Episode No. 95

How I Bought a 10-Unit Building Out Of State (that cashflows!) with NO Experience

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Episode No. 95

           Listen To The Podcast On

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In this episode of the Share the Wealth Show, let’s join real estate investor, Nikki G as she shares her inspiring journey and mindset on investing while working a W2 job. Explore key points in real estate investing on this episode:

💡 Motivated by a desire for financial independence after workplace reorganizations, Nikki ventured into real estate investing.

🏢 Her first property, a 10-unit apartment building, was purchased with the guidance of a knowledgeable cousin who mentored her.

💼 Despite initial lack of knowledge about commercial financing, Nikki learned quickly and successfully acquired the property.

💰 Leveraging her W2 income, she invested in subsequent properties, including an off-market townhome acquired from a family member.

🔄 By reinvesting profits and managing expenses wisely, Nikki achieved financial stability and aims to fund her children’s education through investments.

🌟 Don’t miss this episode for an empowering story highlighting mentorship, self-confidence, and strategic planning in real estate investing! 🎧


Nikki is a first-generation college graduate who earned her Industrial and Systems Engineering degree from Virginia Tech. She has had a successful career in corporate America for more than 20 years managing global and large scale business transformations focused on people, processes, and technology. 

As a lifelong “saver” and witness to multiple corporate reorganizations and layoffs, she is an advocate for having multiple streams of income.  Nikki leverages her business skills and day job to fund her passion and dreams.  In just a few short years, she has built a multi-million dollar portfolio that generates over six figures in rental income annually.  She is committed to sharing her real estate investing journey with others to show them what is possible if you just get started with the resources that you have.

When she is not working, she most enjoys spending time with her family, traveling, and inspiring others to build wealth through real estate.



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Key Quotes:

“ Don’t be afraid to bet on yourself.”

  • Nikki G


Connect with Nikki G!

You can find them on

Schedule a Call: https://calendly.com/nikkigconsults  


Email: nikki@nikkigconsults.com



Let’s get connected! 

You can find Nicole on 

LinkedIn https://www.linkedin.com/in/nicole-pendergrass/

Instagram https://www.instagram.com/nvestornikki/?hl=en

Facebook https://www.facebook.com/nvestornikki

or Visit her website https://noirvestholdings.com 


[00:00:00 – 00:00:42] – Nikki (nikkigconsults.com)

When I purchased my first property, I didn’t have all of the knowledge that I have now about creative ways to finance. And so, to be perfectly honest, you know, I used cash to buy my first property as far as putting a down payment. It was like a 20% down payment on a property that was $700,000 because I bought a 10-unit apartment building. My six, I’m sorry, my W2 afforded me the opportunity to be able to save. And I’ve always considered myself to be a saver. And so, you know, I consider myself to be a saver, but at some point, my mindset shifted. And I realized I couldn’t save my way to wealth and I wanted to be wealthy.

[00:00:43 – 00:01:18] – Intro

Welcome to the Share the Wealth Show, where minority professionals can learn to escape the racial wealth gap and catapult themselves into abundance. Your host, Nicole Pendergrass, grew her net worth from being negative to multiple six figures. Join her on her investigative mission to expose secret strategies of the wealthy so we can all have the tools needed to build the life and legacy we were created to possess. Now it’s time for the show.

[00:01:19 – 00:02:05] – Nicole Pendergrass (Noirvest Holdings)

Hello, there! Welcome back everyone for another episode of the share the wealth show. This is the show where we discuss strategies on how to build, grow and protect minority wealth and today like I’m super excited I’ve been wanting her to come on for a little while now but we have Nikki G on here and she is a phenom and I just can’t wait to like when I got my first phone call with her and she told me about like her story and how things progress I was just super excited I knew right away I needed to bring her on to share that story with you guys because I knew you would take so much gems and insights from it. Okay hey Nikki how are you?


[00:02:06 – 00:02:07] – Nikki (nikkigconsults.com)


Hey I’m great! How are you?


[00:02:08 – 00:02:12] – Nicole Pendergrass (Noirvest Holdings)


I’m good. Doing well. Crazy day, right?


[00:02:13 – 00:02:18] – Nikki (nikkigconsults.com)


Yes, crazy day for sure but we are finally able to make it.


[00:02:19 – 00:02:49] – Nicole Pendergrass (Noirvest Holdings)


Yeah, exactly same here and someone another guess that I had on said she needed some a glass of water and I decompressed and just saying that I was like, yeah, I need a glass of wine and I don’t have any in my house right now and I actually might go out and get some right after this. It’s been a crazy year for me so I needed multiple glasses of wine and my house is a little dry right now so.


[00:02:50 – 00:03:19] – Nikki (nikkigconsults.com)

Well, we might talk about this a little bit in the conversation later but yeah, my weekends been crazy because I as you know I’m an out-of-state investor but this weekend I was actually in town with my properties because I’m doing a term and so it was in and out trip. I’m gonna have to post something about like a day of a life or something but yeah so it was crazy but I’m here and everything’s progressing well so.


[00:03:20 – 00:03:51] – Nicole Pendergrass (Noirvest Holdings)

Oh, good yes, we definitely going to talk about that because I want to hear all about it and you see how we both have our well if you are watching on YouTube you’ll see it. If you are listening on your podcast platforms, you won’t see it. But we both have on our investor shirts; Nikki has employee and investor with employee cross out. And I have I am an investor with some a whole bunch of other words underneath, but we had to both represent with an investor. Black women investors, I love it.


[00:03:52 – 00:04:07] – Nikki (nikkigconsults.com)

Yes, and I have to shout out Larry Pendleton for giving me this shirt, another investor, fellow investor. I think he’s been on your show before. I can’t remember, but anyway, he is the person who was able to give me the shirt. So, thank you, Larry.


[00:04:08 – 00:04:40] – Nicole Pendergrass (Noirvest Holdings)

Yeah, and Larry, or if you look, just look and search in, share the well show, Larry Pendleton, and you’ll find the episode that I did with him. And Larry, I’m going to be coming after you for my shirt. I want a shirt too. Shoot, never have enough investor shirts. Anyway, all right, before we get started, random question. Have you ever been really passionate about something and then suddenly, like, lost interest?


[00:04:41 – 00:05:09] – Nikki (nikkigconsults.com)

I’m very passionate about something and suddenly lost interest? Yeah, not really. Normally, if I take passion in something, like, I’m all in. Seriously, that’s more how I am. can’t think of a time where I’ve been really passionate about something and lost interest. Outside of maybe a project or something at work or a school, that would probably be the only time I could say that may have happened.


[00:05:10 – 00:05:29] – Nicole Pendergrass (Noirvest Holdings)

Alright, well, I mean, I get that and understand because that’s kind of my personality, too, that once I’m, like, dedicated to something and I just go down the rabbit hole. So, I’m, like, stuck in there for a little while. So, tell us a little bit about yourself. Who is Nikki G?


[00:05:30 – 00:06:16] – Nikki (nikkigconsults.com)

So, I am a mom, a wife, I still actually work my W2 job, but I started investing back in 2019. So, I’ve been a real estate investor now for about five years. I got interested and passionate about real estate investing when I bought my first property and to your point kind of went all in. And so, I was able to essentially replace my income from my W2 after a couple of years of investing in real estate. And so, I’m super passionate about it. I’m super passionate about building wealth and yeah, that’s me.


[00:06:17 – 00:06:55] – Nicole Pendergrass (Noirvest Holdings)

Okay. So, I definitely got to dig into that right now. Most people are wanting to invest in real estate to not only replace their W2 income, but then remove themselves from the W2 and I heard you say earlier you are still a W2 employee even though you’ve already replaced your income from that job. So why are you keeping your position? What are you doing? Is it a is a passion of love? know what drew you or what made you decide on continuing to stay in your W2 job while you’re still growing your portfolio?


[00:06:56 – 00:08:37] – Nikki (nikkigconsults.com)

Yeah, that’s a great question. I actually you know when I first started investing, I thought that it was great I was seeing all these people talking about leaving their W2 and so I was like oh yeah that that sounds like something I would want to do.

It didn’t turn out exactly the way I had envisioned because being someone who was already a 60-year owner I really was able to leverage my W2 to acquire real estate and so that’s how I was able to grow so quickly, quite honestly, is all of the money that I was making from my real estate purchases, those first couple of years,

I was really just throwing back into my business, investing it back into the real estate business, and still working my W-2. So I wasn’t, you know, I didn’t need that money, I wasn’t, you know, looking for that money to satisfy a certain lifestyle or anything, I was just passionate about real estate and I wanted to build as many assets as I could. And so when I saw the power of that, not just the power of real estate, but the power of leveraging my W-2 to continue to build my real estate portfolio, and, you know, I already, you know, loved my job as well. So, for me, it’s really about as long as I can continue to do both, and they both make me happy, and neither one really takes away from the other, or really, I should say. Okay, as long as my W2 at this point doesn’t take away from me continuing to build wealth the real estate, then I’ll continue to keep both.


[00:08:38 – 00:10:16] – Nicole Pendergrass (Noirvest Holdings)

I love that. And you know why? Because you always, especially when you’re in the real estate world and entrepreneurial world, everyone is always about being an entrepreneur and getting out of their job and leaving their job. But I do think there is power in leveraging your job intentionally to build your portfolio. And as long as you still have that job to satisfy your living expenses, then you can redirect your profits from your real estate into growing your real estate even further and more.

So that by the time you’re really, really ready to leave your job, like your W2, or your real estate investments are way surpassing just what you need to live and it can really sustain a higher calling of a lifestyle, like, you know, whether you want to live on the edge or you want to like have to do philanthropy or you. Well, whatever you want to do, now your portfolio really supports all of that. You know, so that’s a great mindset to have.

One, I’ve been embracing slowly and painfully because I’ve been wanting to get on my job so bad for so long. And not that I hate my job, but it’s more of I feel like it was in the way of me growing my portfolio. But at the same time, there are benefits like if I’m looking to get alone and be financeable, having a job, even in the commercial space, it’s still kind of helpful not for financing facts, but like you said, like to support lifestyle while my investments are growing. So, I could just go on the whole rant about that forever, but I’ll pause there.


[00:10:17 – 00:11:56] – Ad1

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[00:11:57 – 00:13:53] Nikki (nikkigconsults.com)

Yeah, I was just going to say, I mean, I think that like I mentioned before, it was definitely desirable and, you know, was like the new shiny object to say, oh, I’m going to replace my job. I’m gonna leave my job, I’m a real estate investor now. There’s a lot of people, you know, they see the power of it and that’s what they decide to do. But like I said, it was a little bit harder for me because number one, when I purchased my first property, I didn’t have all of the knowledge that I have now about creative ways to finance. And so, to be perfectly honest, you know, I used cash to buy my first property as far as putting a down payment.

It was like a 20% down payment on a property that was $700,000 because I bought a 10-unit apartment building. My six, I’m sorry, my W2 afforded me the opportunity to be able to save. And I’ve always considered myself to be a saver. And so, you know, I consider myself to be a saver, but at some point, my mindset shifted. And I realized I couldn’t save my way to wealth and I wanted to be wealthy and so really just you know taking the experiences and the knowledge that I had from corporate America or you know just really how to be someone who is you know all in or really motivated and a high achiever you know that type of person and taking that and really wanting to invest it into my own business real estate was a way that I thought I could do that and really I feel like I’ve done that so yeah I just um really just decided that I needed to come behind the two to get the maximum result and here we are.


[00:13:54 – 00:14:43] Nicole Pendergrass (Noirvest Holdings)

Now there’s so much there that I already want to dig into so one the first time ago is that first their very first purchase um and then I’m going to ask about the journey of like any subsequent purchases and how many units did you have to get to that financial freedom number and how many units you have now? Because I always say it’s not the unit count, it’s the cash flow, especially depending on what you want to do. So, you don’t have to own 100 units, right?

You can own 10 or 20 and be financially free, just depending on what your expenses are, right? So, I’ll get to all that. But the first thing is, the first question about your first purchase, because I want to dig deep into that, if your very first person with a 10 unit, most people don’t jump from done to 10. Right? Did you even own your first, your single family? Like, did you own your own home?


[00:14:44 – 00:15:19] – Nikki (nikkigconsults.com)

Okay. Yeah. So, I own my own home. You know, I own personal residences before I was married, you know, as a single woman, of course, getting married, my husband and I own property, our personal residence, etc. So, it, I’ve had personal residences, never in an investment property. I’ve had investment properties. um you know in his like pre-me and after me with me etc. but um but no this is these 10 units was my first investment property.


[00:15:20 – 00:15:38] – Nicole Pendergrass

And that’s phenomenal in and of itself because like I said most people don’t jump to like owning a personal resident to a 10 unit like everybody else was going to like oh, I want to do plaques and I’m like oh you could think a little bit bigger than that like you don’t have to go 400 but sorry go ahead.


[00:15:39 – 00:21:14] – Nikki (nikkigconsults.com)

No i was just gonna say you said something earlier about intention right and so my whole thing with real estate was very intentional okay so i was in a situation on my job where we were going through some reorganizations and you know I’ve been in corporate America for more than 20 years and so in my career my work career i have seen and been through so many different reorganizations and layouts

Unfortunately, I’m not going to good. I have not experienced that first hand, you know, myself ain’t laid off. But it’s something about, you know, sitting at your desk and that day when their laying employees off and calling people back to their, you know, to HR and then they don’t come back or they come back and they’re being escorted out of the building. That leaves an image in your head. And I’ve seen that, like I said, at least three times over my 20-year career, not with my current employer per se, you know, over that period of time. And so, I always had this notion that, you know, I never wanted somebody to be that much in control over my income and my well-being, et cetera.

But I didn’t really know how I was going to make that happen and make that shift because I didn’t think that I wanted to necessarily own a business, like I didn’t know what that business would be. There wasn’t necessarily a product or service that I was super passionate about. But I do come from an entrepreneurial family. And so, I knew that I would probably be an entrepreneur at some point that I really didn’t, you know, I really didn’t know that it was going to be real estate per se until going through this, experiencing this, this reorganization.

And essentially the role that I was in at the time was being eliminated. There were about four of us who were in a position. And what we were being told was that we were going to have to interview again for essentially the same job that we had. And so, it really put a sour taste in my mouth. And so, I went to my husband and I was like, hey, you know, this is what’s going on. I was like, I like this, something just doesn’t feel right. And my husband, you have to know. But he was just essentially like very nonchalant and he said he just replaced your income, find something else and do something else and I’m like, okay, that’s easier said than done, right?

And I have a cousin who is an investor and has been for a long time and has tried to get me to buy real estate, gosh, for when I bought my first single family home, he was trying to get me to buy duplex then and I was not trying to hear it, right? And so, I reached out to him and I was like, hey, we’re going through some changes at work and I think it’s time for me to start investing in real estate. And so, like you said, I said to him, so I think I need to buy duplex and be able to replace my income. And he was like, first of all, you are not going to replace your income with a duplex. But this is me, I really had no clue.

Yeah, power and how much I could actually make from real estate. And so that was my thinking at the time back in 2018. And so, he said, listen, if you’re really serious about this thinking, come on, but come down here. Let’s go look for property. He’s in Virginia. I’m in Georgia. He’s like, come down here. Let’s look at some properties and let’s see what we can find. He’s like, you got some money, right? I got a little bit of money saved. So yeah, let’s do that. And I think for me at the time, I didn’t even realize that I could finance a commercial property, a 10 unit or whatever. I didn’t even know that something over four units was commercial. didn’t know any of that. I just knew that I could probably buy a duplex cash with six figures, right? And so that’s what I was thinking. And so long story short, I went on this trip with him to kind of go house shopping, right? And this 10-unit came on the market the day before I was. I’m going down there for the trip.

I was going to be in town for a day and so he had this list of properties that we were visiting in this 10-unit. He was like, let’s go look at his 10 unit. And when he said it, I’m like, well, first of all, I’m not going to afford a 10 unit. He’s like, don’t worry about that. Let’s just go look at it. Well, with, you know, a lot of time with small multi-family or even large multi-family, you can’t just show up and say, I want to see the property or you can’t even call the agent that day and say, want to see the property. And so, we couldn’t get inside of any of the units because they’ve got to coordinate with all the tenants and all of that, right? So, we go to the property and we essentially park in the parking lot and he walks me around the building, around the exterior of the building.

And as we’re walking, he’s looking at the roof. He’s looking at the foundation. He’s looking at the cars and the parking lot. He’s looking at the tenants. He’s, you know, just name all these observations. And so, we do that for, I don’t know, maybe five or ten minutes.


[00:21:15 – 00:21:47] – Ad2

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[00:21:48 – 00:25:44] – Nikki (nikkigconsults.com)

And we head back to the car and he’s like, this is, he’s like, if I was in the market to buy a property, they get out by this property today. And I was like, really? He was like, yeah. And then said, well, that’s great. But I can’t I can’t this building. And he was like, why do you say that? I was like, because, you know, I told you I had some money, but I don’t have $700,000, $700,000. He’s like, this is the way it works.

So, he literally takes out an envelope, some mail or whatever that was in the car, flips it on the back. And he’s like, this is how this is going to work. He said, you there’s 10 units here. said, let’s say everybody’s paying $700, a month. Let’s say $800. He said, so your revenue on this property is going to be $8,000. He was like, your mortgage or 700,000 maybe it’s going to be you know $4,000. So he was like so that’s already a good thing because he said in my mind if I can um finance a property and only have to give the bank half of it and he’s like I’m pretty good at it and he said but there’s other stuff right and he was like yeah he said you’ve got to pay your taxes your insurance um the expenses he said I see a dumpster over here I only saw one water meter when we were walking around so that means you as the landlord are going to be responsible for water so he you know rolled all these figures down and at the end you know there was some money left and he was like that’s what you call your cash flow that’s your take home money and then I was like wait a minute so how am I gonna buy the property and he’s like you’re gonna finance it with the bank and I said okay well how what bank is gonna finance me like I don’t even have

You know, we’ve got this personal residence in our name already, like, I’m not going to be able to get another loan, you know, for this.

He’s like, no, no, no, you know, you’re going to do this as a business, you know, all the things, but essentially, in 30 minutes, right, this visit to this property, he helped to change my mind set about what this property and what this building could do.

Right. And I was essentially going to have to manage it, but basically the tenants were going to be paying all the bills. If I get it right. And so that’s kind of how it happened. I put a cash, I’m sorry, I put a full price offer in on the property sight unseen, right, because we’ve not been in any of the units.

But the, this property was on the MLS, so they were pictures on the listing. So, we made the assumption that for the most part, the units would look similar to the photos. I made a full-price offer contingent on financing and inspection, okay, and so I’m nervous as I don’t know what so I’m like well what happens if they accept the offer and I’ve got to pay like you know this money he’s like no it’s contingent on financing and inspection so that gives you the opportunity to number one see the inside with an inspection and number two you can you’ve got to get financing from the bank so you’ve got to get a bank to say yes I’m gonna finance this property first and if you can’t get that then you can you know you can walk away he said you might lose your earnest money but you can still walk away from it so made this offer that night got back on a plane flew back to Georgia the next morning the agent called my agent and said you you’re gonna be the owner of this new 10 unit building.


[00:25:45 – 00:25:45] – Nicole Pendergrass (Noirvest Holdings)



[00:25:46 – 00:25:48] – Nikki (nikkigconsults.com)

The rest is history.


[00:25:49 – 00:27:42] – Nicole Pendergrass (Noirvest Holdings)

Oh my god. Okay. There’s so much to unpack live. You gave, but literally you gave a blueprint right there. And so, anybody listening, I hope you picked up, I hope you were writing that down and picking up so many gems and information that Nicki was sharing throughout that story.

Um, so first of all, your, your cousin, he’s your cousin, right? He was doing, uh, literally, this is the definition back of the napkin kind of analyzation, but this was back of nominal analyzation in a car, just like assuming some numbers. You know what I mean? And just being able to kind of see ballpark without, she didn’t have a T12. She didn’t have a, um, a P&L, a rent roll, nothing, right? No, she didn’t even walk all the units, but they all say that you can, but this is the thing. She had the plan to do that. But that does not prevent you from putting in the offer. So do your back of the napkin calculations, put in the best offer that you can with your assumptions.

And as long as you have a contingency, like, OK, in every market, will that work? No, you might not get it. You might not accept your offer. have to go get it on. But somewhat, they don’t accept it. Find another deal to put an offer in. But that should not prevent you from putting in an offer because you still have time to do your financial due diligence and to do your physical due diligence and to get financing from the bank.

If it’s a super-hot market and people are waving financing contingencies, maybe it might be a little bit harder for you to get a deal with the financing contingency in it. But it’s still not impossible. Now, I want everybody to see here this story and see, like, she took action and flew back home and got the call the next day. Like, sometimes real estate happens fast. And she had waited and tried to analyze it further a few more days. She would have missed out because somebody else’s offer would have been in there.


[00:27:43 – 00:29:50] – Nikki (nikkigconsults.com)

Yeah, and I think there’s a couple other things that at the time, I didn’t realize this is what’s happening. But in addition to all the things that you said, Nicole, number one, he was really acting as my mentor, right? At this time. So, I had someone who was knowledgeable that I really put all of my trust and faith in what he was telling me. And I did that, number one, not because he was my cousin, but because he himself is a very successful real estate investor. The only person in my family that I know who was living this life of, you know, a millionaire and doesn’t go to a W-2 and hasn’t for a very long time. And so, I had him as a mentor, as a coach, et cetera. And I trusted him. And like you said, he told me what to do and I executed.

And then the other thing that I will say is that I was also prepared. I didn’t knew, I knew that I had access to capital, right? So that if I was to get this property, I would at least be able to pay the earnest money. I knew that. I knew what based on what was telling me. I knew that I could come up with the 20 or 25% that he was telling me that I would probably need should they accept my offer.

So, I have something, you know, already prepared. And I wasn’t going into this thing like, oh my God, like I just won this, this contract. I’m now under contract. Now, how am I going to find it? Like I didn’t have that stress in those worries because I had the mentor, the coach, and I had preparation and knowledge about at least, you know, where that initial capital was going to be coming from. Now, did I know how I was going to absolutely have some pay the first mortgage? Did I know that the building was going to be 100% occupied and I was going to be cash going from day one? I didn’t know. any of that. I was just trusting what he told me and praying that it was going to all work out and it did so.


[00:29:51 – 00:30:57] – Nicole Pendergrass (Noirvest Holdings)

Well the part of that is so one is because before in another episode we’re talking about having fear and walking doing taking action through the fear even if you didn’t have fear per se but you have faith and I think that’s just as powerful right so even if you have fear if you have the faith to like take those steps and you had that mentor that helps solidify your faith as well along with any other sources right and that just makes you push through.

So, the other question I really want to ask about that is 20% of 700,000 is a good chunk. That’s like a $140,000 down payment. Most people that I know would be splitting a 10 unit in the down payment with someone else like having a joint venture partner or something like that and you did that all yourself. So where was the even though you had it, there are people who have that saved up and they are, would be definitely afraid to invest that entire amount into one property. Yeah. What made you confident to put all of that money on the line?


[00:30:58 – 00:32:29] – Nikki (nikkigconsults.com)

Um, a couple of things. Um, number one, I wasn’t afraid to bet on myself. Um, that was number one. That’s something that, you know, has been instilled in me from family, from my husband. Um, you know, you, you basically what people were saying is you’ve been successful pretty much at everything you’ve ever tried to do.

Why do you think you’re not going to be successful at this? And so that was number one. Um, and I, you know, I won’t buy, you know, my husband was the one kind of pushing me saying, you know, forget that job, replace your W two. It’s like, you know, I can do this. And oh, by the way, if it doesn’t work out, he’s telling me he’s going to be able to, you know, this house down or do whatever, you know, I have to do, but, or whatever we have to do.

So, I would say that that definitely for that first property, for sure, having that confidence on myself. And then, you know, also having the confidence or the, um, the partner, so to see in my husband, who’s saying, you know, I got you, you can do this. And, you know what, if we’re, if we’re struggling in our home, you know, for a little bit to make this work and for you to get the education and understanding that you need, then it’s worth it. So, um, I would say that those are the two things that really gave me the confidence that I needed.


[00:32:30 – 00:33:01] – Nicole Pendergrass (Noirvest Holdings)

OK, I love that. Um, you, you did say that after a couple of years, I’m investing that you surpassed or you met your expenses from your W two income or you met your expenses or your or the income but your expenses my personal expenses you so you matched your income yes from your w2 job after couple of years was that from this first building or did you get more by time to let you get to that level where you matched your income?


[00:33:02 – 00:37:05] – Nikki (nikkigconsults.com)

No I got more so um with the first property um and this was kind of my mindset um because I told you there was a situation going on with my job and that was you know i was essentially going to be walking away from that right or at least that’s what I thought and so in my mind I was thinking I’m basically going to take this money bet on myself and um if I can still contribute to my personal household what I contribute for example to our mortgage today and whatever other expenses that I have you know I think I can do this.

And with that first property, it was just my portion of what I paid for our mortgage. When we wrote those numbers down and I told you, at the end, he was like, you’re going to cash go this, miraculously, that number was like equivalent to what my portion, you know, in our home, my portion of what I would contribute to our mortgage payment.

And so, you mean to tell me, I could, I can leave my job, but that’s what it’s going to come to, but I can still contribute to the mortgage, which is obviously the biggest expense that we have in our home. And that’s not going to add an additional burden and stress on my husband. And he’s already saying, of, you know, you can do this and we’ll figure this out. So that was really a no-brainer when I realized that I could, you know, to contribute the mortgage. And in fact, on that first day at closing table, whatever, you know, I got money back.

at and that first month that I had to pay the mortgage because it’s not that first it’s not at the closing right you don’t pay the mortgage for little bit so when I pay that first mortgage and I saw this money left over I was like oh my god he was right like this is really gonna work um so yeah I just it just worked so what was the next what was the next purchase then so the next purchase um after the 10 unit I had a family member who was looking to um she had inherited a home a property a family property and so she had another home and she wanted to sell it but she didn’t want to really go through the process of having a deal with people coming through and looking at the property or fixing it up and all of that so basically I had my first off-market deal because I said like I knew it was a really great area

um where she had this town home and everything and I wanted you know by this time I’m like on social media and I’m hearing all this stuff about doing off-market deals and I was like I’m gonna do my off-market deal and so um my family member and I discussed it she had a figure in her head that she wanted to make from this property and you know me I was like I can do that me and the full price offer again right I was like yep I can do that and um it worked out we closed on the property um through a title company um I gave her what she was looking to make from the deal and then I’m still working my w2 by the way and I’ve got this 10 unit working for me right and so I’m investing money from that 10 unit now into this property so that’s what I used to like pay her and it was and it had been two years so I had a you know I had a lot of money where I

And I hadn’t used that money. So, I was basically just putting this money in the bank at the time that I was making from the 10 unit every month because I wasn’t having to use it to pay the mortgage because I still have a W2. So long story short, I said that money paid her what she wanted and then put a mortgage on the property, right?


[00:37:06 – 00:37:08] – Nicole Pendergrass (Noirvest Holdings)

And so, it was free and clear when you purchased it from her.


[00:37:09 – 00:39:14] – Nikki (nikkigconsults.com)

Well, it wasn’t, she didn’t know, she had a mortgage, but she didn’t want me to take over the mortgage because she had some other things she wanted to do. She didn’t want it to affect her like DCI ratio and all of that. what I basically did was paid her what she was looking to get out of the deal by offering the amount that I needed to. And then I put a mortgage on the property. So, I had to put obviously a down payment, right on the more for the property, for the, I pay that.

You had all of that, you know, again, from the 10 unit that I had had for two years. So, I did that and then long story short, got a tenant in there immediately and was cash going $600, I think, from that single family. Yeah. Cash flow. Yeah, the mortgage on the property was like 700 bucks and the tenant pays, like, or was paying like $1,800.

It’s single family. So, she paid the tenant pays all the expenses, write everything, the taxes insurance she’s paying. So, you know, essentially the money that I used to, you know, relative didn’t want to, like I said, she didn’t want to spend any money doing anything with the property.

And so, I had to do a little bit of work just to get it to a point where I could rent it or what I wanted to rent it for. But I knew the, I’m knew the potential of the property. I wanted her to keep it. I really wanted her and she might watch this and she can attest. I wanted her to keep the property and I wanted to show her how to make this property do for her what I had done with my tenure.

But she was just like, no, I’m not gonna do this. She says, know, maybe in a couple years, Nikki will do something. At this time, she was doing the same thing I did to my mentor years ago. She was no, I don’t want to deal with tenants and toilets and all this stuff, no man.


[00:39:15 – 00:39:25] – Nicole Pendergrass (Noirvest Holdings)

So, you um, what was I was just about to ask crap? How much? Oh, that’s what how much did you have to put into the property to kind of fix it up?


[00:39:26 – 00:39:48] – Nikki (nikkigconsults.com)

I probably put about 10,000 into it. I mean, it was it was it was really good. I just had to paint put in new floors. There was like a screen porch that I needed to pass some work done on the screen porch in the back. um pain in the outside there was a roof repair I had to do but at the end of the day I probably spent about 10,000.


[00:39:49 – 00:39:53] – Nicole Pendergrass

Okay um and how much uh did you have to put through the down payment?


[00:39:54 – 00:40:10] – Nikki (nikkigconsults.com)

So, let’s see so I ended up getting the property for I want to say it was 205 was that right I think it was 205 and so 20 percent of that um yes 20 percent of that.


[00:40:11 – 00:41:11] – Nicole Pendergrass

Okay so about 40 yeah about 40 but then all of that and that is all from the cash flow from your tech unit because you weren’t needing that cash flow that’s crazy so the one strategy that I’m a big proponent of um especially just depending on if your cash flow is still getting build up like depending on the type of property you’re doing if you’re doing like a value add you might not have as much cash flow in the very beginning etc. So, I just say like once you have repositioned your property and you’ve increased the value now you can refinance.


[00:41:12 – 00:42:38] – Nikki (nikkigconsults.com)

If I walked away from my W2, these kids got to go to college one day. so that property, that single family property for me was, okay, by the time this thing is paid off, I can do exactly what you said. If my oldest needs money to finance her college, I’m going to use this property for that. So, yes, that’s the intention of that property is to be for, you know, her college education, if needed, hopefully she does some other fabulous things.

And we don’t have to have that, and I can use that property to buy more property or to buy a property where she’s, you know, going to school and she can rent it out to other students and we can make money today. But there’s so many things you can do, but that was the intention. And that’s why I didn’t, that’s why I have it, let’s say, pooled any additional money out of that property yet.


[00:42:39 – 00:43:28] – Outro

Okay, guys, don’t kill me, but I’m gonna have to cut this episode short. This is too juicy and we need to do this in a part two. So stay tuned for the next episode that airs and you can hear the rest of our conversation.

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