MB 100: Reflection Inspires Action in Multifamily Investing – With Scott Price

If you take the time to sit down and get clear on the direction of your life, you may find that growing a business for yourself and your family will afford you the flexibility and time to pursue hobbies, to travel, to spend time with the people you love—and build wealth in the process. More often than not, time invested in reflection is what ultimately inspires action among aspiring multifamily investors.

Scott Price and his wife Karen run Bonvolo Real Estate Investments. They have been investors since 2003, owning and managing multifamily, office, retail and land properties across multiple markets in Washington state. From 2003 through 2007, Scott worked as a broker and earned Seattle Magazine’s Best in Client Satisfaction Award three times before returning to his career in project management. He has steadily grown his real estate portfolio while working full-time at Microsoft, but now he is quitting his W-2 job to focus on Bonvolo full time!

Scott sits down with me to share the experience that distracted him from pursing real estate after college and how the desire for flexibility ultimately brought him back. He explains why he went straight to multifamily as an investment strategy, how he was able to overcome his inexperience, and the business plan for his first 29-unit property. Listen in as Scott reflects on how a lack of awareness about syndication led to slow growth and addresses his plans to give back to the community now that he does real estate full time.

Key Takeaways

Scott’s introduction to real estate

• Research around creating wealth
• Real estate tangible source of income

When Scott first took action in real estate

• Rented condo, had bad tenant
• Distracted by day-trading, stocks

Why Scott returned to real estate

• Desire for flexibility, work for self
• Build considerable net worth
• Time to travel with family
• Sense of satisfaction

Scott’s initial real estate strategy

• Focus on multifamily
• Conservative approach

Why Scott went straight to multifamily

• Confident in education, team
• Sold home and downsized
• Used cash for down payment on 29-unit

The initial challenges Scott faced in multifamily

• Tried to do everything alone early on
• Growing portfolio with own funds

How Scott overcame his inexperience

• Point to experience of team
• Technical understanding through education

Scott’s first 29-unit deal

• Found on MLS, matched available down payment
• Aware of capital requirement after purchase

Scott’s business plan for creating value

• Rebrand to change community perception
• Responsive to tenants, take care of property

What’s next for Scott

• Actively looking to buy
• Pursue syndication

Scott’s advice for his younger self

• Start early, start big and jump in
• One bad tenant not representative of business

Why Scott was too conservative early on

• Lack of awareness re: syndication

Scott’s challenges around syndication

• Concern as steward of other people’s money
• New world of larger properties

Scott’s guidance for aspiring investors

• Give a little, downsize if possible
• Consider living in property to start
• Redeploy equity in own house
• Use yours AND other people’s money

What Scott is looking forward to

• Working full-time in real estate
• Time for family, hobbies
• Financing sculpture park project in community

Connect with Scott

Bonvolo Real Estate Investments

Email scott@bonvolo.com

Resources

The Miracle Morning by Hal Elrod

Financial Freedom Summit

Michael’s Course

Free eBook: The Secret to Raising Money to Buy Your First Apartment Building

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