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What if I told you you didn’t have to work as hard to dig your biggest goals?! Would you believe me, or think I’m crazy?! My guest today has cracked the code on how to work less and earn more and how YOU can do the same. (Yep, you heard that right!)
Erika Brown is a Real Estate Investor and Serial Entrepreneur who went from living paycheck to paycheck to having a multi-million dollar real estate empire that generates over six figures of real estate income each year.
Her rental portfolio and experience cover everything from multifamily properties, single family homes, land ownership, commercial properties, short term and mid term rentals, section 8 rentals, and home building.
She’s so passionate about teaching others, especially women and people of color, how to invest in Real Estate that she is hosting her first Real Estate Conference later this year and giving away an entire HOUSE!
Erika is a natural problem solver who enjoys helping others overcome any challenges of real estate investing. Her passion is to help others create passive income for themselves, using real estate investing, so they can be freed up to pursue the things God has truly called them to do.
I can’t WAIT for you to hear her tangible tips to increase productivity, how to organize your daily schedule, and maximize efficiency when you are working. Let’s dive in!
Is Passive Income Real?
We kicked off our conversation with me asking Erika if she believes that passive income truly exists. Her answer may surprise you!
While she wished she could give a black-and-white answer, Erika explained that passive income is a combination of both active AND passive efforts. For example, while some income streams require initial work, others generate revenue with minimal ongoing effort.
This is why Erika emphasized the importance of diversifying investments in real estate, businesses, and stocks to create a balanced portfolio of passive income sources.
Erika’s Journey into Real Estate Investing
Growing up in a household with limited exposure to investing, Erica’s interest in real estate was sparked during her time as a bank manager and a mother. She noticed successful entrepreneurs and high-income earners investing in real estate, which led her to explore the potential of real estate investments.
Starting with a small investment of $3,000 in a foreclosure property, Erika and her family now own a multimillion-dollar real estate portfolio!
When I asked her how she overcame her fear and increased her knowledge to succeed in investing, she recommended booked like Rich Dad, Poor Dad, online communities, and mentors to demystify complex investment concepts.
She said, “When there is fear is there, that’s a sign of a lack of knowledge. So when you begin increasing your knowledge, the good thing is we’re in an information age where you can go to YouTube, you can go to Instagram, and you can learn so much.
And so being able to actually learn from people like my story and other stories out there, it really does help to demystify this idea of how complicated it is because it is intimidating. But once you actually begin to break it down and just go one house at a time, it really does open up a whole world for you.”
How to Get Started with Real Estate Investing
To get started with real estate investing, Erika says that we shouldn’t begin with Zillow or even real estate itself. Instead, start with the lifestyle you want to live!
Plan annually with your partner, considering how you want your life to look and feel, and what you want to devote your time to. Determine the cost of this lifestyle and identify any additional income needed.
For example, if you need an extra $3,000 monthly, aim to add $1,000 to your portfolio each year over three years. Find a mentor—someone local or online—to help you develop a strategy and set your financial goals, whether it’s through Airbnb or multifamily properties.
Once you have a clear plan and understand your financial targets, approach a real estate agent with specific requirements, like a condo that generates a certain amount of monthly income. This clarity will help you reach your goals faster!
Balancing Work and Personal Life
In order to manage a real estate business while homeschooling her children and running a community, Erika emphasized the importance of setting boundaries and prioritizing self-care. This is why she structures her day to include focused work sessions, family time, and strategic delegation..
Erika also shared her experience of investing in an entrepreneurial business class, which transformed her perspective on valuing time and focusing on high-impact tasks.
This is how she has been able to achieve a healthy work-life balance… by recognizing that as entrepreneurs, we need to “focus on the $1,000 per hour tasks, not the $10 per hour tasks.”
Connect with Erika
At the end of our conversation, Erika shared her vision of creating a platform that empowers women and minorities in real estate and personal finance. Through her podcast, Wealth Within Reach, her Instagram, and website, Erika aims to provide a supportive community, educational resources, and tools for individuals to build wealth and financial independence!
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