In this episode of The Wealthy Neighbors Show, I talked to Felipe Mejia- husband, father, and real estate investor from Nashville, Tennessee.
We talked about the unconventional way he got his start in real estate and how he’s used that start to build a portfolio large enough for him to not need a traditional job.
We then talked about how he structured his business in order to achieve what he calls time wealth.
Listen to the interview below:
How Did You Get Started In Real Estate?
Felipe got his start in real estate when his mother gifted him half ownership of a mobile home after graduation.
This mobile home covered his living expenses and allowed him to go through college without accumulating any debt.
In those days, he wasn’t focused on being a real estate investor, but over time he began to notice that he wasn’t paying certain bills that other people felt held them back like rent, light bill, a water bill, etc.
These were all covered by the people renting rooms from him.
This wakeup call plus an awkward retirement speech by his manager at a company Christmas party led him to pursue real estate full time.
How Did You Feel About The Mobile Home?
At the time, Felipe hated the mobile home.
He watched other friends of his get cars and money for graduation while he got an old mobile home.
He later sold the mobile home, a move he now regrets, and used the proceeds to buy a single family property to rent by the room.
What Is Your Goal With Real Estate?
Felipe mentioned the book Lifeonaire by Steve Cook as a life-changer for him.
This book helped him understand one thing:
You can have all the money in the world, but time may not come with it. Click To Tweet
Felipe quickly noticed that the way he was building his businesses in the early stages was essentially creating another job for himself instead of the time and freedom he thought he would have.
Now he views wealth in the measurement of time-our most valuable asset.
The more in control of his time he is, the wealthier he feels because that allows him to actually do the things he enjoys like take his family on vacation or have lunch with his kids without worrying about work.
How Do You Structure A Real Estate Investing Business To Achieve Time Wealth?
Felipe used to have a desire to handle everything himself.
This led to him spending hours of time working while he was supposed to be vacationing.
Now his businesses are automated with virtual assistants who handle a lot of the daily tasks.
This frees him up to do the things he enjoys and only be looped in to give final approvals on things.
How Do You Find The Right People To Outsource Work To?
In order to outsource, Felipe taps into his network which he believes is crucial for any business owner.
He and other businesses owners like him share referrals for goods and services that they use and enjoy.
This eliminates a lot of worry and stress over whether the person hired to do the job is actually capable of handling it.
Are You Concerned About Vacancies or a Market Downturn?
Due to his niche- room rentals for out of town workers on contract- Felipe doesn’t really have any concerns about the market affecting his real estate investing business.
As a matter of fact, during the housing market collapse in 2008 his mother stated that she had more tenants than she knew what to do with because folks wanted more affordable places with flexible lease agreements that you don’t get at larger apartment communities.
Actionable Tips For Listeners
Felipe recommends two things for those looking to get started in real estate: set a goal and find a mentor.
If your goal is time, there are certain books and strategies that you shouldn’t even waste your time researching.
The same applies if your goal is long-term appreciation.
Having a good mentor can help point you in the right direction and eliminate a lot of key mistakes as you build your business around your personal goals.
Tools That Helped Felipe
The Wealthy Gardener by John Soforic
Why The Rich Are Getting Richer by Robert Kiyosaki
Rich Dad Poor Dad by Robert Kiyosaki
Tax-Free Wealth by Tom Wheelwright
Connect With Felipe
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