When you're starting out in your investment journey or aiming to build wealth, many people consider real estate investing. Our Dreamer this week, Yamundow Camara didn't just make it a reality - she used creativity to build a real estate portfolio in record time without overleveraging debt.
Yamundow immigrated to the US in 2016 through a scholarship. Five years later she has acquired 28 real estate doors, taking advantage of the pandemic, when people were fearful of investing to build up her portfolio.
This episode will not only give you a front-row seat into how Yamundow has been able to do that, but it will also remind anyone that your starting point doesn’t have to define how far you can go.
When Yamundow first moved to the US, like most immigrants, she believed in: getting a stable job and buying a home. But, she realized it didn’t have to end there. She didn’t just buy one property - she bought 28 doors.
In this episode, Yamundow Camara discusses:
If you enjoyed today’s episode, here’s what you can do to support me and help more Dreamers discover the podcast:
Connect with Anne-Lyse:
A Team Dklutr Production
When you're starting out in your investment journey or aiming to build wealth, many people consider real estate investing. Our Dreamer this week, Yamundow Camara didn't just make it a reality - she used creativity to build a real estate portfolio in record time without overleveraging debt.
Yamundow immigrated to the US in 2016 through a scholarship. Five years later she has acquired 28 real estate doors, taking advantage of the pandemic, when people were fearful of investing to build up her portfolio.
This episode will not only give you a front-row seat into how Yamundow has been able to do that, but it will also remind anyone that your starting point doesn’t have to define how far you can go.
When Yamundow first moved to the US, like most immigrants, she believed in: getting a stable job and buying a home. But, she realized it didn’t have to end there. She didn’t just buy one property - she bought 28 doors.
In this episode, Yamundow Camara discusses:
If you enjoyed today’s episode, here’s what you can do to support me and help more Dreamers discover the podcast:
Connect with Anne-Lyse:
A Team Dklutr Production
Note: We use AI transcription so there may be some inaccuracies
This is the dreamers podcast, episode 92 with real estate investor and data scientist. Yamundow Camara today is October 18, 2022.
Yamundow: I have saved 10,000. Like I've never heard that kind of money. I'm so excited. So in all my research, I always hear people say, oh, contact the local banks contact, like credit unions, your local banks and all that. Right. So I did exactly that. So me being in, Illinois, I was. Because that's the only state I know, cause I've just moved to Georgia then.
So it was like, okay, I cannot afford houses in Georgia. Let me go back and look at where I used to live and close by there. So I kept going every city by. Where I lived was higher. I kept going, going all the way to the little cities, right. The smaller cities. And then I was like, okay, I think I can afford this area.
So I did call the banks. and I tell them, I wanna invest in real estate. What do I need to do? Some of them are like, first of all, your papers are not, all there, even though you are allowed to work with your O P T whatever. And some of them would tell me your credit score.
So it's a bunch of reasons and I got rejected. But there was just one bank that was there to listen to me.
Anne-Lyse: Welcome to the dreamers podcast. I have a very special guest today. She is a data scientist, a computer programmer, a real estate investor, a mom, and many other things.
I'm just so excited to dig into her story because you when I came across her profile, I thought it was just such a different angle that we haven't covered on the podcast yet. So Yao, Camara, welcome to the dream podcast.
Yamundow: Thank you.
Thank you so much for having me.
Anne-Lyse: I, upon your. Story while, I think I was checking out the black real estate dialogue podcast and I was drawn to it because, well, first of all, if you talked about the fact that you were an immigrant and I'm an immigrant as well, and you you were talking about building wealth through real estate, but you also shared that you hadn't been in the us for that long.
So I'll let you tell us how long have you been here and how many doors do you.
Yamundow: Yes. Sure. I'm excited to dig in. Thank you so much for having me on this platform. I'm honored to be here. Yes. I came to the us in 2016 and I'm a data scientist. I work for the CDC as a data scientist, and I do computer programming for LabCorp as a pharmaceutical company, in the us here.
And I do real estate on side. I came to the us in 2016. Started investing in 2021. I'm at 28 doors. I do short term rentals. I also buy houses, fix them up and rent them abnormal tenants and section eight.
Anne-Lyse: all. So let's take a pause here. She came from us in 2016. So it's been. Five years five in five years, you have acquired 28 doors and actually it's 29 because you just shared before I hit record that you recently purchased another property.
Mm-hmm can you share
Yamundow: more about that? Yes. So I came to the us in 2016, but I started investing in 20. So I've only been investing two years. Exactly. Two years. I started April, 2020 during COVID time. Yes. I have 28 doors and the recent property that I just added April 29 doors. Or you could call it 31 doors cuz It's a five bedroom possible six bedroom that has a courage house at the back.
A courage house is like a extra ADU unit. So I converted a courage house into a duplex. So like two, two units at the back and the main house. So with that, because I do short term rentals and I have travel nurses. Book directly to me through, uh, funny binder, I got an, inquiry from, a movie crew that's look that should in apple series and the team do not want to stay at the Hilton huddle for another eight months.
So they're looking for a whole house. So I ended up, I was like, okay, I was only gonna funnies the duplex cause it's easier that way. Right. And then I. furnish the main house. I wasn't even ready. They were like, uhoh we need the main house. We don't care what you put in. As long as the kitchen is stock with everything that we need and we just need a nice couch and a nice TV and beds and mattress, that's all.
I was like, okay, that's easy. Sending your security deposit. Here's the contract. They're sending the money, everything all the way I went on. Amazon bought everything that they need and they moved in a few days later. I ended up renting it per room for $2,000 for the five bedroom and then the duplex, outside the courage house.
I rented for travel nurses for 2000 per unit as well. Cuz they're one bedroom as well. So one house, $14,000 a month.
Anne-Lyse: $14,000 a month. And how is the
Yamundow: mortgage? The mortgage is, I think it's 2000. I'm not sure at that point. I didn't care at all. I think all in thousand. Yeah. It's about thousand flowing
Anne-Lyse: like eight, 9,000.
Yes. Wow. Yeah. 12. Yeah. If it's 2000 you're cash flowing, 10, 12,000 a month. Okay. All right. We definitely need to dig in.
Yamundow: all right.
Anne-Lyse: So you mentioned right, that you moved to the us in 2016. What brought you here? tell me all of that good stuff about all of that.
Yamundow: So I grew up in Africa. I grew up without parents, so my sister and my aunties raised me.
I. Only good at school. I wasn't good at anything else. Like walking, all that stuff, like cooking, all of that. I wasn't good at that. I was good at school, so I stick with school I ended up walking my way, all the way to scholarship all the way to university level. So when I graduated in my last semester at university, because I was doing computer science and mathematics.
Everybody in my class literally is is a boy, So I was like, this is weird. I mean, everywhere, like women minority in computer science or like the science, fields. But I was like, okay, maybe I should start doing something. Cuz I get to this. Cause I did start with some girls, but they ended up dropping out cuz the fields of people, look at it as a male dominated field.
They're like, oh, what are you doing in this class? Or what are you doing in this. So in my last semester, I started a nonprofit organization called girls in ITC. So basically what I do is the organization, we go around different regions, different, and we teaches girls high school girls, basic it skills like how to create calculator, how to program little things like that, just basic it literate.
So it kind of took off. And there's this fellowship called Mandela. Washington fellowship is a fellowship that was by president Obama Tribute to Mandela president Mandela may so rest in peace. So basically the program is called Y fellowship for young African leaders, basically for African that are doing something in their community.
So I got selected out of 40,000 applicants to come to the us. So I was placed at Northwestern university and then I was later flown to DC to meet president. so after the fellowship I've been already like looking it towards, applying for my master's degree and I've been applying to schools and I'll get passion scholarship, because I'm from a very poor background.
I couldn't afford the rest. So I needed a full scholarship. So I was like, let me start looking the us. And this is before I came for the fellowship, I've already been applying to schools. So around the time that I got the fellowship is the same time that I got. full master's scholarship as well. So when once I finished the Northwestern one, I just transitioned to, university of Illinois, Chicago.
So it was like, oh, Chicago again. Okay. So that's how I studied, computer science, mathematics, masters in computer science graduated and then moved to Georgia to work for the CDC as a data. So
Anne-Lyse: you said a lot right now and probably have to dig in some more, but mm-hmm first of all, I wanna know, like how old are
Yamundow: you?
I'm 33. all right.
Anne-Lyse: Cause you seem to have, you know, Done a lot of things, already. okay, so you're 33 years old. You moved to the us, a few years ago you went to college. I your master's degree. And then you went you got another degree. and I remember on the podcast, on the black real estate, dialogue podcast, you share that you were the first person in your family to graduate from college.
And now you you moved to the us and it only takes you a few years to start investing in real estate and all those things. The reason why wanna talk about that is because for most immigrants, the idea is what you move here, you get a stable job and that's what you do.
So how do you. in your twenties, move here and think within a few years, I'm gonna get into real estate, but actually I'm not just gonna get into real estate. I'm gonna get a bunch of doors. I'm gonna do that. When I have my full-time job, like where do you get all of that from?
Yamundow: Yeah, so I got it from growing up, I guess. So growing up in people's houses, like I said, I grew up without my parents, so my sister had to get married to raise me. So I had to be raised. And my sister's husband's family house. And, you know, in Africa we live in extended houses. So it's always that stigma of, oh, I know you don't belong.
Cuz everybody here has the same last name. Right? It's extended family cousins and aunties and uncles and bunch of kids, but you always knew you didn't belong. So it was a lot of, You know, I got a childhood story there that I don't wanna dig in, but yeah, knowing that I don't belong knowing that, oh, I would love to have a place like this person I would love to have.
Cause that's like always the secondary one cuz you live in people's houses as well. so I always knew, and I knew my dad didn't have, and he ended up passing away when I was 11. So I would always go back and sometimes like, I would get threatened, like, oh, we're gonna return you to your dad's house. So kind of like, oh, we're gonna return you to a poor house.
Basically, even though where I live, wasn't like, you know, but it was there's poor and there's poor. So it was like, oh, I don't wanna go leave there. I always like wondered I wanna have a house. I can't like a child, just a child dreaming about, having a nice house or living with your parents, like that kind of dream.
So when you grow up as an orphan, there's always this gap of like, that love that you always wanna look for, like, if you are missing something like a house or feel like you don't belong in a house, you always was like, when I grow up, I'm gonna buy a house. When I grow up, I'm gonna do this. So that's always been in me.
And then after I graduated from college, before I graduated, I got an internship in one of the biggest software Developing companies. they work on, small and medium size enterprises. So they build like HR systems for them, asset management, all that stuff. So I ended up working there as an intern.
Then after I graduated, I got hired full time. So I probably worked there for like four or five years and working there knowing that, oh my God, My boss, wasn't that older than me, maybe 10 15, but I'm looking at it as I like dreaming, right? I'm like, what if I could also do this? look at this guy.
He started this business. He's also from here even though he went outside, studied and came back, but he's he's built a business for him. I have us walking there and I've always been inspired by. and we work for hours and hours, cuz you have to be lucky to get a job there. Right? So we work hard to get that position that I was at.
So I always like, okay, I don't wanna work nine to five cuz I keep working and this guy get, keep getting richer. We get, we need projects, government projects. And he get, my salary is not changing, but our company keep expanding. I'm like, I want something like this for myself. So I always knew I didn't wanna do like a nine to five forever.
And if it, I do, I'm gonna use it to bill myself, like I'm not gonna stick to it forever and be satisfied because I get, I used to be paid 16,000 dialysis. That's like less than $500 and back home, that's a lot of money. It was like, oh my God, where's. So proud of you, you went to college, you have this good job.
You have worked for this big company here. That wasn't enough. Cuz I know how much value I was putting into the company. Right? How much the company was getting. Cause we're winning million dollar, projects from the government and building all this system for school management and all of that.
And I'm like walking so hard. Sometimes we close at 12 at. Just to get the deadlines. And I'm like, I won't be like that. I don't wanna be the one here walking to make somebody rich. So I always had. that. Okay. I don't wanna work. I, I already have experienced that nine to five life before I came to the us.
So I knew it has to change. And because I'm the only one who's fortunate enough to make it this fine. My family everybody's relying on me. So I have to make it a nine to five. Wasn't gonna cut it. $500 or $200 every. Whereas I'm not saving. So it's basically like hand to mouth.
It's not gonna cut it. So and I always been an entrepreneur even back then, even though I was a software engineer, I was coding doing all that stuff. My friend and I started a little business where I never shared this to anyone in a podcast. What we do is we saw African outfits and we sell it to people.
they will come to our office downstairs during we meeting and we take them to one of the rooms downstairs and I'll just measure them and everything and take their show. Then I'll go to the tailor and then we take it to the tailor, show it, and then we charge and take the difference.
Hmm. And it was fun. It was really nice.
Anne-Lyse: sure the the extra income
Yamundow: didn't hurt. Yeah. No, it didn't hurt.
Anne-Lyse: Yeah. So. You said, you know, a bunch of things, every answer that you give me, you you're taking me in so many different directions. I actually need to take a step back.
So you , grew up in The Gambia with your, sister and her husband and his extended family and you.
Were, bright enough to get a scholarship, to move to the us you, get a good job after that. And one thing that some of the, people who are watching or listening might not know is that when you move to the us as a student, you don't just automatically get, work permit like that.
You get a temporary. work permit, that's called O P T. And then after that, you're lucky enough if a company wants to sponsor you so that eventually you can, stay here long term. But the reason why I'm mentioning that is that when you first started investing, you were still
Yamundow: on your O P T.
yes, I still were. So O P T basically been optional, practical training. So the us government will give you that it takes from one year to two years and you one year, and you can extend to two years, basically what that means is, okay, here is this document.
We're giving you these starters for you to go and work with. It's an internship opportunity for you to go and work with us companies, hoping that they. hire you after the one year, but then if they don't, you have an extended one year for you to continue. If you don't, then you are gonna leave the us. So sometimes you do it optional, you work for people for free hoping that they will take you and then sponsor your visa.
And sometimes you don't get it.
Anne-Lyse: And so the reason why I, I just wanna keep talking about this is because, you know, someone listening also might be in that same situation. Right. And not even thinking about investing, so just, hearing you, it, it makes it real and possible. tell me about your real estate investing strategy.
Yamundow: I started investing in 2020, during COVID. I always knew I wanted to invest in real estate. From childhood. I already knew and I've been inspired I kept reading about it. When I came here, there was so many resources. I'm a read. I like reading. I was loner the whole time. So back home, I would go to any library nearby school library and just take books and read them just because I wanna read, not just, just to escape, but it's not like I wanna read them for fun.
So I would read books and I I'll come across a different books about wealth and stuff and I'll read them. But when I came, I already had a bunch of knowledge about stuff that I didn't even need because I just randomly. Stuff. Butwhen I was looking for a job, I knew that eventually when I got a job, I'm gonna start investing.
Right. So what I did also was put myself in places where I can access resources, free networking events, free YouTube, like YouTube university, go and just put real estate. You see a lot of people talking about what they do, how they achieved. So I've met, a lot of people through.
Networking events that are free and I'll just go there. Talk to a bunch of people. I'll go on YouTube and check bigger pocket podcasts, join those and listen to people, listen to different people. So I already have been doing my research before I even started investing. So before I even got a job.
So what I did was read this books that people are suggesting. So I did not reinvent the wheel or anything. I just repeat what people are doing. So. 2019. I got a job with the CDC and I'm already in Georgia. I moved to Georgia. I got a job with CDC and three months into the job. I was like, I think it's time now.
I have saved 10,000. Like I've never heard that kind of money. I'm so excited. So in all my research, I always hear people say, oh, contact the local banks contact, like credit unions, your local banks and all that. Right. So I did exactly that. So me being in, Illinois, I was. Because that's the only state I know, cause I've just moved to Georgia then.
So it was like, okay, I cannot afford houses in Georgia. Let me go back and look at where I used to live and close by there. So I kept going every city by. Where I lived was higher. I kept going, going all the way to the little cities, right. The smaller cities. And then I was like, okay, I think I can afford this area.
So I did call the banks. and I tell them, I wanna invest in real estate. What do I need to do? Some of them are like, first of all, your papers are not, all there, even though you are allowed to work with your O P T whatever. And some of them would tell me your credit score.
So it's a bunch of reasons and I got rejected. But there was just one bank that was there to listen to me. And they were like, you know what, if you really wanna do it, these are the things you don't qualify, but these are the things that you can do. You can go get capital one. I didn't have a credit card.
I didn't know what that was my scholarship at the university was a work scholarship. So I do data analysis for the university and they waive my tuition fee and they gimme a thousand dollars stipend. So with the stipend I pay my, room fees and all the little things and insurance and all that.
So I'm left with like a hundred dollars, go to Walmart, buy grocers. That's it repeat for the whole two years. So I never knew anything about credit cards or how important it is to someone here in the us, especially. So I didn't have, they were like, okay, so the bank, so I guess they go get a credit card capital one, at least get.
You walk for CDC. Now go join the credit union and build your credit. Maybe get a secure card. I didn't even get a credit card. When I applied for CDC, they, they asked me to do a secure credit card, put 300. and then pay off, use it and paid off until six months. So I did all of that, that the banks against it, I was like, you know what?
I can't wait this long. I went ahead and did it. So I called them back and I say, I did everything you guys say, but I can't wait. So what I did was I went and looked for proper, I didn't stop. I didn't let that discourage me. I kept looking for. Properties. And I just analyzed them just for fun, just analyze analyzed.
So I saw this property that was like 52 was a triple plus 52,000. The seller was going through a divorce and they wanted to sell they're desperate to sell and it needed work. But I didn't know that at the beginning, they told me on paper that it's gonna cash flow $2,000. Cause the rent I saw. And so, and so they gave me the rent roll.
They gave me everything. So I was like, Presented to the bank. I was like, these are the numbers. And I have 10,000 safety of right now, no matter what I could put 8,000 down closing. Cause on everything. 10 grand. I think this will work. They were like, okay, send all the document. They were like, okay, we'll call you back.
And then they were like, they call me back and say, okay, we'll take a chance on you. And they did. And the rest is sister. So that's how I started. I later found out so many issues were wrong with the house, but I ended up going through, it taught me everything that I mostly 90% of the things that, could be wrong in a.
property, but me going through that process, I learned a lot and it's brought me to where I am right now. Now the property costs flow close to 2000 a month, every month. And it's on section eight. And place for higher . do you
Anne-Lyse: mind sharing which, bank you ended up going
Yamundow: with for that first part?
Yeah, yes. It's called Illinois national bank. It's in.
Anne-Lyse: so how many banks or credit unions did you have to call and go to, to be able to get that, one person or
Yamundow: one bank to take? I, think I did made a list of all the banks in Illinois. I think I Googled all banks there, all local banks.
And you called I, I think I went all through all of those banks. Yep. I.
Anne-Lyse: I think this is important, right? Because a lot of times people would, well try. They're gonna try a few, they're gonna hear a few nos and then they're just gonna be done. Right. And what happened here is that you just kept going until finally you got one bank, that's all you needed.
You just needed at one bank to take a chance on you. And here we are two years later. I don't even know how many doors you have, right. 29 plus doors. you said something earlier, too. I think it's important that we touch on it.
cuz it's a very part of, the immigrant experience. You said that you needed to make more money because people rely. whatever your income was, if you had to send however much, every. then you wouldn't have much to save or invest in your future. for anyone listening, who might be in the situation where, you know, they're helping take care of, some people they're sending money back home, I think the solution that you came up with is the best one.
You have to earn more, right? Find a way to increase your income, increase your cash flow so that you wouldn't. Help others and not be able to build wealth for yourself. I think that's very important. And you said that you were doing section eight For the most part okay, so what attracted you to, investing in and properties?
Do you turn them into section eight or are they already section eight work properties when you buy them?
Yamundow: So when I buy them, they're not section eight. So the beginning that I wanted to show the bank that I guarantee money. So the banks wants to see that the money is guarantee, right? I'm not gonna be struggled cause it's out of state.
And this is my first time. For me to prove to them that, okay, I can really do this out of state. I was like, let me go with section eight. Right? Cause that's guaranteed money. So no matter what, at the end of the day, cause I open an account with them. They will see the money coming in every month. They will see the 2000 coming in and it's direct deposit and it's the first of the month the government never fails.
You. When it comes to paying you. Right? So that's why I went to section eight route, but also because it was during COVID, remember when I started it was during COVID. Right. And a lot of people were not paying rent, so it didn't make sense for me to find someone and they would sit, stay there and I would not be able to evict them.
So going to section eight route was great for me.
Anne-Lyse: That's brilliant. And you know, there's a lot of misconceptions about section eight, right? So, it's great to hear that you are doing it and that you're, basically highlighting the fact that it's guaranteed money, because again, during COVID a lot of people, didn't pay rent, right?
Yeah. So. the thing with section eight is that you do have that guaranteed income coming in. how about like troubles with the people who are renting your properties? Because I think there's also a misconception about that.
Yamundow: I never have any issue, actually. It's not The stigma is saying, oh, the section eight tenants are bad. They're gonna destroy your. is the person it's not the program. Does that make sense? Yeah. cause when I give out a product, when I fix the house, I fix it. Like I could live in this house. I'm not fixing it thinking, oh, it's section eight, they're gonna trash it.
I put vinyl flooring. I do nice paint. I make sure other appliances are working. Everything is working, everything looks good. Like I will literally stay in my units right in my houses. if you fix a house, just because it's section eight, put the cheapest carpet cheapest. It is like, oh, it's section eight.
If you give somebody a trashy product, they will treat it as trash. But if you make it look good. And for me, when I'm looking for property, I look for properties that are desirable So I buy the worst house in the best neighborhood. So those people will be happy cuz they don't wanna lose that cuz their kids are going to that schools.
So once I, bring in, let's say a single mom that has four kids, right? That it been the age four or five. Cause I like to be in that range. Cause I know that no mother wants to put their child. in school and then take them out and move again to another school, right? So when you have a mom or a single or family that are younger, they stay longer.
And because of the school, the school district is good. They will stay and they will take care of place. And because a lot of landlords are not fixing their houses to meet that level. My competition is low. Cause when I fix a house, when I list a house, I literally get 200. applications because the difference between how I fix mine and the, my competitors is it's high.
So everyone's like asking me and when I list the property, I never take it down, even if it's occupied. So I want people cause I'm always fixing houses. So I want people to always inquire, say, oh, This one is booked, but I do have one is already taken, but I do have one devs coming up in two weeks.
So I get the application. I get attendance in, cause the section eight process takes a while. So by the time the house is done, they sometimes go by drive by to look at the house while my contractors are there. So that's how I do it. so
Anne-Lyse: obviously you have two jobs and you're a real estate investor.
tell me about your team. Like how are you able to make it all work?
Yamundow: So it's all about building team. I respect people and I always get that respect back from people. I treat people the same. I never heard anything. You know, now I'm a millennial before I was, and I have nothing. So I I know how it feels to not have anything or anybody or say, oh, am I mom this or something?
Have someone to fall back to. I never had that. . I always treat people whether you are my cleaner or you're my contractor, or you're the lender of the bank. You're the same to me. Like I don't treat people differently. So I treat people with respect and I always get that back. And I'm so grateful to God.
He always put food people my way. So my team basically now, so before, when I fixed the house, I would go every two weeks and check it out. Now I don't like I trust my team so much. My team uses my credit card to purchase material. when I say that people are like, are you sure you wanna do that?
Yes, I do. I will owe my contractor 10 grand. Right. And he hasn't paid me for like a week, but the following week I owe him 50,000. Cause he just completed and he's not Hasling me. that's how much trust we bill with my team. Right. When it comes to my cleanness, the same thing. Right. My cleanness, even on a personal level, we help each other.
Right. if you treat people with respect, they treat you back with respect, but also. When it comes to putting your foot down and saying, this is what I need, I need things to get done. Right? Cause people can take advantage. It would be relaxed so when I do my business, we can do business at a level.
And when it gets personal, it could get personal at a different level when it comes to work, I don't play. So what I used to do is when they're fixing houses, I would just fly back and forth. And I still do that. But now it's limited. Cause I don't really have to cuz they already know what kind of paint I want.
What kind of floating I want. We already went through everything when we were walking the property. So the project, everything how it's supposed to go I get pictures every day. So my if I don't get a picture to today, I will get a picture tomorrow. They will tell me, oh, there's nothing much that changed that I can show you.
So the next day they will send me a video walkthrough of what they've. So when I go back, I still wanna go back and check what's going on, right. Just to, converse and also look at other properties that I'm looking to purchase. That's the main reason that I go, but when they're doing renovations, I go fly back and forward.
Anne-Lyse: so where are your
Yamundow: properties? My property's are in the Midwest. I have Cleveland and I have Chicago area. So 30 minutes, one hour from Chicago to suburbs that those areas.
Anne-Lyse: I'm assuming you, you use different contractors from one city to another,
Yamundow: right?
you'll be surprised. so the way I found one of my main contractors is through my first property manager. So when I fix up the house, everything done, the first house, my property manager was kind of stealing from me. Cause I know the numbers were make not making sense because I'm out of state and I really don't know the business as he, he does.
And he's managing the household. Let's. he uses his contractor to do the work, right? So let's say he say the contractor charge him 5,000 to paint one bedroom house or a two bedroom house. Right. But two bedroom unit, he will say, oh, the contractor charged me to 8,000 and I'm like, cause I've already gone through take course from all the contractors and compare and I give them the square for, and they're like, there's no way that's super extra.
I don't know what kind of paint they're doing for example. So I knew things were not adding up. So I was like, you know, I'm gonna have to do research, like find another property manager and see if things keep continuing, maybe it's right. So I kept looking again, I went Google all the property managers in that area, made a list and call all of them, interviewed them and see.
So if they were bigger property managers, I don't wanna go with them. Cause I felt like they would not give me priority cuz I only owned one house at that time. So I looked for a smaller, property manager. I called this property manager and I told. And she was like, oh yeah, I sure I'm taking new clients.
What's the address I gave her the address. And she was like, guess what? I manage this property for years with the landlord, this and gave me the seller's name, the previous owner's name. And I was like, okay, can I ask you a question? And I told her about, you know, the renovation. She was like, there's no way that's much because I use my contractor.
And she said the name of the same contractor, my current property manager use. Wow. And I was like, huh, can I have his number? She was like, yeah. And then after I told her, cause I already had the number. So I called him. He didn't pick, I wanna research him, looked in Facebook, check everything, sent him, message, everything.
I called him, finally talked to him and he was like, well, I don't wanna get in between you guys business. I don't know what kind of contract you got going. But I would never charge that amount basically. So I was like, oh, okay. I fired him and hired a contractor. when I was doing my second deal, I called him and I was like, how busy are you?
He's like, yeah, I can do it in a week or something, something like that from then on, we kept going because the the work he did, actually, let's say I was supposed to pay 5,000 for something. I ended up paying 8,000. It was still quality work. I knew that a contractor is not the problem.
His work is quality is the property management. So I hired another property management in all my other projects. He walked on them.
Anne-Lyse: so that was in Illinois, right? So how did you find the public manager in
Yamundow: C. . So with Cleveland, the when I got my first deal is in Illinois, the second deal, I was like, this went well, it was a rollercoaster, but finally the properties cash flowing and I'm good.
The bank is happy. They're excited. They were like, wow, you really did this. So I was like, I need to find another property cuz I still don't have a lot of money. So I need to find another property. Where else can I find a proper. this price range. Cause I couldn't find that kind of price over there again, like, because it was really cheap to have 52,000 for house.
If I didn't know, then you would think, oh, that's cheap, but because it needed a lot of work. So I was like, okay. I went back, did my research and a lot of podcasts that I listened to people, especially investors from California like, oh, Cleveland is the new, best thing people are buying this cheap.
The rental, market is strong. So I was like, okay. I reach out to every, People that have listed investors that listed on bigger that they invest in Cleveland. I will reach out to them and say, Hey, I wanna invest here. I'm a new investor. What can you tell me about is, you know, can you tell me basically?
So they will tell me, oh, invest here. This is the eight area, this the B area. This is the C area. all the places they're asking me not to invest in is what I could afford. Cause all the AB areas were like in the two hundreds, I'm like, I don't have that kind of money. Right. so I saw this duplex that was listed.
So the owner is a, retired lawyer and she has a construction company. she buys houses from tax sales. She fixed it at sales. So he has these two duplexes that I break. I actually wanted both of, I made an offer, but I, ended up losing one. So it was 68,000. It was audit renovated, and the tenants just moved.
Hmm. So I had this, so the day that we closed, I actually got rental income for that month. That was in July that's few months after the, the April property and rent was there. The security deposit were given. So I didn't have to do anything on that house. I was like, wow. But I was already ready. Cuz I, did my research based on what I've learned.
So I made sure everything was checked out. So it kind of made, everything smooth to transition to the second property. So I got that for 68,000. the rental was 1350. At that time, it has increased now. And my mortgage was like 300 and something. So it's less than $400 I was making 1350, so I.
Pocketing about a thousand plus, and I made sure the tenant pay the utilities So I wasn't really doing anything. And I kind of, I managed that property until 2021. I recently just, last year got a property manager. So it wasn't easy. Cause the 10, the money was coming in to me directly.
Right. And the tenants were already settled in and it was already fixed. So that was my second deal. That property now has appraised for like one 60 something, one 90 something. I, forgot. It's a lot of properties now. so you
Anne-Lyse: bought it for 62.
Yamundow: How much did you put? 68. 68? Yeah. I put 20% down. You put
Anne-Lyse: 20% down.
And how much did you put into, um,
Yamundow: renovate? didn't, I didn't upgrade. It was already renovated. Yes. Yeah. And the tenants were already in, so I just started cash flowing. 13, 50.
Anne-Lyse: So, did you take any money out of your first property to buy the second one? Or did you just save
Yamundow: the second? No, no, I didn't.
I just took the cash flow. So the tenant downstairs, So when I got to triple clicks, They told me all the tenants were paying, turned out. The first tenant, the tenant upstairs was about to leave the one in the middle hasn't paid rent for months. And the one down they haven't paid for years.
Like 12 months. So so the city during COVID the city did, what they call it. It's They give, loans to people that qualify or people that are behind. So she won a grant. So I owed it cause I had to stick with her for all that time. And she wasn't paying, she was actually using the stove to heat up her unit cuz she hasn't paid utility bills.
So they cut it health on me. It was a lot of bunch of things. So when the money came, it went to my property manager's account. so I ended up taking, even though they paid for her, I think they paid like one year for her plus back rent. So I was able to take that money and put it on the second.
Anne-Lyse: So, you you basically flipped 10,000. so after that, did you continue to use your cash flow to buy
Yamundow: other properties? Yeah, so I used the cash flow from these two properties to keep going. So the second deal that I got, I I think I bought it for 15,000 cash and I put 15 or 16,000 in it all in less than 30,000.
And it apprised for. after it was done. And I put it on section eight for 1500.
Anne-Lyse: So it sounds to me like, you flipped basically $10,000 into like
Yamundow: million dollars in two years. actually way more based on my CPA. even better.
Anne-Lyse: Yeah. Okay. So. you mentioned, you that first property you learned, some very valuable lessons by basically everything that went wrong.
Can you share like of the best lessons
Yamundow: that you've learned? The best lesson that I've learned is. Management patience and real estate is not fast game. It's a slow game, but it surely comes the money surely comes and I'm enjoying it. Now I can buy whatever property I want at what price, Everything that I've learned from the first deal. It didn't come until my biggest deal when I got the apartment complex. Cause the patience, everything I learned about property management, not listening to people, knowing that you've done this before and you can do this. Like I had everyone doubt me from step one from the bank.
Even to the contractor. So when I started in on 2021, COVID everybody was talking about shortterm rentals. Right. I was like, I need to get in, in this short term rental game. So I started. Doing, short term rent in Atlanta, but I was like, how about I buy my own apartment complex where I can afford it and I could do this.
So what I did was I was like, I look for a city that has hospitals, right? And I kept looking at houses, closed by hospital apartments, closed by hospitals. And I found this city and it has two hospitals and there's a property that's eight units, apartment conflicts, and the seller. Was desperate to sell it.
They started investing real estate with his wife. It wasn't going well. he was actually cash flowing like $900 a month on that property. that's how bad it was And then I think 20 17, 1 of the tenants in the basement lit a cigarette and there was a fire. So there were a lot of violations with the city and he was working through to get that done.
So he had to upgrade the phone. It was the new electrical, new mechanical, everything, fire staircases in the back, all of that back porch. So it's like, this is like almost ready for me to work. It's just more of doing cosmetic work. There were other major work that it needed, like the city lifting, those violations.
So I reached out to the bank and I was like, Hey. I saw this property it's listed for 1 45, but I didn't think I can get it for low. I sent it to them. They looked at it. They was like, are you sure this is a board of house? Nobody lived in this house for two years apartment for two years. I was like, yep. So when I reached out to the owner, he was like, yeah, I'm selling it for 1 45.
I had a couple of showing ins. he thought he was gonna get an offer for what he listed it for. But when people get in, they look at it, they move out. But what I saw was an opportunity. A partner complex eight unit apartment complex, and I've already know what travel nurses look for. They wanna walk distance to the hospital.
Cause when they close ward, they just wanna go home. So I was like opportunity opportunity between two two ho major hospitals in the city. This is no-brainer for me, but I didn't explain to the bank what strategy I was gonna do. They already knew I'm doing short time rentals, but they didn't know I was gonna do travel.
They was like, are you gonna go to the hospital? I was like, don't worry. I got this. So they were. Actually after they told me, we thought you were crazy when you came up with this idea. That's what they told me. When I brought the contractor the same contractor, he's one hour away from that city. So I called him and he looked at it.
He's like, are you sure this is a big project? I was like, just gimme an estimate. We walked it multiple times. And he went in there, did the estimate and gave me an estimate for 85. I made an offer for one, I ended up going under contract. So at closing, after the appraiser came in the banks and an appraisal, it appraised for 200,000.
So I already have like 90,000 equity in the house. Right. so before I fixed it, the contractor came, gave me an estimate. When the appraisal came out, the bank was like, whoa, this is crazy. This is a place for high. So do you need money to fix it up? I said, yeah. I was like, here it is the contractor outta, they giving me an estimate.
This is what I wanna do. So I was like, okay, since you said short time rental walk in Atlanta, it might work here too. Let's. So they gave me the loan approved the renovation loan as well. I ended up getting the house at one 15, cuz I got a 5,000 back at closing. So that's like almost a hundred thousand, 90,000 plus the 5,000.
So what I did, I was like, the bank was like skeptical. They were like this, this is a lot of work. This is what we can do. We'll give you three months without paying mortgage. And you could just pay interest. I was like, no brainer. The contractor came. I told him about the deal. I was like, how fast can you get it done?
He said, you know what? This is a big project. And this is one of our biggest between me and you. How about I move in and start working with my guys? So one of the units, was actually livable cause the fire didn't touch it. So they moved in that unit with his five member crew and they started fixing up upstairs.
So the upstairs units are a smaller one bedroom units and they're fix it up. So while they're fixing it up, I'm buying. Couch base everything and shipping it and they will, put all that hard work in there. Put the best together for me. And when I get there, I'll I would just go to, like mys target and buy, the rest of the pillows and stuff.
And I'll just fun it, so before I even flew down there already had listed it and I have nurses inquiring for the place. So before, while they're walking their way down, nurses were checking in already. So I was making already like 40,000 before the work was done and my mortgage was 1200. $1,200. And my utility bills and everything is $800.
So all in like 2000 something and it capsule for, for 22,024,000 a month. Cause I rent to travel nurses and they pay me top dollar and doctors. it's literally walking distance to the hospital, like you can literally work to the hospital.
Anne-Lyse: What's your motivation at this point to continue to have not just one job, but two jobs.
Yamundow: I really don't know. I think I just love that it's two, six figures and so how it start, it actually helped me to take risky decisions. Right. I was like, okay, if the cashflow doesn't come in, I can use my own money and put it in there. Right. It's at this point. I it doesn't really make sense for me to watch, but I still like to keep, you know, the federal benefits and all that stuff.
Anne-Lyse: got it. so maybe can you share some of the most valuable resources that you have used to help you learn about
Yamundow: real estate? don't try to. Implement the will, like, it's already done whatever you're trying to do right now. There are other people that I've done it, and you can look for a mentor to help you avoid the mistakes that they had.
Right. I couldn't afford a mentor at that time. So I was just doing everything by myself. But if I had a mentor, it wouldn't see the red flags on my first property and my order deals. Right. So I would say having a mentor would help a. Okay.
Anne-Lyse: So I always end the interview with round of rapid file questions. tell me about a book that changed your perspective on life.
Yamundow: The Quran. What's one
Anne-Lyse: life lesson you
Yamundow: learned the hard way,
not having a mentor.
Anne-Lyse: that's one thing about money. You wish you could tell
Yamundow: your younger self that it would come one day. It would come. If you work hard, what's the best
Anne-Lyse: investment in yourself you've made
Yamundow: so far. So far, getting a therapist
Anne-Lyse: filling the blank in three words or less money to me. A two.
Where do you want your legacy to be?
Yamundow: That's a good one. Can I say it in a phrase instead of one word?
Anne-Lyse: Oh yeah. You can use as many words as you want.
Yamundow: I wanna build generational work to the point that my grandkids, my my lineage will say our grandmother built.
So like they would have one foot ahead instead of starting where I started, they would always have a lesson. Ya Mundos
Anne-Lyse: been really a pleasure having you on the show. Please tell the dreamers where they can find you.
Yamundow: Thank you so much for having me. They can find me at my social media, Instagram page, a building wealth from rentals and on, TikTok.
I'm not very cause I have two jobs. I'm super busy and TikTok. I try to policy and post over there, but toss are the same, building work from rentals.
Anne-Lyse: Well, thank you.
Yamundow: Thank you so much. Thank you for having me. That was ya, Muno, Camara. I hope you enjoy today's episode. She dropped so many. And I hope it gave you the battery that you need in your back to go out there and make it happen.
Really.