In this episode, I’m joined by Kathy Fettke, CEO and Co-Founder of the Real Wealth Network and host of The Real Wealth Show podcast. She is a frequent contributor to national news including CNN, CNBC, NPR, FOX News, CBS MarketWatch and the Wall Street Journal. Kathy is a lot of fun to talk with, and her story is both educational and inspiring. She has a ton of real estate experience in both single family and multifamily investing and has experienced some incredible highs and lows in her personal and professional life.
In this interview, she tells us about her husband coming home with the news that he’s been diagnosed with cancer with only six months to live and how she turned to real estate to pay the bills. She also tells us about a 92-unit apartment deal that looked oh so perfect, before turning into a nightmare. Kathy has been through and accomplished a lot and lucky for us she’s more than willing to share what she’s learned!
[5:25] There’s not just one Market Cycle
- There are a lot of markets all with a different cycles
- It’s the time to buy in some markets and time to sell in others
[7:27] The worst real estate markets right now
- Wherever foreign investors have come in and paid all cash and driven prices up. Primarily big cities.
[9:14] Metrics to look for in a market
- Job growth = population growth
- Look for cities that are proactively creating jobs
[8:30] Some of the best real estate markets right now
- Reno, NV
- Pittsburgh, PA
- Cleveland, OH
[16:21] The insurance clause you NEED to be aware of when your property is vacant
[17:48] The one thing you ALWAYS do right before closing on a property
- The final walk through
[22:38] When something goes wrong, communicate more with investors! NOT LESS!
[24:58] – Trust your gut.
- Even if the number look good, do a gut check
[26:24] What to look for in a Syndicator/Sponsor
- A long, proven track record of success
- Someone who has been through a storm or two… and survived
[34:28] Get your advice from people who have already done what you want to do
[41:51] There is no “happy ending”. We are here to grow
- Your end goal shouldn’t be sitting on a beach for the rest of your life
Connect with Kathy Fettke
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