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Show Summary
In this episode of the Real Estate Pros podcast, host Michelle Kesil interviews Eliza Silver, a seasoned real estate agent and investor with a multi-million dollar portfolio. Eliza shares her journey into real estate investing, the importance of mindset and mentorship, and her approach to helping others through one-on-one mentorship. She emphasizes the significance of choosing the right niche in real estate, the challenges faced in property management, and the lessons learned from pivotal decisions in her career. Eliza also provides valuable advice for first-time investors and discusses her strategies for finding properties and building a supportive network.
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Investor Fuel Show Transcript:
Eliza Silver (00:00)
I would say the best advice for new investors that I wish I knew was that you can scale it as big as you want. You have to just kind of put one foot in front of the other and take one step at a time.And if you keep doing the right, the next right thing, you’re going to turn around one day and be like, wow, I built that. And so just kind of knowing and having that hope that it is possible and you can do it. ⁓
Michelle Kesil (02:05)
Hey everybody, welcome to the Real Estate Pros podcast. I’m your host, Michelle Kesil, and today I’m joined by someone I’m looking forward to chatting with, Eliza Silver, who’s been a real estate agent for about 25 years, as well as an investor owning a multi-million dollar portfolio. So excited to have you here today, Eliza.Eliza Silver (02:28)
Thank you so much for having me, Michelle.Michelle Kesil (02:31)
course, I think our listeners are really going to take something away from how you have created your business and also become a coach. So, let’s dive in.Eliza Silver (02:41)
Great.Michelle Kesil (02:43)
First off, for those not familiar with you and your work, can you share what your main focus is?Eliza Silver (02:49)
Thank you, yes. So I have three main focuses. One is that I’ve been a licensed real estate agent for about 25 years, so I do that. The second focus is real estate investing, and I self-manage a multi-million dollar portfolio. And I also have a one-on-one real estate investing mentorship that I recently started that I’m really excited about.Michelle Kesil (03:14)
Awesome. And can you share how you became an investor?Eliza Silver (03:19)
Yeah, sure, absolutely.So it’s one of those things that I never kind of intended on. I like to call myself the accidental real estate investor. We moved about 11 times and over the years as we’re moving, we decided to keep our properties and ⁓ basically just buy a new one every time we moved. And yeah, now we find ourselves in this position where we kind of stumbled upon real estate investing and it’s been a wild ride and I love
learning and there’s new things to learn all the time.
Michelle Kesil (03:55)
Awesome. Yeah. Can you expand on what some of those lessons or that you’ve learned as you just stumbled upon this investing career?Eliza Silver (04:07)
Yeah, absolutely. So one of the most important things, I think that when someone who maybe is new is looking at what type of real estate investor they want to be, there’s many different directions that somebody can go with real estate investing. There’s buy and hold strategy, which is primarily what we do more for like long term thinkers. There’s fix and flipping, there’s wholesaling, there’s money lending, there’s many different facets, and they’re all wonderful. I thinkit’s just important for someone to choose their niche, so to speak.
Michelle Kesil (04:45)
Yeah, and how, I mean, I you stumbled upon your niche, but how has that journey been for you?Eliza Silver (05:40)
It’s been really wonderful. I’m kind of really happy that we sort of landed in this one because there’s pros and cons to all of the different types of real estate investing. However, it’s sort of like…I guess pick your hard. So this is the hard that I am glad that we have sort of accidentally picked because it’s a long-term strategy. So not only is it creating some cash flow, but it’s also ⁓ building equity. It’s also securing our financial future for in the future so that our children and grandchildren and hopefully future generations will have something to kind of
⁓ that they’ll have an asset that builds, that people, there’s so many ways to use a property not to go to and to the weeds, but there’s cost segregation and there’s…
know, cash out refis and all different types of things that you can use, utilize with a property that you have as opposed to other ⁓ investing strategies where it’s like you’re only as good as your last deal. So real estate investing in terms of buy and hold is more of like a long-term play.
Michelle Kesil (06:56)
Definitely. And what do you feel are some of the main keys that made the biggest difference in allowing your business to be able to grow and to run smoothly?Eliza Silver (07:09)
Yeah, definitely. So let’s see. I think a big part of it, and I used to not like when people would say this, but it’s definitely mindset and kind of getting into the frame of mind of being creative and not necessarily thinking the way that everybody else thinks. ⁓ A big part of it also is that my husband and I are on the same page. That’s a big thing. ⁓We were able to kind of talk about it with each other and know that we are not like everybody else, which is not a thing. And you asked, yeah, I think I answered it. Is there anything else I’m missing?
Michelle Kesil (07:51)
up to you if there’s any other things that you feel have allowed in that ⁓ expansion for you.Eliza Silver (07:59)
Yeah, mean, yeah, definitely the mindset. But in terms of like technical, I guess the choice would be to self-manage versus hire a management company. And we’ve done both. ⁓We own property from coast to coast, so we have on the West Coast and the East Coast. Right now we’re currently living on the East Coast, so we have a property manager for the West Coast property. I end up doing a lot of it myself anyway, but I do like that we have somebody that we hire that in case there’s a real emergency, we have somebody there. So it’s just, I guess, personal preference.
Michelle Kesil (08:35)
Yeah. And what has been like the biggest challenge that you faced through this?Eliza Silver (08:42)
The biggest challenge is, I guess, when you’re buying a new property. That’s kind of like where the most time and energy and effort is spent. Once you have the property, once you have a long-term tenant in there, there’s not much that has to be done, especially if it’s a newer home.But I guess, yeah, the most effort is definitely in the beginning, which is why it’s really important to have a really good mentor who knows what they’re doing, who has been there, done that kind of thing.
Michelle Kesil (09:20)
Is mentorship something that you’ve been a part of?Eliza Silver (09:23)
Yes, I’ve been a part of it and I love also helping other people.do it as well. It’s something that I think can save people a lot of time and lot of energy and a lot of money. Just kind of being able to bounce ideas off of I’ve been a part of group ones, which kind of made me realize that I know a lot more than I thought I knew because they weren’t necessarily helpful for me. And I believe also that a group isn’t really so advantageous for someone to join because everyone’s circumstances
so individual that I really feel it’s important to do kind of a one-on-one approach. My program personally, it’s a six weeks, so a lot of them also are like a year long, but I feel like if you want to get in real estate investing and you’re excited and you’re fired up, there’s no reason that it should take more than six weeks to like find a great deal.
Michelle Kesil (10:55)
Yeah, what does your mentorship support people through?Eliza Silver (10:59)
My mentorship supports people through ⁓ finding their location, finding their property, choosing their location, helping secure their family’s future, and just kind of being that sounding board. I also refer people to my wide network of amazing real estate agents and mortgage lenders and the whole team that’s kind of required.to have a path forward and as smooth as possible.
Michelle Kesil (11:36)
Awesome. And with your mentorship, are you just teaching people the buy and hold strategy or are there other type of investments that you support them through?Eliza Silver (11:47)
So yeah, it’s up to the person what they wanna do. I personally…I personally do the buy and hold strategy. My philosophy is to build a real estate portfolio that you can have for your family’s financial future and securing that. That’s kind of what I, I guess my philosophy. But the fix and flips are a lot of headache and a lot of money and it’s very easy to lose a lot of money if you don’t do it necessarily right. ⁓ yeah, there’s different strokes for different folks, but I
believe that the vine hold is the best strategy because I guess that’s what I do.
Michelle Kesil (12:28)
Yeah, definitely. Everyone has their preferences. What are you most focused on solving or scaling to next in your business?Eliza Silver (12:32)
Exactly.Yeah, that’s a great question. My main focus right now actually is my one-on-one mentorship, really, because I have figured it out for myself somehow, and I would love to share my information with other people and be able to really help the people that ⁓ are hungry for it to be able to actually succeed.
Michelle Kesil (13:05)
Absolutely. And can you share more about like what the ideal client is for your mentorship or what people specifically come to you with and for?Eliza Silver (13:19)
Yeah, absolutely. ⁓Yeah, I guess it kind of all just started with just people asking me questions and when I would go to real estate conferences or when I would just talk to someone who doesn’t think that it’s possible and I really just try ⁓ to encourage because if I can, you can. If someone else can, you can. Nobody is born knowing real estate investment strategy and I think it’s really important to know that it’s a learnable skill. ⁓
Yeah, I’m happy to help kind of anyone that wants to be in that position and is more future thinking, forward thinking that wants to create that legacy really in their own lives.
Michelle Kesil (14:12)
Definitely. And are you looking to scale your portfolio? What does that look like?Eliza Silver (14:18)
Yes, we are currently looking to purchase another property at the moment. So that’s exciting. Hopefully that will.come through soon. We had an offer on a different property and it fell through, so that was disappointing, but it’s also really important to be the kind of person to bounce back from setbacks and kind of know that it wasn’t the right thing at the right time. So we’re moving on to the next and hopefully we’ll have an offer on that soon as well. So yeah, I’m in the trenches with my mentorship clients. I’m doing the do, not just teaching it, but also actively.
involved.
Michelle Kesil (14:57)
What advice do you have for first-time investors that you wish you had?Eliza Silver (15:44)
That’s a wonderful question.I would say the best advice for new investors that I wish I knew was that you can scale it as big as you want. You have to just kind of put one foot in front of the other and take one step at a time.
And if you keep doing the right, the next right thing, you’re going to turn around one day and be like, wow, I built that. And so just kind of knowing and having that hope that it is possible and you can do it. ⁓
Michelle Kesil (16:18)
Yeah, what about like something strategically?Eliza Silver (16:22)
Yeah, absolutely. So the first, the first.step, well, there’s two first steps. It’s like A and a B, one A, one B, would be location. Those are the first, the three most important rules of real estate. If anyone who’s been in the business longer than a day will tell you the three most important rules in real estate are location, location, location. So choosing your, your spot where you want to be. And then I would say part B is to get your real estate team in place. That is vital. A really awesome agent who knows what they’re doing, who’s ⁓ investor friendly.
and finding the right mortgage lender. who knows about, because they’re not all created equal. Not everyone knows about every loan program and, you know, there’s so many different types of loans. So someone who really knows what they’re doing, especially in terms of real estate investing world. And yeah, that’s what I would say. There’s two main really important things. And of course, the third is to get mentorship. Really find someone that really you can bounce ideas off of.
and can talk you off a ledge if you’re worried about something that you shouldn’t be worried about or to point you in the right direction if there’s something that you’re missing that really is a vital step. So yeah, those are my top three, I would say.
Michelle Kesil (17:42)
Awesome. And how do you find your properties? Is there like a specific strategy that you have?Eliza Silver (17:51)
There has to be, but I really feel like they’ve kind of fallen on my lap. ⁓ I guess not to toot my own horn, but I’m good at what I do. And I’ve been doing it for so long that it really kind of just comes naturally to me. I really have to sit and think about that because that’s important for me to realize. Maybe that is one of the weaknesses I need to focus on really thinking about what I did and what I do. There’s really not…⁓ a tactical strategy for finding my properties. It’s really just deciding where I want it to be and then finding the right people to help. And then it just kind of snowballs from that.
Michelle Kesil (18:34)
Absolutely. When you mention finding the right people, is there a specific way that you network to find these people or how do you bring together the right people for you?Eliza Silver (18:48)
Absolutely. Again, I’ve been doing this for so long that I’m a part of such a wide web of amazing realtors and lenders and real estate professionals that I feel like I finally have been able to kind of…attract the right people into my life. I’m also really big on energy, so I don’t work with people that I don’t get a good vibe from. I really only like to work with people that I that I do get a good vibe from, so that’s important to me too. I feel like I’ve dodged many bullets just by having my own kind of intuition listening to it.
Michelle Kesil (19:26)
Yeah, that’s really important to have the right circle.Eliza Silver (19:31)
Yes.Michelle Kesil (19:33)
Yeah, what are maybe some of the biggest, like some moment where you had to pivot or make a big decision quickly that you now can like see in hindsight was a big lesson for you.Eliza Silver (19:52)
Absolutely. Sorry, hopefully you can cut that part out. Someone’s at my door. I’m not gonna answer. Sorry, can you repeat it? I’m sure you can. Okay.Michelle Kesil (20:07)
Yeah, of course. What’s a moment that you had to make a fast pivot or a pivotal decision that you now have a lesson on?Eliza Silver (20:20)
Absolutely, I can think of two off the top of my head that are kind of personal stories that I’m going to share. ⁓ We had a property in the West Coast that we had, ⁓ that we, when we moved to the East Coast, we decided to keep it and we had tenants in there that were decided to not pay the rent.and California is a very tenant friendly state. So we just were not getting rent. And then COVID happened. We were about to refinance and make a lower payment. And then that was like, I think March.
14th or something it was supposed to close like the day before the world shut down and like the March 15th the world shut down so The refinance didn’t happen. We had a really high mortgage payment tenant wasn’t paying rent. So we ended up having to sell that house ⁓ For really close to what we paid for it and Now it’s basically doubled and real and California real estate is very expensive Los Angeles in particular so there’s there was a million dollar mistake But ⁓ I don’t I don’t consider it a mistake necessarily because again, you’re either winning or you’re learning so
So that’s the kind of attitude that you need to have. Of course it hurt. And I’m going to yes and it. Yes, it hurt and we’re moving on. So that was definitely something that was not anticipated, but nobody anticipated for the world to shut down in 2020. Yeah, that was one lesson that we learned a lot from. Do you want another one or is that one good enough?
Michelle Kesil (21:52)
Yeah, go ahead.Eliza Silver (21:54)
So yeah, another situation that we had is when we had our…fourth child, we needed a bigger space. We were living in a 1200 square foot condo, which is on the West Coast, which we still have now and we manage, ⁓ which is probably worth more than our house on the East Coast because LA is so expensive. But ⁓ we needed more space and we sort of went into a situation with our eyes open that a lot of people would consider financially unwise. We took a private money loan, which is basically a
conventional mortgage, essentially, and we paid a really high premium to be able to buy a house. we had purchased the condo that was our first purchase, we became owners. We were renting for 10 years and then when we bought our first place, we decided that we were never going to rent again. So that’s why we just kind of kept buying when we moved. But yeah, so guess my point is that sometimes you make a decision that other people might judge or might think is not a good idea.
Yes, and it again, and you have to know your own situation. So for us, that was the right move because we went into it knowing and we wanted more space for our four kids. So that’s what we did. Yeah, that was the house that we had to sell during COVID. ⁓ Yeah, there’s so many lessons that I’ve learned over the past.
two and a half decades that I could be here all day sharing ⁓ from my own personal experience. ⁓
But yeah, mean, my undergrad is in speech pathology. I’m a mother of four kids. I have a special needs son. We have a very full life, ⁓ you know, and I fit this into my into my days. It’s a flexible. ⁓ It’s it’s a flexible, I guess. I wouldn’t even call it a profession. It’s really like a calling. It’s one of those things where you know you’re meant ⁓ for for real estate. You’re kind of in it. I like to say it’s kind of like a boomerang. I’ve tried
to leave the business a few times and it kind of just kept coming back to me. So I’m embracing it. I’m leaning into it and I’m all in it.
Michelle Kesil (24:17)
Amazing. Thank you for sharing your story. And before we wrap up here, if someone wants to reach out, connect, learn more, where can people find you?Eliza Silver (24:28)
Absolutely. So I’m going to share with you after the podcast is over my website because it’s being fixed up right now. But you can find me on Instagram. It’s just at my first name and last name. at Eliza Silver, E-L-I-Z-A, Silver like the color, S-I-L-V-E-R. And I look forward to connecting. Feel free to message me.Michelle Kesil (24:49)
I your time and your story. Thank you for being here.Eliza Silver (24:54)
Thank you so much for having me. It was a lot of fun and hopefully we will cross paths again.Michelle Kesil (24:59)
And for the listeners tuning in, if you got value, make sure you’ve subscribed. We have more conversations with operators like Eliza who are building real businesses. We’ll see you on our next episode.
