Advice From Real Estate Expert Becky Nova

Welcome to RentRedi’s Investor Spotlight series, featuring Becky Nova! She’s here to drop some amazing real estate investing tips!

Our Investor Spotlight features quickfire questions about the tools, advice, routines, and strategies beginners & professionals use to grow their businesses and gain passive income.

Let’s dive in!

Real Estate Investing Tips from Becky Nova

1. What made you want to invest in real estate?
   I actually never had any intention to invest in real estate. I had just moved back from Europe after losing my tour company and restaurant that I owned for many years. I started investing because my husband, who’s an immigrant from the Dominican Republic, really sought after that American Dream of being a homeowner. We decided to buy our own personal home and I did not want to live paycheck to paycheck in New York so we decided to start with a multifamily property at that time which was our introduction to real estate investing.
   
2. As a woman, how has investing in real estate changed/affected your life?
   Real estate investing has provided me with a level of financial freedom that I never expected in my life. I am now work-optional after just three years of investing. I am able to live in my dream home in the Dominican Republic half the year, and I don’t have to worry about how to pay for my bills and basic necessities anymore. It absolutely provides that sense of security.
   
3. What’s a landlord “hack” you use to make your life easier?
   I systemize everything! Between using RentRedi for tenant management and making sure to have all of my go-to people on call as needed has allowed me to manage my 16 doors in really just a few hours every single month. I wanted to make sure as I scaled my portfolio that it did not increase my time commitment.

4. Why is it important for women in particular to get involved in real estate investing?
   It’s important for women to get involved in real estate because we need to think of our own assets. Corporate America is not there to support us and take care of us throughout our lives and retirement. I feel for so many women that as they get older and get married and start families that they tend to lose their sense of self, and I feel that real estate investing is a fantastic opportunity for women to take on not only something empowering that can really be just theirs but something that can also change their financial future and the financial future of their family.

5. What is the #1 piece of advice you would give a new real estate investor just starting out?
   The one piece of advice I would give would be to just get started! I see so many investors getting stuck in analysis paralysis and waiting for the absolute perfect deal at the perfect time in the perfect market, and honestly, there are no such conditions. In 2020 so many people held off buying property because of the pandemic. Then in 2021, they wanted to wait because things were so competitive and prices were so high then in 2022 prices were so high and interest rates were also high. Then in 2023, they wanted to wait because interest rates were still high and people are still doing that now in 2024.
   
   This means people have been waiting at least 4 years to be able to buy property and start bringing in income from real estate. Instead, making data-driven decisions and understanding how to buy in any market conditions would be more important than waiting for the absolute perfect storm to purchase real estate.

6. What advice would you give specifically to women about real estate investing?
   The advice that I would give specifically to women would be to always think about your end goal. It’s so important to think about what we want to get out of real estate investing. So often I see women chasing what other people have done in real estate investing and trying to replicate that rather than thinking about what kind of real estate investing would actually fulfill them.
   
   I think really sitting down and starting with the end goal and reverse engineering the strategy needed to achieve that goal would help women be much more successful. They should also strive to enjoy the journey along and balance their other priorities along the way.

7. Do you invest out-of-state? 
   I not only invest out of state but also invest out of country. My portfolio is split between New York and the Dominican Republic which is also where I split my time throughout the year.
   
8. Have you ever house hacked? 
   Yes! House hacking is how I got my start in real estate investing. I think it is a fantastic way to tip your toe into being a lady landlord and is an amazing way to leverage finances to really pick up an asset that generates cash flow, even if you don’t have a lot of capital on hand.
   
9. Do you have a go-to paint color for your rentals? 
   My goal is always to simplify so one of my go-to colors for flips is Smokey White which is a slight off-white color with a gray undertone. This does a great job of making apartments look fresh and clean. 
   
10. How long does it take you to analyze a property for investment?
    After years of practice, only a few minutes. Early on I practiced daily to become a deal-analyzing machine!
    
11. How old were you when you purchased your first rental property?
    35. You are never too young or too old to get started.
    
12. Hard money loan or conventional?
    Whichever gets the deal done the fastest!

About Becky Nova

Hi there! I’m Becky Nova, a real estate investor and founder of Lady Landlords. I own and manage properties in New York City and the Dominican Republic. I help women achieve financial independence through real estate investing with courses, coaching and our free Facebook group of 25k+ women. Invest with confidence and start building your portfolio the best way possible. Learn more at https://www.lady-landlords.com/.