How to Make Your First Home an Investment with Nancy Lopez
Hosted by: Kristina Modares and Steph Douglass
Interviewer: Steph Douglass
Guest: Nancy Lopez
Produced and Edited by: Alan Galinsky
Music by: Bensound
Photo by: Chelsea Francis
Graphic by: Molly Knobloch
Highlights
How Nancy (and Steph) took advantage of having roommates and eventually renting out their first properties to get the most of our their investments
Why getting caught up in the idea of failing can hold you back as an investor
Why Nancy chose socially responsible renting over more profit with her investment property
What lessons were learned during a remodel that gave Nancy confidence to do it again
Get the full episode transcription here.
Episode 2 Summary:
This episode is the first Open House Podcast interview! We start with Steph and Kristina touching base, and then setting the stage for Steph’s interview with Nancy Lopez, a friend of hers from childhood that now owns 2 properties in Austin.
Steph and Nancy start by talking about how they met and their history, as well as Nancy’s professional background. Nancy explains that seeing Steph buy her first home in 2013 inspired her to buy her first property in 2015. She details the experience, from the application process, to the cost, to the renovations she needed to make.
She then explains how her second property sort of fell into her lap, and she really wasn’t planning to buy a new house. Once she saw this home, and saw the potential, she decided to check it out with Steph and put in an offer. After her purchase, she debated whether or not she should sell her first home to help pay for the second, but instead decided to rent it out. She made the incredible choice to rent it out at a fair price rather than hiking it up and making way more money, which she could have easily done.
She then discusses what it’s like owning two properties, her plans for her new home, and what she’s learned by investing in real estate. She was much more comfortable doing renovations on her second property, because she’s been through it before and knew what to expect. She felt a lot more confidence becoming a home owner for the second time.
There is a lot we can all learn from Nancy’s experience, and Steph and Kristina discuss valuable information, such as ways to be a responsible renter, that Nancy is a stellar example of. Thanks Nancy for being an incredible guest!
