Episode Details

A rooming house is a great investment to consider. Unlike, short term rentals, it requires much less work. It’s also easier to build a sense of community and have a little bit more consistency between people renting there. In this episode, Rachel Swanson shares her real estate experience, how she ventured into rooming houses, and how she tripled her income in 12 months. From planning, construction, qualifying tenants, complying with state regulations, and managing the property, you’ll be sure to pick up valuable nuggets that you could apply to your investing strategies. Rachel Swanson is a bestselling author turned real estate investor in 2021. She transitioned from writing books and coaching online full-time to working her real estate business, only part-time, tripling her previous income in only 12 months, all while balancing motherhood with Wannabe Triplets. Her goal is to bring her husband home from his 9-5 before his 40th birthday (2022) through the time-freedom they will have from passive income from real estate investing.   Quotes • “There's a lot that goes into working with the city for zoning and planning and ordinances, and that can totally wreck your business if you don't do your due diligence beforehand.” (6:23 - 6:33) • “There is a real need for those that are traveling nurses. To do midterm rentals that have a, an affordable and nice place to live as well as for the existing community.” (19:23-19:34) • “We don't actually charge the rates of a standard one bedroom since it's not exactly a one bedroom. But it still ends up cash flowing really well overall because you're pooling everybody together.” (20:35-20:48) • “I think ‘cause it's a unique property, it was a unique concept, it was kind of a risk on their [lender] sense… I did have to do a lot of convincing with that lender to get the initial loan.” (24:31-24:44) • “Short term rentals is a lot more work. Midterm? Not so much. When you're transitioning every three to six months with people, it's not a whole lot of work.” (28:09-28:17) • “We also did have to put in a lot of rules… When you're doing a rooming house or something where people are coming together, you kind of have to set the rules.” (28:54 - 29:19) Connect with Rachel Swanson: Website: rachelcswanson.com Instagram: @rachelcswanson Resource Mentioned: Rich Dad Poor Dad by Robert T. Kiyosaki Missed InvestHER CON 2022 or just want to relive the experience? Don’t worry! Get instant access to the InvestHER CON 2022 recordings and enjoy tons of transformational sessions with incredible women investors! https://www.therealestateinvesther.com/offers/PDh8G6eE/checkout How To Join the InvestHER Movement  1) InvestHER CON 2023 Meet Us in Arizona! | InvestHER CON 2023 Early Bird Tickets are available now! The inaugural InvestHER CON was unforgettable. We saw women freely raising their hands, asking questions, and going to the mic to share their thoughts; we saw women confidently speaking with sponsors, holding intimate conversations with each other, and connecting on a deeper level with themselves. You laughed with us. You cried with us. You played in the arena with us. And most of all, you inspired us! We’re not stopping there. We’re thrilled to announce that InvestHER CON will be returning in May 2023, at a venue in sunny Arizona! Early bird tickets are available now: https://www.therealestateinvesther.com/offers/K92UxTz3/checkout 2) The Real Estate InvestHER Podcast - The weekly show details the journey of some of the most amazing women real estate investors around the world, who open up their lives and share practical and strategic tools for growing a rental portfolio, flipping houses, and the mindset that allows them to run a successful investing business while taking care of their families and most importantly taking care of themselves. Subscribe via: Apple Itunes  Spotify Amazon Music Android   Stitcher    3) The Real Estate InvestHER Membership  STRIVE is a one-of-a-kind membership for experienced women