Summary List Placement
Ashley Wilson — the co-founder of Bar Down Investments and HouseItLook, and author of “The Only Woman in the Room” — was climbing her way up the corporate ladder before she found real-estate investing. Suitably enough, she served as the director of global project management for vaccine trials for GlaxoSmithKline.
“My husband and I, very early on in our careers, were doing quite well,” she told Business Insider. “And we were fortunate to have retirement plans, so to each their own, but we’re not huge believers in the stock market.”
She continued: “So we were looking for alternative investments, and we looked at multiple different investment strategies, but what we really liked about real estate was that it was an asset-backed investment that had major tax advantages.”
Although Wilson’s interest was piqued, her transition from director to full-time real-estate investor didn’t happen overnight. In fact, it took her about four years of investing before she was ready to kiss her traditional 9-5 goodbye.
When Wilson was just starting out, she examined a variety of different investment strategies. Short-term rentals, house hacks, and long-term rentals were all vetted before she began flipping properties with her father.
That proved to be a fruitful decision.
“The first year actually, we only flipped one house,” she said in a previous interview on the “BiggerPockets” podcast. “Our gross profit was around $65,000. The second year, each of us, my father and myself, made over six-figures on the second year flipping only two houses.”
From there, her investing snowballed.
Although Wilson’s main focus is now centered around multifamily apartment buildings — she oversees 600 units in Texas and Ohio — she hasn’t given up the flipping business. As of today, she’s completed almost 20 flips and has no plans of slowing down.
Here’s how she did it.
2 simple strategies
Wilson was able to build a real-estate investment empire by leveraging house flipping — where she was making money hand over first — and multifamily apartment investing.
We’ll look at each separately.
When Wilson initially entered the real-estate investing arena, she started out by financing flips with her father, who was a general contractor. Remember, she didn’t become a full-time investor until years into her venture, so her ability to sock some of her income into properties was unmitigated.
Still, her style of flipping differentiates from the norm. Wilson goes after high-price-point homes.
“So it’s a different game,” she said. “So we have less competition in this space because, obviously, most people who get into flipping — especially new people — they’re not going to go after a price point on acquisition north of probably $100,000 to $200,000, where we’re most of the time at minimum doubling that. We’re coming in $400,000, $500,000 on acquisition. And then turning around and selling it close to a million, if not over a million.”
When Wilson enters a potential acquisition, she tries to visualize the finished product. Where others see a long, drawn-out hassle, Wilson sees opportunity.
“All of the houses we do are six-figure renovations, so they …read more
Source:: Business Insider