How Tanya Rooney Found Freedom Through House Flipping

Summary

In this episode of the Freedom Show, Tanya Rooney, owner of BS Real Estate, shares her journey from corporate life to real estate flipping and short-term rentals. She discusses the importance of location and time freedom, the challenges of balancing work and personal life, and how stepping back from a business can lead to new opportunities and creative solutions.

Takeaways

• 😌 Freedom is a multifaceted concept that means different things to different people, often influenced by personal circumstances and aspirations.
• 🏠 Tanya Rooney's journey in real estate began with flipping houses and evolved into short-term rentals, demonstrating adaptability in business.
• 💡 The idea of 'play' can be redefined for adults; it could be any activity that is enjoyable and allows the mind to relax and generate new ideas.
• 🤔 Tanya emphasizes the importance of seeking different perspectives when making decisions, which can lead to innovative solutions.
• 👍 The support from a community or mastermind group can provide the 'permission' needed to make significant life or business changes.
• 💼 Even though Tanya was successful in her corporate job, she sought the freedom that real estate could offer, highlighting the personal nature of career satisfaction.
• 🛠 The process of learning and gaining experience in one field can be valuable and transferable to another, even if the initial path doesn't work out.
• 🌐 Location and time freedom are as important as financial freedom, allowing individuals to live life on their terms and explore different lifestyles.
• 🏡 Tanya's business, BS Real Estate, and her property management approach, Yay You're Here Properties, are built on the principles of finding solutions and welcoming guests.
• 📚 Tanya's success includes being a co-author in 'Hospitable Hosts 3' and running her rentals, showing the value of sharing knowledge and expertise.
• 🚶‍♀️ Incorporating physical activities and hobbies into a routine can provide a balance to work and stimulate creativity, as Tanya has experienced with cycling and painting.

Q & A

What does freedom mean to Tanya Rooney?

For Tanya Rooney, freedom encompasses the ability to wake up whenever she wants, do what she wants, not work too much, and have the flexibility to take vacations whenever she pleases. She particularly values location freedom, which allows her to choose where she wants to be, such as working from Florida or Hawaii during harsh Minnesota winters.

What was Tanya's initial career path before entering real estate?

Tanya Rooney began her career at CBRE, the largest commercial real estate company in the world, where she had a cool job that she enjoyed. She was not initially in residential real estate but transitioned into it after a client experience that made her feel like she needed more freedom.

How did Tanya Rooney start her journey in real estate flipping?

Tanya started her real estate flipping journey after a conversation with a friend who suggested she would be good at flipping houses. She then intensely listened to podcasts, met many people in the industry, and bought her first flip house within about two months of starting.

What is the significance of the name 'BS Real Estate' for Tanya Rooney?

The name 'BS Real Estate' initially stood for 'Be A Shark,' inspired by Tanya and her husband's morning routine of working out and being proactive. It now stands for 'Best at Finding Solutions,' which reflects the broader scope of what Tanya and her husband do in their business.

What does 'Yay You're Here Properties' signify for Tanya Rooney?

'Yay You're Here Properties' is a name that Tanya chose because she loves seeing people and gets excited when she meets friends. The name is meant to convey a sense of welcome and excitement, reflecting her approach to hosting guests in her properties.

What is the difference between STR and MTR in the context of Tanya's business?

STR stands for Short-Term Rental, which is a rental property rented for less than 30 days, often found on platforms like Airbnb or VRBO. MTR stands for Mid-Term Rental, which is a furnished rental property rented for 30 days or more, typically requiring a lease agreement in most states.

How did Tanya Rooney transition from flipping houses to short-term rentals?

Tanya transitioned into short-term rentals almost by accident. She was part of a Mastermind group where someone suggested looking at the numbers for daily rental properties. After checking the potential earnings on a website like AirDNA, she realized that even half of the projected income could be significant, leading her to try it out and eventually grow her portfolio.

What role does consulting play in Tanya Rooney's current business model?

Consulting is a significant part of Tanya Rooney's current business model. She leverages her experience and connections in the real estate industry to provide valuable advice and services. This work is lucrative and allows her to balance her time between consulting and managing her short-term rental properties.

How does Tanya Rooney define success in her real estate business?

Tanya defines success in her real estate business not just by financial metrics but also by the freedom she has gained. This includes the freedom to choose where she lives and works, the flexibility to take time off, and the ability to engage in activities she enjoys outside of work.

What advice does Tanya Rooney have for those struggling with a decision in their business or personal life?

Tanya advises seeking permission from others, not necessarily to tell you what to do, but to help boost your confidence and validate your decisions. She also recommends thinking through important decisions in different environments to gain new perspectives and potentially find creative solutions.