Creating the Perfect Lifestyle by Setting and Achieving Your Goals with Tanya Rooney

I am happy to welcome my friend, Tanya Rooney, to the show today! Tanya is a real estate investor, and she is a former Project Manager at CBRE. She has used her communication and organization skills to assist clients in their construction projects. Tanya is the owner of BAFS Home Buyers. She started her career in house flipping and wholesaling before shifting her focus to short-term rentals to align her investments with her personality. Tanya wants to provide appropriate and affordable accommodation for people like her that love to travel and make great memories.

We begin the episode with Tanya sharing how she grew her real estate business to a point where she could quit her job. Tanya shares that when we met in a mastermind class, she was doing her second flip but still in her project management position in CBRE. To grow and get to a place where she could quit her job, Tanya had to join a community of like-minded people, in flipping and wholesaling groups. They provided the support she needed to do things that she couldn’t do on her own though she knew they were the right thing to do. However, knowing that she had the skills and could make money gave her the confidence to quit her job to go full into real estate. According to Tanya, this was a mindset thing and she just needed to make a shift.

We then talk about what Tanya’s first year free from her job looked like. She shares that she was doing house flips and wholesaling for off-market deals from MLS deals. There are so many deals on MLS, and they got to win because of their mindset. She also worked with other real agents whose property referrals and recommendations helped her move the needle. However, she has shifted her focus from flipping and wholesaling to managing short-term rentals.

Next, we discuss why Tanya shifted her focus from flipping and wholesaling to short-term rentals. Tanya shares that flipping was becoming more stressful, and for the sake of her mental health and family, she had to make that shift. Tanya likes commercial construction and projects, and a year and a half ago, they turned a five-bedroom, three-bathroom house that they owned into their first short-term rental. It wasn’t selling for what they could have wanted it to, and with the help of a mastermind from her group, she decided to dive into the short-term rental market, and now they have three more. This model aligns more with her personality. She enjoys hosting travel and stocks them the way she wants to be accommodated when she is out of town.

We then talk about Tanya’s business model and the kind of houses she’s looking for. She shares that the coolest thing about real estate is that it surrounds us and everybody has their own thing and way to do business. Whether you are a multifamily property owner, flipper, or wholesaler, you can buy a house, keep it, rent it or sell it. There are so many ways to create cash flow. However, Tanya likes big houses that can accommodate people similar to herself, such as those who need space for ten or twelve people. There are tons of houses like that, which allows her to provide space for people to congregate and make fun memories. According to her, real estate is all about what you want your brand to be, and whether you want to start rentals, multifamily, flipping, or wholesaling, you need to identify your values to design your unique brand.

Lastly, we talk about how Tanya finances her short-term rental properties. Tanya shares that she does it using bank loans and other people's money. They have four properties that they financed through private capital, loans, and their own money. Tanya has partners who believe in her ability to create money, and out of the investment, they will get some of the equity. Tanya also shares the importance of building a team and creating a system by choosing people you can rely on.

Make sure you don’t miss another amazing episode of the Just Start Real Estate Podcast with Tanya Rooney and get valuable information on creative ways to match your real estate investment strategy with your personality and lifestyle!

Notable Quotes:

“Thriving in real estate is not all about money - it’s more about mindset.”

Tanya Rooney

“Matching your real estate investments with your personality will help you develop a stress-free investment strategy and enjoy what you’re doing.”

Tanya Rooney

“Everybody that gets into real estate has a goal.“

Tanya Rooney

“Whether you want to start with rentals, multifamily, flipping or wholesaling, you need to identify your values and they will help you develop your brand.”