This week’s guest is Bill Manassero. Bill is truly one of the world’s good guys. He’s has done a lot in his life and most recently he spent 11 years as a missionary to orphans, abandoned and at-risk children in Haiti.
At the age of 60, Bill realized that he was closing in on the age of retirement and he wasn't financially ready for it! Other than a little money in an IRA account and social security benefits Bill didn't have a method of generating income. Being a Walmart greeter didn't appeal to him so he started looking for ways to generate passive income. After throwing out a few ideas, Bill chose real estate and he decided to go big. Bill’s goal is to control 1000 doors in 6 years. He’s 3 years in and is well on his way!
Since finding some success in real estate Bill has decided to help others who like him are getting close to retirement and need to generate income. Bill started The Old Dawgs Network which began as a blog and is now also supported by a podcast!
In this episode, Bill shares his inspiring story as well as the “why” behind his goal. Bill has a very strong “why” and we discuss what that is for him and why it's so important you find your “why”. I hope you all enjoy this episode as much as I did!
[8:41] Why Bill chose multifamily investing to generate income
[12:50] Why Bill decided to focus on multi-family over single family real estate investing
- Economy of scale
- 1 insurance policy, 1 loan etc. for multiple units
- Less risk of 100% vacancy
[15:09] Factors Bill considered when assessing his first big deal
- Identified key markets
- Great job/population growth
- Make sure the place has landlord-friendly laws
- Rent to value ratio
[19:28] How Bill used the inspection process on his fist “big deal” to get a better price
[27:01] The importance of identifying your “why”
[31:13] How Bill broke down his big goal into manageable steps
- Accomplished each step before moving on to the next
[32:40] The importance of remembering that real estate investing is about more than just money
[34:23] Why Bill decided to move into his apartment building
[37:48] The inspiration behind “The Old Dawgs Network”
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