Love, love, love “at 18 I was walking into the welfare office. When my daughter turned 18 she was walking into a bank with a business, great credit, and no college debt”… POWERFUL! The simple most difficult step is to identify your why, decide the goal, and execute. Thank you for sharing your experience. Congratulations 🎉
I'm looking to expand my real estate portfolio as well and I only have one rental property. What is the fastest way I could go about expanding my real estate portfolio and possibly include multi-family properties in my portfolio as well?
With all her disadvantages, she is an incredibly intelligent woman. That’s undeniable. You can hear it and see it in this interview. I’ve learned in life that when you are smart, you eventually figure out how to dig yourself out of any hole. Keep doing what you are going Mrs. Ashley.
This woman reminds me of my own mother. I’m incredibly grateful and proud of my mom. She worked really hard to provide for us and now has over 50 units.
The 1st time she came on biggerpockets was my 1st time listening. She definitely gave me the confidence to move towards real estate. Such an amazing queeN 👑👑 Thanks for the inspiration
I am so pumped after watching this. I’m a single mom with three kids that’s been trying to break through for a few years now. I could not put mine in daycare either. Just NO! Thank you for the certainty and inspiration you have given me that this *will* work!! I am in awe though. You go girl!! 🙌🏻
OMG the mindset to go from not having much to realizing that information and willing to not believe everything you’ve learned traditionally does not have to be true is so awesome with your story I love it wish if my family members could learn a thing or two from your story
Wow! Ashley is absolutely incredible!!!! Thank you for taking away all excuses!!! We think a lot alike Ashley! I love giving my tenants gift cards during the holidays! I’m in the process of developing a program to help my tenants become property owners! Helping others help themselves is definitely one of my strongest passions in life! Thanks again for sharing some of your strategies, I learned a ton of very valuable information from you!
Beautiful to hear! None of that I’m a woman, I’m black, I’m poor, its hard for me mentality… Had nothing and made it! Incredible story proving people just make excuses. P.S. She shouldn’t feel they were judging her in her first appearance. Even back then, it was an amazing story!
💡ARV, or after-repair value, is the estimated value of a property after completed renovations, not in its current condition. House flippers commonly use ARV as a way to gauge the worth of a fixer-upper property, including how much it can be bought, and then resold for after repairs.
I love that she said she was happy to pay taxes. She treated the government as if it was another individual. She felt the need to reciprocate even for a large entity such as the government. I really respect that. If she feels that way towards the government I would be willing to bet that other individuals who work with her are treated very well. Mad respect for this story
Wow, Ashley is just AMAZING! 👏🏽👏🏽👏🏽I’ve been trying to figure out where to start in building my RE portfolio! Detroit seems to be a good answer to he challenges I’ve been facing. Thanks for the new found hope Ashley! Time for a road trip! I’ll be looking into Detroit not only to build my portfolio but would love to met Ashley! 💜
Im a new investor in Detroit metro area as well currently analyzing properties. She didn’t mention a maintenance and repair budget or vacancy. Im interested in how she handles these expenses. They can have significant impact on cash flow.
@@onanothernote Yes she mentioned her cap ex was 100-150 per month 42:03. Which is around 10%. When I analyze properties I factor at least 10% for repairs/maintenance, vacancy, and cap ex. Totaling more than 30% of the revenue which are of course not the only expenses.
@@anthonyrawles1154 my guess is she already has a pot to pull from but having at least 3 months worth of mortgage payments seems like a great place to start for a beginner 🤷🏾♀️. Plus giving that she has low turnover that money can cover any erroneous repairs that pop up.
I’m an investors with 37 doors. Short and sweet. Be prepared for each purchase $5K to $10K to get the house in condition to rent. Vacancies are killers. Do your best to avoid evictions but they are going to happened. Be prepared for 5-7 months to get another tenant because of court eviction takes for ever. Than you have to get it back in condition to rent. Pursue hard money lenders to fund your project. Good luck
Yes! I want all 4 of those pillars for my kids. Already have the cars paid off and the credit score is looking great! Getting ready to pay for college with no loans for them and their first investment property will be the property that they will house hack during their second year of college
Thank you!! This just reinforced my planned strategy. I wanted to buy, pay off, buy and I also was looking at doing that 7 years primarily paying off as I go and not using any of the money for living and leverage later. I was so encouraged to see someone successful doing this. Thanknyou!!
Thank you Ashley for your path to freedom and inspiration for all of us. I do have a question about REO's. Is the Michigan REO market quick to close? In NJ the REO market takes 45-60 days to close. Or is there an alternative auction market you recommend that allows investors to close within two weeks.
Ten minutes in and she says my monthly goal 7k Free and clear. Omg her story gives me chills because when I first heard it I didn't have my daughter at the time but listening to her gave me motivation to get in to the real estate game but in a creative way because I'm a daycare teacher. I don't make much but now that I have a kid I'm eligible for a higher income tax 😁. Along with my savings. Unfortunately my mother passed this March and I've been grieving and put it on hold for the time being but I think I'm ready now. I want to start getting back to me and make my father and mother proud.
Questions??? Can you please clarify the refinance part..... Isnt when you refinance..you pay more monthly because you are actually borrowing money to add to the principal and you loose everything you have already paid on your monthly
Hello! Im not an investor but have been learning in hopes to become one one day:). So if I understood correctly, in her market you can buy a property for $80k appx. including renovations and all that. This purchase has to be paid in full aka cash -No loans on it because the price is so low. After it's renovated and you have a tenant, you can go to a bank to refinance your paid off property. This will create a mortgage that will be paid for by your tentant and the money from the loan goes into your pocket. So basically you get back almost, if not all, the money you used to purchase the property originally. This money you can now use to buy a 2nd property and repeat the process again 😊. This is the BRRR strategy (Buy, Rehab, Rent, Refinance, Repeat). Hope this helps! Cheers👋
How do you put a 80k house on 4 credit cards? Like in the most technical sense of the question: where are you swiping? How does that transaction get facilitated?
I love this lady. There is so much good information in this episode. And coincidentally my husband and I have been thinking of inveating in Detroit since the episode if the top 10 cash flowing markets in the US. I already purchased David's book on long distance real estate investing... I need to start reading it now. My husband and I have a very similar approach to her. We overimprove our units compared to the competition. Then we can charge a bit more rent and our vacancy is zero.
26:37 THIS! What are people’s circumstances that KEEP them in rentals vs owning? I understand there are people that move around for work. But I’m very curious about these life-long tenants 🤔
I’m so interested in starting my journey but I need a Mentor 😢.. I’m in a similar position.. saved Taxed return to purchase my first house and now I’m ready to purchase my second using the BRRR method
Unrelated but... my husband believes there will be a debt jubilee in the coming year. Claims something big is coming in 2-3 weeks. He is trying to tell me to take out equity loan and buy gold and silver with it. Thoughts?
how is 3600 per month ? how is that calculated ? we don't use interest in my country. if you borrow money you will have to pay back just the same amount. banks buy the house and resell to you at profit and distribute monthly amount over the agreed months to pay back. but your interest payment is that applied to the total purchase price and then divided over the months it takes to pay back ? i would like to see the calculation of it !
a few issues with reverse flip. 1) you have to lie saying you don't have debt. 2) you cant really take interest payment deductions because it shows you have a loan. I feel like a good lender could see all this.
The interesting thing is, in an environment of very high interest rates and economic instability, hard money lenders might be more willing to shell out their capital in collateralized vehicles like rental properties. Sure, 10 year I bonds might be (theoretically) 8% but what if Ashley, with a huge portfolio, wants to buy 3 slam dunk rental deals and will give you 7% for 30 years and if she doesn't pay, your capital is almost surely protected by the commercial value of the rent generated by those properties.
They are definitely identical with the difference being you typically you get hard money to rehab the property and go to a traditional bank for heloc or refi. In a reverse flip you buy, reno with own funds or hml then instead of traditional bank, you refi with a hml to access your equity. The advantage to going to the hml/private lender is even though it’s a higher percentage loan, they won’t care if you already have 10 other traditional loans. The banks are very weary of your debt to income ratio especially once you hit 10 loan products, whereas the right hml/pl doesn’t have the same criteria. You can use traditional bank(low %) for your higher refi amount, and use the hard money for low end.
And with section 8, majority will mess up the property, and don't pay their portion of the rent .. it's not guaranteed that section 8 tenants would not mess up your propert, things are different now .. things have changed
Goodjob! Great podcast. Go Detroit right? Like you know what I mean right? Four banks in one business right, use those cards to buy a business right. Great podcast but the word “right” is used so so much 😂😂😅
Well the first episode with Ashley with got the classic from Brandon turner “I can’t figure out this real estate thing so I went back to eating cereal without milk” and part 2 Ashley hit us with pilf a property I’d like to flip lol
I love y'all but the title of your video could be a little more thoughtful. There is nothing wrong with being a single mom if that's the path one chooses and the title implies that that in and of itself is a low station in life. Suggest next time to add "struggling" or "financially challenged" to give better context.
Cherie B, My question to you. Why when women are being interviewed and they have kids and maybe no significant other sharing the responsibility, want everyone listening to know they're a single mom. First sentence is usually "I'm a single mom". Why not just say I'm a mom and I'm doing it for my kids? Do you believe Bigger Pockets discussed the title with her? This isn't an aggressive text. I just want to know your perspective.
Love, love, love “at 18 I was walking into the welfare office. When my daughter turned 18 she was walking into a bank with a business, great credit, and no college debt”… POWERFUL! The simple most difficult step is to identify your why, decide the goal, and execute. Thank you for sharing your experience. Congratulations 🎉
W come up and W mom
Very POWERFUL!❤
Loving this! As a single mom I'm working towards this. 4 doors under my belt and working towards more.
I'm looking to expand my real estate portfolio as well and I only have one rental property. What is the fastest way I could go about expanding my real estate portfolio and possibly include multi-family properties in my portfolio as well?
Are you up to sharing how you did this?
Hi, how did u get started?? What is the first step??
With all her disadvantages, she is an incredibly intelligent woman. That’s undeniable. You can hear it and see it in this interview. I’ve learned in life that when you are smart, you eventually figure out how to dig yourself out of any hole. Keep doing what you are going Mrs. Ashley.
This woman reminds me of my own mother. I’m incredibly grateful and proud of my mom. She worked really hard to provide for us and now has over 50 units.
The 1st time she came on biggerpockets was my 1st time listening. She definitely gave me the confidence to move towards real estate.
Such an amazing queeN 👑👑
Thanks for the inspiration
I am so pumped after watching this. I’m a single mom with three kids that’s been trying to break through for a few years now. I could not put mine in daycare either. Just NO! Thank you for the certainty and inspiration you have given me that this *will* work!! I am in awe though. You go girl!! 🙌🏻
Excellent interview!! Ashley makes us feel like we can do this!! Loved it!!
Section 8 holders in New York State wait 2+ YEARS for an apartment! 60 days is awesome!
I’m so happy for Ashley! She’s killing it in Detroit! Great show David and Rob! Thanks
I am so excited that they brought Ashley back.
Omg this lady is pure gold!
Absolutely amazing !
So much good stuff and a great attitude! Inspiring!
Please show her my comment!
I so admire Ashley and I’m so grateful that she has shared her story and progression for all of us to be inspired by.🎉❤
Extremely inspiring! I just turned 18 and I’m so exited to learn more about many others stories and accomplishments!
If you’re 18 and listening to this, you have a bright future ahead of you.
OMG the mindset to go from not having much to realizing that information and willing to not believe everything you’ve learned traditionally does not have to be true is so awesome with your story I love it wish if my family members could learn a thing or two from your story
Wow! Ashley is absolutely incredible!!!! Thank you for taking away all excuses!!!
We think a lot alike Ashley! I love giving my tenants gift cards during the holidays!
I’m in the process of developing a program to help my tenants become property owners! Helping others help themselves is definitely one of my strongest passions in life! Thanks again for sharing some of your strategies, I learned a ton of very valuable information from you!
Beautiful to hear! None of that I’m a woman, I’m black, I’m poor, its hard for me mentality… Had nothing and made it! Incredible story proving people just make excuses.
P.S. She shouldn’t feel they were judging her in her first appearance. Even back then, it was an amazing story!
FABULOUS INTERVIEW! Thanks so much for sharing your progress Ashley!
💡ARV, or after-repair value, is the estimated value of a property after completed renovations, not in its current condition. House flippers commonly use ARV as a way to gauge the worth of a fixer-upper property, including how much it can be bought, and then resold for after repairs.
That's a super awesome guest you got here! This conversation is very inspiring and informative, great work!
I watched every episode she's been on. Love her story and what she has accomplished. Very inspiring.
I love that she said she was happy to pay taxes. She treated the government as if it was another individual. She felt the need to reciprocate even for a large entity such as the government. I really respect that. If she feels that way towards the government I would be willing to bet that other individuals who work with her are treated very well. Mad respect for this story
very inspirational and relatable, thank you for having her on again.
Wow, Ashley is just AMAZING! 👏🏽👏🏽👏🏽I’ve been trying to figure out where to start in building my RE portfolio! Detroit seems to be a good answer to he challenges I’ve been facing. Thanks for the new found hope Ashley! Time for a road trip! I’ll be looking into Detroit not only to build my portfolio but would love to met Ashley! 💜
Love you and your story Ashley. Working on ours. 5 units and getting cashflow.
You can always go FHA or buy on an ARM, then refi when the rates go back down.
Im a new investor in Detroit metro area as well currently analyzing properties. She didn’t mention a maintenance and repair budget or vacancy. Im interested in how she handles these expenses. They can have significant impact on cash flow.
That would be monies she puts into capx. It's usually a percentage of the rental income
@@onanothernote Yes she mentioned her cap ex was 100-150 per month 42:03. Which is around 10%. When I analyze properties I factor at least 10% for repairs/maintenance, vacancy, and cap ex. Totaling more than 30% of the revenue which are of course not the only expenses.
@@anthonyrawles1154 my guess is she already has a pot to pull from but having at least 3 months worth of mortgage payments seems like a great place to start for a beginner 🤷🏾♀️. Plus giving that she has low turnover that money can cover any erroneous repairs that pop up.
I’m an investors with 37 doors. Short and sweet. Be prepared for each purchase $5K to $10K to get the house in condition to rent. Vacancies are killers. Do your best to avoid evictions but they are going to happened. Be prepared for 5-7 months to get another tenant because of court eviction takes for ever. Than you have to get it back in condition to rent. Pursue hard money lenders to fund your project. Good luck
Using hard money lenders to fund 30 year mortgages on low value homes is a game changer 🗣️
Ashley your story is the most inspiring, you are amazing!!
She shared multiple wealth of knowledge. So much gem! Thank you for sharing Ashley
As a fellow Detroit investor, I look forward to meeting Ashley one day ❤ so inspired!
She is Brilliant!
Yes! I want all 4 of those pillars for my kids. Already have the cars paid off and the credit score is looking great! Getting ready to pay for college with no loans for them and their first investment property will be the property that they will house hack during their second year of college
Thank you!! This just reinforced my planned strategy. I wanted to buy, pay off, buy and I also was looking at doing that 7 years primarily paying off as I go and not using any of the money for living and leverage later. I was so encouraged to see someone successful doing this. Thanknyou!!
Iove Ashley! Congrats on being resilient and so smart! Kudos to you, from another single mom. 😊👋
Great podcast she is such a good person and very wise!!
You are totally awesome young lady. Keep up the great work.
Ashley, you are a serious inspiration!
Yes, I’ve been waiting for BP to have Ashley back. ❤😊
This is one of my favorite episodes.
Her reverse flip deal was worked out GREAT for her. Kudos!
Ashley is an excellent example for many. thank you for sharing your story.
This is amazing! I love her story!
Thank you Ashley for your path to freedom and inspiration for all of us.
I do have a question about REO's. Is the Michigan REO market quick to close? In NJ the REO market takes 45-60 days to close. Or is there an alternative auction market you recommend that allows investors to close within two weeks.
Ten minutes in and she says my monthly goal 7k Free and clear. Omg her story gives me chills because when I first heard it I didn't have my daughter at the time but listening to her gave me motivation to get in to the real estate game but in a creative way because I'm a daycare teacher. I don't make much but now that I have a kid I'm eligible for a higher income tax 😁. Along with my savings. Unfortunately my mother passed this March and I've been grieving and put it on hold for the time being but I think I'm ready now. I want to start getting back to me and make my father and mother proud.
I’m so sorry for your loss. I’m glad that you are finding yourself again.
I’m a preschool teacher… I hear what you are saying. ❤
More of this Great interviews please! So Good!
Love Love Love and one more Love Ashley’s story!!! Soooo motivating! ❤
I don’t flip with youuuu! 😂 she dropped a lot of gold in this episode!!!
Questions??? Can you please clarify the refinance part.....
Isnt when you refinance..you pay more monthly because you are actually borrowing money to add to the principal and you loose everything you have already paid on your monthly
Hello! Im not an investor but have been learning in hopes to become one one day:). So if I understood correctly, in her market you can buy a property for $80k appx. including renovations and all that. This purchase has to be paid in full aka cash -No loans on it because the price is so low. After it's renovated and you have a tenant, you can go to a bank to refinance your paid off property. This will create a mortgage that will be paid for by your tentant and the money from the loan goes into your pocket. So basically you get back almost, if not all, the money you used to purchase the property originally. This money you can now use to buy a 2nd property and repeat the process again 😊. This is the BRRR strategy (Buy, Rehab, Rent, Refinance, Repeat).
Hope this helps! Cheers👋
Yes girl! I'm a poor investor too, so your journey is much more relatable. Detroit Hustles Harder;-) 💪
Woah she gained so much confidence ❤❤❤❤
How do you put a 80k house on 4 credit cards? Like in the most technical sense of the question: where are you swiping? How does that transaction get facilitated?
I love this lady. There is so much good information in this episode. And coincidentally my husband and I have been thinking of inveating in Detroit since the episode if the top 10 cash flowing markets in the US. I already purchased David's book on long distance real estate investing... I need to start reading it now.
My husband and I have a very similar approach to her. We overimprove our units compared to the competition. Then we can charge a bit more rent and our vacancy is zero.
26:37 THIS! What are people’s circumstances that KEEP them in rentals vs owning?
I understand there are people that move around for work. But I’m very curious about these life-long tenants 🤔
One of thee BEST episodes thus far!!!!
I’m so interested in starting my journey but I need a Mentor 😢..
I’m in a similar position.. saved Taxed return to purchase my first house and now I’m ready to purchase my second using the BRRR method
I actually feel like her honesty, I don’t feel she’s deceiving the audience…
Awesome! I’m a near Detroit girl❤
Great job Ashley!!! Way to go!!!
Those "generational curses Ashley mentions.... so, so true. That's another one of my why's.
Unrelated but... my husband believes there will be a debt jubilee in the coming year. Claims something big is coming in 2-3 weeks. He is trying to tell me to take out equity loan and buy gold and silver with it. Thoughts?
thanks!
Detroit has great potential. Don't believe the hype in the media.
Very inspirational!
Go Ashley ! i love it!
Finally..... "the Quick Tip" from Rob sounds so much better! Now take that & add some sound effects!!!
how is 3600 per month ? how is that calculated ? we don't use interest in my country. if you borrow money you will have to pay back just the same amount. banks buy the house and resell to you at profit and distribute monthly amount over the agreed months to pay back. but your interest payment is that applied to the total purchase price and then divided over the months it takes to pay back ? i would like to see the calculation of it !
She is awesome
How did she find out the wholesalers terms (i,e how many days were left on their contract, and how much their price was)?
So inspiring 😭🙏🏽🤍 Reppin the D!
Love her 🎉❤
a few issues with reverse flip. 1) you have to lie saying you don't have debt. 2) you cant really take interest payment deductions because it shows you have a loan. I feel like a good lender could see all this.
How can I reach her? I’m a single mom in Tampa, need a mentor.
I’m in a Realtor in Tampa! Single Mom too! Let’s connect! 😊
🎶 I don't flip with youuu 🎵❤️🔥 Great episode!!
The interesting thing is, in an environment of very high interest rates and economic instability, hard money lenders might be more willing to shell out their capital in collateralized vehicles like rental properties. Sure, 10 year I bonds might be (theoretically) 8% but what if Ashley, with a huge portfolio, wants to buy 3 slam dunk rental deals and will give you 7% for 30 years and if she doesn't pay, your capital is almost surely protected by the commercial value of the rent generated by those properties.
How did you find homes for $6,000? Did you buy HUD properties or what?
They are all over Detroit, just not as many nowadays
It's Detroit lol things used to be pretty rough there I'm sure it's gotten better now
I have a new hero after watching this
I am very impressed!
Kinda confusing , term reverse flip.. she just cashout refi..
spent 170k and refi for 270k .
I agree it's basically BRRRR
Ashley you are amazing.
I have no money and cannot save, but I want to invest in properties. Please advise!!
Great great interview!!!
Hey I remember her! I reached out through IG way back when
I’m from Chicago, I love when people say that Chicago is to dangerous to invest in. Good more for me 😂
Amazing info Ashley! Congratulations and thank you for sharing. Just purchased David’s book 🎉
What's the difference between a reverse flip and the BRRR strategy?
Thinking the same thing, not sure there is a difference
Def the same as BRRR method
They are definitely identical with the difference being you typically you get hard money to rehab the property and go to a traditional bank for heloc or refi. In a reverse flip you buy, reno with own funds or hml then instead of traditional bank, you refi with a hml to access your equity.
The advantage to going to the hml/private lender is even though it’s a higher percentage loan, they won’t care if you already have 10 other traditional loans. The banks are very weary of your debt to income ratio especially once you hit 10 loan products, whereas the right hml/pl doesn’t have the same criteria.
You can use traditional bank(low %) for your higher refi amount, and use the hard money for low end.
@@erikg666 hope I explained that good enough.
@@ryanshort6021 pretty close but use hml to refi instead of traditional lending.
Love this!
I was cleaning my garge too! The first time I heard her. Lol
Someone give this woman an HGTV show!
And with section 8, majority will mess up the property, and don't pay their portion of the rent .. it's not guaranteed that section 8 tenants would not mess up your propert, things are different now .. things have changed
Goodjob! Great podcast. Go Detroit right? Like you know what I mean right? Four banks in one business right, use those cards to buy a business right. Great podcast but the word “right” is used so so much 😂😂😅
Who is Brandon & David???
Awesome woman.
Which book did she read
Well the first episode with Ashley with got the classic from Brandon turner “I can’t figure out this real estate thing so I went back to eating cereal without milk” and part 2 Ashley hit us with pilf a property I’d like to flip lol
See if you can get the guy from episode 301 to do a follow up that’s my favorite interview
Right!
What the heck? She charges 1k for a 30 minute consultation. That’s crazy
Her time is valuable. If she's consulting she's not investing.
Best qui qui quick tip ever 🤣 😂 lmao
I love y'all but the title of your video could be a little more thoughtful. There is nothing wrong with being a single mom if that's the path one chooses and the title implies that that in and of itself is a low station in life. Suggest next time to add "struggling" or "financially challenged" to give better context.
Cherie B, My question to you. Why when women are being interviewed and they have kids and maybe no significant other sharing the responsibility, want everyone listening to know they're a single mom. First sentence is usually "I'm a single mom". Why not just say I'm a mom and I'm doing it for my kids? Do you believe Bigger Pockets discussed the title with her? This isn't an aggressive text. I just want to know your perspective.
Boss status!
But why is this the name of the thumb name smfh y’all do it to your self