Today on Unstoppable REI Wealth I am joined by an incredible woman in Jhanel Wilson.
While being a full time chemical engineer, Jhanel used loans and credit cards to stop her dads property from being demolished and sold at auction. After going through the usual ups and downs of the renovation process, she successfully completed the project and began cash flowing, immediately seeing the power of real estate.
Through the years, she has strategically used leverage, built relationships, developed different strategies which lead her to be financially free since 2012.
Today, she is the Founder and CEO of The Savvy REI with an eight-figure portfolio and on a mission to share her 17+ years of hard lessons & personal strategies to help people understand, master and succeed with real estate investing.
At the age of 22 Jhanel's first property came with all of the challenges and then began cash flowing $700 a month. At that point she realized she could definitely make more money in real estate than she ever will with her engineer job.
Jhanel teaches how to utilize credit cards and hard money loans while building your real estate portfolio.
Key Moments:
* [00:03:47] And then I had to actually refinanced and use the equity in the house to pay for the rest of it. So since I started on libraries, I continued through leverage
* [00:07:48] You know, the tenants would complain about them. They would pay the wrong bills and it was just a hot mess. They were more to manage them. So we decided to get property management software, we use building them. And so we can pretty well, we just use what they use. We do a better job than most property managers, I would assume.
[00:08:05] Plus I rent with the section eight and a lot of property managers don't like section eight. I feel like they just know how to manage them. So we manage our section eight. We know how to use the tenants. And so we do every job I was thinking about having a harden management company actually.
[00:09:58] Billy: Take us through how you go about vetting your tenants to make sure they're good tenants.
[00:10:22] Jhanel: So, this is the thing, because I don't have to worry about getting paid. I don't pop out people based on their income. So that gets split up a huge qual heart that people have to go through. So it's like first you got to find people that can afford it. And then you have to find people who I have a good personality.
[00:10:36] So, because I don't have to worry about the income part that leads me to. On the personality and other things about them. And so the biggest, the worst kind of tenants are entitled tenants. And it's because you can never make them happy, no matter how awesome you fix things, no matter how often you try to fix them, that we're talking to them, they're just not happy.
[00:17:49] I'll put in a new vanity and once you put a layer of paint on everything, it looks good. So I just focused on painting kitchen and bathrooms, and I like Hardwood floors. That's probably the only thing that I consider first, but it looks really nice too, but it lasts forever.
Thank you all for listening and I will see you on the next episode.
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