32: Debt Free with 2 Rentals and Counting with 24-Year-Old ICU Nurse Prescott Williams

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 7 October 2020

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

Frontline healthcare worker... Air Force Reservist... real estate investor! 24-year-old Prescott Williams is a renaissance man committed to building real wealth through real estate while serving his community and his country. Today he walks us through his first 2 deals, and the 3 deals he's currently working on in the Hattiesburg, Mississippi area. Prescott shares some great shortcuts for investors who work full-time – from creating a "rental requirement list" with your personalized criteria to publicly posting your real estate goals (you never know who will send you a lead!). A lot of our guests choose their real estate agent as their MVP, but for Prescott it's his mortgage lender. You'll learn how he finances his rehabs and new construction deals by partnering with a small local bank – a strategy you can model (if you're willing to put in a little legwork!) Give Prescott a follow on Instagram @prescott_williams -- and follow us by joining our Real Estate Rookie Facebook Group: just search "Real Estate Rookie" and answer the screening questions to join 15,000 other like-minded investors. In This Episode We Cover: Prescott's strategy for graduating college debt-free Finding a flexible local "portfolio" lender Persuading his parents to take out a HELOC to help him get started in real estate investing Sleeping on an air mattress while renovating a house His "rental requirement list" criteria How he uses the "1% rule" (rent = 1% of purchase price) to guide his purchasing decisions The stress-free way to handle maintenance calls How he's gotten deals just be posting his goals on social media And SO much more! Links from the Show Real Estate Rookie Facebook Group Felipe's Instagram Ashley's Instagram BiggerPockets Forums BiggerPockets Podcast BiggerPockets Podcast 348: Full-Time Job, Full-Time Mom, and Full-Time Wealth From Rentals with Ashley Kehr BiggerPockets Podcast 329: Financial Freedom Before 30 Through Just 10 Deals With Felipe Mejia BiggerPockets Podcast 012 : Wholesaling and Marketing with Sharon Vornholt Zillow Check the full show notes here: http://biggerpockets.com/rookie32 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 32.
0:05.0	And why she's saying this, I'm thinking, I know what Home Equity line of credit is,
0:10.0	when my parents are not going to do this.
0:12.0	There's no possible way that they'll do this.
0:13.8	She basically talked them into it at the table.
0:17.2	So I was able to pull out $110,000 home equity line of credit
0:20.9	on my parents' home.
0:30.0	My name is Ashley Kerr, and today we had a guest on who is immediately, as he got on the Zoom call,
0:31.0	asked me about Fleet Bayes Biceps before.
0:34.0	If you guys don't drop this Bicep thing, we're going to be on episode 100 and people are still going
0:38.0	to, like I literally am, when I work out, I'm like self-conscious about that.
0:41.0	I'm like, okay, extra couple reps because Ashley's going to bug me about it.
0:44.0	That's what I was thinking about.
0:45.0	It's like, now you have to like really keep up the...
0:48.0	I have to, I really do.
0:49.0	Geez, it's wild.
0:50.0	Anyway, so today we have Prescott on the show and probably one of the funnest episodes we've done in a while.
0:55.3	Prescott's in the military, he's a full-time nurse, he has two rental properties soon to be four because he's building.
1:01.9	He talks about how he leveraged his
1:03.4	parents he lock against their house to finance deals. This guy is amazing. He's
1:08.0	crushing it. Everyone's going to be so annoyed as to how many times I laughed
1:12.4	during this episode and I
	...

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