Sam Wilson – buys parking lots and parking garages as the CEO of Parking Your Investments talks to Neil Henderson and Brittany Henderson, the hosts of The Road to Family Freedom podcast. Sam Wilson got his start in real estate by buying single-family homes at foreclosure auctions. He has done over 60 fix-and-flips and he owns a dozen long-term rentals. Now he has transitioned into buying parking lots and parking garages.
Post-Interview Analysis
- Key Lessons Learned: It is important to find people to partner with and learn from. Take what you have and offer it for free to someone who is lacking that.
- How did they acquire their knowledge or what knowledge did they need to acquire? He sought knowledge from who knew more and learned as he went.
- How much money did it take to get started? It took about 20% of $800,000.
- How much time does it take now? Right now it is a full-time job and he is in the building stage.
- Could they do this strategy from anywhere in the world? His work is very location-dependent.
Episode Highlights:- Schedule a video chat with Neil Henderson at roadtofamilyfreedom.com/connect
- What was Sam Wilson’s journey into real estate like?
- Sam Wilson has sold the properties of his that weren’t intended to be rental properties.
- He has properties that are lease-to-own, some that are options to buy, and somewhere he transferred the deed because they put so much money down upfront.
- How do parking lots compare to the value of homes?
- What are the expense ratios for parking lots?
- Are there a lot of parking lot operators?
- Parking Your Investments are landlords of their parking lots with a fixed payment every month and annual increases.
- Why are people parking there?
- How does the financing work on purchasing parking lots?
- What types of expenses does Parking Your Investments have?
- They only buy existing parking lots.
- What is Sam Wilson’s criteria for making a purchase?
- What does his deal flow look like?
- Can he do research using Google Earth or Google Maps?
- What kinds of returns does Sam...
