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8:07Flo Jacques:So you're working on this project and the renovation. And then I'd like to know what happens next. But we'll talk about that when we come back. As a real estate investor, the last thing I want to do or have time for is to play accountant, banker, and debt collector. But that's what I was doing every weekend, flipping between a bunch of banking apps, bank statements, and receipts, trying to sort it all out by property and figure who's late on rent. Then I found Baseline, and it takes all that off my plate. It's BiggerPockets official banking platform that automatically sorts my transactions, matches receipts, and collects rent for every property.

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11:34Flo Jacques:All right, we're back on the BiggerPockets podcast with Flo Jacques, and we're talking about her first investment property and transitioning to her second. So what was next?

11:44BiggerPockets Team:So, you know, I closed on that. I knew that the rehab budget was assigned, that was being worked on. And then I had like another burst of, hmm, this duplex, downtown Durham, I'd love to have it, you know? And so I'm like, I have the funds. I can take on another project.

12:03Flo Jacques:That couldn't have been$90 ,000. No. Downtown Durham duplex?

12:06BiggerPockets Team:No, not at all. I saw it, prayed about it. And I took a minute, you know, I took a couple of days and then everything started feeling right. And so I went and put an offer on it. That one was, I closed it at 287 ,000. Oh, that's way cheaper than I thought you were going to say.

12:22Flo Jacques:Yeah. Where were you getting the money from at this point? Were you working in admissions or were you making money as a, as an agent?

12:27BiggerPockets Team:I was doing both. I was a college admissions counselor up until early 2025, as well as I did real estate. I wasn't like the top producer agent killing it with deals, really. But my mortgage on my first home was like$700 a month, you know? So I saved, I mean, just like at 21, I decided to buy a house. It's because I had 15K saved. You know, I've just been a saver.

12:53Flo Jacques:I think that that's just a good habit to have, the fact that you're a saver, because it helps you to be prepared when opportunities arise. And it sounds like you have no problem capitalizing on opportunities when they arise. But still, you had a job, you had to scrounge up the money in order to save up. So what did the financing look like, both on the first one and then on the duplex? Were these conventional loans? Were they construction loans?

13:16BiggerPockets Team:What I did was hard money. All of my deals actually so far have been hard money. And so from a lot of communication, asking who people know, who do you recommend? I landed with this lender, this hard money lender, and their terms were great. 100 % financing of the purchase and rehab up to 75 % of the ARV. And so I was like, oh, so you'll fund the rehab and the purchase 100 % so long as it meets the 75 % or 70 % formula. Perfect. So once I found that lender, all I had to do was pay origination fees, closing costs, that sort of stuff. And so that's really what empowered me to do that multifamily a month after closing on the first one, because so long as you have liquid cash, you're like, I got to do two at the same time.

14:02BiggerPockets Team:They're taking care of the purchase and rehab.

14:03Flo Jacques:Well, I love the way that you're approaching this. I am sure there are people listening to this who want to do the exact same thing, get a hundred percent financing on a duplex or reno. How did you approach lenders with no offense? Like you didn't have any experience either. So like, how did you get people to lend to you in that for these deals?

14:23BiggerPockets Team:I think this lender is a gem, to be honest, because they don't have a experience requirement, actually. But most other lenders did. They in order to lend to you at 100%, they need you to show five deals or something like that. They have a loyalty program, though, your first three deals, you know, you pay it's like 12.99%, 2.99 % origination fee or something like that. after your first three deals with them, then it goes down to 10.99 % interest rate and 1.99 origination fee.

14:54Flo Jacques:Good for you for finding that. Honestly, just doing that little bit of legwork sounds like enabled you to really start your portfolio quickly.

15:02BiggerPockets Team:Exactly. Yeah. I just needed the financing and then I was ready to go. Yeah.

15:07Flo Jacques:I have a very similar situation. I found a lender when I first got started that was basically telling me how they could fund all my deals without me having to spend a ton of money. And so the goal became to figure out how to go bring in more deals so that I could get them financed. And so I understand going shopping because you're like, hey, I got a checkbook. I'm going to go shopping. But with hard money, it's a short term loan. And you said these were rental properties. So I'm assuming you had to refinance out of this this short term loan at some point.

15:34BiggerPockets Team:Correct. The duplex finished first, which was funny. You know, even though I bought it second, it finished first. That was also a six-figure rehab too. That was supposed to be 65. I think it came out to like 130 ,000 or something. Oh, wow.

15:49Flo Jacques:That was... I mean... That's a mess. That one's a mess. Yeah. That's okay. I mean, it happens.

15:55BiggerPockets Team:Yeah. I mean, maybe it was slightly undergranted. I did account for like, I had to furnish it because that one I made it into like an Airbnb mid-term rental. Oh, okay. Yeah.

16:03Flo Jacques:How are you managing this? You were working full-time. You said you didn't even have that much time necessarily to be an agent. Then you're managing two construction projects at the same time. How were you going about that?

16:15BiggerPockets Team:So I actually had contractors doing the work. And so I will be honest, I was not visiting those properties, which was a mistake I made. You know, when I look back, you know, you know, weeks going by not not paying attention, just trusting him, like, just send me pictures, you know, that sort of stuff. So, you know, whenever I could, I would. But I really wasn't. So, yeah, I mean, I went forward with just having them pay for materials and labor. And so all I'm doing is wiring or whatever the costs.

16:47Flo Jacques:So this, I assume it was a general contractor. They brought in all their own subs. They were sending you pictures, communicating each week, and you were just wiring money saying, oh, yeah, that's great.

16:57BiggerPockets Team:Yeah, pretty much.

16:58Flo Jacques:So went OK on the first one, went slightly over budget on the second one. But with the overages, were you able to go ahead and pull off the refinance?

17:09BiggerPockets Team:Yes, I was able to pull off both refinances. I will say that these stories are this is a little wonky. Like, you know, for the first property, I had a contractor. He was licensed and everything. Really sweet guy. He didn't have the crew to handle that scope. We had to like rehab the entire foundation. That was like literally full gut. We tore down the foundation, rebuilt it. That was like we rebuilt every single thing in that house, like roach infested and everything. He didn't have the scope to do that level of work. I ended up firing him and having the guy that was doing my duplex to come and kind of step in.

17:45BiggerPockets Team:Then things went off with him where he was a greedy gouger and was insane with his prices. So I got rid of him. And then the third contractors who really finished that job, they weren't licensed, but they worked under licensed people, had their subs and whatnot. So that's for that first house in the flood zone.

18:05Flo Jacques:Before we move on to talking about what came next for you, given the situation with these contractors and given the situation with how you found these properties and the size of renovations you took on, what advice do you have for people who are maybe considering buying a property in that same price point that have a heavy renovation? Because I think people often forget that, yes, you can buy cheap houses, but a lot of the times they are tied to large renovations. And it's not necessarily a bad thing, but it sounds like you learned a lot of lessons. So what did you learn or what would you do different if you were brand new again, looking at properties like this?

18:41BiggerPockets Team:I would definitely structure the deal a lot more conservatively than I did because I structured it initially at 75%. And in a market where homes are dirt cheap, a highly renter market, which meant there were a lack of sales and comps to justify this new completely renovated home to be$230 ,000, which is what it appraised to be. But because there were some challenges with comps, when I went to refinance, the underwriter asked, hey, can you tell me why you use these comps instead of this? Even though the appraiser was like, well, this is pretty much new construction. You didn't have to replace the roof or the exterior, but you did everything brand new inside, new electrical, new everything, you know?

19:25BiggerPockets Team:And so that question ended up bringing the appraisal price down 26 ,000. So that's the lesson that I learned there. Structure deals more conservatively, especially if you're targeting those cheaper housing markets.

19:41Flo Jacques:Those are great lessons. Thank you, Flo, and lessons we unfortunately all sometimes have to figure out. But now that you're now a year and a half or so into this, where did these two rental properties net you at the end of the day after you refinancing? Are they cash flowing for you? How are they performing?

19:58BiggerPockets Team:Yes, they're doing pretty good. So the for that first one, we had that one rented out to a group home tenant. There's a lot of interest for some reason in that market for group homes. You know, I had that rented out for$15.95. So I was, yeah, I was cash flowing very minimal. I'm telling you that that flood zone insurance is really eating into it, but I was just happy that the mortgage was being covered. And, you know, sometimes that's all you can be happy with, you know, as far as the duplex, both are Airbnb on VRBO, Furnished Finder, that sort of stuff. So yeah, they've been, that one's cash flowing between 800 to a thousand per month.

20:38Flo Jacques:Wow. On a$200 ,000 purchase, right?

20:40BiggerPockets Team:Yeah. 200, 287. Yes. That one appraised for$462 ,500. Nice. So that one turned out pretty well. Yeah, that's a lesson I learned for targeting slightly more expensive markets, right? Because then they have more crops.

20:58Flo Jacques:And when you did the refi, just for that example on the duplex, you built a ton of equity. That's awesome. When you did the refi, did you pull cash out to use for your next deal, like a burr? or did you keep cash in to preserve your cashflow?

21:13BiggerPockets Team:So I actually did pull cash out of that one. I actually pulled cash out of the other one too, like 2000, you know, like 2000. To be honest, I was like, I mean, I know this is something very real out there. I was also drowning in the losses of these going over budget. So I needed cash out to recover a little bit, you know? Yeah.

21:34Flo Jacques:There's no right answer. I'm just curious because I think people say, you can't do a BRRRR, but clearly you created a deal that you could pull substantial amounts of cash out of. It's up to you whether you want to keep money in, that improves your cashflow because you're borrowing less money, but then you have to save up to buy your next deal. So I think it sounds like you're only at the beginning of your career here. So pulling money out and focusing on a next acquisition, doing more BRRRR kind of deals where you can build equity, makes sense to me that you would prioritize that over cashflow right now.

22:06BiggerPockets Team:Right, exactly. So yeah, that one turned out well.

22:09Flo Jacques:Well, Flo, it sounds like you became a real life real estate investor. You went through the ropes of buying cheap property. You went through the ropes of$100 ,000 renovation. You went through the ropes of contractors not doing what you wanted them to do, spending too much of your money. I mean, you got put through the ringer, but at the end of the day, you have a couple of properties. So I'd love to transition and talk to you about what you did next, but I'd like to do that right after this break.

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26:14Flo Jacques:All right, we are back again with Flo Jacques talking about how she has been through the real estate investment ringer, but has come out clean on the other side. So Flo, after these two deals, so you've bought a single family and now a duplex. First, do you still own the single family?

26:32BiggerPockets Team:I still own both. Yes.

26:34Flo Jacques:Okay. Okay. So you still own the properties. And have you purchased anything else since then?

26:38BiggerPockets Team:Yes. So right before the year ended, December 1st, 2025, I closed on a single family half acre lot in Raleigh, North Carolina.

26:48Flo Jacques:I love Raleigh. Okay. And is this a home you're going to live in? Is this a rental? Is it a flip? Tell us about it.

26:55BiggerPockets Team:So actually I decided I wanted this one to be a flip. Although I, in my mind initially, when I started this journey, I thought I would just burr the rest of my life, you know? Literally. But I, you know, I'm like, you know what? I could use some, I could use some extra capital right now, especially after those two rehabs, honestly. So this one I actually found off market. That's my first off market deal.

27:23Flo Jacques:Off market. So, so tell us about that. How did it, how did it come to pass?

27:27BiggerPockets Team:You know, I attended a private money lending conference back in October after BP Con. So I was at BP Con and I flew back from Vegas on a red eye and literally headed to Atlantic Beach, North Carolina for this private money lending conference. And that kind of reignited this like, okay, flow, get back on the saddle, you know? And so I think a month after that conference, I landed this deal. I found InvestorLift, that off-market platform. Wholesalers are on there. And so I was just browsing and working out the deals. You still got to do your own calculations because those people are liars. Yes. And so that one, it seems like a lot of investors were passing on it because the ceiling doesn't meet code.

28:12BiggerPockets Team:It's under seven feet and Raleigh requires a minimum of seven feet. And so to me, the strategy is when others are not buying it, that's your opportunity to negotiate and win it.

28:23Flo Jacques:That's absolutely true. I think everybody should have a buy box and should have some sort of deal breaker. And it's different for every person and it's different in every market. Like I've heard people like Laka, who's on this show frequently, who said she will never buy a property to flip that's on a double yellow line road because the houses on busy roads don't sell. I flip those houses all the time. It's different in different markets, but I pay a lot less for them because I underwrite them extremely conservatively. So everything that you need to fix on a house, no matter how catastrophic, is just a dollar amount.

28:58Flo Jacques:And so it tells you how much you need to pay in order to fix the problem. So I'm assuming that's the lens you were looking through. Can I fix this problem if I get it cheap enough?

29:07BiggerPockets Team:Correct. Exactly. So how'd you do it? Yeah. So this time I was much better. At this point, I'm a full-time real estate professional. I no longer work.

29:15Flo Jacques:You might as well get your contractor's license now.

29:17BiggerPockets Team:Exactly. Well, I've thought about that. I have really thought about that. But yeah, now that I'm a full-time real estate professional, I don't work that job anymore. And so I have more time to take my time and do my due diligence. So I invited the contractor, walked it through with him. He gave me a budget. And so hopefully he doesn't listen to this episode, but the budget, I felt the contractor is very different than what I actually borrowed from the lender.

29:45Flo Jacques:That's just called being a smart investor, dear.

29:46BiggerPockets Team:You know, especially after the lessons I learned, right, going over budget and stuff. So, you know, once I was clear on how much he was going to do it for, I budgeted for contingencies a very good bit. Also paying myself. I also started budgeting to pay myself for my time and energy for these projects. And so I worked backwards from there. This is the rehab budget. I actually structured it at 65 % ARV for this one. So I purchased it for 120 and the ARV on it is 337. And that is actually a conservative appraisal.

30:23Flo Jacques:That's a stellar deal. That's almost a six-figure net profit.

30:26BiggerPockets Team:Yes, that's correct.

30:27Flo Jacques:That's a stellar deal. So did you have to pop the top and raise the roof? We are literally doing that right now.

30:37BiggerPockets Team:I've been back and forth on the phone with the power company, turn the meter off, install temporary meter pole. Like we are actively working on this right now. We are actually a little two months behind the ball thanks to that contractor who I really wanted to fire, you know, but I'm like, you know what? I've worked with him.

30:53Flo Jacques:So just to be clear, it had lower than seven foot ceilings. And so for you to be able to sell this property, you've got to get to at least seven foot ceilings on your renovation. So you're raising the ceiling height, but all the same level. You're not adding a second story to the literally raising the roof, literally raising the roof. All right. So we're 18 months into your investing career flow. Can you just like summarize what your portfolio looks like today? Yeah.

31:21BiggerPockets Team:So currently I do include my primary home because I bought it to be an investment property three months after, but that didn't work out. I'm still here. But I am very proud of it because it's hard to find a home in Cary, North Carolina. It's one of the more expensive places to live in North Carolina. So I consider this condo as well as the single family in Rocky Mount, the duplex in Durham, and the single family half acre lot in Raleigh. Raleigh. So that is my portfolio two years from 2024 to date.

31:54Flo Jacques:Nice. Good for you. I mean, it's a really well diversified first couple of deals, right? Like you've done a little bit of everything, but it sounds like the goal is still long-term cashflow. Maybe you like do some flips opportunistically, but still want to be a buy and hold kind of investor.

32:13BiggerPockets Team:Yes, my goal is to continue to build the portfolio. I haven't exactly figured out my freedom number. I think maybe when I figure that I'll know exactly how many properties I want to have. But I will tell you this, though, my life as a licensed real estate broker investor, the goal is to eventually develop.

32:33Flo Jacques:I love that goal. That's awesome. What about development appeals to you? Because I'm terrified of it.

32:38BiggerPockets Team:So I want to be a developer because I want to build communities. I spoke to somebody this morning about her son is special needs. She wants to build a community for special needs families. You know, it's just thinking about providing solutions to communities and things like that. So I don't have it all figured out, but I do know I want to build, you know?

33:00Flo Jacques:All right, Flo. Well, this is an incredible story. Before we get out of here, is there anything you want to share with us? Maybe something that real estate allows you to be able to do now?

33:08BiggerPockets Team:Yeah, I think my life is like full circle, right? Like I got my background, like my education, you know, social studies teaching license, my master's in school counseling. So this kind of like education thing that I thought I did just to not ever actually do is now fully present in my real estate investing career where I help other people get the information I was desperately seeking when I wanted this information. So I've been teaching real estate investing classes, just free, just like inviting people and that sort of stuff. So it's been phenomenal just bringing that to the community.

33:43Flo Jacques:I love that. I love that you're now able to provide help to your community through your experiences. And that's something that real estate allows us to do because when we have something that we know is going to bring us income, then it allows us to be able to focus on things, especially like people who want to start businesses first couple of years in business is hard you may not make money and so being able to lean on your real estate and start a business or start a passion project or a non-profit is super cool so i'm glad you're you're able to give back to your community totally and i just love that it's kind of like an intersection marrying like two different parts of your life like for you teaching and real estate you found a way to incorporate both of those I've done that.

34:27Flo Jacques:I know Henry's done that as well. It's really cool that you don't just have to be a real estate investor. There are ways that you can use this industry to pursue things that you really like as well. It's awesome to hear that you're doing that flow so early in your real estate investing career. Congratulations.

34:42BiggerPockets Team:Thank you. Thank you.

34:43Flo Jacques:All right. Well, we'll have to have you back so you can tell us all about the flow estates after you get finished developing those. And then I'm sure you'll be teaching people how to be a real state developer.

34:53BiggerPockets Team:Yeah. Well, we'll see. Never know. Right. All right.

34:58Flo Jacques:I think that was fun. That was a cool story to listen to. I think we often hear the opposite from people where it's, I just researched for years and then I finally took some action and flow was like, I'm just going to go buy something. I'm diving in right now. I'm just going to buy something. I love it. It's a great approach. And I think it shows that creativity and just determination still net good deals in 2024. She started in a difficult time. 2024 is maybe the hardest market in the last seven or eight years. And she just went for it, found great deals, educated herself, and pulled it off. And think about the confidence she now has.

35:41Flo Jacques:Because if you were able to successfully invest in 2024 and 2025, whether you got beat up along the way or not, she's still hear now talking about deals that are positive in a lot of ways, that breeds a lot of confidence. As the market shifts to a more favorable real estate market, you got to be feeling good. I hope everyone listening listens to Flow's story and realize that deals still can be done. This is someone who started with very little experience, very little capital in a super expensive market and pulled off three deals in 18 months. If Flow can do it, everyone out there, If you educate yourself, you can do it as well.

36:21Flo Jacques:I mean, she did several things that people say you can't do. She went and she got 100 % financing on her first deal. That's true. And yeah, yeah, she went over budget on her renovation. She had to fire three contractors. But who hasn't had to go through some of those things? I think we're all going to go through some of those things. What I think is a good part about this story is single family real estate. Yes, you can have challenges, but no one's going to die if it doesn't go perfectly, right? Like you're not going to go bankrupt. If you feel like you have enough of a financial backing to take a couple of lumps along the way, like taking the action and learning the lessons can be far more valuable than trying to learn all the lessons up front and then getting into a deal where you're still going to take some lumps.

37:03Flo Jacques:All right, folks, we're going to get out of here. But if you enjoyed Flow Story, I recommend that you check out the Bigger Pockets podcast episode 1105 with DeAndre McDonald. It's another investor story and one of our most popular episodes from the last few years. That's episode 1105 from last April, and we'll link it right here on YouTube as well. Thank you so much for watching. We'll see you on the next episode of the BiggerPockets podcast. Thank you all for listening to the BiggerPockets Real Estate Podcast. Make sure you get all our new episodes by subscribing on YouTube, Apple, Spotify, or any other podcast platform.

37:35Flo Jacques:Our new episodes come out Monday, Wednesday, and Friday. I'm the host and executive producer of the show, Dave Meyer. The show is produced by Ian Kay. Copywriting is by Calico Content, and editing is by Exodus Media. If you'd like to learn more about real estate investing or to sign up for our free newsletter, please visit www.biggerpockets.com. The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk. So use your best judgment and consult with qualified advisors before investing.

38:03Flo Jacques:You should only risk capital you can afford to lose. And remember, past performance is not indicative of future results. BiggerPockets LLC disclaims all liability for direct, indirect, consequential, or other damages arising from a reliance on information presented in this podcast. Thought Sweetgreen was just salads? Think again. There's a new way to do sweet green. Wrapped and ready. These handheld wraps pack bold flavor and 40 plus grams of protein into something hearty, satisfying, and built for life on the go. From craveable sauces to satisfying textures, they're designed to keep you going without slowing you down.

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