How to Make $5000 Per Month in Passive Income, with Edna Keep

Our guest today is Edna Keep, a real estate investor, author, and coach with around 600 units of multifamily. In this episode, we talk about her 5 steps for attracting investors, setting yourself up to succeed in multifamily, and how to cashflow $5k fast. If you’re ready to take the leap from side-hustle to full-time investing, then this episode is for you!

Learn more about Edna and her journey at reiclarity.com!

“Within 18 months, we were inducted into Robert Kiyosaki’s Hall of Fame because we had purchased 50 doors and hit our $5000 a month goal.”

02:43

Edna was a financial advisor in Canada and started real estate investing in 2001 by pulling equity out of her house. She picked up 144 units early on in her journey and became a full-time investor.

Edna’s advice on how to be successful in REI from the start is to work with a professional mortgage broker.

“I’ve never wanted to be the managing partner because I don’t claim to be the expert in that area. But you can’t close the deal without the money. So that was what I was able to bring to the table.”

09:11

Pulling the equity out of Edna’s home allowed her to buy 2 condo units which were only cash flowing $800 a month. She used creative financing, like vendor and investor financing to reach $5k a month in just 18 months.

For the 144-unit apartment complex, she partnered up with someone in her training course who was able to find the deal but couldn’t finance it. As Edna was a financial advisor, she was able to find the money and the deal ended up a huge success for everyone involved.

“It’s easier to manage one building under one roof, and it’s reduced risk because you got 10 or 12 people paying the mortgage instead of 1 or 2.”

18:39

Edna has a 5-step investor attraction system.

  1. Have the right mindset: You have to understand that you can bring a lot of value to the table even if you don’t have money. You can find or manage the deal.
  2. Start thinking bigger: Instead of purchasing multiple single-family homes, look into multifamily options for better cash-flow and easier management.
  3. Know how to find and analyze a deal.
  4. Get a coach who’s done what they’re teaching you.
  5. Get around like-minded people who can support you on your journey. This includes your team as well.

According to Edna, if you have all these 5 steps aligned, the money will come and investors will want to work with you. 

“You make money only if your investors make money.”

41:58

At the end of the episode, Edna picks action steps from the REI Clarity Framework that are the most valuable for her. These are “Establish Your Mentors” and “Rise by Lifting Others”.

For Edna, “Rise by Lifting Others” means educating the people that you’re interested in investing with, so you can all make an educated decision. The first time you try to get investors to invest with you is the hardest, so as long as you’re helping them invest in the deal, you will have plenty of investors in the long run.

Mentioned in the show:

  1. https://ednakeep.com/
  2. Her LinkedIn
  3. www.shineinsurance.com/reiclarity
  4. The REI Clarity Framework

Learn how to grow your portfolio and reach incredible success the right way! Visit us here for everything you need to know: www.shineinsurance.com/reiclarity

Special thanks to Edna Keep for taking the time to share so many great insights with us

 
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Until the next time, We truly appreciate you listening.

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Show produced by Eni Horvath

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