The 30 year mortgage is now at 6.1%… it’s anyone’s guess where we will end up by the end of the year. Some people are making the call that we could see a rush of activity. People trying to lock in a 6% rate before it jumps higher.
On the Podcast front – I’ve decided to formally launch the Resilient Real Estate Investing podcast on August 1st! If you’re interested in hearing the first few shows click here.
Today it is my pleasure to introduce you to Trevor Salas!
How many doors do you have?
I currently have 12 doors!
What got you into real estate investing?
I bought a house with my mom for $35k cash in Alabama. It cash flowed $750/month and a lightbulb went off in my head. I was hooked.
What market(s) do you operate in?
Portland, OR and Seattle, WA
How would you describe your portfolio?
I own 12 SFRs in Oregon and Washington. I hold a mix of Airbnb’s, Long-term rentals, and Lease/Purchase properties
What are you currently buying?
Single Family Homes and looking into self-storage facilities
Tell us about your biggest mistake in real estate?
When COVID hit, I got scared and stopped flipping houses. I let fear and emotion dictate my decisions instead of looking at the numbers and the market. I missed out on 100s of thousands of dollars by sitting on the sidelines during one of the greatest periods of appreciation the housing market has ever seen.
Tell us about your biggest win in real estate?
My biggest win in real estate was hiring a formal mentor to teach me how to buy properties creatively and hold onto them. Cash flowing on properties while watching them appreciate has been amazing and I am addicted to growing my portfolio to support my family with freedom of time. It felt expensive at the time ($10k up front plus splitting my first 3 deals), but it got me to where I am now in 1/4 the time it would have taken me on my own.
Outside of real estate what else do you invest in?
I have a stake in a private holding company that purchases small businesses. I also hold some money in Wealthfront (roboadvisor) and have cryptocurrency portfolio.
Books people should read before investing
I think Rich Dad Poor Dad illustrates beautifully the power of ownership. Showed me that it isn’t always about making more money, it’s about keeping more of the money you make. I also think habits are life-changing and Atomic Habits is a perfect blueprint for how to develop these skills.
What advice would you give to a new investor?
Don’t let money stop you from starting to build your real estate portfolio! There are so many creative ways to finance real estate, and at the end of the day, if you have a good deal, the money will come. You may have to partner and share profits (or even not make anything on the first couple deals), but it will be SO worth it. I wish I had made the jump earlier and not let the money piece hold me back.
As an older pup, Princess spends a significant amount of time sleeping. But she always strategically positions herself towards the entry way. It’s important for her to be paying attention who is coming and going.
Made me think that as investors we should have a similar mindset. Not sleeping on our portfolios – but to be vigilant on who is coming and going in our market. Are consumers halting their home search? Is there a big employer in the market that is going through difficulties? Has days on market began to creep longer and longer?
In a shifting market we can’t just look at the national trends. We need to be studying our markets. What is happening in our metros, our zip codes, our blocks.
We do that day-in and day-out? Good chance we can sleep well at night.
See you on Tuesday