It is not every day you get to meet someone bold enough to walk away from a job in the medical device industry to take on the world of multifamily investing. Today, I bring you insights from none other than Mandy McAllister, a multifamily investor with a wealth of experience. In our discussion, we traversed her journey from being a medical device rep to a successful multifamily investor and her fears as well as triumphs along the way. Make sure to listen to the full podcast Financial Freedom and Overcoming Fear with Mandy McAllister on the Small Steps Big Wins Podcast.
From Devoted Employee to Multifamily Investor
Mandy fully admits her shift into multifamily investing was not entirely planned. An intricate conversation with a friend led to her fascination with real estate investing. A seed was planted, and despite diving headfirst into extensive real estate literature, Mandy didn’t make real strides towards investment until she was 35. This hard-hitting realization inspired a personal commitment to take action, transforming her knowledge into tangible investments.
Conquering Fears and Taking Calculated Risks
Mandy admits her first substantial investment, a fourplex, was a heart-stopping experience. She identified with the fear experienced by many entrepreneurs and investors. Despite the palpable fear, she made the leap because she understood that she was taking a measured risk. Decorating the apartments and renting them to students not only kept her fourplex occupied but also led Mandy to a profitable investment, allowing her to cash flow a thousand dollars a month.
The Shift From W2 to Entrepreneurship
Multifamily investing became Mandy’s “one thing.” However, transitioning from a secure job to fully relying on her investments was a daunting prospect. Mandy explains how she was pushed to confront the potential worst-case scenario, influenced heavily by stoic philosophy. She analyzed her tenants’ job security during the devastating COVID-19 pandemic and created a concrete plan to handle the situation, highlighting the importance of practical problem solving in successful entrepreneurship. She decided to reverse engineer her exit from her W-2 job and in doing so, it allowed her to mitigate the fears she had about doing so.
The Importance of Growing and Learning
Mandy attributes her continued success to her willingness to grow, learn, and take reasonable but calculated risks. This mindset has been pivotal in overcoming setbacks and maximizing opportunities. From engaging in improv comedy lessons to overcome stage fright to sharing her worst-case scenario analyses to boost confidence, Mandy has remained committed to personal and financial growth.
Encouragement for Others
Mandy’s key to success echoes the sentiments of well-known real estate coach, Gary Keller, stating that “diversification is how you don’t lose money— specialization is in fact how you make a great deal of money.” For Mandy, putting all your eggs in the basket of multifamily investing and then diligently watching that basket has been enormously rewarding.
Empowerment through GoBundance Women
Head-turning strides in the multifamily investment world earn Mandy a deserving place in GoBundance Women, a community of female entrepreneurs and accredited investors. By sharing resources and providing a platform for valuable discussions, this community has fostered growth and connections among countless women entrepreneurs globally.
Take the Leap. Face Your Fear.
In conclusion, Mandy McAllister is a remarkable testament to the fruits of facing fears head-on and strategic risk-taking. Her transformative journey from a medical device rep to a successful multifamily investor is a remarkable inspiration for anyone hesitant to take the leap into the entrepreneurial world. As Mandy proves, facing your fears is not about achieving perfection but about continually moving forward, seizing opportunities, and growing.