How To Invest In Out Of State Rentals With Welby Accely | Rants & Gems #49

TL;DR

After experiencing multiple losses and setbacks in real estate, investor Welby persevered, learned from his mistakes, and focused on building capital. He now buys properties strategically, using his own money, and has achieved success in both flipping and rental properties.

Transcript

so all right so welcome back to another episode of the ransom gems real estate podcast my name is matt garland and mls number 58700 better known as mg the mortgage guy and my name is kiana watson broker extraordinaire license number three one seven five seven six yes yes yes so we got an incredible episode today we got my man welby aka my best 197 ... Read More

Key Insights

• 🤕 Exposure to real estate at a young age and having mentors in the industry can greatly influence one's passion and success in the field.
• 🥺 Real estate investing involves risks and setbacks, but learning from mistakes and persevering can lead to success.
• 🏛️ Building capital is essential for scaling and expanding real estate investments.

Questions & Answers

Q: How did Welby start investing in real estate?

Welby fell in love with real estate at a young age and was inspired by his godfather, who owned his own brokerage and rental properties. He started investing in New York and later expanded to Atlanta and Connecticut.

Q: What were some of the challenges Welby faced in his real estate journey?

Welby experienced multiple losses and setbacks in his real estate career, including foreclosures, being taken advantage of by contractors, and losing all his money multiple times. However, he persevered and learned from his mistakes.

Q: How did Welby build up his capital to invest in more properties?

Welby focused on building his capital by working a job and saving money. He emphasized the importance of sacrificing and utilizing the money from your job as the best investor. He also discussed the importance of having good credit and working with an accountant to improve his financial situation.

Q: How does Welby find good contractors for his real estate projects?

Welby emphasized the importance of protecting his money and becoming the boss in his dealings with contractors. He said that if he controls the money, he controls the project and demands respect from contractors. He also mentioned the importance of doing thorough research and due diligence to find reliable contractors.

Summary & Key Takeaways

• Welby fell in love with real estate at a young age and was inspired by his godfather, who owned his own brokerage and rental properties.

• He initially invested in New York and experienced significant losses, but learned valuable lessons about the importance of education, due diligence, and protecting his money.

• After rebuilding his capital, Welby started investing in Atlanta and later expanded to Connecticut, where he has achieved great success in both flipping and rental properties.

• He emphasizes the importance of understanding the numbers, finding good contractors, and providing quality housing for tenants.