Meet Brenton Fowler, a financial controller and successful real estate investor with an impressive 23-unit portfolio. In this blog post, we'll dive into how he got started, his methods for finding deals, and his tips for successfully managing properties.
From Renter to Real Estate Investor
Brenton's journey into real estate investing began when he moved in with his friend who happened to be a landlord. After observing his friend's successful rental property management, Brenton decided to buy his own duplex. A few years later, Brenton and his friend joined forces and began purchasing rental properties together.
Finding Deals and Building Connections
Initially, Brenton found most of his deals on the MLS. However, in recent years, he's shifted his focus to working with wholesalers. By building connections with other investors and establishing a network, Brenton has been able to source more lucrative deals.
Here are some of Brenton's strategies for building connections:
- Be vocal about your real estate investing goals to friends and acquaintances.
- Network and converse with people to find new opportunities.
- Utilize Facebook groups and platforms like BiggerPockets to meet other investors.
- Actively engage with your local real estate community.
What Makes a Good Wholesaler?
When working with wholesalers, Brenton looks for three key traits:
- Bringing value through well-researched, below-market-priced deals.
- Taking the investor's criteria into account – sending personalized deals that align with the investor's goals.
- Keeping their word – reliability in meeting times, sending contracts, and keeping prices consistent.
Valuating Rental Property and Finding Tenants
To determine how much to charge for rent, Brenton uses platforms like Zillow or Rentometer to gather rental comps. After establishing a suitable rent price, Brenton mainly advertises his properties on Zillow and other associated platforms.
Building a Successful Property Management System
Managing tenants and properties can be a challenge, but Brenton has developed a pseudo-property management setup that works for him. By having a small team of maintenance professionals and administrators, his company operates as an in-sourced property management solution. Both cost-effective and highly communicative, this approach allows Brenton to closely monitor his properties and scale the service as needed.
Dividing Duties with Partners
Brenton and his partner naturally divided duties based on their respective skill sets. With his background in finance and accounting, Brenton focused on bookkeeping, number-crunching, insurance, and paperwork. His partner took charge of tenant interactions, maintenance requests, and rehab oversight.
Conclusion
Brenton's journey from renter to successful real estate investor is an inspiring story of determination, networking, and leveraging one's strengths. By forging connections with wholesalers, valuing rental properties intelligently, implementing an efficient property management system, and dividing duties with his partner, Brenton has created a thriving portfolio of 23 rental units.
His story demonstrates that with the right mindset, strategic planning, and dedication, anyone can find success in real estate investing. As you embark on your own investment journey, keep Brenton's valuable insights in mind. Don't be afraid to explore innovative approaches to building your real estate empire.
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