Besides working in the emergency room, Monique Davis, RN, BSN, moonlights as a real estate investor specializing in land flips and spec builds. (She also moonlights as a family crisis coach specializing in troubled teens, but we'll cover that in another column.)
Davis took the time to answer our questions about her business. Below is the interview, which has been edited for length and clarity.
Why did you start flipping real estate/land as a side business? When did you start and how did it go?
I started in real estate investing in 2018 by buying my first rental property, then my first Airbnb. After learning about land investing, I hired a coach to teach me how to scale my real estate investing business in 2019. I was able to buy cheap properties and flip them for a huge profit. I kept doing that, making profits and buying more properties, until I had enough money saved up to buy land and build.
From there, I built and sold spec homes (which stands for speculative housing, meaning a new home built by someone assuming they'll make a profit.) I recently sold my last spec home and am now focusing on land I bought to build a venue and a cabin.
What exactly does property/land flipping entail? How often do you do it?
When flipping land, the process is pretty basic: you buy it well below market value, then relist it at market value — the same concept as flipping a house.
When considering flipping a home, I consider the amount of work required, the costs involved, and the cost of ownership. Then I decide how much I can afford based on that. I don't typically flip homes. I prefer to build from scratch or flip land. At this point, I build 1-2 homes per year. I've sold over 45 properties since 2019, but I am continually evaluating, buying, and selling land.
Did you have any previous entrepreneurial experience or did you learn on the fly? Did it take a lot of time and money to start your side hustle?
I was self-employed from the time I was 18 until I became a nurse at age 36. But I had never owned a business.
For me, being a business owner has been and still is a “learn as you go” experience. Every time I try something new in the real estate industry, I'm still learning as I go. I studied for 2 years before making my first purchase, but as a single mom, I felt like I needed all my savings to buy just one house. So, I borrowed money from my dad and paid a coach to teach me how to scale. I was determined to pay back the loan within 30 days of my coach's guidance.
Within 30 days of receiving coaching, I was able to pay my dad back for the coaching fee and make a profit. The first property I bought was for $350, so my initial investment in flipping land was more in the coach's fees than the land itself.
What have you enjoyed most about your side hustle?
I love real estate. Wherever I go, I look at real estate. I sit on my couch, I look at real estate on the internet. I love that I can do it anytime, anywhere.
I love flipping land because it's hassle-free. Spec building is so much fun for me. It's so rewarding to see a piece of land become someone's dream home. I design every home with love. My partner is a detail-oriented guy and takes great pride in building a great home for the new owner.
What are some of the challenges?
The only challenge in land flipping is finding the right land to buy.
Building “from the ground up” always comes with many challenges. From permits and inspections to subcontractors and materials, you have to deal with a lot of moving parts from start to finish. Building from the ground up has taught me a lot, and although it can be rewarding, it can also be very stressful.
What is the biggest benefit of having a side hustle?
I have the freedom to do business wherever I want. I also have the opportunity to travel more than I did before. I enjoy exploring new areas for potential investments.
What would you say to someone considering reselling property or land?
Real estate investing can seem appealing, and it can be, but it also requires a lot of work and commitment. I recommend researching the different types of real estate investing you’re interested in and hiring a coach to teach you the ropes and get you there faster.
Is there anything else important our readers should know?
I love real estate investing but I am passionate about working with families on their healing journey. Real estate investing gives me the freedom and time to do the things I am passionate about. Money is always useful if you can use it to make an impact.
Michelle Wojciechowski is an award-winning writer and author of the humorous book, Next Time I Move, They'll Carry Me Out in a Box.
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