S7-E11: Stefanie Beharry on Real Estate, Financial Freedom, and Building a Business in 2024

Guest: Stephanie Bihari
Stephanie Bihari, a CPA, real estate investor, and entrepreneur, shares her journey from corporate finance to establishing her own business specializing in bookkeeping and fractional CFO services for real estate investors. Here’s a detailed breakdown:

Summary:

• Background and Transition:
  Stephanie left her corporate finance role after 10 years to focus on her passions—real estate investing and financial literacy. Her decision was catalyzed by soul-searching during maternity leave, identifying a need for financial clarity within the real estate investment community.
• Family Influence and Initial Steps:
  Coming from a financially inclined family, Stephanie began investing in stocks before transitioning to real estate after marriage. Her journey started with flipping properties, house hacking, and eventually creating generational wealth through creative real estate strategies.
• Building a Business:
  During her second maternity leave, Stephanie established a bookkeeping and fractional CFO service business tailored for real estate investors. Her offerings include strategic financial planning, cash flow management, and forecasting, aiming to stabilize and grow her clients' portfolios.
• Philosophy and Future Vision:
  Stephanie emphasizes financial clarity and education as essential tools for making informed decisions. She plans to expand her cross-border services and encourage real estate investors to prioritize financial management for sustainable growth.

Key Points:

1. Motivation and Transition:
   • Stephanie’s maternity leave provided the space to evaluate her career path, leading to the decision to leave corporate life and pursue entrepreneurship.
   • A defining moment was gaining financial clarity about her ability to support her family and business goals.
2. Real Estate Journey:
   • Started with flipping a pre-development home, transitioned to house hacking by creating rental units, and ultimately pursued generational wealth through strategic investments.
   • Her innovative approach to combining personal and financial goals inspired her business model.
3. Business Offerings:
   • Provides bookkeeping and fractional CFO services designed for real estate investors with larger portfolios or active businesses.
   • Helps clients gain actionable insights into their finances, ensuring stability and growth while avoiding financial mismanagement.
4. Advice for Aspiring Entrepreneurs:
   • Gain clarity on finances: Know your income, expenses, and long-term investment goals.
   • Conduct soul-searching to identify passions and areas where you can provide value.
   • Surround yourself with mentors and like-minded entrepreneurs for support and guidance.
   • Use tools like spreadsheets for planning and decision-making.
5. Future Goals:
   • Expand her cross-border services further into the U.S. while encouraging Canadian adoption of fractional CFO services.
   • Educate the real estate investment community on the importance of financial management.
6. Practical Takeaways:
   • Emphasized the importance of financial forecasting and budgeting as essential year-end practices.
   • Highlighted the need for organized bookkeeping ahead of tax season for both retrospective and forward-looking financial success.

This episode offers valuable insights into blending personal passion with professional expertise, making it particularly inspiring for individuals contemplating a career shift or looking to optimize their financial strategies in real estate investing.