390: 7 Figures from ONE Deal with Leka Devatha
From fashion design work in India, to a corporate career with Nordstrom... to leaving that career to flip 40+ houses in 6 years – all in one of the hottest markets on the planet!
Seattle investor Leka Devatha has quite a story to tell, and a lot of hard-won wisdom too! From her 6 tips for finding and keeping great contractors, to the exact criteria she uses when looking for a flip opportunity, Leka spills the beans and outlines a framework you can apply whether you choose to flip, BRRRR, wholesale, or buy and hold.
We cover a crucial tax tip for anyone hiring a contractor, ever. Leka shares an unexpected silver lining brought on by the pandemic. And your mind will be blown when she tells how a "cosmetic" flip opportunity morphed into 3-year odyssey and wound up rewarding her with a 7-figure (yes, 7-figure) payday.
Give Leka (pronounced "LAY-kuh") a follow on Instagram and let her know if you appreciate this episode... and make sure you subscribe to the show in your favorite podcast app, so you won't miss the next one.
In This Episode We Cover:
- Flipping 40 homes in 6 years
- A "cosmetic flip" that turned into a 7-figure (!) profit through the magic of subdivision
- Why you should get to know the land use planner in your city
- Leka's system for finding and retaining great contractors
- How to start a real estate meetup
- Why virtual networking amid COVID-19 is more efficient
- Why she pays her broker a commission even if she keeps a house as a rental
- Leka's criteria for a great flip opportunity
- What W-9s are and why it's so important to get them signed up front
- And SO much more!
Links from the Show
- BiggerPockets Forums
- BiggerPockets Podcast
- Jason Drees
- Real Estate at Work (Seattle Meetup)
- Caleb Backholm's Insurance
- BiggerPockets Podcast 388: The 7-Step “Playbook” for Scaling Your Real Estate Business With AJ Osborne
Check the full show notes here: https://www.biggerpockets.com/show390