Wyatt makes some great points about leveraging the VA loan and utilizing it to start building your real estate portfolio. Here are some key takeaways from the interview:
Overall, Wyatt's insights provide a practical roadmap for veterans looking to enter the real estate market and build wealth through strategic property investments.
The MFREE on facebook https://www.facebook.com/groups/222890344741570
Wyatt’s IG: https://www.instagram.com/wyattbuyshouses/?hl=en
If you like the MFREE Podcast, be sure to give us a review on your favorite podcast platform to help others find us and leverage the knowledge and experience our hosts and guests have to offer. We greatly appreciate you for tuning in and see you in the next episode!!
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Thank you to all of our listeners!!! We would love to hear from you!!!
Email us at:
hutch@hsquaredcapital.com heath@hsquaredcapital.com
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Visit our website to find out more:
www.hsquaredcapital.com
Join our Facebook Group:
The Multifamily Real Estate Experiment
Wyatt makes some great points about leveraging the VA loan and utilizing it to start building your real estate portfolio. Here are some key takeaways from the interview:
Overall, Wyatt's insights provide a practical roadmap for veterans looking to enter the real estate market and build wealth through strategic property investments.
The MFREE on facebook https://www.facebook.com/groups/222890344741570
Wyatt’s IG: https://www.instagram.com/wyattbuyshouses/?hl=en
If you like the MFREE Podcast, be sure to give us a review on your favorite podcast platform to help others find us and leverage the knowledge and experience our hosts and guests have to offer. We greatly appreciate you for tuning in and see you in the next episode!!
*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*
Thank you to all of our listeners!!! We would love to hear from you!!!
Email us at:
hutch@hsquaredcapital.com heath@hsquaredcapital.com
*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*
Visit our website to find out more:
www.hsquaredcapital.com
Join our Facebook Group:
The Multifamily Real Estate Experiment
All right. Here we go. Wah gwan all you multifamily maniacs. This is Hutch the Marine Investor. I want to welcome you to another episode of the multifamily real estate experiment podcast. Look, today we have an amazing guest for you. See, most of you who will listen to this podcast are veterans, right? And in most cases, you have served your career over 20 plus years, and you would transition into corporate America. So, today's guest is going to talk to us a little bit about how you could have possibly shrink that journey and actually get to your fulfillment and not only just get to your fulfillment, but put yourself in a position to where you can help others. So, our guest today is Wyatt Simon which he started off as a athlete, right? So, he's no stranger to challenges, it takes a lot of commitment and effort to even make the start to get on the court, to get some kind of good dribbling in basketball, to be able to be on the team, right? And if you listen to this and you are a veteran, you understand what it is to be a part of a team. So Wyatt is going to teach us what it takes to go from having no multifamily units to acquiring 100 units. And he's also a coach All right. So, wyatt welcome to the podcast. Thank you. Thank you for having me at the Hutch. It's great to be here. All right. So Wyatt I want to start off with asking you, do you have a favorite real estate quote or mantra that drives you? I don't know if I'd call it a real estate mantra, but right behind me on the wall here, I got a John Maxwell quote, which is"A leader knows the way goes the way and shows the way." And I live and learn by that. I know I've had a lot of mentors in my life that have shown me the way, and now it's just, it's. In everything in life that I do with my management team, with my student, with my coaching clients, it's just, I got to go the way I got to know the way, and then I got to show the way. That is awesome, man. Appreciate you sharing that. So Wyatt touch briefly on your body, but there's a lot there, right? You are fairly young men and who have had an amazing journey right in your life so far. Can you share a little bit more about yourself with us? Absolutely. So I'm probably best known as the kid that took a 200k line of credit and turned it into a 20 million dollar real estate portfolio in about six and a half years. So spent a lot of hard work, a lot of late nights, a lot of lessons through that. I grew up in Colorado and then ended up. Starting to do real estate in Omaha, Nebraska. And yeah, started like everybody else where I, or not, maybe not everybody else, but I started buying a duplex, lived in one side, rented out the other, and then just slowly started to scale from there. And eventually I was able to set up my own direct to seller system, start acquiring assets off market, and then eventually was able to scale into multifamily because of the scalability of it. And, the last thing I did was I vertically integrated along the way. So I started a management company and now we, we do all of our things in house. We've got full five full time employees that that manage the portfolio. And now I get to do stuff like this and help other people do stuff like that. So I love it, man. You made that sound so easy. So in an environment where the American dream why it is to, go to college, you trust that you've read the book, rich dad, poor dad, right? Absolutely. How did that change your trajectory? It was right outside of college. I read the book, Rich Dad, Poor Dad, and I'll never forget this. So I was sitting in a desk job. I had to wear a full suit and tie to go to work and talk on the phone to farmers. Like I, there was one time I got sent home because I was wearing, I forgot my belt and I was a 45 minute drive home. And they sent me home and said, you have to bring a belt to work. And I just hated corporate America. Hated it. Okay. When I, while I was working in corporate America, I read the book, Rich Dad, Poor Dad, and I never forgot the concept. It was like, wow. So assets can make you money while you sleep so that you don't have to work for money. And I latched onto that. I said, okay, there's got to be a way to do this. The problem was I read this book when I was 21, and I was like a broke, fresh out of college kid, with absolutely no money. And at the time I was living in Colorado. And I couldn't imagine buying a property there, the asset, the assets there were so expensive. I didn't have a W 2 job. I was commissioned only. And so I wasn't able to get a loan and I didn't have two years of history for it. And so eventually that led me to making the move and taking a W 2 job in Omaha, Nebraska. That is awesome. Yeah. I purposely moved to Omaha is a whole lot lesser priced market, right? And I was able to get a loan right away then because I had a W2 job and that solved those two problems. And then I just started off on the journey of buying assets and man, it didn't start. It wasn't quick, right? My first year I bought two properties, it was a duplex and a single family home. The next year I bought three properties. All single family homes. The next year I bought six properties, all single family homes. And then the next year, that fourth year is when things started to really take off. I bought 20 properties single family homes, because I set up that direct seller system. And then the year after that, I bought another 20 single family homes and three multifamily buildings. And it just started to scale from there. But it started slow, right? Yeah. You make it sound so simple, right? So I started off with in this environment where we want to live the American dream as we've been taught, right? You had a shift in paradigm at the age of 21, but not only that we have shifted paradigm all the times. But not all of us are bold enough to take the necessary action, to actually achieve the things that we now are aware is possible. So you make it sound very simple. I'm curious about this 200, 000 line of credit and how that serve as a catalyst to you. And the reason why I want to narrow in on that is because that. Sound like a shift in the traditional American dream, right? Where a lot of people, they want to buy a house and the goal is to pay off that house completely, right? And achieve financial freedom by not having a mortgage. But it sounds as if you took a different approach, right? Tell me how the line of credit, the 20, 000 line of credit serve as a catalyst for your financial future and also real estate acquisition. Yeah. So I was very blessed, right? I didn't come from a bunch of money, but I, when my mom was, when I was born, my mom was 41. So I had older parents. I was the oops. And so they, my parents, they had their house paid off in cash. And so where did that line of credit came from? It came from my parents. And when I asked my dad, when I was 21, I said, dad, we got to do this real estate thing. And you know what he told me? Absolutely not. I do not trust a 21 year old to invest any kind of money. And I don't have a bunch of money. And I was like, dad, you got your house paid off in cash though. We got this equity. And it took me nine months of educating myself. And showing him what returns could be possible before he said yes. Okay? So I didn't accept no for an answer, and I kept being resourceful. And that's one thing I talk to my students about is just keep being resourceful. There's money out there in creative different ways, whether it's cash or equity, and whether it's friends, family members, or colleagues. There's plenty of equity and capital out there. So eventually fast forward he finally said yes. And we said, Hey, let's, we're going to use this BRRRR strategy. So for those of you that don't know what BRRRR strategy means, it's when you buy a property, you renovate it, B R, you buy, renovate it, you then rent it, you then refinance it and repeat. Okay. And the value of the BRRRR strategy for me was the fact that I was able to recycle a line of credit because I was able to buy a property. improve the value and then refinance all of the money that was initially invested back out to my parents and pay them back interest on top of it and then pick up a property for quote unquote free. And after the proof of concept happened on the first one, then I was like, Oh my gosh, I just need to do more and more of these. And fast forward, I've done it 46 times successfully now. And that's. What's led to where we're at. Here's the thing, man, Tony Robinson said that a lot of us, we don't lack the resource, the lack of resources, but we lack resourcefulness. Now you had a vision of what is possible, but it took you nine months. Of nurturing a relationship that should already be nurtured for 21 years, right? There's a risk. I was talking to my commanding officer not too long ago, and we was talking about leadership and he broke it down really simple. And he said, Hutch, in my opinion, in my professional opinion, and an assessment and experience, leadership is risk management, right? So you want to go out on this real estate journey. You see what is possible. You also see what could serve as a catalyst towards that journey, right? And you was resourceful enough to reach out to your parents and said, here's what I'm working on, please consider. And as you educate, I trust that you were sharing that information with your dad. Yeah, absolutely. Now, how did that help you work with, now I trust that you're raising capital from passive investors? That's yeah, absolutely right. And I'll shed one more light on that too. So I wasn't bad at my job, right? So it also helped de risk the investment when you start to start bringing in good amount of money, right? I was able to pull in a good six figure income from the job that I was working, which when I was living in a duplex, living on, two or three grand a month. I had a lot of surplus there that was able to be cushioned in case something happened. And my dad was smart about that as well. So there was de risking that, that happened to allow us to go take the risk, which was the investment. And it wasn't all sunshines and rainbows either. The first house that I bought, it was my 46th offer. It took me six months of after work, going out, looking for properties, putting in offers, getting rejected. No one wants to work with a 22 year old that, that is trying to put an offer It's his first one. So I put the poor realtors that I worked with went through the ringer with me, but they, we finally found one. And then after we closed on it I was responsible for finding it, all of the rehab and managing it. So for another six months After work guys. So from, five to 10, I was going over to the property and painting it, rehabbing it, doing the flooring, installing the vanity, painting the kitchen cabinets, sanding them. So all of those little things, and I'll give you another thing. I didn't know how to do any of that. I was never taught it. And so I didn't know how to do it. So what I did, there's a guy on my basketball team from college that I knew was very handy. He grew up on the farm. So I said, Hey, Nate, my buddy, I was like, I'll pay you 25 an hour. We will come out after work and we'll do this thing and then I'm just going to be your grunt. Whatever you need, I'm here. I'm just here to help you. You teach me whatever. And we'll just start doing this thing together. It took us six months. We were finally able to get it done. And the finished product, we were able to rent it and then refinance all of the capital back to my parents, except for two grand. My first deal, I left two grand in the deal. I paid two grand for my first house. That is it. journey. Now, in the question that we started with, how do you go from zero to 100 hundred units now? So most of the folks that are listening to our podcast are veterans, and we have a plethora of resources available to us. One of the key one being. Or 0 percent financing for 0 percent down financing for utilizing the VA loan. So not a lot of us have parents with a lot of equity in their house or have demonstrated Demonstrated a business progress to where we can show appearance. Okay. Refinance your house and invest in us, right? We don't have that. A lot of us, but what we do have is the ability to use our VA loan. Can you break it down for us for a veteran who might still be on active duty who wants to use real estate to build a nest egg or a portfolio? I want to say prior to retirement. And then maybe this guy or gal just retired and they have a hundred thousand dollars in their. Thrift Savings Plan, which is the retirement fund, right? What would be some of the steps that you would give this veteran or active duty member to build a portfolio from zero to 100? Great question. There's a few different routes you could go, but I would say the first and foremost, and the easiest route. Would be to invest in a proven active investor and invest passively. That's the easiest route to de risk it and just put it into syndication deals with someone who's proven. But for those of you that are listening to this, maybe you're not a passive investor, maybe you want to be an active investor and you want to do it and you want to learn it and you want to go through the grit. And if you are on that side, then what I would say is the first thing is use that loan, right? That VA loan is so powerful. I had two students that are veterans that we just helped buy three deals in the last 12 weeks. They utilize that loan to start buying their first one. So go get your first one. If you can do a house hack, buy a duplex, a threeplex or a fourplex with it so that you can get into landlording with no money in and already have other people helping pay your mortgage or pay all of it. So that's the first way. And then if you really just want to scale slowly and easily, I would say, and your family's okay with this. The easiest way is just use that loan every year. So every year buy a new property, right? And refinance the old property out into a conventional loan. And then use that loan again to get into a new property. And if you can afford to move once a year. You can do that for 10 years, in 10 properties, you're going to be in a really good spot. Yes, that's 100 percent true. Now, additionally the benefit that we have with a VA loan is that you can buy up to a four units. It doesn't have to be a single family home. Additionally. If they have a trusted, another trusted veteran that they want to partner with, they can buy up to seven units, right? So if, for example, if they come from a military parent family where the uncle or dad or moms or aunties are. Or our veterans, they can also network with that family member and join the V8s together and buy up to seven units. And to your point, If we don't refinance, we can also buy another property utilizing the VA loan if the bank allows and all that has to do with the proximity to the next property. For example, If you're on your last five years and you're stationed in, say, North Carolina, and you want to buy a fourplex there and your place of retirement to is maybe Texas, right? As you move, if you have more VA eligibility, then you can also buy another property in Texas after you move until you have exhaust your VA eligibility. Now, if you. Get close to exhausting your VA eligibility and you want to buy something more expensive then you can also put down a small down payment to actually realize that dream after you do your numbers and make sure that the Property can produce enough income that you're desiring, so the VA loan is Definitely a catalyst to the veteran, the active duty member, and also for veterans. I'm happy to hear that. You have students who are actually leveraging the benefits that they have worked so hard for sometime, put their life on the line for. Amen. And there's, yeah, to all you veterans out there. My, my dad was in veteran as well. I appreciate all of you guys. There's. Yeah. You guys are the heroes. So thank you. No, it's great. Appreciate you. You're helping our veterans to realize in the dream. Now everyone can start real estate investing, but as a coach, how are you, how do you prep a student to think zero to 100. Great question. So I'll share with you this. My mission is to help a hundred people become millionaires through real estate. And so what I coach on is the ways to accelerate to becoming a net worth millionaire much quicker than you may think. And really the acceleration comes when you can use cash and equity to do the BRRRR strategy, to recycle that cash and equity. Cause a lot of people think, man I've got. 50, 000, that's a 20 percent down payment and then I'm locked, right? And now I got to save another 50, 000 before I can buy a property and that's going to take me two, three, four, five years, right? So I can only acquire two properties in five years, right? And I'm here to tell you that's not true. You can acquire 20 properties in one year without leaving any money in those deals. You just have to be able to find those deals. And so that's what I help. What I coach on is binding deals and using financing, financing strategies to quickly build equity. And once you build equity, you're also building good debt which means over time, other people are paying down these assets for you. And so I love. Getting good debt, not bad debt, good debt, that's making you money and getting paid down over time by other people. That's great. So here's one thing I wanted to ask you Wyatt. There's most of the actions that we take, especially if we're going against the societal norms, right? It requires a paradigm shift. What, as you talk to these coaching students, what do you think is, say, the top two things that prevent them from taking action? That's a great question too. So the number one thing that I hit on is vision. When people don't have vision, when you lack vision, you lack, when you lack clarity, you lack action. And so how do we solve clarity? We create a crystal clear vision. I have all my students start with a vision board. And we say we, we create a crystal clear action plan behind what resources they have, what markets they're in and where can we get to within the 12 week timeframe that we have together. And once we create that crystal clear action plan, the second thing we do is accountability. So we have a weekly coaching group call with our students with my students. And it's the same reason that accountability is the same reason why I choose to go to a gym with a coach. Rather than just going to the gym, because when I get in that gym, now I don't have to think about the workout. It's already pre planned. Number two, the coach is going to make sure that I'm working hard and achieving my goals. And so it's the same reason that accountability, we as humans, if we have a vision and we have accountability, we will always do more. And the vision and accountability supports the clarity for the future, right? Exactly. For an individual wanted to go from zero to 100 prior to getting a coach, what are some of those things that you think that individuals should accomplish before they start paying for coaching sessions? Great question. It, I would say it depends on your finances. So I like to say there's three things and I stole this from David Green. I saw him speak live. And so these are three things from David Green, but you got to play defense. So defense, offense, and invest. Number one, you got to play defense. You got to know your finances, right? You got to do a personal budget. And make sure that you're living below your means, right? X out anything that you don't want. David Green made, saved a hundred thousand dollars while he was going to college as a bus boy. Okay. He played defense real good. So you gotta be able to have money in the bank. If you're flat broke, then you know, say, start by creating your personal budget and start by getting your finances in order. The next is offense. All right. So for offense, you've got to have something that's bringing in income, right? You've got to have a W2 job, you've got to have a business, you've got to have something that's bringing in income, and hopefully it's something that is scalable or uncapped, right? I chose to go into a sales job that the more that I sold, the better I did, the more I could make, right? And so that's just a tidbit on that for offense. Once you have offense and defense down, then that's when investing gets really fun because you have some money to invest. And so I would say before looking to take on any kind of coach or anything, there's not much you can do if you don't have offense and defense at least somewhat down to be able to have some kind of a surplus to start making you money with. One of the things that I've been talking about recently Wyatt is we're not trying to get everyone to quit corporate America, right? Because we still need people build, maintain their roads and maintain a big building on our bridges. We still need our doctors or lawyers, to ensure that our economy continues to thrive, to compete with different competing nations, so America can continue to be successful. When those coaching student come to you, what are some of the things they try to create in their life? Meaning they're looking for certain freedom, right? And for most of us, we're looking for, time freedom, location freedom, financial freedom of purpose. What are some of the things that those coaching students are looking for while they maintain their lifestyle in corporate America? Great question. And it is, it's incredibly important, right? That not everyone should become an entrepreneur. In fact, most people shouldn't. And there are so many honorable W 2 jobs out there, right? And so there's nothing wrong with being in a W 2 job. In fact, it is an amazing way to play offense and a very honorable way for all you veterans out there. So again, appreciate what you do. So to answer your question, what a lot of students come to me, I would say there's younger guys that come to me and they say, I want to become financially free. And so I've helped students get their first house hack, right? And I've helped other students like my veteran clients. I've helped them create college investments for their kids, right? So now they're buying houses that eventually will pay for their college education for their kids. And. They're also gaining financial freedom through it. It doesn't mean they're going to quit, right? It doesn't mean they're going to stop their job, but what's happening is they're gaining financial independence. So if they ever wanted to, they could, but having that, that security is awesome. When you have investments starting to grow for you on the side. Thank you so much for covering that real quick. Wyatt, we really appreciate you brainstorming with us and sharing some good information that anyone, to include our veterans can utilize to actually serve as a stepping stone towards their financial future. But, educate yourself, and make sure you're reading the right thing. Listen to the right things like podcasts and different books that give you paradigm shift that take you on the trajectory you I think your life should go, especially for your financial trajectory. And additionally, continue to nurture those relationship around us because money is a lot closer than we think. And one of the things that I like about a lot of immigrant families is that when they come to this country, they stick together and they grow together. I think the more that we do that as family, the more we stick together, share our resources, the faster we can expand the financial trajectory off our bloodline. So appreciate you sharing that information for me for us and how it took you nine months to nurture a relationship with your dad. So Wyatt you have a wealth of information, you have acquired significant amount of assets in your time of investing in real estate, and you're also give back. Other than coaching, what are some of the ways that you're giving back to ensure that people can have a roadmap that you have used to generate financial freedom? Great question. So I spent about three months last year writing a book, and it's the book that I wish that I had. It's the Investor's Playbook to Scaling a Portfolio. The actual title is Zero to a hundred. The Real Estate Investors' Playbook to Scaling a Rental Portfolio, and it's the book that I wish I had, right? I, all the research is out there, but it's all so many different ways and you gotta listen to BiggerPockets episodes and you gotta do all these things. It's like now I've just compiled everything to what I wish I had and I'm putting it out there. There's no chat GPT in this book. It is, it was me on a bench just typing away. And so I'm really excited for that to launch in March here. You can pick it up on Amazon and yeah, I hope it benefits all the people out there. Great. So look, while lot of people go from zero to 100 in their bad behavior or bad attitude. This man is teaching you how to go from zero to 100 to improve the financial trajectory off your bloodline. So pick up the book in March and I trust that you find some good value in that information. So Wyatt, we're going to go into the final part of this podcast, which we call the F.O.C.U.S. Round. What do you do for fun? I love to snowboard. It is one of my passions, man. So Wyatt, what is one opportunity that was a game changer for you? My first multifamily was a 23 unit. And it was an absolute game changer for me. It was what sparked the catalyst. I took that birth strategy and I did it with a 23 unit. And it's cool to refinance back your capital, but it's really cool when you get Money back on top of what you already refined and it's tax free. And so that 23 unit was a game changer for me. Yeah. Refinance is not a taxable event. So that's how a lot of people go to wealth, right? Refinancing and also 10 31 exchange and a plethora of other things. What would you say is your number one communication tip? I'm going to say, begin with the end in mind, have a clear vision. And if you have a clear vision, then you can tell everyone else what your vision is, and it's crazy how many people out there. Want to help you, how many opportunities are out there? You have your RET, reticular activating system. Once it starts recognizing those opportunities, then boom, there you go. 100%. I do like that. Begin with the end in mind, also one of the things I really like is that. When you seek first to understand then to be understood. So one of the things that I like that you, you actually went on a journey to understand real estate and why you learn and understand real estate understand your dad's pain point. He was able to go back to your dad and help him to understand, you, which you've been understood what you're doing and how real estate can be beneficial to his portfolio. What is one thing you wish you understood earlier? So many things. I made so many mistakes, Hutch. I guess I'll share this story or brief story with you, but my, my second ever deal. Okay. I did the duplex and I did my first burr and those went amazing. And then my third deal. was supposed to be a BRRRR that took two months. It ended up being a BRRRR that took 11 months and went 40, 000 over budget because I did not understand how to renovate properties. Not how, with the contractors and I got caught by the city. Got red tagged by the city cause I didn't know what a permit was. I was like, what is this? And anyways, had to get licensed contractors ended up, building a garage, having to tear it down. And just a lot of headaches that I did not know because I was so green. And yeah, I wished I would have been less green starting out, but that's the value of experience or a coach. Definitely experience or a coach. And one of the things you talked about earlier is, invest passively. First, you understand the system that's required, and then identify a seasoned person who was maybe one or two steps ahead of you to follow that track record, so you're not overwhelmed with information now To what do you attribute to success Wyatt? I'm gonna say God. Like I, yeah, he's done so much for me. I can tell you when I was in college, I was partying and I was living a very broken life. And I, I'd really, I grew up in a private school, but then I, went off to college and just basically said, I want to live for myself. I was sheltered. I lived the party life, right? And then I found myself at rock bottom as soon as I graduated with, hardly any friends. I had failed at my previous job. And so I was hardly making any money. And eventually it was just, broken relationships because I was living for myself. And so once I gave my life back to God, I started living with integrity. I started helping people and not, hurting people. And, Yeah, it was, you put a, you put your life on a firm foundation. It'll help. Yes. So for all you veterans who are listening to this or you active duty member who listened to this podcast, look, we totally identify with what white is talking about because being in the military, we have a lot of cohesion. We also have a sense of purpose and a sense of team. But as you leave as you transition. Back to civilian life, right? Things could become challenged. When we don't have the focused mission all the time. So it's really important that as you transition from the military is that you need to get really clear. On what is most important to you. And once you do that, then from that place, you plan your future or ensuring that every decision that you make. Or everything that you're doing is for purpose and on purpose to ensure that you, your life remain purposeful. All right. So why it's greatly appreciate you sharing your story with us and helping us to understand how we can become better. So Wyatt, if a listeners want to get in touch with you, what is the best way to do that? So best way to do it is go to Wyatt Simon. com. That's my website on there. W Y A T S I M O N. com. If you go to Wyatt Simon. com, you can view, I've got a lot of free resources out there for people. How to choose managers, personal financial statements, just a lot of stuff out there for investors that are wanting to get started. I'm also very active on Facebook. So if you follow me at Wyatt Simon on Facebook or on Instagram at Wyatt buys buildings. Thank you so much. Wyatt I appreciate you for joining us today. Thank you for listening to the multifamily real estate experiment podcast. I'm Hutch the Marine investor out.