Balancing 8 Properties with a Full-Time Career and Family with Marsay Winder | Rookie Podcast 28

TL;DR

Marsay Winder shares how he manages 8 properties, career, and family.

Transcript

this is real estate rookie show number 28. [Applause] my name is ashley care and i am here with my co-host felipe mejia how are you felipe i have some really exciting news to tell you i can't rip on you right away today oh my gosh i was going to guess but i don't know tell me what's up so i'm refinancing two properties and the one property has a lo... Read More

Key Insights

• Marsay Winder, known as the 'Property Pastor,' owns 8 properties with 24 units in Virginia Beach while managing a full-time job and family.
• He started investing in real estate in 2017, leveraging his background in construction and engineering to build a successful portfolio.
• Marsay emphasizes the importance of systems in property management, using tools like Cozy and Google Voice to streamline operations.
• He shares insights on the significance of mindset, including the transition from working in the business to working on the business.
• Marsay discusses his approach to raising rents incrementally and ensuring tenants see the value in property improvements.
• He highlights the role of mentors and networking in his success, citing key influences and resources that guided his journey.
• Marsay shares a tenant horror story involving a conflict of interest with church members, underscoring the challenges of mixing personal and professional lives.
• He advocates for celebrating wins, whether through family meals or personal acknowledgments, to maintain motivation and recognize achievements.

Questions & Answers

Q: How does Marsay manage his properties while working full-time?

Marsay uses efficient systems to manage his properties, such as Cozy for rent collection and Google Voice for communication. He emphasizes the importance of working on the business rather than in it, which allows him to balance his full-time job and family responsibilities.

Q: What is Marsay's approach to raising rents?

Marsay raises rents incrementally, ensuring tenants see the value in property improvements. He communicates the long-term vision to tenants and gradually increases rents, rather than imposing sudden large hikes, to maintain tenant satisfaction and retention.

Q: How did Marsay get started in real estate?

Marsay began investing in real estate in 2017, leveraging his background in construction and engineering. He learned from his father's experience as a contractor and started with a quadplex, which he improved and refinanced to build his portfolio.

Q: What role do mentors play in Marsay's success?

Mentors have been crucial in Marsay's journey, providing guidance and pushing him to expand his capabilities. He credits mentors for encouraging him to document his journey on YouTube and apply for opportunities like the podcast, which have helped him grow.

Q: How does Marsay handle tenant conflicts, especially with church members?

Marsay faced a conflict of interest when church members became tenants and stopped paying rent. He emphasizes the importance of separating personal and professional lives and advises against mixing the two to avoid conflicts and maintain objectivity.

Q: What books and resources does Marsay recommend?

Marsay recommends 'Cashflow Quadrant' by Robert Kiyosaki for understanding financial freedom and 'Never Split the Difference' by Chris Voss for negotiation skills. He also highlights BiggerPockets calculators and resources for real estate analysis.

Q: How does Marsay celebrate his real estate wins?

Marsay celebrates wins with family meals, acknowledging the achievement and the effort that went into closing a deal. He believes in recognizing accomplishments, whether big or small, to maintain motivation and appreciate the journey.

Q: What advice does Marsay have for new real estate investors?

Marsay advises new investors to understand their strengths and weaknesses, know their market, and build a network of mentors and peers. He emphasizes the importance of taking action, learning from each experience, and celebrating every win.

Summary & Key Takeaways

• Marsay Winder, known as the 'Property Pastor,' manages 8 properties with 24 units in Virginia Beach, balancing this with a full-time engineering job and family responsibilities. He started investing in 2017, leveraging his construction background.

• Marsay emphasizes the importance of efficient systems in property management, using tools like Cozy and Google Voice. He discusses transitioning from working in the business to working on it, and how systems help achieve that.

• He shares insights on raising rents incrementally, ensuring tenants see value in property improvements. Marsay also highlights the role of mentors, networking, and celebrating wins to maintain motivation and recognize achievements.