We were lucky to catch up with Jennifer Holmstead recently and have shared our conversation below.

Jennifer, looking forward to hearing all of your stories today. What’s been one of the most interesting investments you’ve made – and did you win or lose? (Note, these responses are only intended as entertainment and shouldn’t be construed as investment advice)

What I once thought was my worst investment has turned out to be my best investment. I purchased my first home in late 2006, at the height of the market, right before the real estate crash. Fast forward to 2010, my partner and I were going our separate ways and needed to sell the property. We realized that not only could we not recoup the down payment, we were actually under water. It was a scary and stressful time. We didn’t have many options except keep the house, pay to get out of it, or short sell. I ended up keeping the house and renting out rooms to help make the mortgage. I remember feeling like I was going to be under water forever.

About 6 years later I was taking a finance class as a part of the MBA program at Westminster College. The professor assigned us to analyze our current assets and write a personal investment strategy. In this analysis, I realized that my home had rebounded and become (by far) my strongest financial asset. And then I realized this “asset” had provided me with something more – Autonomy. Freedom. Choice.

It is currently worth about 2.5 times what I paid for it initially, and it has provided additional money to finance other investment properties. I have since used the equity in my first home to finance two other properties, both of which are doing well and creating cash flow. Even though it was scary to be under water for a few years, I am beyond grateful that I didn’t sell it back in 2010.

Some of the key takeaways I learned are:
1. Real estate is not a short term investment. There are ups and downs and you need to be prepared to weather the storm. Run the numbers ahead of time to help determine what your options might be if your income and/or the market shifts.

2. Hang in there if you can. Even though this was a stressful situation, I don’t regret it one bit. I was able to make it work and now it is a fantastic investment property.

3. The only investments I have regretted thus far are the houses I sold too early out of fear (more on that another time).

Great, appreciate you sharing that with us. Before we ask you to share more of your insights, can you take a moment to introduce yourself and how you got to where you are today to our readers.

Let’s start with what got me into real estate. I purchased my first home in late 2006, at the height of the market, right before the real estate crash. At the time, I remember feeling like there was no chance I would ever regain the equity I had lost.

A few years later, I was taking a finance class as a part of the MBA program at Westminster College. The professor assigned us to analyze our current assets and write a personal investment strategy. In this analysis, I realized that my home had rebounded and become (by far) my strongest financial asset. And then I realized this “asset” had provided me with something more – Autonomy. Freedom. Choice.

After almost 15 years of managing a local business, I decided to make a change. I wanted to help others achieve the same feeling of financial security and autonomy that owning a home has brought to me. I decided to jump into the real estate world and joined my good friend Monique Higginson at Market Source Real Estate.

Outside of finding my clients their perfect home, or working with clients to understand the in’s and out’s of selling their homes, I enjoy spending time in any of the numerous wildlands of Utah. Whether it’s camping in the mountains, road tripping through Utah’s small towns, or hiking in the red rock canyons of southern Utah, I LOVE it! I feel lucky to live in a city so centrally located to such inspiring places. When I’m not exploring areas outside the city, I love supporting local farmers at the various SLC markets, hiking Millcreek canyon, or just sitting by the firepit in my backyard enjoying the simple pleasures in life.

How’d you meet your business partner?

When I first got my Real Estate License I wasn’t sure exactly what a career in real estate would look like. I knew Monique Higginson (my broker and business partner) through one of my good friends and asked if I could pick her brain about getting started. She was very gracious and spent quite a bit of time explaining the ins and outs of getting started, challenges to expect, etc.

I was also very fearful of joining a brokerage that was overly sales focused; I didn’t want to be after a commission, I wanted to serve clients and offer a really high level of service. It was very clear at my first meeting with Monique that our core values aligned – doing what is right for the client, not the commission.

I ended up joining Monique’s team and never looked back. She taught me more in that first year than I could have learned in five years at another brokerage. Years later I am now a partner in the brokerage and beyond grateful for that initial connection. I got super super lucky!

Any advice for growing your clientele? What’s been most effective for you?

By far my best growth has been referrals from past clients or repeat clients. I believe that going above and beyond for clients will return in spades.

Contact Info:

• Website: www.jenniferholmstead.com
• Instagram: @jenniferholmstead

Image Credits
River Stephenson & Melese Miller