This is what financial freedom looks like. It looks like being completely debt-free, student loans and all. It's doing work that you love and not just settling for a steady paycheck at a job you hate, or maybe packing up the kids and taking them on trips to St.Thomas, Ocho Rios, or to the Discovery Children's Museum in Las Vegas. And in the case of Jamisa McIvor-Bennett, it also looks like a $3.2 million real estate portfolio with 21 properties— all paid for in cash with the exception of one home.
It all started with an unexpected question that would lead to a life-changing opportunity when a 19-year-old McIvor-Bennett, then a cashier at ShopRite Supermarket in Philadelphia, was approached by her grandmother. "She said, 'I just wanted to know what would happen to the house if something was to happen to me?' I said, 'Grandma I'm not really sure, I can find out.' She was like, 'No, I was just asking because, if something was to happen, I want you to take full responsibility for it. You're the most responsible one.'"
At the insistence of her grandmother, the pair did a quitclaim deed transfer, allowing her grandmother to transfer the property to McIvor-Bennett for $400 total once the dust settled. Over a year later, her grandmother passed away unexpectedly, and all hell broke loose as the family clamored to make claim to the home, unaware of the agreement between McIvor-Bennett and her grandmother. "We made a video because this is during the era of record everything, so I had what I needed in terms of a paper trail."
Courtesy of Jamisa McIvor-Bennett
With no knowledge about financial literacy or real estate, McIvor-Bennett got to work on researching her best options for turning a lemon into lemonade. She didn't have the funds to make the necessary repairs to the home, so she decided to sell the paid-off abode for $152,000 at the encouragement of a real estate agent. And thanks to advice from a real estate investor turned mentor, she used the profit to purchase her first home in cash for $400— a house that she still owns today and that's worth $330,000.
Gaining more knowledge and experience through mentorship and mistakes, McIvor-Bennett has since bought 21 properties worth $3.2 million in the Philadelphia area, affording her a lifestyle that at one point never seemed imaginable for the now-married mother of two. Seems impossible? Well, don't just take our word for it. The real estate mogul is spreading knowledge on the power of investing through her company Rosebud's Investments to those looking to get in the game. "I have so many people who are interested in real estate investment just by seeing my lifestyle change gradually," McIvor-Bennett says.
xoNecole chatted with the self-made millionaire for tips on tapping into lucrative deals and how to build generational wealth through real estate investing.
1.Learn From Others’ Mistakes
Courtesy of Jamisa McIvor-Bennett
"I learned so much from my mentor just through his mistakes. He gave me a lot of information, but he showed me a lot of stuff just because I was paying attention. He was a really big dreamer. He would get really good deals and run out of money. That's why he ended up selling me the properties he did out of desperation because he was locked into a deal and ran out of money to finish it and needed to close. So he was selling off what he had just to get their money to get through that next deal.
"The second time he did it, it ended up helping me because I was down to my last $50,000. And he was like, 'I need money.' So I'm like, 'All right, I'm going to give you the money to finish your deal, and you give me back the money in interest.' And he did. He gave me 25% interest on my return. But I learned a few things— don't get into these high ticket deals without a contingency fund. I was taking notes, which is why it took me so long. I didn't get any mortgages until literally the 13th of December . So all of these houses later, I was kind of scared because of what I watched him go through."
2.Don’t Overlook Ugly Houses
"The second house sold to me was for $6,500. It looks like a scary movie. I call it the Treehouse, literally, there was a tree growing inside. But I bought it because it was $6,500, and my mentor had purchased it for $2,500. Even though it was ugly, it was structurally sound. So it wasn't one of those things where I had to do anything to it. We put a new roof on it, boarded it up to winterize it, and made sure it was safe. We had to buy a vacant property permit for it. I didn't know what equity was, I was just buying time until I conjured up enough to figure out what I wanted to do at home, but it was worth a lot. Year two [of investing], I started to really get into markets and stuff like that. By year three, the house directly up the street had sold for almost $200,000, and it was smaller than mine. I didn't know it was going to end up being a good deal, but now I knew that buying a house for $6,500 was OK."
3.Check The Comps
"When you're in real estate, you do what's called comps, or comparable property. So if you ever want to know what your house is worth, you have to find something that's comparable to it. Then we look at the work that was done to it. Obviously, if I put a waterfall and elevator in my house, and you got a little patio and vinyl sliding, mine is going to be worth a little more. But this is how you compare the numbers and you look at what [the] dollar consistency [is] in that area. You look at the last three things that sold and you get the average."
4.Buy Cheap Properties At Auctions
"When you buy a house in an auction, you get the equity, but you don't get the debt. There are actually nice houses sometimes, especially foreclosures. Somebody went through the whole mortgage process and out of the 30 years they might've had a good 125 months and they can no longer pay the mortgage. You are getting all of that equity per penny on a dollar because somebody else fell on hard times, which is bad for them, it's very sad. But if they're losing it anyway, you just happen to be the one to purchase it.
"I had purchased my own property for $1,700, and what was really interesting about it was that when I purchased it, I didn't even have to buy it. I had the money. But when you are at an auction, you can't pay for it there. You have to actually finalize your paperwork elsewhere on another day. I had to put down a deposit. The deposit is either 10% or $600, whichever is the highest. After that you have 30 days to do one or two things, the first thing you can do is obviously pay the remaining balance. But the second thing that you can do is sell the property, which I thought was really cool. I ended up returning like two or three days later and then I decided to go back every single month because they had them every month. I still have the $1,700 property. Right now the comp in the area is like $175,000. It's a bad area, but it's coming up. So I will just wait."
5.Buy Properties With Positive Cash Flow
"For myself, I'm looking for positive cash flow. I'm an urban investor so I like to stay true to my roots. I think people spend a lot of time focusing on gentrification, and they are pushing us out. I got a home that's in the city right now that's worth $600,000, you can't tell me that I'm being pushed anywhere. I typically stick to urban properties and the overhead is way less. We usually have about 1,200 to 1,600 square feet, depending on if it's a corner house or not. So with that being said, it's only but so much work that needs to be done to a house of that size."
6.Decide If You Want To Flip Or Rent
"As an investor, I never went in with the intention to flip. I sold one or two during the course of time just because I needed some fast cash and because I'm living off of the rental income, so I was like, 'All right, let me free up something.' Then I would sell one and replace it with two more, but I wasn't really interested in the flipping aspect. Some people need a quick flip. I have children and I like freedom. To me, flipping is too much of a job. You do all this to make money to then do what? You have to do it again because once you get the money, you've got to spend it on something. I like the idea of buying a house and renting it out. Right now my portfolio total is $3.2 million, cash flow is a little under $50,000 a month."
7.Look For Hard Money Lenders
Courtesy of Jamisa McIvor-Bennett
"Hard money lending is a go-to for investors because it doesn't require tax returns and you don't need anything except a good deal because they're funding you based on how much the property is worth. You do need 10% of the money because they'll give you money to purchase and rehab it, but they don't give you the money to fix it up outright. So you have to actually put money into it and then they reimburse you. And when they reimburse you, you use the reimbursement money to keep going. When you are getting a regular loan from a bank, they need at least two years of consistent tax returns. With hard money lending, you decide how much the house is worth. So it's easier to get funding, but you have to pay more upfront and altogether because it's interest-only payments too.
"The benefit of it is [money] is accessible fairly quickly. But you got to do it right because the first couple of payments are interest-only payments, and then you still owe whatever you borrowed. So let's say you did $100,000— $50,000 to purchase and $50,000 to rehab, times it by 10% interest. You owe $10,000 additional on a loan, where a normal loan is usually around 3.5% percent or so. So now you divide that $10,000 by 12 months because usually the loan is between 12 to 13 months. You have to pay them $830 every single month. Then at the end of the loan, you still give them back their whole $100,000."
8.Cash Is Still King
"You definitely get more of a return when you leverage, but the moment that you get a mortgage you owe somebody else. The market goes up and down, and what can end up happening is if the market crashes like it did last time, the value of your property decreases, which is why it's good to be an owner. Let's say for instance you bought a property worth $100,000. A bank will give you up to 80% of what the property is worth. So at $100,000, they will give you the $80,000 to play with. Then the market crashes, now the $100,000 property is only worth $60,000.
"You borrowed $80,000, so now you owe $20,000 more than what it's even worth. Not to mention most people who are investing don't even live in their investment property, so they still maybe have a mortgage. Now, you're struggling to even pay what you owe. If you are a more financially stable person, you can move money around, and then investors do things called diversification, so they have different streams of income other than [real estate] investments. But it depends on what your risk tolerance is."
9.If You Don’t Have The Cash, Consider Wholesaling
"Wholesaling isn't hard at all. You find a seller and you find a buyer. The most involved part is having time. That's what people underestimate. If you don't have credit or money, you have to have time, because the hardest part of wholesaling is finding a seller. But it's definitely not difficult depending on the numbers. Let's say a friend came to you like, 'Listen, I've got this house, I'm over it. I want to sell it for $80,000.' You sign a contract. You don't actually have to have the money when you sign a contract because the contract says that if the original buyer can't secure funding or can't close, they have the right to assign it to somebody who can. You sign a contract agreeing to purchase it for $80,000. You know I buy houses. You call me like, 'Hey, I have a house for sale for $100,000,' and if the numbers make sense and it's worth what you're asking for, I buy it and you give her $80,000 and take the other $20,000."
10. Protect Your Primary Residence
"Every person's situation is different, but I'm not going to ever tell a person to outright start with debt unless they absolutely have to. Once you lock into a 30-year mortgage, you owe them, no matter what. If things go right, good. If things go bad— you lose your job or you break your foot — you owe [the bank], and this is your primary residence. You want to always make sure your home is safe. You should be in a situation where your assets protect your liabilities. Even if you live in a house and you're like, 'I love it, it's beautiful,' it's a liability. It doesn't do anything for you other than makes you happy when you see it. You live there so you're not getting any gains from it."
11. Consider Investing In Multi-Family Units
"The idea is you get a mortgage and you get a multi-unit as opposed to a single-family. A multi-unit can be a duplex or a triplex, or it can even be a quad, which is four units. You live in one unit, you rent out the other units, and what they pay covers what you owe. Now it's not so much of a hassle on you, and then at the end of the day, you are still building equity. So if you ever decide you want out, you can still pull the equity out of your house and then reinvest it into a single-family, or you can go on to a nicer house and a nicer place."
12. Change Your Mindset Towards Money
"Believe it or not, people in urban communities have a whole lot of money. You still got people like, 'I'm not ready to buy,' and I think they're just afraid. When it comes to these properties, these tenants, they spend money consistently. I've met people who've rented for years straight, never missing a day. How do you have the discipline to know that you have to pay a landlord, but you don't have equal discipline to pay yourself? How do you invest in somebody else's equity and tell yourself you're not good enough to do the same thing for yourself? And they do it time and time again."
13. Ignore The Naysayers
"I tell people, it's not what you do is how you do it. I see people posting like, 'It's not like she got it from the muscle.' I did. [My grandmother] didn't give me 20 houses at random, she gave me an opportunity and I made the best of it. I've read, 'Oh she sold her family's legacy for money.' No, I've created a legacy. There was none."
Jamisa McIvor-Bennett is the proud owner of Rosebud's Investments, which offers individualized services in investor processes, for both new and seasoned investors who are looking to enhance their knowledge and expertise, and helps provide a blueprint for purchasing property without using credit.
Featured image courtesy of Jamisa McIvor-Bennett
Originally published on March 2, 2020.
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This article is in partnership with Sensodyne.
Our teeth are connected to so many things - our nutrition, our confidence, and our overall mood. We often take for granted how important healthy teeth are, until issues like tooth sensitivity or gum recession come to remind us. Like most things related to our bodies, prevention is the best medicine. Here are five things you can do immediately to improve your oral hygiene, prevent tooth sensitivity, and avoid dental issues down the road.
1) Go Easy On the Rough Brushing: Brushing your teeth is and always will be priority number one in the oral hygiene department. No surprises there! However, there is such a thing as applying too much pressure when brushing…and that can lead to problems over time. Use a toothbrush with soft bristles and brush in smooth, circular motions. It may seem counterintuitive, but a gentle approach to brushing is the most effective way to clean those pearly whites without wearing away enamel and exposing sensitive areas of the teeth.
2) Use A Desensitizing Toothpaste: As everyone knows, mouth pain can be highly uncomfortable; but tooth sensitivity is a whole different beast. Hot weather favorites like ice cream and popsicles have the ability to trigger tooth sensitivity, which might make you want to stay away from icy foods altogether. But as always, prevention is the best medicine here. Switching to a toothpaste like Sensodyne’s Sensitivity & Gum toothpaste specifically designed for sensitive teeth will help build a protective layer over sensitive areas of the tooth. Over time, those sharp sensations that occur with extremely cold foods will subside, and you’ll be back to treating yourself to your icy faves like this one!
3) Floss, Rinse, Brush. (And In That Order!): Have you ever heard the saying, “It’s not what you do, but how you do it”? Well, the same thing applies to taking care of your teeth. Even if you are flossing and brushing religiously, you could be missing out on some of the benefits simply because you aren’t doing so in the right order. Flossing is best to do before brushing because it removes food particles and plaque from places your toothbrush can’t reach. After a proper flossing sesh, it is important to rinse out your mouth with water after. Finally, you can whip out your toothbrush and get to brushing. Though many of us commonly rinse with water after brushing to remove excess toothpaste, it may not be the best thing for our teeth. That’s because fluoride, the active ingredient in toothpaste that protects your enamel, works best when it gets to sit on the teeth and continue working its magic. Rinsing with water after brushing doesn’t let the toothpaste go to work like it really can. Changing up your order may take some getting used to, but over time, you’ll see the difference.
4) Stay Hydrated: Upping your water supply is a no-fail way to level up your health overall, and your teeth are no exception to this rule. Drinking water not only helps maintain a healthy pH balance in your mouth, but it also washes away residue and acids that can cause enamel erosion. It also helps you steer clear of dry mouth, which is a gateway to bad breath. And who needs that?
5) Show Your Gums Some Love: When it comes to improving your smile, you may be laser-focused on getting your teeth whiter, straighter, and overall healthier. Rightfully so, as these are all attributes of a megawatt smile; but you certainly don’t want to leave gum health out of the equation. If you neglect your gums, you’ll start to notice the effects of plaque buildup, which can irritate the gums and cause gingivitis, the earliest stage of gum disease. Seeing blood while brushing and flossing is a tell-tale sign that your gums are suffering. You may also experience gum recession — a condition where the gum tissue surrounding your teeth pulls back, exposing more of your tooth. Brushing at least twice a day with a gum-protecting toothpaste like Sensodyne Sensitivity and Gum, coupled with regular dentist visits, will keep your gums shining as bright as those pearly whites.
Imma tell y’all what — it seems like not one week goes by when I don’t see some sort of so-called term that has me like, “What in the world?” For instance, when I first stumbled upon “self-partnering,” honestly, I laughed. Then shared it with some other single people as well as married folks I know. And I kid you not, every individual was like, “What the heck does that mean?” When I told them that it was yet, one more way to seemingly define single living, basically everyone’s follow-up was, “Oh, brother.”
Why can’t (more) singles just be single and be okay with that? Good Lord. Why does there need to be some sort of relational play-on-words to make it sound like we’re with someone — even if we’re not?
Now masturdating? Even though it’s not even close to being a “real” word, it’s something that also brought a laugh outta me — although it was then followed by a genuine smile. The laugh because I almost immediately caught the play-on-words. The smile was due to the intention behind it all.
If you’re not familiar with what masturdating is and you’re curious about why you should even care, take a few moments to at least skim through what it’s about and why I think participating, as a single person, is a pretty cool (and effective) concept.
Masturdate: a date w oneself
What’s Masturdating All About?
Masturdating. Okay, so let the word marinate for just a moment. What does it sound like? Yeah…exactly. And since a huge part of masturbation centers around self-pleasure, it’s cool to explore how “self-dating” could produce similar (as far as pleasure is concerned in a broader sense) results. Because masturdating is all about spending quality time with yourself, pampering yourself, treating yourself— and yes, taking yourself out on dates.
Any of you who may think that masturdating is a consolation prize — and a pitiful one at that — for not being able to go out with another human being or get that dream $200 first date that social media was all in a tizzy about last year (bookmark that) — personally, I think that you’re the demographic who needs to try out masturdating first and the most. Why? Off top, I’ll share my three good reasons.
3 Reasons To Strongly Consider Masturdating
1. It’s an intimate way to get to know yourself better. I’ve been working with couples for a pretty long time at this point and if there’s a pattern that I see arise, OFTEN, it’s that two people are oftentimes so busy trying to “find their person” that they didn’t even know who they were. As a direct result, they found themselves in a relationship with someone who only complemented the “kiddie pool version” of who they were.
That’s why it can be so beneficial to spend time getting to know yourself on the “deep end” of things: what makes you tick, what your passions are, what you want most out of life, what are your interests beyond obvious things — and masturdating can help you to discover all of this. Whether it’s traveling alone or taking out a weekend to drink some wine and journal, the more you get to know yourself, the clearer you’ll be about who complements you on a romantic and friendship level.
2. It will definitely help to boost your confidence levels. I guess since I’m an ambivert, I don’t really get why people freak out at the mere thought of going to a restaurant or movie alone. Personally, I think it requires a helluva lot more energy and gumption to wait around and plan stuff with other people (#Elmoshrug). However, whether you’re an introvert, extrovert, or ambivert, there’s no way around the fact that the more comfortable you get with doing things alone, the more your confidence levels will increase — no, soar — because of it.
One article that I read on the topic said that doing things alone can make you more creative, improve your mental health, and help you to be totally okay with being alone (so that you’re not “needy” for other people’s attention). A psychotherapist from a New York Times article on the benefits of spending time alone said, “Getting better at identifying moments when we need solitude to recharge and reflect can help us better handle negative emotions and experiences, like stress and burnout.” And when you’re able to stare negativity in its face without flinching, how could that not make you bolder, more self-secure, and hopeful about your life?
3. It will teach you to value your time more effectively. In every facet of your world, you’re gonna operate from a healthier place if you’re operating from a “full cup” rather than an empty one. When it comes to this topic, think about it — if you’re constantly waiting on someone to call you to go out or wishing for a dream date with some guy, all you’re doing is wasting precious time that you could be spending taking a cooking class or hell, hiring a chef to make you dinner at your own home.
Indeed, waiting has two sides to it: when it’s in the form of patience, it is indeed a virtue, yet when it’s wrapped up in the notion that you’re not really living life unless you have an audience…it is totally working against you. Choose wisely.
10 Solo Date Ideas To Help You To “Master” Masturdating
So, what if you’re someone who has either never considered actually masturdating before or you don’t really know what to do beyond dinner and the movies? Here are a few ideas to consider:
1. Attend a workshop or masterclass that you’re interested in. If there’s something that you’ve always wanted to learn, sign up for a workshop or masterclass. The cool thing about this option is there are probably some in your city, as well as some that you can find online (like here) that are convenient and affordable.
2. Binge-read at a local coffee shop. Aside from their coziness and oftentimes inviting scents, I once read that a lot of us gravitate to coffee shops because we can be around people without having to actually socialize with them. So, if you want to “hang out” while still being able to enjoy a bit of solitude, take a book that you’ve been trying to finish to a local coffee shop, order your favorite latte, and sit in a big-ass comfy chair. Usually, you can sit there for hours, and the staff will be just fine with it (another bonus).
3. Have a spa day in the next town. You can never go wrong with a spa day. And while going with a friend can be fun, sometimes there’s too much talking transpiring to be able to fully chill out and relax. So, go off of the grid, get a change of scenery, and hit up a spa in the next city (or town). There are lots of studies out here supporting that day trips or “daycations” can actually be really good for your long-term health and well-being.
4. See a community play. Some of the best solo dates that I’ve ever been on consisted of taking in some of the local arts in my city. What’s really cool about this particular option is, oftentimes, they are extremely inexpensive, if not totally free of charge (in exchange for making a donation or putting money into a tip jar).
5. Plan a trip. Whenever people say something along the lines of, “If you don’t expect anything, you won’t be disappointed,” I know that they low-key have some (additional) healing to do from past disappointments. There’s simply too much intel out here to support that anticipation (of good stuff) makes us more motivated and optimistic, keeps our dopamine levels up, and makes life more exciting overall.
Since traveling alone is more cost-effective, gives you the freedom to do whatever you want (when you want), and increases the possibility of meeting new people and having new experiences on your journey — why not devote a day this weekend to planning a solo trip? All the way around, it’s good for you.
6. Try your hand at your own “$200 date.” Uh-huh. Roll your eyes if you want to, but it’s real easy to talk left about how a man should be able to just drop $200 like it’s nothing…until you actually try to do it. So yes, while taking yourself out on this type of date could serve as a bit of a reality check, it can also “scratch the itch” of waiting on some dude to do it for you. It’s also way less emotionally draining because, at least when you’re taking your own self out, it’s guaranteed that you’ll enjoy the company…right?
7. DIY some pampering. When you get a chance, check out “5 Reasons You Should Unapologetically Pamper Yourself,” “Want To Love On Yourself? Try These 10 Things At Home.,” “I’ve Got Some Ways For You To Start Pampering Your Soul,” and “When's The Last Time You Actually Pampered Your Vagina?” The bottom line here is pampering is all about, not mere self-maintenance; it’s all about treating yourself to levels of EXTREME SELF-INDULGENCE. So, if nothing else tickles your fancy on this list, at least consider doing that, chile.
8. Feed your creativity. Something that I used to be really good at is art. That said, one of my goddaughters is insanely talented, so she has reminded me to tap back into it. Also, a big part of what got me into the writing world is poetry; I actually used to be a house poet at a local spot. Sometimes, my best quality time moments with myself have been revisiting these creative sides of me — and this is definitely easier to do (and enjoy) alone.
9. Try some stargazing. When’s the last time you took a blanket into your backyard, laid down on it, and just stared at the stars for hours on end? While some say that stargazing can teach you to be mindful, others say that being in that form of nature reduces stress, while others believe that looking up at the universe at night can increase your attention span. All solid reasons to give it a shot, if you ask me.
10. DO. ABSOLUTELY. NOTHING. Let me tell you something that nobody will ever be able to make me feel bad about: doing absolutely nothing. I’ve got data to back me up. Good Housekeeping shares that doing nothing can help you decide how you want to respond or react to certain things. I like howThe Guardian says that taking this approach helps you to regain control of what you give your attention to.
TIME magazine says that it can ultimately make you more productive.BBC offers up that it can help you tap into your ingenuity.Henry Ford Health says that it can make you kinder and a better problem-solver. So, if you want to invest in yourself, do nothing sometimes.
Closing Thoughts from the Lovely Javicia Leslie
While some of y'all may know Javicia Leslie from being the former Batwoman, I discovered her back in the day from the indie series Chef Julian (and yes, "Julian" was right to say that "Mo" looks like Tatyana Ali...the real ones know). Sometimes I'll hop on her IG to see what she's got going on and this story popped up within a few hours of me penning this...so, I took it as hella confirmation.
TREAT YO SELF. WAIT FOR NO ONE.
WAIT FOR NO ONE. TREAT YO SELF.
RINSE AND REPEAT.
Sooo…what kind of masturdating plans do you have for this coming weekend? While going out with others has its perks, hanging out with yourself has a ton of ‘em too. Enjoy!
No…for real. ENJOY!
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