Merry Christmas Eve’s Eve! Hope you and your family are enjoying some time together. Especially if you’re unfortunate enough to hit with this winter storm…
If you’re reading this in-between getting your home ready for guests, cooking for a mighty feast, or just waiting to put another log on the fire – know that we appreciate you spending some time with us.
This week’s featured investor is an investor out of St. Louis quickly putting together across Missouri and Florida.
It is my pleasure to introduce you to Joel Farrell.
How many doors do you own?
As of right now I own 17 doors
What got you into real estate investing?
Work in the Mortgage Industry and reading Investing Books and Real estate investing books
What market(s) do you operate in?
Missouri & Florida
How would you describe your portfolio?
Literally mixed, single family & multi family long term rentals, one commercial building. One short term rental beach front in FL, and also in the development process of a 22 home neighborhood in FL
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What are you currently buying?
Right paused to focus on getting land development to next stage.
Tell us about your biggest mistake in real estate?
Not punting the management of a property to a full time property manager on one of my properties. All of my stuff was with prop manager except two doors, which i managed myself and I was just too busy with infant/toddler kids and work. Caused some complications as there were issues with one property and tenant.
I should have punted that to a property manager much sooner (I didn’t at the time because the cash flow was tight).
Tell us about your biggest win in real estate?
Getting into short term rental market in Destin, Florida in January 2021. I got a good deal on a home that sleeps 30 and before the real estate market went crazy.
I’m in the mortgage business and licensed in over 20 states so strategically it worked out in the long term because I was able continue to build relationships and open a satellite mortgage branch in that market.
Outside of real estate what else do you invest in?
Passively invest in stock market through ETFs and retirement account
Books people should read before investing
Rich Dad Poor Dad, Millionaire Investor by Gary Keller are good foundational books on understanding the why behind real estate.
There is another type of book that i think is important for the average person who is doing this on the side to dig into. Books like Atomic Habits by James Clear and The Power of Consistency by Weldon Long. The reason I believe these are important is that when your doing something on the side, your bandwidth can be very narrow to invest time into working on this stuff.
Every day that goes by that you tell yourself “I need to work on that thing for my real estate business, but i will just do it tomorrow” is a missed opportunity to let compounding work for you instead of against you. And if a couple days go by like that, it can
Atomic Habits digs into the power of habits and little bitty steps of improvement that compound. The Power of Consistency is all about vision and your why, and harnessing the power of the subconscious mind to increase the odds of reaching your goals. When you spend time on your vision every single day, and when 9 o’clock hits and you let the kids down and dinner cleaned up and want to just sit on the couch and watch a show, the alarm bell kicks in and tells you:
“Nope , i got this. Going to work on this for 5 min or 10 min. And thats ok. Not going to break the chain.”
When your why is strong enough, the how figures itself out.
What advice would you give to a new investor?
Find someone who is already doing it that you can learn from. And literally do not stop until you find someone that is willing to help point in the right direction. A mentor!
More from Joel
This week on the podcast
Click here to list on Apple iTunes, Google, and Spotify
“My system of railroading is to take care of it just as careful as I would of my own household affairs, handle it just as though it was all mine; and take good care of its income; that is my aim, you know, and give that to the stockholders.”
A university employee who reached financial independence in just 4 years