And so I think there's a lesson in this and, and, and not taking no for an answer, right? Like, banks. One bank isn't the end all be all and community banks can be a little more flexible. So instead of just saying no, you had to go put yourself out there again at the risk of being told no.

• 39:45Henry Washington?

  So I love that you put yourself back out there, but also this is what community banking is, right? Like personal relationships matter and there are ways you can manufacture connection. Like we've talked about this all the time, get in your local community groups. You can go to RIA groups and meet local bankers. You can go to Rotary Club meetings and meet local bankers. You can go to Chamber of Commerce groups and meet local bankers and you'll meet them on a more personal level. So that when you're walking into their office, at least these people have seen you. So these are things that you can manufacture, but like this, the point of community banking is to support local businesses. And as a real estate investor, as a house flipper, you are a local entrepreneur.

• 40:25Henry Washington?

  So walk into these banks, put yourself out there and try to take advantage of some of the benefits that come from community banking. I love this story. It literally makes me feel good every time I hear it. I just know your family personally. Joanna's children are just amazing human beings. And so like me envisioning them in this house just makes me feel good. So it's a super fun story. It's great that real estate has allowed you to do that. So did you continue to buy? What's your portfolio look like now?

• 40:53Speaker 00

  So after we did the refinance on our house that we're living in, we, I got a call about some duplexes. So we bought duplexes and we bought those for $240. We have each side rented out for $1,200. Yeah, so we fixed both the sides, but one of them had a more extensive rehab. So we fixed that side. They appraised for $350 and then shortly after in September, I got another call. Well, actually. It was a call, but I'd been following up with her for a while. It was another tornado house. This one had half of a roof. I'm currently working on that one.

• 41:36Speaker 00

  And I just recently went under contract last week on another one in front of the house where I live right now.

• 41:45Speaker 02

  Amazing.

• 41:45Speaker 00

  So across the street. Yeah. So I have two flips going on right now and we have a duplex and two rental homes.

• 41:55Speaker 02

  Right.

• 41:55Speaker 00

  Amazing.

• 41:55Speaker 02

  Wow. Congratulations. So, I mean, it's been less than four years since you started. You said you started in 22. And it sounded like when you got it started, you had some goals, right? You wanted to bring in more income, get your husband closer to home.

• 42:10Speaker 00

  Right.

• 42:11Speaker 02

  How has your progress so far helped you in pursuit of those goals?

• 42:14Speaker 00

  Oh, wow. Tremendously, because we were able to pay off a lot of debt that we had. Um, he is now home. Um, so we're happy about that. I think my biggest goal that I didn't know I had at the time was this house. So our brand new house is just life-changing that we were able to acquire that and invest in it and still not have, because mortgage rates were high. So we were like, how are we going to be able to afford a $600,000 home? So now, you know, we have this room for everyone. It's brand new and we can afford it. And so that's like my biggest happiness of all of this is that I was able to put my family in a brand new home and it's enough space for all of us and we all love it.

• 42:59Speaker 02

  I, I love what you just said, that your goal being your own lifestyle. I think a lot of real estate investors focus on like financial freedom, like it's this thing.

• 43:08Speaker 00

  Yeah.

• 43:09Speaker 02

  Years in the future that you go out and pursue and nothing is good until you get that. But

• 43:14Speaker 00

  Right.

• 43:15Speaker 02

  You're a perfect example that, you know, real estate can help you improve your life today. It doesn't have to be once you hit X amount of doors or some net worth. Like you have improved your family's life in tangible ways. You have a new house, your husband's home and closer to his family. Like that happened quick. Like it didn't have, you didn't have to get dozens of doors. Like that was less than four years ago. So it's a very inspiring and tangible story.

• 43:40Speaker 00

  Yeah, so that's just the biggest thing that he's home. We're in our new house and he ended up opening up a car dealership.

• 43:48Henry Washington?

  Amazing.

• 43:48Speaker 00

  That's what he does. So, you know, just for us to have the lifestyle of being able to be there for our kids, for soccer, for um, school things.

• 43:58Henry Washington?

  My kids, that's a lot of kid activities. I got two and it's a lot to keep up with.

• 44:02Speaker 00

  Yeah, so, gosh, that's just like my biggest thing.

• 44:06Henry Washington?

  This story is amazing and I'm sure a lot of people got a lot of value from it. But I also know there's probably some people listening who maybe feel like, man, I don't know if I have the confidence to do this. I don't know if I have the time to do this. I don't know if I have the finances to do this. And you struggled with a lot of those thoughts. So what piece of advice would you give to the young lady or man listening right now and feeling those feelings?

• 44:35Speaker 00

  Oh, man, I really had to make the time. Especially when we would have the meetings, I would be cooking on the meetings. I would be at soccer practice on the meetings. I started telling myself, I'm going to do this. I'm going to be a real estate investor. I'm going to find my first property. Just believing it because I didn't believe it. I didn't believe that I could achieve what I've achieved so far. That girl would never in a million years think that she would be in this position right now. So really just tell yourself every day that you're going to do this and it will happen. So.

• 45:20Henry Washington?

  I love it. Thank you so much.

• 45:22Speaker 00

  Yeah.

• 45:22Henry Washington?

  Thank you so much. Thank you so much, Joanna, for coming and sharing this truly inspiring story. It is a testament to how real estate can benefit you in the short term and long term. And a testament to how we all have to kind of overcome our own, you know, negative self thought and self doubt. But there's fundamentals to real estate. And if you follow the fundamentals, you can A, build wealth, but B, protect yourself while doing it. And I know that there was scariness and risk along the way, but you navigated that and you mitigated that. And it shows. So we're proud of you and thank you for sharing that with us. And for those of you listening, we hope you got great value from this episode. We appreciate you joining us and we'll see you on the next episode of the BiggerPockets Podcast.

• 46:03Speaker 04

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