Ep #222: A Living Legend Shares His Investment Secrets - with Welcome Wilson

Real Estate Investing for Cash Flow with Kevin Bupp

Kevin Bupp

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4.9 • 675 Ratings

🗓️ 26 March 2019

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

Kevin Bupp welcomes you to another episode of the Real Estate Investing for Cash Flow Podcast with real estate investment veteran Welcome Wilson, who shares anecdotes rooted in incredibly rich personal experience during his 6 decades in real estate development.

Welcome is the founder and chairman of the Board of Welcome Group, a privately held real estate development firm that owns 90 manufacturing and industrial facilities comprising 4 million square feet of space in Texas. He has developed 8,000 home sites in 4 counties. He has also developed apartments, retail centers, office buildings, and a hotel.

Quotes:

"Never go against your gut instinct because the expert tells you something like an engineer or an architect and then in your gut you know he's wrong. Go with your gut because your gut knows more about it than he does." 

"To succeed in business, you need to have guts and determination. Guts and determination. When he said guts, he didn't mean the guts to get into a fight. He meant the guts to make a pitch to somebody important that's highly in your favor and be able to keep a straight face and look him in the eye and be sincere." 

"Don't let success go to your head. The point is, in a good economy, everything works. Everything works. And you're not invincible. And when the economy turns, practically nothing works and you can't assume that everything is going to work out. You have to prepare for the worst because it's coming." 

"One rule that I always had is, if you have five and part of the things to do today, start with the most difficult one first. Do the most difficult one first." 

"Having the right partners and the right friends are everything in business. You need to give your partners credit. And by the way, don't ever issue an ultimatum especially to your spouse. Ultimatums do not work."

Discussed in this Episode:

10:38 Importance of a mentor 
17:08 Developing Houston
27:08 Role in the Astrodome
32:23 Industrial vs residential
41:04 The importance of friends and family

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Recommended Resources:

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Grab a free copy of our book “The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them click here

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Transcript

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0:00.0	You've been searching for the best way to generate passive income in your life and heard that real estate is a great way to do it.
0:09.4	But you're tired of all the so-called gurus who are all talk and no substance.
0:15.2	Get ready to celebrate because Kevin Bup has spent 14 years successfully making it happen.
0:21.7	This is the Real Estate Investing for Cash Flow podcast.
0:25.2	Now, here's Kevin Bup.
0:31.7	Hey guys, Kevin Bup here, and I want to welcome you to another episode of the Real Estate
0:35.6	Investing for Cashflow podcast.
0:37.7	Our mission is to help you build and maintain massive amounts of cash flow through income
0:42.2	producing real estate investments.
0:44.3	And our guests for this week's show is real estate investment expert, Welcome Wilson.
0:48.6	A welcome is the founder and chairman of the board of Welcome Group, a privately held real estate
0:52.8	development firm that owns 90 manufacturing and industrial facilities in Texas, comprising of over 4 million square feet of
0:59.2	space. Wilson is also a principal in Kingham Dalton Wilson, limited a regional industrial
1:04.3	construction company. Now, Mr. Wilson has been a real estate developer in Texas for 57 years,
1:10.1	beginning with his first project in
1:11.9	Galveston County, which is now the incorporated city of Jamaica Beach. He was also the developer
1:17.0	of Tiki Island in Galveston County, now an incorporated city of 1,200 homesites. In total,
1:22.6	Mr. Wilson developed 8,000 homesites in four counties in Texas. In addition to plant communities and
1:28.4	industrial property, Mr. Wilson was a developer of apartments, retail centers, office buildings,
1:33.6	including 22-story buildings in downtown Houston and a hotel, which was the fifth Marriott
1:38.9	ever built, and this was way back in 1965. He's also the author of the new book, Always Welcome,
1:45.6	Nine Decades of Great Friends, Great Times, and Mostly Great Deals.
	...

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