Many Latinas have to choose between a career that they enjoy and the family that they love. However, for Yenny Alfaro, she found a way to do both. She was able to do it with real estate investing. As a fix-n-flipper, she was able to gain financial independence and become work optional. Yenny is a respiratory therapist, entrepreneur, and real estate investor, and she’s here to show how you don’t need to leave your career to build wealth with real estate. Balancing hospital shifts and saving lives while also managing fix-and-flip projects, Yenny Alfaro is here to share her real estate investing journey. Tune in here.
Finding a path to freedom
Yenny Alfaro has been a respiratory therapist for over 10 years. Despite her hard work and dedication to her career, she felt that the hospital had too much control over her time. This was especially true as a single mom. She often had to work weekends and holidays. But she did not want to continue doing so. Thus she began her search for a different path.
It wasn’t long before she stumbled across fix-n-flips. Although, she did not know anything about it, she decided to go for it. She saw the potential that investing in real estate could give her. If she is successful, she would gain more control over her life.
Funding the Investment
Yenny made the decision to buy her first fix-n-flip. There was just one problem. She did not know much about how to fund an investment property. Yet Yenny, did not let that stop her. She raised funds using various creative ways. From reselling thrifted items to other side hustles, she slowly stacked cash. Once she saved enough for a down payment, she began her search.
In addition, she found a hard money lender that gave her a chance as a new investor. Many might be intimidated by the financing process. Yenny explains that lenders often base decisions on the property’s value rather than the investor’s experience. She shared some tips on working with hard money lenders and the importance of securing funds for both purchase and rehabilitation costs.
Finding Her First Investment
Finding her first investment was a learning curve. Yenny had to study the market and walk through several potential investments. After six months, she found her first property listed at $160,000 in her neighborhood. Despite her lack of experience in construction and remodeling, she was determined to make it work. However, upon purchasing, she discovered that the property needed much more work than initially anticipated. This led to significant challenges. However, Yenny kept a positive mindset and views it as a learning experience.
Overcoming Challenges in Real Estate
Throughout her journey, Yenny faced numerous obstacles, including dealing with contractors who sometimes took advantage of her as a woman in the industry. However, she views these challenges as invaluable lessons that have shaped her into a more knowledgeable investor today. Yenny emphasizes the importance of learning from each experience and not being afraid to ask questions or seek help when needed.
Yenny Alfaro’s story is a testament to the power of perseverance and the determination to build wealth through real estate investing. Whether you’re just starting or looking to expand your portfolio, Yenny’s insights can guide you on your journey to financial freedom.
Tune into the episode to hear the full story!
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Frequently Asked Questions
What is fix-and-flip real estate investing?
Fix-and-flip investing involves buying properties at a lower price, renovating them, and then selling them for a profit. This strategy can be lucrative but requires careful planning and budgeting.
How can I find funding for my first real estate investment?
Consider using personal savings, hard money loans, or seeking partnerships with experienced investors to fund your first investment.
What should I look for in a property to flip?
Focus on properties that need cosmetic repairs rather than structural issues, and ensure the after-repair value (ARV) justifies the purchase and renovation costs.
