50 Doors in Her First 18 Months with Edna Keep
Investor Cheat Code Podcast with Mike Simmons
English - July 19, 2021 07:30 - 27 minutes - 24 MB - ★★★★★ - 241 ratingsInvesting Business Entrepreneurship airbnb business cashflow education entrepreneur estate flips investing real rentals Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
My guest today is Edna Keep. Edna is a real estate millionaire, coach, and author of Multiple Ways To Wealth. She owns 778 doors valued at $70 Million of real estate. She started with single-family homes to now primarily multi-family and she does some development projects with other people’s money. As a former financial advisor, she helps connect investors with everyday people who want to create passive income for the long term and those that need help with all areas of business money management.
Edna first shares her background story. She became pregnant and had a child at 16 years old. She dropped out of high school and felt like her options were very limited, but she decided to go back and finish her high school education. After high school, Edna worked a series of waitressing and secretarial jobs as a single mother. During that time, she dedicated herself to learning and doing what she needed to do to improve her life: she bought and read thousands of books on attitude, goal setting, and living with passion. She also attended numerous seminars and listened to countless audio programs. She also learned as much as she could about business. Her work with clients and more training taught her about real estate and the power of leveraging. That is when she dove into real estate investing, growing her portfolio, and reaping the rewards.
We then talk about how Edna got started with real estate. When she and her husband first got into real estate, their plan was to buy a few houses in the next 10-15 years to help with their retirement plan. But fast forward 18 months, they found that they owned 50 doors. They started with condos and duplexes but their last purchase, that got them to 50 doors, was 24 units. Within a very short period of time, they were able to double all the rents in that building because the market was so strong at that time.
Next, we discuss what pushed Edna to get 50 doors in only 18 months. She explains that there were few things that helped them achieve that. First, paying for education. Edna and her husband were introduced to real estate through the Rich Dad Poor Dad series. This is where they learned all the strategies they needed and applied them all in a short period of time. They also had a coach during this whole process and they also partnered with some people who had taken the same training they had two years prior and already owned 20 houses.
We then dive into the financing aspect, and how Edna was able to raise money for her first 50 doors. She explains that their first option was seller financing: a situation in which the person selling the property leaves some money in it. They approached their seller and asked her to leave the amount they needed for a down payment and, in return, they pay her 6% interest on that money in five years. According to Edna, when it comes to financing, seller financing is always a good way to go.
We then talk about Edna’s Five Step Investor Attraction System. This system consists of 5 steps, and those are: mindset shift, finding and analyzing the right deal, analyzing a property, and hiring a coach. Edna believes that these 5 steps can help you shift from where you are to where you want to be.
We also discuss Edna’s book Multiple Ways to Wealth. She wrote this book back in 2013 and her main goal was to show people that there truly are multiple avenues to achieving wealth. Even though she ended up in real estate, she has a lot of experience in stocks and mutual funds as well.
Lastly, we talk about Edna’s program 90 days to 5k program. This is for people who are looking to get their first $5000 a month in income from a building or two; for those who already own a few doors, want to expand their portfolio but have run out of their own money and or their own ability to qualify for mortgages. Edna explains how having that type of support in the beginning of their journey really made a difference, and she hopes to provide that to others through her program.
Don’t miss this episode of the Just Start Real Estate Podcast with Edna Keep and get inspired by an amazing story of a single, young mother who went on to create a real estate empire of 778 doors and counting!
Notable Quotes:
“Early on I had to put food on the table, I had to make things work because it wasn't just about me.”
Edna Keep
“I couldn't do anything full-time to change careers, it always had to be on the side.”
Edna Keep
“When we got 50 doors in 18 months, we really felt like we had something there.”
Edna Keep
“You don't just fall backward into that by accident. That's work, that's dedication, that's drive.”
Mike Simmons
“I believe you have to buy knowledge nowadays. You absolutely have to.”
Edna Keep
“Not just learning the strategies, but applying them all in a short period of time - that's what got us our first 50.”
Edna Keep
“We got to work within our strengths.”
Edna Keep
“At the time we were in a very strong market, a lot of people wanted to get into real estate but didn't have any clue how. Once we educated them, then we were able to raise a lot of money.”
Edna Keep
“I wanted people to realize that there are multiple ways to wealth, and not just one way.”
Edna Keep
“You can study until the cows come home, but until you actually do a deal, you won't even know what you know.”
Edna Keep
“Sometimes people who work the hardest, get the luckiest.”
Mike Simmons
“You can take a course, you can read a book, you can get educated but if you don't do anything, there's nothing gained.”
Mike Simmons
Links:
Multiple Ways to Wealth by Edna Keep
Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months