JF3418: Do’s and Don’ts of Bringing Property Management In-House and Developing a Direct-to-Seller Deal Sourcing System ft. Wyatt Simon

Wyatt Simon of Full Circle Equity Partners shares his journey from aspiring NBA player to a successful real estate entrepreneur, revealing the strategies and challenges he faced while building his portfolio of 176 units. In this episode, we explore Wyatt's unique approach to real estate, including his transition from single-family homes to multifamily properties, his hands-on experience in property management, and how he developed his own direct to seller system.

Key Takeaways:

• Starting Small and Scaling Up: Wyatt’s real estate journey began with a modest duplex, progressing to single-family homes, and eventually to large multifamily properties. He shares his methodical approach to scaling and some of the challenges he encountered in his early days of self-management.
• The Importance of Effective Property Management: Wyatt shares his transition from using third-party management to setting up his own management company, highlighting the challenges and learning curves involved in self-managing a large portfolio.
• Leveraging Direct Seller Systems for Better Deals: By setting up direct to seller systems and partnering with a business associate skilled in systems management, Wyatt was able to acquire more properties efficiently. This strategy highlights the importance of finding off-market deals and creating a reliable deal flow in the competitive real estate market.

Wyatt Simon | Real Estate Background

• Principal at Full Circle Equity Partners
• Portfolio:
  • 176 single family and multifamily units
• Based in: Omaha NE
• Say hi to him at: 
  • fcequitypartners.com
  • wyattsimon.com
  • Facebook

• Best Ever Book: 7 Habits of Highly Effective People by Stephen Covey
• Greatest Lesson: Buying a single family home without inspections and being unaware that I needed permits to do the remodeling. 

 

Sponsors

BAM Capital