28: Balancing 8 Properties with a Full-Time Career and Family with "Property Pastor" Marsay Winder

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 9 September 2020

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

We all have the same 24 hours per day... so be like Marsay Winder and make the most of them! He calls himself the "Property Pastor," and he owns 8 properties (24 units) in the Virginia Beach, VA area. Marsay juggles his business with his family life and a full-time career in manufacturing, so landlording systems are a must – and he breaks them down for us in this episode. You'll also hear about his MVP mentor, how he avoids time-wasting distractions, and the books and resources that helped him build a formidable portfolio in just 3 years. Enjoy this one... and if you're getting value out of the content here, please do us a favor and give us a rating and review on Apple Podcasts. It takes less than 30 seconds, and it really helps us climb the rankings and spread the gospel of financial independence through real estate investing! In This Episode We Cover: Working on his properties on nights and weekends while working full-time Going big on his first deal: a 4-unit building bought from a wholesaler Buying from tired landlords How to frame a rent increase with tenants Using Cozy and QuickBooks to manage his rentals Hiring a property management company How to successfully approach a real estate mentor Involving his kids in his real estate investing business What happened when his tenant joined his church, then stopped paying rent And SO much more! Links from the Show Real Estate Rookie Facebook Group Felipe's Instagram Ashley's Instagram BiggerPockets Podcast Robert Kiyosaki Cozy Deal Machine Quickbooks BiggerPockets Calculators Rookie Podcast 12: What Works (and Doesn’t) in a Recession & the Untold Story of J Scott’s Messy First Flip Google Forms Google Voice Cashflow Board Game Check the full show notes here: http://biggerpockets.com/rookie28 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is real estate rookie show number 28
0:05.0	Folks are really afraid of real estate in some regards, but I think it's a
0:10.2	forgiven business. I mean ultimately even if you're upside down on a property if you pay down debt over time that property will ultimately cash flow. My name is Ashley Kerr and I am here with my co-host Felipe Mejia.
0:30.0	How are you Felipe?
0:31.0	I have some really exciting news to tell you I can't rip on you right away today.
0:34.5	Oh my gosh, I always get a guess, but I don't know. Tell me, what's up?
0:39.0	So I'm refinancing two properties and the one property has a loan on it at 7.3% so I'm refinancing
0:48.9	out of that and then including a property that I had purchased in cash and my new interest rate.
0:54.9	It's a commercial loan and it's amortized over 25 years.
0:58.6	Okay.
0:59.6	It's only a five-year fix though.
1:00.3	Okay.
1:01.3	3.03%.
1:05.0	So you just doubled.
1:07.0	Or no, you just, yeah, so you just cut your interest in half,
1:10.0	which means your cash flow is going through the roof for the next five years and now you have
1:13.7	five years to figure it out.
1:15.3	You know I think this is awesome because a lot of people will not take a deal because like, oh, it's at
1:19.3	7% or 6% and I don't want to do it.
1:21.6	I mean, you have time to refinance out later you can figure it out.
1:24.3	Right and it was still cash flowing exactly. Exactly. Exactly. Yeah so now it's just even more cash flow but yeah so that was really
1:31.4	So you're buying a Tesla with all the extra no
	...

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