#183 with Sean Parsons: His Path to Making His First Acquistion & All Things To Know About Turnkey Properties
Millennial Millionaire Real Estate Podcast
English - February 25, 2021 22:59 - 45 minutes - 83.7 MB - ★★★★★ - 56 ratingsInvesting Business Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
In this episode, Jonathan Farber interviews Sean Parsons on his path from finding BiggerPockets and this podcast to making his first acquisition. Sean is an out of state turnkey investor balancing a W2 from Seattle, Washington. In this episode, we walk through topics like: how to get yourself through your first deal, the benefits of a first turnkey deal, turnkey provider operations, and more!
Top Takeaways:
Why you haven’t done your first deal and how to change that - 13:45 - 15:00
A down payment is a lot of money - remind yourself that you’re making a researched investment
Real estate is risky - a smart strategy can weather the storm and come back stronger
Accountability groups and self talk can keep you grounded and approaching your goals
You should still do a turnkey deal the first time around - 15:15 - 17:00
Turnkey is not a big earner, but it’s still immensely valuable for teaching you the process
One of the biggest assets turnkey provides is a prebuilt team for you to learn from
Think of this deal as your training wheels to make the biggest leap possible on the next one
Understanding the role of a turnkey provider - 24:15 - 27:30
The basic model is to find off market property, add market value, install a manager, and sell
This creates a very attractive product for inexperienced investors because it’s a complete package
The downside is that the returns trend smaller because the provider is doing more work
How to bring value to Sean Parsons:
Happy to meet, he has ideas on data analysis tools for agents and wholesalers
Social Links:
biggerpockets.com/users/SeanP193
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