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Today, we sit down with returning guest Kendra Barnes, founder of The Key Resource and a real estate investor. In today’s conversation Kendra speaks to us about her new book, Acres, which contains inspiring stories of 25 real estate investors who are normalizing Black wealth, one acre at a time.
Part of her inspiration behind writing this book is her observation that there is a “Black Renaissance” of sorts taking place today, where investing among the Black community is drastically gaining steam. To Kendra, this is Black history in the making, and it’s well worth documenting.
Listen in as Kendra offers her tips on navigating times of uncertainty such as the pandemic, and how to determine whether it’s time to sell a property. She also speaks on the unique opportunity that is the Travel Nurse rental, and her two pieces of advice for new or aspiring investors.
1) Kendra acknowledges that her story is unique, inspiring, and empowering; but, everybody else who has tasted success in this industry has a story as well. It’s important to collect different experiences and viewpoints, as doing so can result in a rising tide that raises all boats.
2) Real estate is considered “passive income”, but there are seasons. There will be weeks—if not months—where nothing happens, and other weeks where you have an influx of business. Take note of the pros and cons as you hold your properties over time to give you greater clarity on when it might be time to sell.
3) If you’re just getting started in real estate investing, begin with a money goal in mind. This will help you work backwards and create a game plan for where you need to be. Also, once you acquire your first property, put yourself in a position to pivot in case your initial plan doesn’t work out.