Episode•April 16, 2020•18 min

Real Estate Investing for Women with Justine Chan | Ep. 35

This episode is not just for women! Join Tiffany as she sits down with Justine Chan as they talk about home buying and real estate investing strategies. About Our Guest Justine is the founder and CEO of Live With Plum, the home buying guide for the modern woman. The site was inspired by her personal experience buying in NYC and seeing how little resources there were for female home buyers even though they buy at twice the rate of men. Prior to starting Live With Plum, Justine was a startup operator and management consultant. Follow her on Twitter: https://www.twitter.com/livewithplum Join her group on Facebook: https://www.facebook.com/groups/livewithplumgroup Follow her on Instagram: https://www.instagram.com/livewithplum Connect with Tiffany on Social Media Facebook: Money Talk With Tiff Twitter: @moneytalkwitht Instagram: @moneytalkwitht LinkedIn: Tiffany Grant YouTube: Money Talk With Tiff Channel Pinterest: Money Talk With Tiff This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

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Key Takeaways

1
House hacking lets you own a home while generating rental income to offset the mortgage
Buy a multi-unit property or multi-bedroom home, live in one part, and rent out the rest
You get residential mortgage benefits (lower rates, tax advantages) while earning rental income
Roommates or separate units can essentially pay your mortgage
2
Start preparing for home buying years in advance, especially by building strong credit
Credit score determines mortgage options and interest rates available to you
Lower credit scores can disqualify you from certain banks and better rates entirely
Preparation should begin as soon as you start earning income if homeownership is a goal
3
Women statistically pay more when buying and receive less when selling homes
Research shows single women pay ~2% more and sell for ~2% less than single men
The gap is smallest when selling to another woman and widest when selling to men
Negotiation skills are critical to closing the gender wealth gap in real estate
4
Buying small, affordable starter properties enables future real estate investments
Justine chose a tiny studio over a larger one-bedroom to keep costs low and build equity
Plan to live in a property for two years to gain primary residence tax advantages, then move on
Smaller initial purchases make it easier to qualify for and afford additional properties
5
Home equity lines of credit can fund down payments but carry significant risk
You borrow against accumulated equity in your current home as a second mortgage
Rates are higher than primary mortgages but lower than unsecured loans
Defaulting risks losing both properties; only pursue if rental income can reliably cover payments

Intro

Tiffany Grant interviews Justine Chan about real estate investing strategies, with a focus on empowering women homebuyers who purchase homes at twice the rate of men.
Justine Chan is the founder and CEO of Live With Plum, a home buying guide for the modern woman. She previously worked as a startup operator and management consultant, and was inspired to start the site after her own experience buying property in NYC.

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– Guest Introduction & Early Home Buying Motivation

Justine Chan founded Live With Plum after noticing a lack of resources for female homebuyers despite women purchasing homes at twice the rate of men. Tiffany shares she bought her first home at 26; Justine bought hers at 25.

I always had this goal really of achieving financial stability in my life as early as possible, right? And knowing how to use real estate as a tool to get there.
– Justine Chan

– What Is House Hacking?

House hacking involves buying a property, living in part of it, and renting out the rest to generate income while enjoying homeowner benefits like lower mortgage rates and tax advantages.

Roommates are like, you know, it can be separate apartments. So if you really want the privacy in me, probably not a super urbanized area like New York City is totally achievable.
– Justine Chan

– Homeownership Often Costs Less Than Renting

Tiffany notes her mortgage payment was $100 less than her previous rent for a three-bedroom, two-bath house. Justine emphasizes that preparation—including building credit—is key to securing the best mortgage terms.

– The Pre-Home Buying Phase & Credit Importance

Preparation should begin as soon as you receive your first paycheck. Strong credit unlocks more mortgage options and the lowest possible interest rates. Tiffany references the 2008 crisis to stress the danger of entering homeownership with poor credit.

If you go in with a strong credit score, you can lock in that best interest rate. And then therefore, you can save money in the long run.
– Tiffany Grant

– Documenting the Movement of Money

Lenders scrutinize bank statements closely. Large or unexplained deposits require documentation. Justine advises keeping thorough records early so you're not caught off guard when applying for a mortgage.

– Scaling to Rental Properties

Justine always planned to buy multiple properties. She bought small, affordable units (like a tiny studio) rather than stretching for a larger home, allowing her to move and convert each into a rental after two years.

– Using Home Equity Lines of Credit (HELOCs)

A HELOC lets you borrow against equity built in your current home. Rates are higher than primary mortgages but lower than unsecured loans. Justine notes the risk: defaulting could mean losing both properties, so it should only be used if rental income can cover payments.

– The Gender Wealth Gap in Real Estate

Recent research shows single women pay about 2% more when buying and sell for 2% less than single men. The gap is smallest between two women and largest between women and men. Justine urges women to negotiate aggressively.

I would always tell them to negotiate and to fight for what they believe in.
– Justine Chan

– Where to Find Justine & Closing Thoughts

Justine can be found at livewithplum.com and on Instagram @livewithplum. Both Tiffany and Justine emphasize that single women can and do successfully buy homes without waiting for a partner or second income.

Resources

Topics

real estate investinghome buyinghouse hackingwomen and financecredit scoresmortgagesrental propertieshome equitynegotiationgender wealth gap