Real estate can be a good investment if you educate yourself and go about it the right way. If you want to use real estate to build a steady source of retirement income, exercise patience, and work systematically as you build a portfolio of income-producing properties. Land real estate is a valuable and limited community that, historically, continually grows in value. Our expert, Lisa Phillips shares her expert advice on how you can build a profitable rental property portfolio – it’s all a mindset.
Tell us about yourself.
I’m Lisa Phillips, and I am a real estate investor with a 50,000 online platform educating the next generation of black professionals into passive income through rental properties. I focus on low priced minority neighborhoods that have lower price points, with profits and giving back to the community. Black women have definitely been the driver of this change, and have the beautiful warrior spirit that’s needed when someone tells us we can’t do it this way.
What most people don’t know about me is that I am also a very powerful spiritual healer/shaman. Many women who look like me are being empowered with our spiritual gifts and speaking openly about it.
5 Ways Black Professionals Can Build Profitable Rental Property Portfolios Are This:
- Understand you don’t need a ton of money. If we look at homes that cost $35,000 to $55,000, you only need 6k – 11k for a down payment. Don’t panic, this is very doable for many.
- Get comfortable investing 1 hr., 2 hr., or even a Southwest flight away. There are easy systems to implement to make managing this long distance by using carefully chosen property management companies. Don’t let living in DC, NY, CA, TX, or Atlanta keep you from financial freedom.
- Make sure the property you purchase isn’t a COMPLETE gut rehab. Cheap doesn’t mean terrible. If all you see are terrible homes in this price range, you just need to readjust and find another market.
- Make sure you are comfortable going there. In this price range, you can see everything from a lot of crime. Some have criminal activities every day, others have absolutely none. Learn how to really take your analysis block by block. You can’t look at an entire zip code and think that applies to individual neighborhoods.
- Learn how to do all of this by making sure you educate yourself – instead of reading 30 hours’ worth of pieced together online articles, pick up a book, or a training course by someone who specializes in investing in that price range. Save time, and get targeted specific advice, and also find a community of likeminded investors on Facebook/LinkedIn, etc.
My Favorite Quote is – “Fear Is the Enemy of Action”
People can contact by purchasing my book on Amazon “Investing In Rental Properties For Beginners,” on YouTube to see free video content and join my communities at or join my Facebook group of 9600 black investors.
What’s next for me in 2020 is that I am actually doing more spiritual healings (This week I had clients and we did ancestral trauma healing (we uncovered doing a journey the course of sexual abuse), clearing up chronic back pain, and helping others discover their own spiritual gifts and purpose). So, as I am still in my purpose as a real estate investor and educating others, also helping to empower others with healing and getting to know their selves as a rich and divinely gifted spiritual soul.
Contributing Writer – Dr. Cozette M. White, Advisory Accountant and Tax Expert. Learn more about Dr. Cozette M. White at www.cozettemwhite.com.
Featured Image courtesy of Lisa Phillips