- Raquel Adkins: From Novice to $10M in real estate in 4 months Alex Escobar and Aziz Yousuf 1:11:36
In this episode, we have invited Raquel Adkins, a powerhouse entrepreneur and real estate investor. With her degree in business administration, she has not only managed property but also founded two successful startup businesses that sold for great profits – the perfect experience to step into commercial real estate investment. Today, Raquel guides investors to invest strategically to build wealth, find good deals, and grow as an investor.
Way To Wealth
[4:33]
Raquel sees real estate investment as a way to achieve financial independence, but it will be a long journey, so she advises people to stay consistent and know why they want to invest in real estate.
[9:13]
Raquel invested in real estate because she wanted to build wealth more than having cash in hand. After searching for ways to achieve her goal, she came across the BRRRR Strategy, a common strategy used by successful millionaires and established people.
[14:37]
In starting her investment in the multifamily industry, Raquel put herself in a situation to be lucky, and she changed her mindset. She did everything she learned from the program, podcast, or mentor to become a millionaire.
Mindset
[13:41]
For Raquel, coming up with your “why”, thinking big about her goals, and having affirmations are some of the mindset changes she incorporated in her life.
Multifamily Investments
[19:47]
Raquel finds Schedule B type of Multifamily investment to be the hardest as you can only promote homes to people who have established relationships with you. In contrast, investors can advertise Schedule C type of Multifamily anywhere, but only accredited investors can invest, which makes both kinds of Multifamily Homes have downsides.
[25:26]
What Raquel did to have investors is she made a list of people and called them every day to ask if there was someone they knew interested in investing in Multifamily homes. Let people know you’re investing in Multifamily homes and take the chance to create a social media to talk to people and educate them about what Multifamily investment is.
[32:28]
She chose Multifamily investment because it has a hedge against inflation. As a mentor, she wanted to teach people about investing in multifamily instead of stocks or bonds because it is a steady investment.
[33:38]
Being a Limited Partner or General Partner are two ways to start investing in Real Estate. Another thing Raquel loves about investing in Multifamily is people can get monthly cash flow.
[38:18]
Raquel had some investors question her about how they would invest with her if she raises rent when people were getting less money.
Asset Management
[40:28]
For Raquel, she shines in asset management, which what she does is overseeing the whole operation of property management. She spends time in weekly meetings and talks about the status of units and rents, while his husband works on the rehab side of Multifamily homes.
[43:28]
Raquel’s ultimate goal is to own a property for each of her children to have the cash flow to do whatever they want in the future.
Question and Answer
[50:01]
Raquel encourages anyone investing to check the location of the asset before because that’s how you’re going to sell it to Capital Raisers, check how the property is running and its value, then create a package of the business and shop around to people.
[58:27]
Hiring a Property Management team for Raquel is essential because she explained that it would help delegate some tasks to manage the property better. Choosing your partner is also very important for her.
[1:02:51]
When Raquel wants to find the properties she’d like to rent a deal, she finds brokers to do the job for her.
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