From Zero to $20K/Month: Rachel Richards' Real Estate Secrets
Hey ladies!
Our latest meetup at Rocky Mountain Women Invest was absolutely inspiring, thanks to the unstoppable Rachel Richards, aka Money Honey Rachel! If you haven’t heard of her yet, you’re in for a treat. Rachel retired at just 27 years old and now lives off $20,000+ per month in passive income. Can you say goals?!
Rachel is the bestselling author of “Money Honey: A Simple 7-Step Guide for Getting Your Financial $hit Together.” She’s a real estate investor, former financial advisor, and all-around financial guru. In her second book, "Passive Income, Aggressive Retirement," she dives deep into building passive income streams, explaining 28 different models to achieve financial independence.
Rachel shared so much valuable information about her wins and losses, and the crucial things to remember when taking big risks. Here are a few golden nuggets we took away from her talk about all things investing in and out of state, and in real estate syndications. Here are some of Rachel’s hot tips.
1. Find Affordable Cash Flowing Markets
Rachel emphasized the importance of researching markets that are not only affordable but also landlord-friendly and growing. Ask yourself:
Is this city familiar?
Is it landlord-friendly?
Is it affordable?
Is the city growing?
Finding the right market can make all the difference in your real estate success.
2. Look for Off-Market Properties
To scale her real estate portfolio quickly, Rachel looked for off-market properties. Here are some strategies she shared:
Drive for Dollars: Drive around neighborhoods to find distressed properties.
Expired MLS Listings: Properties that didn’t sell can be great opportunities.
Short Sales: Often sold below market value.
For Sale By Owners (FSBOs): Direct negotiation can lead to better deals.
Networking and REO Leads: Build your network to get insider tips.
3. Get Your Real Estate License
Having a real estate license in the area you plan on investing in can give you a significant advantage. It not only gives you access to more listings but also saves you money on commissions.
Rachel also delved into syndications her latest focus, which is another fantastic way to diversify your investments.
What is a Syndication?
A syndication is a partnership where multiple investors pool their resources to invest in larger real estate deals, such as apartment complexes or commercial properties. It’s a great way to participate in bigger deals that might be out of reach individually.
How to Find Good Syndications
Rachel stressed the importance of leaning heavily on your network. Building and maintaining strong relationships with friends, fellow investors, and other syndicators is crucial. Networking is key to finding trustworthy and profitable syndication opportunities.
If you’re interested in learning more about syndications, check out the book "Hand’s Off Investor" by Brian Burke. It’s a great resource for understanding the ins and outs of passive real estate investing through syndications.
Feeling inspired? I know I am! Rachel’s journey and insights are a testament to what’s possible with the right knowledge and determination.
You can follow her journey and get daily inspiration on her social media:
Facebook: Money Honey Rachel
Instagram: @moneyhoneyrachel
TikTok: @moneyhoneyrachel
Website: moneyhoneyrachel.com
Oh, and don’t forget to download Rachel’s passive income starter kit at moneyhoneyrachel.com/starter.
Let’s keep the momentum going and continue to support each other on our paths to financial freedom!
Until next time, happy investing, ladies!
xoxo, M
Mackenzie Page is a Realtor, Investor, Writer, and Herder-of-Chickens living on her small hobby farm in Denver CO with her partner, rescue pup, and flock of sassy hens. As a board member of Rocky Mountain Women Invest she runs the website, blog and future podcast. Follow, like and share!
Disclaimer: The information provided in this blog does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available are for general informational purposes only.