If you’re just starting your career in Real Estate investing, chances are you spend a lot of time thinking about the numbers and profitably scaling your portfolio. In this episode, we sat down with local real estate investor Will Peters who explains his experience achieving those things; as well as the underlying purpose that keeps him going.
Tune in to hear:
- How Will found himself living in a single wide trailer with two roommates post graduation.
- How he was able to transition out of that situation and into his career as a Real Estate Investor.
- The underlying purpose that keeps Will moving and motivated.
- And more.
Episode Timeline:
2:50: Will explains how he started out living with room mates in a single wide trailer after he graduated from Florida State University.
4:26: We talk about the 1st time Will discovered Real Estate and how he transitioned into brokering Real Estate deals. He explains how interest rates were 15% and he still couldn’t make much money.
6:26: Will tells us how he was able to overcome the challenges of having no money and no credit by partnering with people to purchase rental properties. Like many of the other investors we’ve interviewed, Will was able to live in his first duplex to kick start his investing career.
7:50: We talk about the numbers of Will’s first solo investment; a quadruplex here in Tallahassee.
9:29: We talk about how Will scaled up his rental portfolio and the importance of honoring your words to investors. We also discuss how the financial dynamics can change as you get married and have children.
10:05: We talk about how Will eventually had to make a decision between brokering real estate or scaling his rental portfolio.
11:07: Will explains how he had to make another decision to specialize even further to focus on single and multi-family residential rentals in Tallahassee.
13:20: We talk about what investor’s got out of deals they did with Will; safety, a monthly check and a better interest rate than banks could provide.
15:19: We talk about how capital was once available at 8% interest and how that seemed like the deal of the century. Will explains how it’s critically important to know the level of risk you are comfortable with so you can sleep at night and focus on the folks that you love.
15:50: We talk about how, for Will, his underlying purposes that drive him to continue to do what he does; feeding his family and nurturing relationships with those he interacts with.
18:30: We then transition in to discussing how Will has been taking advantage of a handful of times and the benefits of hiring a really good property management company.
19:45: We talk about the freedom that comes with owning your own real estate business and being able to spend time with your kids and family.
23:45: We talk about why Will manages his own rental properties instead of using a property management company. We talk about the headaches that come with managing rental properties and the importance of being honest and responsive to tenants.
24:40: We talk about what led Will to try a property management company and the importance of simply checking up on properties and managing them in a way that makes them better over time.
26:09: Will explains his low-tech redneck approach to finding tenants and advertising. We also discuss the importance of screening and how Will felt he had to be flexible at first.
28:09: We talk about the importance of location and being able to walk down the street at night.
Mentioned in the Show:
- Advertising on Zillow
- Searching the Leon County tax records to find potential buyers