How Family Fights Led to 20 Debt-Free Properties with Jamisa McIvor
Updated: Apr 15, 2020
Jamisa McIvor has 20 debt-free properties through her company named after her grandmother, Rose. Jamisa launched Rosebud’s Investments after her grandmother’s death and helps investors looking to enhance their knowledge and expertise in real estate investing.
Despite her grandmother having older kids (including Jamisa’s father), she chose Jamisa to take over the property when she passed. That’s when things got interesting and Jamisa had to balance the pressures of family, while still learning about real estate and investing. In this episode, we cover how she set up her arrangement with her grandmother, why estate planning is crucial and how she turned one house into a 20 unit portfolio.
Partner: Exclusive offer to join the Capital Impact Club for Multifamily Investors
26-year-old investor with a passion for innovation and solving problems
Grandmother added her to her deed and asked her to be the overseer
Grandma’s Rules: Be the landlord, I don’t want anyone fighting, if anyone needs a place to stay, they can stay here
Upon her grandmother’s death, no one paid rent, everyone was fighting and everyone needed a place to stay
Her family did not believe her and began fighting over the property
Without a will or deed, the property would go into the probate court system and require signatures from various family members - verbal agreements are not acceptable
No transfer tax for being added to the deed
Moved into the property and realized there were issues that needed to be resolved
Looked on Craigslist, Angie’s List to find contractors to help - received quotes of $40k - $60k
Contractors all made offers to purchase the property with new developments in the area
Listed the property with a realtor for $115k, and within one week she had a bidding war and got a cash offer for $152k
After meeting with a financial advisor, she wanted consistency and decided to focus on buying houses
Realized many owners in her community have significant equity but are still losing homes or in danger of losing their home
Partner: Download a Free Sample Apartment Deal Package
Connect with Jamisa:
Leave us a review and rating on Apple Podcasts or Spotify. Be sure to check out more info at TargetMarketInsights.com.