A lot of people talk about how good and easy it is to invest remotely. But for today’s guest, Greg Scully, being in your market is better. After 40 years in Alaska, Greg and his wife decided to move to Tennessee close to where his investments in real estate are.
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One of the benefits of being close to your investments is seeing the opportunities as they come. Asset management is also easier to do and you do not have to rely on third-party management teams which will save you a lot of money. Greg shares more about this and discusses the advantages of working with different partnerships and the challenges he faced.
Key Points From This Episode:
- After 40 years of living in Alaska, Greg and his wife decided to move to Tennessee, close to where his investments in real estate are.
- Being in your market allows you to recognize opportunities very quickly.
- You can still do well just by being in the right place at the right time with the right demographic metrics coming into your area. But to optimize, you need to be a little bit closer to your market.
- Is asset management more of a key when you’re closer to your market?
- What are the advantages of working with different partnerships when you’re in your market?
- How does Greg choose which structure to use?
- What are the challenges or disadvantages of having your investments close to each other?
- What’s the number one thing that has contributed to his success?
- It’s a matter of operating where you are to the best of your ability.
“I really like the comfort level that comes with being in your market and being able to recognize opportunities very quickly.” [0:02:39.5]
“My mindset is not that I have to physically see the product but being able to put properties into the context of a town and the economy and what’s going on, I find extremely valuable. I think it’s a differentiator in the market against competitors to have the deep knowledge of a market to move faster, helps you make decisions faster.” [0:03:00.4]
“With you being compressed, you can save 2 or 3% right off the top line by vertically integrating and bringing management in and I’ll always be my top priority, which in any third-party management, that’s not going to be the case. You are part of a larger ecosystem, and sometimes in that ecosystem, you just have to stay in your place in line until your number’s called.” [0:07:35.2]
Links Mentioned in Today’s Episode:
About Greg Scully
Greg is a former small business owner who retired after a 20-year career with Frito-Lay. He has been investing in real estate since 2016. Greg’s ownership interest includes over 350 units in Tennessee, with a market value of $17,000,000. Greg and his business partner Darren Light also flip homes in the Knoxville and Tri-Cities areas of Tennessee.
Greg and his partner are hosts of The Real Wealth Solutions Podcast and run a twice monthly meet up focusing on multifamily investing in Central and Eastern Tennessee.
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