When the COVID-19 pandemic ground the fashion and modeling industry to a sudden halt, Thomasina Myresa found herself facing an unexpected reality check. For years, she had done everything financial experts advise: she worked hard, avoided debt, and saved diligently. Raised by parents who instilled the value of saving from a young age, Myresa had maintained a steady job history, working night shifts as a social worker while modeling by day after moving to New York City. However, when her modeling income evaporated overnight, she quickly realized that a standard savings account alone could not provide the long-term security and wealth-building power she desired.
That pivotal disruption pushed Myresa down a research rabbit hole that ultimately introduced her to real estate investing through the BiggerPockets platform and Robert Kiyosaki’s foundational book, Rich Dad Poor Dad. Rather than letting analysis paralysis stall her ambitions, she transformed her sudden surplus of free time into a masterclass in property acquisition. Just five months after discovering the world of real estate, Myresa successfully closed on her first investment property. Even more remarkably, she achieved this feat entirely out-of-state in Cleveland, Ohio—a city she had never even visited—bringing just $3,000 out of pocket to the closing table.
Appearing on a recent episode of the Real Estate Rookie podcast hosted by Ashley Kehr and Tony J. Robinson, Myresa detailed the strategy behind her rapid entry into the market, her early missteps as a self-managing landlord, and how she eventually scaled her portfolio to a $325,000 duplex utilizing creative financing and strategic networking.
Finding a Mentor and Overcoming Out-of-State Hurdles
For a rookie investor with no prior real estate experience, navigating the high-stakes world of property acquisition can feel daunting. Myresa’s breakthrough came through an unexpected connection. While scrolling on Instagram, she reached out to another user purely based on aesthetic alignment and shared vibes, hoping to make a new friend. During their subsequent lunch meeting, Myresa discovered that her new acquaintance was a real estate investor operating in Cleveland, drawn to the Midwestern market’s lower price points compared to the astronomical costs of New York City.
That chance meeting led to a referral to Yamu, another active investor in the Cleveland market who offered mentorship and had previously been featured on BiggerPockets. When evaluating mentorship, Myresa emphasized that her primary considerations were cost and genuine rapport. Rather than dealing with high-pressure, expensive "guru" programs, she found a patient mentor who charged an accessible rate, answered her endless beginner questions with empathy, and focused on practical execution rather than sales pitches.
Armed with guidance and determined to bypass the roadblocks of local New York real estate, Myresa set her sights on Cleveland. However, financing her first purchase presented unique hurdles. As a 1099 contractor in the volatile modeling industry, traditional lenders required careful navigation. By researching lender options through community forums and anticipating document requirements during an initial, unrealized attempt to utilize the NACA program, Myresa successfully prepared her financial profile. Having a secondary W2 income stream from social work and a lifelong history of personal savings further bolstered her credentials with lenders experienced in handling non-traditional borrower income.
Mastering Creative Financing and Closing Strategies
To execute her first purchase, Myresa partnered with a local real estate agent found through Zillow and platform directories. Although her first agent relationship dissolved due to sluggish communication and a lack of out-of-state investment experience, her second agent proved instrumental in executing a creative financing strategy.
When Myresa purchased a single-family home in Cleveland for $63,000 using a conventional loan with a 20% down payment, her agent suggested leveraging seller concessions instead of simply reducing the purchase price. By slightly increasing the offer to match seller expectations while rolling the difference into a concession, Myresa was able to buy down her interest rate to 6% and cover closing costs. As a result, she walked away bringing only $3,000 of her own cash to the closing table instead of the anticipated $12,000.
Despite the creative financial victory on paper, the operational reality of landlording delivered an immediate wake-up call. Eager to learn the ropes, Myresa initially attempted to self-manage the property remotely from New York. The home came with an existing tenant paying below-market rent. Without establishing a proper dialogue, Myresa attempted an immediate rent increase, leading the tenant to decline renewal.
Reflecting on the experience, Myresa admitted that the emotional weight and stress of the transition took a heavy toll, prompting her to step back from self-management. She quickly pivoted, hiring a local property management company that placed a new tenant utilizing Section 8 housing. While the property generated strong cash flow on paper—bringing in roughly $800 to $900 a month—frequent maintenance issues and tenant wear-and-tear meant a significant portion of that cash flow cycled right back into property repairs.
Two years later, after participating in a mentorship program focused on lease options and visiting the neighborhood in person—where she realized she would not feel comfortable walking alone at night—Myresa made the strategic decision to sell. She listed the property and successfully closed at $110,000, nearly doubling her initial purchase price and securing a strong return after factoring in renovations and appreciation.
Scaling Up with House Hacking and Room Rentals
Rather than resting on her initial success, Myresa used the momentum to scale her operations. Recognizing the power of house hacking, she set her sights on a larger asset, purchasing a 4,800-square-foot duplex in the Cleveland Heights and Shaker Heights area for $325,000.
For this acquisition, Myresa utilized an FHA loan, bringing just 3.5% down alongside seller concessions to once again minimize her out-of-pocket expenses to roughly $3,000 at closing. The property featured five bedrooms on each side, totaling ten bedrooms. Confident in her capacity to manage operations after her emotional recovery from her first venture, she decided to try self-managing the duplex.
Myresa moved into one half of the duplex, furnishing it quickly with the help of visiting friends and family members who assisted with painting and setup. She listed the individual rooms on platforms like Facebook Marketplace and Roomies.com, filling the vacant rooms within the first three weeks and ensuring she never had to cover the full mortgage payment out of pocket.
For the opposing unit, she initially attempted self-management during the harsh Cleveland winter months before opting for a property management company. When her first property manager imposed exorbitant tenant fees and exhibited poor communication, Myresa did not hesitate to cut ties within a week. She quickly hired a replacement management company known for transparent communication and fair outsourcing practices, which successfully placed a stable long-term tenant who has remained in the unit for two years.
Today, Myresa continues to self-manage the rent-by-the-room side of the duplex, generating strong monthly returns while witnessing her tenants achieve their own financial milestones, such as saving for cars and permanent housing. Having successfully navigated the steep learning curve of out-of-state investing, creative financing, and property management, Myresa plans to apply her capital proceeds and real estate insights toward expanding into small business ventures in the future.