From Addiction and Burning $50K to “Hands Off” Rental Property Empire with Megan and Jeff Ahern
Digest
Jeff and Megan, a couple who have built a successful real estate portfolio, share their journey from partying and drinking to becoming sober homeschool parents and real estate investors. They met at a music festival and were both struggling with addiction. They decided to get sober together in 2015 and found a church that helped them on their journey. They started learning about real estate and found that they were able to get traction in the business after getting sober. They started with a long-distance flip in Albuquerque, New Mexico, which they lost money on, but learned a lot from the experience. They then moved to Lincoln, Nebraska, where they found a more affordable market and started buying rental properties. They also started a staging company, which Megan runs and Jeff doesn't touch. They now own about 80 properties, most of which are flips, and about 25 rental units. They also own four sober living houses, which they rent to the Oxford program. Jeff shares his story of being medically discharged from the Marines after a parachute accident that injured his back. He talks about how he overcame his back pain through calisthenics and how he's now 100% recovered. They discuss the importance of finding productive addictions and how they've channeled their desire to party and drink into working out, making money, and buying houses. They also talk about the importance of doing your first deal in real estate, even if you lose money, because you'll learn a lot from the experience. They emphasize that real estate is not easy and that it takes a lot of work and dedication to be successful. Jeff and Megan discuss their home staging business, which they say is a valuable investment for sellers. They share their experience with using paper lead services to find deals and how they've been able to secure 100% financing from local banks. They also talk about their challenging experience with a sevenplex project that has required significant repairs and unexpected expenses. They discuss the importance of finding a niche in real estate and how they've found success with midterm rentals. They also share their thoughts on scaling their business and the importance of finding a balance between work and life. They emphasize the importance of taking risks and not being afraid to step outside of your comfort zone. They also discuss the importance of finding mentors and people who can help you on your journey. They share their personal stories of how they've been influenced by mentors and coaches who have helped them to achieve their goals. They also discuss the importance of having a vision and taking action to make that vision a reality. They emphasize the importance of finding a balance between vision and action and how they've learned to work together as a team to achieve their goals. Jeff and Megan reflect on whether high school was truly the best time of their lives, considering their current success and the choices they've made. They acknowledge that while their lives are better now, they recognize that many people's lives don't improve after high school, leading them to question whether their high point was indeed high school.
Outlines
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Introduction
This Chapter introduces Jeff and Megan, a couple who have built a successful real estate portfolio, and sets the stage for their story of overcoming addiction and achieving financial freedom through real estate investing.
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Jeff and Megan's Background
This Chapter delves into Jeff and Megan's individual backgrounds before they met, highlighting their contrasting upbringings and the challenges they faced, including addiction and career crossroads.
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The Journey to Sobriety
This Chapter explores Jeff and Megan's transition from partying and drinking to becoming sober homeschool parents, emphasizing the pivotal role of faith and the importance of finding productive addictions.
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Real Estate Beginnings
This Chapter focuses on Jeff and Megan's initial foray into real estate investing, including their expensive education, their first deal in Albuquerque, and the lessons they learned from their early mistakes.
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The Move to Lincoln, Nebraska
This Chapter details Jeff and Megan's decision to move to Lincoln, Nebraska, in search of a more affordable market for rental properties, highlighting the role of their network and the serendipitous timing of the eclipse.
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Jeff's Parachute Accident
This Chapter recounts Jeff's harrowing experience with a parachute accident during his time in the Marines, detailing the incident, the resulting injuries, and his long road to recovery.
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Overcoming Back Pain
This Chapter focuses on Jeff's journey to overcome his back pain through calisthenics, emphasizing the importance of finding a workout routine that works for you and the unexpected benefits of a strong core.
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Jeff and Megan's Current Portfolio
This Chapter provides an overview of Jeff and Megan's current real estate portfolio, including their mix of flips, rentals, and sober living houses, and their unique approach to staging and midterm rentals.
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Home Staging Business
This Chapter discusses Jeff and Megan's home staging business, highlighting its profitability and the data that supports its effectiveness in increasing property sales. They also discuss the importance of professional photography and the benefits of staging at any price point.
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Finding Deals and Financing
This Chapter explores Jeff and Megan's strategies for finding deals, including their use of paper lead services and their success in securing 100% financing from local banks. They discuss the benefits of working with small local banks and the importance of building relationships with lenders. They also share their experience with using hard money loans and the challenges of high-interest rates.
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The Sevenplex from Hell
This Chapter recounts Jeff and Megan's challenging experience with a sevenplex project that has required significant repairs and unexpected expenses. They discuss the importance of being prepared for unexpected challenges and the need to be flexible in your approach to real estate investing. They also discuss the importance of finding a niche in real estate and how they've found success with midterm rentals.
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Pivot Points in Life
This Chapter explores Jeff and Megan's personal pivot points in life, including books that have changed their perspectives, people who have influenced their journeys, and their advice for younger generations. They discuss the importance of taking risks, not being afraid to step outside of your comfort zone, and finding mentors who can help you achieve your goals.
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High School vs. Real Life
This Chapter delves into Jeff and Megan's reflection on whether high school was truly the best time of their lives, considering their current success and the choices they've made. They acknowledge that while their lives are better now, they recognize that many people's lives don't improve after high school, leading them to question whether their high point was indeed high school.
Keywords
Real Estate Investing
The practice of buying, owning, managing, and selling real estate properties for profit or income generation. It encompasses various strategies, including flipping, renting, wholesaling, and developing properties.
Addiction Recovery
The process of overcoming substance abuse or behavioral dependencies. It involves various approaches, including therapy, support groups, and lifestyle changes, aiming to achieve sobriety and maintain a healthy lifestyle.
Homeschooling
An educational approach where parents or guardians provide instruction to their children at home rather than sending them to traditional schools. It offers flexibility, personalized learning, and a family-centered environment.
Financial Freedom
The state of having sufficient financial resources to live comfortably and pursue one's goals without being constrained by financial obligations or worries. It often involves achieving passive income streams and reducing debt.
Home Staging
The process of preparing a property for sale by enhancing its visual appeal and creating a welcoming atmosphere for potential buyers. It involves furniture placement, decor, and other design elements to showcase the property's best features.
Paper Lead Services
Companies that provide real estate investors with leads from individuals who are looking to sell their homes quickly. These leads are often generated through online advertising and marketing campaigns.
100% Financing
A type of real estate loan that covers the entire purchase price and rehabilitation costs of a property. It is often available from small local banks and requires a strong track record and good credit.
Midterm Rentals
A type of rental property that caters to tenants seeking temporary housing for periods longer than short-term rentals but shorter than traditional long-term leases. It's often popular among professionals, travelers, and those in transition.
Sevenplex
A multi-family residential building with seven units. It is a type of real estate investment that can offer higher returns but also comes with greater risks and complexities.
Extreme Ownership
A book by Jocko Willink and Leif Babin that emphasizes the importance of taking responsibility for your actions and outcomes, regardless of external factors. It is a popular read among leaders and entrepreneurs.
Q&A
What is Jeff and Megan's experience with home staging and how does it impact their business?
Jeff and Megan have found that home staging is a valuable investment for sellers, as it can increase the sale price of a property. They have seen firsthand the positive impact of staging on their own flips and have even started a staging company that Megan runs. They believe that staging is beneficial at any price point and that professional photography is essential for creating a good first impression.
How do Jeff and Megan find deals and what are their financing strategies?
Jeff and Megan primarily use paper lead services to find deals, which are companies that provide leads from individuals who are looking to sell their homes quickly. They have found that this method is more effective than traditional marketing strategies like cold calling and text blasting. They have also been successful in securing 100% financing from local banks, which has allowed them to scale their business quickly. They believe that building relationships with lenders is essential for securing financing and that small local banks are often more willing to work with investors who have a strong track record and good credit.
What was Jeff and Megan's experience with a sevenplex project and what lessons did they learn?
Jeff and Megan's experience with a sevenplex project has been challenging, as they have encountered significant repairs and unexpected expenses. They have had to replace multiple sewer lines, deal with difficult tenants, and navigate the commercial permitting process. They have learned the importance of being prepared for unexpected challenges and the need to be flexible in their approach to real estate investing. They have also learned the importance of finding a niche in real estate and how they've found success with midterm rentals.
What advice do Jeff and Megan have for younger generations who are considering getting into real estate investing?
Jeff and Megan encourage younger generations to take risks, not be afraid to step outside of their comfort zone, and find mentors who can help them achieve their goals. They believe that it is important to find a balance between work and life and to prioritize their relationships. They also emphasize the importance of having a vision and taking action to make that vision a reality.
What are some of the key takeaways from Jeff and Megan's story?
Jeff and Megan's story is a testament to the power of overcoming adversity and achieving financial freedom through hard work and dedication. They have shown that it is possible to overcome addiction and build a successful business. They have also demonstrated the importance of finding a niche in real estate and the benefits of working with small local banks. Their story is an inspiration to anyone who is looking to achieve their dreams.
Do Jeff and Megan believe that high school was truly the best time of their lives?
Jeff and Megan question whether high school was truly the best time of their lives, considering their current success and the choices they've made. They acknowledge that while their lives are better now, they recognize that many people's lives don't improve after high school, leading them to question whether their high point was indeed high school.
Show Notes
Megan and Jeff Ahern are real estate investors who buy cash-flowing assets in the American heartland while living in an island paradise. But their journey to get here wasn’t an easy one, and today you’ll hear their incredible story from start to finish.
Megan and Jeff openly share their evolution from party lifestyle and alcohol-fueled relationship problems in their marriage to getting sober and replacing drinking with an all-out focus on fitness, faith, and building wealth through real estate.
Despite going $50,000 into the hole as newbies, they didn’t give up on their dream and as a result they now own 20+ cash-flowing rentals, a profitable staging business, and are raising their 3 kids in Maui in a community of like-minded business owners.
Megan and Jeff also talk about:
- Spending $30,000 on an event as newbies and losing money on their first deal
- Moving from California to Lincoln, Nebraska to go all-in on rental properties
- Where they find deals – a lead source Brandon’s never talked about
- How they get 100% bank financing on their rehabs
- Investing in sober living houses and “medium-term rentals”
- The home staging business that rakes in $100K/year with “zero” effort
- Their advice to people thinking about getting sober
- What happened when former Marine Jeff’s parachute failed to deploy
- What they learned from “the 7-plex from hell”
- The books, quotes, and people that shaped who they are today
Books Mentioned:
- Rocket Fuel by Gino Wickman and Mark C. Winters
- Legacy by James Kerr
- The Ruthless Elimination of Hurry by John Mark Comer and John Ortberg
- Extreme Ownership by Jocko Willink and Leif Babin
Connect with Jeff and Megan:
Megan’s Website: https://www.tattyinvestor.com/
Jeff’s Website: https://www.acornhuskers.com/
Jeff’s Instagram: https://www.instagram.com/4f_jeff/
Megan’s Instagram: https://www.instagram.com/the_tatty_investor/
Connect with Brandon:
📸 Instagram: https://www.instagram.com/beardybrandon
💻 BetterLife Tribe, Brandon’s Real Estate Investing Mastermind: https://abetterlife.com/
📸 BetterLife Tribe’s Instagram: https://www.instagram.com/betterlife/
💻 OpenDoor Capital, Brandon’s Real Estate Investing Company: https://odcfund.com/
📸 OpenDoor Capital’s Instagram: https://www.instagram.com/opendoorcapital/
Connect with Cam:
📸 Instagram: https://www.instagram.com/cam.cathcart/
💻 Deal Flow Real Estate, Cam’s Real Estate Investing Mastermind: http://dealflowrealestate.com/
💻 Revel City HomeBuyers, Cam’s Real Estate Investing Company: https://revelcityhomebuyers.com/
📸 Revel City HomeBuyers’s Instagram: https://www.instagram.com/revelcityhomebuyers/
Jeff and Megan’s charitable cause (100% of ad revenue goes here):
- The Mighty Oaks Foundation - A faith-based Veteran service organization that teaches combat Veterans struggling with Post Traumatic Stress, how to get beyond combat trauma, and live their lives in the manner God intended.
Show Sponsor:
- Deal Flow Real Estate - Flip, Wholesale, and Hold More Houses In Every Market
Interested in building wealth without losing your soul? Join the BetterLife Tribe here: https://join.abetterlife.com/tribe