Journey to Multifamily Millions

Fast-Track Your Real Estate Success with Expert Coaching with William Parmer, Ep 105

August 01, 2024 • Tim

Share episode

Welcome to the Journey to Multifamily Millions podcast, where we discuss money matters with experts! 

In this episode, we have the pleasure of speaking with William Parmer, a real estate investor, coach for Master Passive Income, co-host of the Breakthrough Investor Podcast, and successful entrepreneur. William shares his incredible journey from law enforcement to real estate, emphasizing the importance of reinvesting profits, the impact of coaching, and the value of networking. 

He delves into his family's role in his success, his experience with various types of properties, and the challenges and rewards of self-management versus hiring property managers. 🏢

The conversation also highlights the importance of aligning with ethical coaches and the benefits of attending real estate conferences to accelerate learning and build valuable connections. Don't miss this insightful episode packed with valuable advice and inspiration! 🌟


Episode Topics

[00:59] Meet our guest, William Parmer
[02:27] Transition to Law Enforcement and Real Estate Education
[10:24] Challenges and Strategies in Property Management
[19:07] The Importance of Surrounding Yourself with the Right People
[22:48] Choosing the Right Coach and Program
[28:43] Balancing Family and Real Estate
[33:41] What is one red flag every investor should look out for?
[34:19] What is a myth about the real estate business?
[36:04] Connecting with William 


Notable Quotes

  • "I invest for the cash flow, not necessarily the appreciation. The appreciation is the cherry on top, but I want the cash flow." - William Parmer
  • "Vetting the property managers is one of the big things that we teach our students how to do and what to look out for." - William Parmer
  • "I quickly realized that I had every excuse not to [self-manage], because it is, it's not fun, but you do learn a lot." - Tim Little
  • "Vet that property manager. It's really important, especially for those folks who are just starting out." - Tim Little
  • "My only concern is you don't have enough time. And that seemed to be the crux of everything. It wasn't money. It was time." - William Parmer



👉Connect with  William Parmer

👉 Connect with Tim

Subscribe, Rate, and leave a review here 🌟
https://podcasts.apple.com/us/podcast/journey-to-multifamily-millions/id1634643497

[00:00:00] William Parmer: When I went from law enforcement, I decided I wasn't going to live off of my real estate income. So I didn't want to touch it. I wanted it to go right back in the business to be able to purchase more. and I still don't live off of it now. it just goes right back in the business and we buy more real estate as soon as a deal arrives. And, we, we, Whenever we're looking for somebody, produce something that's very interesting and looks like it would be a good buy.

[00:00:59] Tim Little: Hello, everyone, and welcome to the journey to multifamily millions. I'm your host, founder and CEO of ZANA Investments, Tim Little. And on today's show, we have with us, William Parmer. William is a real estate investor, coach for Master Passive Income, Co hosts on the breakthrough investor podcast and successful entrepreneur William. Welcome to the show

[00:01:20] William Parmer: Well, thanks very much. I'm very happy to be here and excited

[00:01:23] Tim Little: And it is great to have you. So I just want to say that I always love having fellow vets on the show. So thank you for your service. I'm sure you'll get it, yeah. And I'm sure you'll get into that, but right now I'm going to turn it over to you so that you can tell us more about your background and really how you got started on your real estate journey.

[00:01:42] William Parmer: Yeah. I'd say the real estate journey started when I was really young. I didn't start doing it myself until probably I'd say around 2020, somewhere around that time frame. But, as a kid, I watched my dad buy a couple of houses and we do, We're very hands on ourselves. So we would do the remodel, the paint, the, all that stuff. And then we would run it out, but they, I realized that when I was much older, that they actually did it wrong. and, but. They basically bought it and they didn't hang on to it. They just did self management, which not a lot of people are cut out for. and I don't manage my own, so if that tells you anything like I don't want to do it, I'm happy to pay other people to do it. they're good at it. If I'm trying to follow the 80 20 rule, that is definitely that 80 percent for me. It's not something I enjoy.But, so that's where I got started, but for me a little bit about my journey, I went into the Marine Corps at 18 years old, and was active duty for about five, five years and four months, if I recall. I had a very odd enlistment. I had an extension, so the standard is four years. Either four years or eight years and, came back home. I ended up getting married, four days after my official separation. It was long time planned. And then I went back to the family business of house painting and could not stand it, like hated it very good at it. Just did not dealing with dealing with customers. And,I being a new husband and having to learn how to be a husband and provide for my family, I was like, I want to do something I enjoy. And I was one of those guys, like I. Really, truly just love getting a good adrenaline rush, fairly frequently. So I was like, I understand the mentality. Let's go try out for the police department. And did that for about two and a half years or so. And during that time COVID happened and I was realizing that. I was working night shift. I had two kids at this point and my wife would have to leave the house for five to six hours a day just so that way I could get some sleep to operate at night to be functional. And it's not a state you want to be in where you're just functional. You want to be completely awake and aware of what's going on. So during all this time I was realizing I wasn't allowed to do my job. I wasn't allowed to go stop cars, go to go on calls that were not like serious. So I realized I was listening to a lot of music and I decided, I need to actually do something educational because this is a 12 hour shift and it's at night and I'm not allowed to do anything. I can't sleep, so I'm going to listen to some podcasts. And then, found Dustin Heiner on Spotify, Master Passive Income is his podcast. And he had probably 200 episodes, 220 episodes out at that time. And I binged every single one of them that I could. And every, Probably eight hours of podcasts a night pretty easily until, until I got through most of them, I'd say it took me probably two months, two and a half months. but I realized that things that really drew me to him were one, he's a Christian like myself. He's a family man, he's married, and he was doing this not to be wealthy. He was doing this so that way he could have freedom. He could have time. He could raise his kids the way he wanted to. He could be there for them. And that really grabbed me. And I realized that I qualified to be a student. And cue me applying and going through that whole process as a student, under his coaching. That's how that really started for me. And,I'm a big advocate of being coached and having coaching. I'm actually looking at some potential coaching for myself later this year. I don't think you should ever stop being coached. There's always so much more to learn. and I am a big advocate of actually paying for coaching because if you're paying for something, you're going to utilize it more because it's costing you something. And I think you retain knowledge. CoachingBadminton. com a little bit better. At least I do. And, yeah, so it took off from there.

[00:05:40] Tim Little: Awesome. we're gonna get into some of that stuff. I, I really like how and some of these things when you know, we're growing up, we don't recognize the things that we're learning until later in life. And then it's a kind of in retrospect thing like I. I never really thought about real estate when I was a kid, right? Like it was just one of those things. But then in retrospect, I would look at, Oh, okay. Yeah. My parents climbed the real estate ladder, right? They started an apartment. Then they bought a condo rose in value. it appreciated quite nicely. They were able to make enough money to buy a house. And so in retrospect, I could see all the benefits and the potential in real estate, let alone, like what your dad was doing with actually, buying properties. And as far as self managing goes, I am with you. Um,I owned a, My first property was a duplex and because it wasn't local. I couldn't self manage right, but once I did a 1031 exchange into a triplex here in St. Pete, then I was like, all right, I'm going to self manage because it's only 20-25 minutes away. I have no excuse not to,but I quickly realized that I had every excuse not to, because it is, it's not fun, but you do learn a lot, right? Whether you like it or not, you, you have some interesting conversations and experiences dealing with tenants. especially, different demographics and stuff like that. just the issues that happen. You can't make half this stuff up. But,I did learn a lot in terms of the problems that tenants have and how you have to deal with those problems. And I think it certainly gave me a little more empathy for property managers. I think that's inevitable if you ever try to self

[00:07:30] William Parmer: Oh yeah. And I would say if you go the route I did and just, I've never self managed, like we have an Airbnb, but we manage that one because that one's literally five minutes down the road. My wife handles All of the guest stuff, because I am not great at that. She's very kind and very generous and very tactful. Some of the things that I lack, she's very good at, but those are the only things that we actually manage. And, my version of that is she just tells me when I need to go fix something. but. Yeah, in,in the coaching that I did, one of the biggest things was I live in kind of an expensive area and it's it's a, it's easier than some places, but more difficult than what I wanted to actually buy rentals that actually cash flow, because I think when you start, like when I started and I still invest for this over anything else, but I invest for the cash flow, not necessarily the appreciation is the sherry on top, but I want the cash flow. Yeah. So when I started, I realized, my area is a little bit costly to actually get some good cash flow. What we, what I went through with master passive income as a student and now as a coach, is we teach people to go out of state. So my first house I bought was in Ohio and to this day, I've never seen it. And I have no interest in seeing it really could care less. The one time I actually went to Ohio after I bought it, I was 30 minutes away and I just decided it was not worth my time to drive 30 minutes. but that's how I, that's a, that's how I got started. That's how I got introduced.

[00:08:59] Tim Little: Yeah. And so what kind of properties are you buying? What are you looking at?

[00:09:02] William Parmer: So mine's like a mixed bag, but starting out single family rentals, the first one, it was listed for 84, 000. It's a little under 1, 000 square feet, so a little bit smaller than I typically would encourage people to go for. But, it was listed around 84, and I walked on that deal twice, if not three times, and ended up getting it for 62, And it ended up renting for a thousand dollars. I put 10 grand in it, refi'd out, left a couple of grand in it just because I wanted more cash flow. And now that property, it was cash flowing 410. And then by happy miss or happy circumstance, my property manager was looking out for me and raised rents for this. But I asked him to raise the rents for this something else as well, like 50 bucks here and 50 bucks here. And so it ended up by the time we got done, it's renting for, 1, 200 a month currently, and it cashflow is nearly 600 bucks and we've had attended in there for two years, anything, anytime anything goes wrong, I just. We fix it like I don't wait around. I like to take care of my tenants, but Had a really good property manager and vetting the property managers is one of the big things that we teach our students how to do and what to look out for and Bad things to keep an eye on when you're doing that process. So

[00:10:23] Tim Little: Yeah. and that's huge. I would argue for almost any type of property or any size of property, Is vetting that property manager. The other thing that I, that you brought up that I think is really important, especially for those folks who are just starting out is the target market. If you want to call it that,the path of least resistance is obviously to buy in your backyard, but it really depends. Like you said, where your backyard is. When I first started getting interested in real estate, my backyard was Washington DC and it was prohibitively expensive. So I started looking out at like concentric circles out where those affordable areas? where I had enough to put down on a property because all the banks were requiring 25 percent down for a non resident occupied investment property. And that's a significant chunk of change. so I had to go a couple of hours out in order to find that. And that's okay. it's just, again, you have these steps that you go through, right? Is there anything locally that I can afford? If you live in a cheap area, then Hey, go crazy, right? it's always easier if it's 10 minutes away versus two hours, but if not, you have to be willing to go outside and start thinking about that, that third party, property management, because it's just not feasible in 99 percent of cases. Okay. To manage it yourself. If it's more than I'd say an hour away, like even that's probably a little much, but definitely anything more than an hour, you have to have that third property management so that they can respond to the tenant needs because you don't want to be driving at midnight to go unclog

[00:12:07] William Parmer: It's not gonna happen. I'd tell them to wait till 10 o'clock on saturday morning, even if it's monday, but

[00:12:13] Tim Little: yeah.

[00:12:14] William Parmer: which means in that retrospect, I would not be a great property manager at all. but yeah, that's super important. And I think probably one of the hardest barriers people get into when you start the real estate game is how do you, what do you start with? What kind of money do you have to start with? For me, I'm not always extreme, but when I really want something, I can be extreme with how I go about doing it. So I had a nice truck. I was paid off. I paid cash for it. And I decided I was going to sell it and get an older beater truck. When I left the police department, the truck I had was nice enough. I was like, I don't want to take this and do construction with it. So I ended up getting an older car, older truck. It was a good truck. And I sold. I sold a bunch of other stuff and we basically amassed about a little over 20 grand. And I remember going to my wife and saying, Hey, that podcast I've been listening to. And she said, yeah, I said, here's the money. And I put the money down on the table. It was like 20 grand worth. And I said, we can either burn this and we'd be totally fine right now, or we can go buy a house. So she was like, Oh, we might want to do the house route then. and so it was a bit extreme, but that sometimes is what I need to do to, for myself to be mentally really committed. And, and. I definitely made some mistakes on that first one. I've made plenty of mistakes since then, and I'm sure I'll make plenty more. But, I had a bad property manager and I did the vetting process that we teach. And it's, it just goes to show that you can vet and you can do everything right that you're told and coached to do. And it doesn't always turn out right. ended up firing that one. And I managed the rehab myself, over the phone. Because again, I'd never been to Ohio and had no interest in going there. And I was doing a totally different job in construction at this time. So it's not like I could drop what I was doing and go, and that would be about six and a half hours for me. So just not, no way,manage that. And then. Got a new property manager that took it over and he's been the one managing it ever since. So that was that was quite an experience trying to manage a rehab On the phone.

[00:14:14] Tim Little: Yeah. Yeah. I can't imagine. yeah. And then, even just taking it over too and having to figure it all out. We talked a little bit about coaching. What do you think, about the, one of the biggest advantages that I see for coaching is how it helps you to shorten the learning curve. And I would like to know your thoughts on that because it sounds like you went through some of the phases that everyone who gets interested in real estate goes through. They're like, Oh, that's mildly interesting to like full bore, a hundred miles an hour, what I call the gorging phase of learning where they're just like consuming everything they possibly can YouTube videos. books, podcasts, and they can't get enough information. It's the next step or the lack thereof where peopleget tripped up. And which goes to your other point of taking action. And you forced yourself in that position where you're like. Hey, we're going to do this. Boom. Money on the table. let's go. From your perspective,do you really think that coaching kind of shortens one, the learning curve and two, how do you get people over that significant hump from learning to taking action?

[00:15:27] William Parmer: Wow that last one the learning to taking action. That's it's really that's a really good one. I would say the Definitely i'm a big advocate of getting coaching. I know for me personally I would not be where I am right now if I hadn't paid for coaching. would not just wouldn't happen. I'm a very much do not recreate the wheel. I don't like making mistakes. I have a bad personal habit of taking mistakes personally. and really not a good trait, but I know that about myself. So I was like, I'm going to mitigate this and pay for a course, to. go through all the videos, learn how to set up the LLC, learn how to find an area to invest, learn how to find a property manager, learn how to find the right realtors and then start looking at property. So I learned how to build the business first instead of buying the property, then trying to build the business. so most people do that in the reverse order. They buy a house and they're like, Now what? So we don't want to, we try not to do that, but as far as like getting people over that hump from learning to taking action, each person is so different. Their circumstances are so different. For me, it was just the consuming of knowledge. And once I got to a point, I realized that. I could constantly consume knowledge and never do anything with it if I didn't make the commitment to go do it. So and I'm one of those guys I can write a commitment letter out to myself and put it where I see it every day. I doesn't mean a hill of beans to me. It doesn't really motivate me. it's, helps a lot of people to see that, but it doesn't really do much for me. But when money was on the table and that, that really motivated me because. I was taking stuff that I had set aside. Like I was fortunate when I was in the military to have a job where I was able to save 40, 50 grand over the course of two years. And I was very frugal and that's something that I've always been. It was pretty frugal. Like my first house I ever bought personally, I knocked on their door and asked if I could walk through it because I heard they were going to sell. And the next day I brought them a one sheet piece of paper saying, I'll buy your house for 125, 000. Here's a hundred bucks. And I'm going to go get financing. They didn't know what to do with me. And I didn't know that wasn't normal. And we closed in 14 days. So that's how I bought my first house. Again, way before I knew anything about real estate and rentals, but it just goes to show you there's multiple ways to do things. But, at some point, I know for me personally, getting that coaching is what helped me take, go from the knowledge portion to the action portion. And the coaching that I did with Dustin, it's six months. But I'll be the first one to tell you, I did not buy a house in six months because I did not want to lose that money. I did not want to do it and I've made the commitment, but I still didn't want to do it. And the coaching is not necessarily what I would call expensive, but it's not necessarily cheap. And so I was like, I'm going to re-up. And so I did it again. And it was really funny because I was ongoing negotiation on this house. And I, Was paying attention to how other people were saying, like in the group coachings, I made this offer. Here's the counter offer. It was contingent on, Oh, what's contingent. What's that mean? And so I learned all those things and started utilizing them. And I ended up actually, cause my coach didn't get back to me quite fast enough and he's really quick, but it happened like within a couple of hours, I was able to negotiate down and. It was funny. I forwarded him all the email traffic and he said, yeah, that looks textbook. Great. That looks really good. So I w I was encouraged to, because it meant that I had absorbed and retained the knowledge. So it was really awesome for me. And,but the coaching and then getting around the right people that are where you want to be. So if you're hanging out with the people you go to church with the family members that literally have worked the same job for 30 years and they are just waiting to retirement for their pension and things like that, they a lot of times have a hard time understanding what you're doing and even why you're doing it. I think my in-laws think I'm nuts. They don't tell me that, but I'm pretty sure. but I was doing it so I could be there for my kids. I was homeschooled. I've never seen the inside of a classroom ever in my life. so it's, I, most of my education came from just working and life and getting beat up a lot, but, Each person is so different. They got to figure out what's that action thing that, that, or that goes from knowledge to action. They have to, I think when you start doing this, you'll realize, you'll start to learn what that thing is. But if you want to be assisted or have somebody help you with that coaching, going to real estate meetups, listening to podcasts and getting around the right people that are going to encourage you to be where you, or to go where you want to be.

 

[00:20:55] Tim Little: I think that's a key point that I was going to say, in my experience, that the network of people. Is just as valuable, if not more so than, the courses or, whatever the coaching because they're the ones who are going through the same things that you're going through. Maybe they're 123 steps ahead of you, but having that as a resource is huge and also for the motivational. if you're having an issue and they can help you solve a problem or if they need to, kick you in the butt to, to get you to take that action because they know you're ready and you're just like, Oh, I don't know. Maybe this is the right deal. Sometimes you need that tough love of someone saying. Dude, it's a good deal. just do it.

[00:21:41] William Parmer: yeah when people say either you buy this or i'm buying it, it's probably a pretty good deal and like I've seen people say that to other people i'm like man if they don't buy it i'm gonna buy it but most definitely like real estate meetups are great facebook groups are great just for Learning, I will say be a little bit cautious with face facebook groups.

[00:22:02] Tim Little: there are people in there that You Want to share information. It's not always good information and it's information they think is correct, but it's not. I'd say that's true of Facebook in

[00:22:10] William Parmer: Yeah, very much Any social media. But, just take all of that with a grain of salt. But if you find, hear something that you think is interesting, do a little bit of research on your own. And, it never hurts to have a good lawyer that you can call and say, I heard about this thing. Is this real? Is this worth looking into? I remember what was it? They came out with the beneficial owner information for LLCs this year. So many people were like, that's a scam. I thought it was a scam when it first came out, just cause the way it was worded. It's that seems really strange. I'm like, how do they, why do they need that? And then. Sure enough, it was legitimate. but so just take that kind of stuff with a grain of salt.

[00:22:47] Tim Little: Yeah, absolutely. And being a coach yourself, what is, what are your recommendations for anyone who might be listening? in terms of, vetting coaches or coaching programs and really trying to figure out who is the right fit for them. Because there's so many different types of coaching coaches, different types of programs. How does someone know if the program they're looking at, the price is a good fit for them.

[00:23:12] William Parmer: So I would say really to start with, doing research into the companies or the individuals that you're talking about. So there's, like you said, there's lots of them, but for me, it comes down to morals and ethics. So if they're morally, morally good people, if they're ethical people, if they treat people right, if they treat people well, If they do that kind of stuff and they're trustworthy and people speak very highly of them, that is a really good sign that's a good individual. Now, that being said, it doesn't mean that they have the right coaching or the right program for you. If you want to know if my recommendation for finding the right kind of program slash coaching Find out what type of real estate you're very interested in whether that's like triple net leases mobile home parks multi family syndications single family airbnbs midterm rentals arbitrage co living any of that stuff I would say Find some podcasts get some audio books if you are not a big reader, but you like to listen to stuff read books all that stuff and just start reading one or two and Start getting into it and look at does this make sense to me?

Do I like the sound of this and then I usually start with a book and then go to a podcast Because the book I can sit and digest and I'll write in the books I used to never write in books, but I write in books a lot now when I read them. I'll

[00:24:34] Tim Little: I still can't do it. It's a thing. I just, I can't do

[00:24:40] William Parmer: yeah. Yeah, it's totally a thing I used to not but then I somebody gifted me a book that they wrote in And I was like this is cool because this is insight into that person's mind like what they were thinking going through a connection they made And, I always thought, I thought that was really neat. So I was like, I want to start writing in books. So that way, when somebody reads this, maybe I connect a dot that they didn't see. And so therefore the book is more valuable for them. But,that's really my biggest suggestion on how to find the right kind of coaching and mentors is somebody that aligns with your values. I'm not a very flashy guy. I go to Walmart to get some jeans and That's just me. I'm not flashy at all. That was one of the things I really liked about my coach. He was not flashy. It's like jeans, t shirt, boots, or flip flops, and that's about it. And I liked that because it was very simple.

[00:25:31] Tim Little: You knew what you were getting, and there was no surprises. Yeah. And I think that is important. it's a matter of, do I resonate with this person, this program, whatever it is, when I was looking at it, one of the things that I thought about was, there's these huge programs out there. And I was like, but if I'm with one of those, based on where I was at the time, like I would be talking to you. random coach, not the expert at the top because he has his sub coaches that he has deal with, all the new people. I decided to go with someone who is a much smaller scale, but was still doing, like you said, what I was interested in, commercial multifamily, but he was still at the level where it was one on one interaction. And that's what I valued at that time, till I was ready to move on to something else. So it's again, I think it's also a matter of assessing where you're at. In your real estate journey, if you're just starting out, maybe that appeals to you more, talking to the person that you're signing up with having that, that one on one, versus feeling like, one of, one of hundreds, I don't know, and one of these giant guru programs. And then the other thing is, like you said, that. that trusting your gut, right? if something feels off or if you feel gross after the pitch, then it's probably not the right type of program for you. So just, think of that. And then it has to be targeted. Like you talked

[00:26:55] William Parmer: You have to know what

[00:26:56] Tim Little: to what,

[00:26:57] William Parmer: you have to have the goal.

[00:26:58] Tim Little: Cause if you don't have that figured out, you can go to one of these sessions. like a meetup or some big seminars, something like that, which can expose you to different types of real estate. And I think that's super

[00:27:11] William Parmer: I totally forgot to mention, thank you for bringing that up. Real estate conferences are amazing. Truly. I have only been to one, but I've been to it three years now in a row. And that's my coach, Dustin, coaching mentor, Dustin Heiner's real estate wealth builders conference, just. Shameless plug right there. It's amazing. If you want to come and hear like really incredible down to earth speakers and these guys walk the halls with the rest of us and go into each other's sessions and listen, it's really phenomenal. Conferences are amazing. now I'm speaking from going to only one, so I'm. I hope I'm not setting the expectations super, super high, but I will be going to probably FinCon this year. So I'm looking forward to broadening my horizons and as far as our conferences go.

[00:27:59] Tim Little: Yeah. And that's what I was getting at, right? if you're like, Hey, I heard about, I don't know, mobile home parks on a podcast. You're like, but I don't really know enough about it to get into that. And they're having a conference on mobile home parks in the town that you're at. Go to that conference. You will get a deep dive. You will drink from the fire hose and you can walk out of there knowing whether that's something that you want to pursue or not. And I think that's super

[00:28:22] William Parmer: Absolutely, yeah, I ended up with a small mobile home park, having known nothing about them. that was a fluke purchase and I learned a lot, I will say that for sure. But, yeah, that was a, definitely that's one of those things that you want to know a little bit more about than I did when I first got into it. I haven't jumped into those waters yet. It intrigues me, but I'm not quite there yet. All right. And another thing that I wanted to talk to you about was, the whole family aspect, you talked about family and how important that is to you. and I think you alluded to the difficulty in balance that you were seeing with your life while you were in law enforcement.

[00:28:58] Tim Little: When you transition to the real estate side of things, What did that balance look like? Or how did it change once you started doing that? Because you can certainly spend just as much time, focused on real estate, going to properties, underwriting, whatever the case may be. did you find that your situation improved, got worse, stayed the same?What did that look

 [00:29:22] William Parmer: yeah, so it was an interesting transition. So when I went from law enforcement, I decided I wasn't going to live off of my real estate income. So I didn't want to touch it. I wanted it to go right back in the business to be able to purchase more. and I still don't live off of it now. it just goes right back in the business and we buy more real estate as soon as a deal arrives. And, we, we, Whenever we're looking or somebody, produces something that's very interesting and looks like it would be a good buy. But, so I was working full time. I went into construction after law enforcement and helped my brother stand up, my brother in law stand up a deck building company. So I did that for two years afterwards. So I was doing. All of the real estate stuff at the same time I was had a full time job. So I was a project manager right off the bat because I tend to do okay. Leading crews, right? So I was doing a lot of driving. So I got myself a headset, like a pair of, like Dewalt headphones, like wireless headphones, Bluetooth. And so I would make phone calls while I was driving between job sites or to the landfill or something like that. So I was managing like calling, realtor is calling banks, calling, just making these connections, building that rapport, building that relationship with these people. So that way, when the time comes, I could just make a phone call. They already know who I am and then we're ready to move forward with a deal. And, so I started doing that. And then I realized after a little while that I was producing, I was giving so much time into my brother in law's company that I was actually hurting the amount of time I have for real estate. And I real estate was where I wanted to be. I really enjoyed the construction aspect, but it didn't give me the freedom, the time freedom I was looking for. So I ended up switching. went to a small construction job for a little bit, then ended up going into the family house painting company in a sales position. I didn't own the company. My brother owns the company. So I just, he was like, Hey, you like talking, you probably make a really good sales guy. Let's get you trained a little bit and let you go. and I really enjoyed it. And I really enjoyed him giving me the opportunity. It was really good training and actually it translates into a real estate pretty well. yeah. But the funny thing was once I started doing that, I was about six months into in the sales and my coach, Dustin, called me and he said, Hey, I know you're coaching as well. you're doing that in the evenings and things like that with your students, but would you be interested in doing a podcast with Charles? Who is the other coach for master passive income as well? It's would you two be interested in co hosting a podcast? And I said,Yeah, that sounds interesting. And he's my only concern is you don't have enough time. And that seemed to be the crux of everything. It wasn't money. It was time because I wanted time with my family. I wanted time to do the stuff that I wanted to do that maybe didn't produce money necessarily, but was really important to me. So I, he had said that, and I'm a Christian, I'm a believer. So I was sitting in my truck like. 30 minutes before he called me, it was like, God, I need more time. I don't have time. I want to do things that are more important to me than doing sales calls for a house painting company. Granted it's my family company. I want it to succeed. But, and then he called me and I said, I don't have enough time. Okay. Watch this. And I went in and gave my brother my two weeks right there. And he was on the phone when, when, I told him that and he just, all he did was give me the thumbs up, like, all right, you made a decision. Good. See you later. That was it. and of course, Dustin laughed. He's did you just quit your job? So you could do a podcast where you're getting zero revenue and anything and you have no experience. And I was like, Yeah, I was trying to figure out what I was going to do anyway, and he thought it was hilarious. But that's goes back to the, I can take some extremes to go do something. And that was a very split second decision. And then I had to call my wife and say, so this just happened. And, but God bless her. She's amazing. She just said, I guess you better figure out like what we're actually doing to make money to pay bills since we're not touching the real estate stuff. And so I started a handyman company 40 days later, and that's what I've been doing since.

[00:33:21] Tim Little: Awesome. Yeah. See, just got to find those solutions. my wife would have said the same thing. Okay, you lost one source of revenue. You better find another one. all So right now we do need to transition into the turbo round. So I'm going to ask you three questions. I ask every guest on the show, just ask for a quick, honest answer. You ready?

[00:33:40] William Parmer: Got it.

[00:33:40] Tim Little: All right. What is one red flag every investor should look out for?

[00:33:46] William Parmer: actually it goes in line with what we were talking about before is like bad coaches or people drawing people in for their coaching because they're flashy like I'm not a big fan of Social media and things like that and you get people that like walking around their private jets and Lamborghinis and things like that But if you look at these guys, are they happy doing what they're doing? But is that even their Lamborghini or their private jet? And so I would be very cautious

[00:34:12] Tim Little: Yeah.

[00:34:13] William Parmer: yeah, I'd be

[00:34:13] Tim Little: Yeah. No, that, that makes total sense.

[00:34:15] William Parmer: so that, that would be one of my biggest things

[00:34:17] Tim Little: right. Next one. What is a myth about this business that you would like to set straight?

[00:34:23] William Parmer: that this is for the super rich people to do, like everybody can do this. I think too many people think you have to be wealthy to do real estate and be an investor. That is absolutely not the case. everybody can do it. It just takes a little bit of knowledge, determination, some grit to get going. And get in the right rooms like we all the things we've talked about before but Every day normal people can do this. I'm an everyday normal kind of guy so it can be done

[00:34:50] Tim Little: Yep. Yeah, I couldn't agree more. It's just a matter of, like you said, getting that education so that you know what you're doing, deciding what you want to focus on and you can make it happen. All right. Final question, William. What does success look like to you?

[00:35:04] William Parmer: Oh, this is a great one I think success looks like for me where Real estate pursland takes care of all the bills with additional income and I Can decide what i'm doing for the week at the beginning of the week You And then spend a lot of time with my kids and my family, doing things with them that I enjoy.I want to raise my kids and have a lot of time with them. My dad worked really hard. I'm one of seven and he worked really hard for us as kids. And I appreciate that. And I love that. And, but I want to spend more time with my kids, but they laid the foundation for me to learn and be able to. Be where I'm currently at. So having more time with my kids and my wife is definitely very high on that list, being able to volunteer time and not worry about pay.

[00:35:54] Tim Little: Yep. I'm right there with you. All right, William. hey, this has been great. You gave a ton of value. Now, please tell our listeners how they can get ahold of you. And if there's anything else that you'd like to share with them.

[00:36:04] William Parmer: Awesome. the best way to get ahold of me, y'all, you guys have to forgive me. I'm horrible with social media, but I just. Got an Instagram going. Hopefully we'll actually start creating content. , not something I'm super great at, but,william.c.parmer on Instagram should be the only one P-A-R-M-E-R. And also if you're interested in coaching, it's william@masterpassiveincome.com. And then you can go to masterpassiveincome.com to just check out the coaching and learn a little bit more about myself and Charles, the other coach and Dustin.

[00:36:35] Tim Little: Awesome. we'll have all those links in the show notes. Again, thank you for coming on. And I look forward to seeing you do big things on your journey to multifamily millions.

[00:36:44] William Parmer: All right, thanks. Awesome.

[00:36:46] Tim Little: Have a good one.

[00:36:46] William Parmer: you too

People on this episode

Head Shot

TIM LITTLE (FOUNDER/ CEO)

Host