Today we’d like to introduce you to Steph Douglass.
Hi Steph, thanks for sharing your story with us. To start, maybe you can tell our readers some of your backstory.
I went to UT Austin to get my undergraduate degree in Elementary Education. I got my first teaching job in Dove Springs and was thrilled to be able to stay in Austin. My landlord increased my rent to the point where I feared I wouldn’t be able to afford my favorite neighborhood with my teacher’s salary. Instead of renting again, I bought my very first house in East Austin. I had no intention of pursuing a career in real estate, but I was a very proud 24 years old homeowner. I moved in with my then partner and rented my house out to tenants. I charged under market rent, but I was still able to cashflow $500 over my mortgage. I couldn’t believe how cool it felt to supplement my salary. $500 was a lot of extra money per month. I felt free!
My partner and I ended up splitting, but I had already rented my house out, so I was faced with the increasingly difficult task of finding a place to rent in East Austin. I found a run-down house on the market and approached my mom about partnering 50/50 on an investment that I would live in. She was in!
We were both teachers, so we spent our summer renovating the house. It had good bones but needed some TLC. We learned so much that summer. We slept on air mattresses in the construction zone and worked all day into the nights. This is where my love for renovation was born. Upon returning to my teaching job that year, It became apparent that I wished I was working on my house instead of teaching.
As a teacher, I was constantly stressed by my rigid schedule and my lack of money. I knew I wanted two things: schedule freedom and financial freedom. This felt impossible, but I remembered the feeling of that extra $500/month cash flow. I started listening and reading everything having to do with real estate investment. I ravenously consumed all the information I could and it started to become more and more possible for me to achieve the freedom I never thought I could.
The next step was for me to get my real estate license. Luckily, I had already started to share my renovation progress online. I didn’t know people were paying attention, but they started to ask me for advice and guidance. I was able to grow my real estate business relatively quickly and I went part-time at my teaching job. 2018 was my last year teaching elementary school, as I transitioned to real estate full time. Luckily I wasn’t finished being an educator.
I continued to share my renovation journey and my real estate business online. My business partner, Kristina, slid into my DMs to talk renovation. She wasn’t able to find many other women in Austin interested in the same thing, so we connected and hit it off immediately. We were friends for a year or so before we decided to join forced as two realtors who valued first-time buyer education.
Little did we know, our message was needed. I mentioned earlier that I consumed all things real estate. What I didn’t mention was that none of that information was from anyone who looked like me. Real estate investment has a very specific demographic and it wasn’t mine. We were providing accessible information for buyers who wanted to do what we were doing! We quickly grew our business, Open House Austin, from just us in 2019 to where it is today; a growing team of 8 and a thriving, multi-dimensional business.
Open House Austin is a national real estate education company. We are the number one agent team for first-time buyers in Austin and we strive to make real estate investing accessible, fun and lucrative for gen Z and millennial women and the underserved. We believe that buying property as soon as you can increase your net worth exponentially over one’s lifetime. We love providing education and inspiration to help others grow their wealth and achieve their dream life.
I also have a real estate investment portfolio that is mostly comprised of properties that I’ve purchased with partners. There is so much power in partnership, which is the theme of my entire career. I’ve partnered in business and in real estate investment. It not only makes it possible, it makes it more fun! I can confidently say that I have the schedule and financial freedom that I didn’t believe I could get. I feel grateful every single day for the career I’ve built, the time I have to spend with my friends and family and the responsibility I have to educate others to achieve their freedoms!
We all face challenges, but looking back would you describe it as a relatively smooth road?
No! I worked 75+ hours per week during my transition from teaching to real estate. I failed over and over at renovation projects. We did most of the work ourselves and I can’t tell you how many trips to home depot, how many awful-looking finished products, how many hours of youtube tutorials.
I had extreme guilt over quitting my teaching career. I spread my finances too thin and destroyed my credit score in my first whole house renovation, luckily temporarily. I made the risky decision to go all in on Austin real estate, where I put ALL my money for seven years. This has resulted in a great portfolio, but I have had very little liquid money, which is a huge risk.
In 2017, my partner and I opened a yoga studio in Lockhart, Texas. We were excited to embark on a business venture with another couple. The business failed pretty quickly and we ended up selling to a larger studio out of San Marcos. While it was a complete failure, we learned SO MUCH and were able to recoup some of the investment in the sale. We learned that a retail space wasn’t right for us and I’m so grateful that it was a quick failure!
Thanks – so what else should our readers know about Open House Austin?
Open House Austin is a nationwide real estate education company and we have the number one agent team for first-time buyers in Austin. We have tons of resources for the inspiring home buyer and investor. Our mission is to make real estate accessible to everyone. We aim to inspire and inform so that our community can build their wealth to achieve their dream life, whatever that may be.
My business partner and I started the business in 2019 because our valued overlapped in a few key areas; education and community. We both feel strongly that community is everything. If you see someone else doing something amazing, it becomes more possible for you to do it too. We are also passionate about becoming informed consumers. Buying a house is the biggest purchase of your life – it’s sooo important to know what’s happening during the process.
Our flagship course is call Open House Homeschool, which is a six-week live program that transforms our students into savvy homeowners within the year. We also have a comprehensive tiny house guide, which follows my tiny house building journey step by step and results in a finished, income-generating tiny house within six months.
Our free resources are overflowing, as well! We have a podcast, a blog, a mini-course, a quiz and an active educational Instagram presence. We are obsessed with community. Our clients enjoy ongoing education even after they close, which is why our Austin agent team is among the best in the nation.
I’m incredibly proud of our team for making homeownership a reality for so many. We’ve already helped over 100 first-time buyers get into their first home in 2021 alone. The community that results from genuinely helping people with their financial goals is INCREDIBLE to see. We have a monthly free coffee day for our homeowners and it’s my very favorite day of the month.
What has been the most important lesson you’ve learned along your journey?
Consistency is key. In business, in investment and in community. Before I was a business owner and an investor, I thought these things happened in an instance with a big break or a sudden swell of interest. I thought you would hit it big on a certain stock or a new cryptocurrency. This felt impossible to me.
The biggest lesson I’ve learned is that showing up every day for your business, your clients, your community and your investment portfolio is the key to success. Giving real and incredible service, contributing to your index funds regularly and investing in time with your team is how your business and investment accounts grow. Consistency is everything.
Contact Info:
- Email: steph@openhouseaustin.co
- Website: openhouseaustin.co
- Instagram: @stephinvests, @openhouse_austin
- Facebook: https://www.facebook.com/OpenHouseAustinTexas/
- Twitter: https://twitter.com/openhouse_atx
- Youtube: https://www.youtube.com/channel/UC7wFWy5nLudJdwGYchLMu4A
- Yelp: https://www.google.com/search?q=open+house+austin&oq=open+house+austin&aqs=chrome..69i57j46i175i199i512j69i59l2j69i61j69i64l3.2138j0j9&sourceid=chrome&ie=UTF-8
- Other: https://www.pinterest.com/openhouseaustin/_created/
