Manage episode 282102967 series 2394211
HGTV has inspired quite a few real estate ambitions. It’s no surprise that many get inspired by the magical renovations and reveals from shows like The Property Brothers, Fixer Upper, and Flip or Flop. And that’s exactly what sparked Chiagozie Fawole to launch a side hustle as a real estate investor.
She started with a flip project, which Chiagozie now refers to as the best real estate education she ever received. Spoiler alert: it was not quite like the experience she witnessed on TV. She learned from that experience and grew a portfolio, including a 12-unit building where she raised capital from investors.
Chiagozie is a physician by trade living in Syracuse, New York. She created the Savvy Docs platform to teach other medical professionals how to invest in real estate on the side to shine a light on the parts reality TV tends to leave out. In this episode, she shares how to invest in real estate as a side-hustle, some of the mistakes she made starting out, and wins from helping others get started with investing.
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Key Insights on Multifamily Investing as a Side-Hustle
- Physician by trade who watched Flip or Flop and saw the money to be made in real estate
- How Chiagozie got started in Real Estate
- Why her first flip was the best real estate education she ever received
Your first deal will teach you what books won’t
- Raising capital and closing for her first 12-unit deal
- Analyzing an exit strategy
- The steps to take when your property is impacted by fire and dealing with insurance claims
- Lessons learned when trying to raise rents
- Savvy Docs: Helping other doctors invest in real estate
I have to remind myself that I was able to purchase a 12-unit apartment complex with $900 out-of-pocket
- Helping a newbie get to the point of investing in 9-units with great cash flow
- Advice for anyone who wants to become a paid coach or mentor
- Working with prospective coaching client objections
- Understanding the Syracuse, NY market
You can spend your money on actual education or painful education.
During med school, I wanted to be a neurosurgery resident, but didn’t make it. Not getting in allowed me the mental space to do other things in my life, like real estate.
Most Recommended Book:
Never Split the Difference: Negotiating As If Your Life Depended On It (Chris Voss)
Praying in the morning
Wish I Knew When I Was Starting Out:
Trust what I know
How to stay focused on my goals
Best Place to Grab a Bite in Syracuse, NY
Kirby’s Tap House