Floyd's Double Exposure: Life as a Photographer and Real Estate Investor

Meet Floyd

Meet Floyd, a dedicated father, passionate wedding photographer, and an emerging real estate investor. Born and raised amidst the picturesque landscapes of Hawaii, Floyd's journey from capturing life's precious moments through his camera lens to building a long-distance real estate portfolio is impressive. Having been influenced by the teachings of 'Rich Dad Poor Dad' and driven by a desire to provide a secure future for his family, Floyd has made quick progress. In this conversation, we speak with Floyd about  his experiences, the highs and lows of his journey so far, and a look into his first BRRRR deal.

An Interview

Naked Investor: Let's start from the beginning. You were born and raised in Hawaii. Has that shaped your perspective on work, family, and life in general?

Floyd: Hey there! Growing up in Hawaii was truly a blessing. It's all about family and community here. We value spending time with loved ones, especially the kids being around their grandparents. But living in paradise comes with its challenges, especially the cost of living. That's always been a driving factor for me to find ways to provide the best for my family.

Speaking of challenges, many people dream of breaking free from the 9-5 grind. What made you stick with your W-2 job even as you ventured into real estate?

That's a great question. While the routine of a W-2 can be monotonous, I realized it had its benefits when diving into real estate. Having that steady income made it easier to get loans for assets. Plus, the benefits like cheaper health insurance and retirement contributions are hard to pass up. It's all about leveraging what you have to get where you want.

Absolutely! Now, you mentioned in one of your blogs about the skills you acquired from your W-2 job. Can you elaborate on that?

Sure thing! In my day job, I live in Excel, work with data, and manage projects. These skills became super handy in real estate. I've created spreadsheets to underwrite deals, track income, expenses, and more. It's about taking what you know and applying it in new ways.

That's resourceful! Now, transitioning a bit, what was the catalyst that sparked your interest in real estate?

Reading "Rich Dad Poor Dad" in 2019 was a game-changer for me. It shifted my mindset and made me think about how I could spend more quality time with my kids and still ensure their financial well-being. Real estate seemed like a promising avenue to achieve that.

Many people read that book but never take action. What pushed you to take that leap into real estate?

It's one thing to read and get inspired, but action is where the magic happens. I saw the potential of real estate throughout my life and realized what it could do for our family if done right. Plus, the thought of retiring early and being there more for my family was a huge motivator.

On your journey, what would you say was one of the most significant obstacles you had to overcome?

Balancing everything was tough. Juggling a regular job, my passion for wedding photography, and then diving into real estate was a challenge. Plus, understanding the nuances of real estate, like the importance of maintaining a W-2 for benefits and loans, was a learning curve.

With all these experiences, what's one piece of advice you'd give to budding real estate investors?

Stay patient and leverage what you have. Whether it's skills from your day job or the benefits of a steady income, use them to your advantage in the real estate world. And always keep learning.

A Broad Ripple BRRRR Deal

Floyd, let's dive into your first real estate deal. Can you describe the property for us?

Absolutely! It was a 1,100 sq ft property with 3 bedrooms and 1.5 baths. It's located just a mile away from Broad Ripple, a vibrant area filled with cafes, shopping, and local businesses. Plus, it's just a few blocks from a neighborhood park.

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Sounds like a great location! How did you come across this deal?

It was quite a journey. We had established our core team and were networking with many wholesalers. We also realized the importance of a trusted realtor after reading 'Long Distance Real Estate Investing' by David Greene. A realtor from the Biggerpockets forum helped us dodge a bad deal, and after some back and forth, he connected us with a motivated seller offering this property at a significant discount.

Financing is often a challenge for many. How did you fund this deal?

We took advice from our cousin, an out-of-state investor, and went with a Hard Money Lender (HML). While the rates might seem high to some, it allowed us to keep more cash reserves. Being first-time investors, we had to put down 10%, but we were comfortable with that.

Every deal has its ups and downs. What were some challenges or mistakes you encountered with this property?

Oh, there were a few! We forgot to turn on the utilities before closing, which could've been a big issue, but our General Contractor started the rehab regardless. We also overlooked some aspects of the BRRRR strategy, like ensuring our DTI was in line, which meant paying down some debt. And working with an HML, we expected instant draws, but sometimes it took 2-3 days, which can be costly in terms of time.

And on the flip side, what went right with this deal?

We were confident about our purchase price, feeling we got a great deal. We also maintained excellent communication with our realtor and contractor, getting weekly updates and photos. Plus, setting up a 'floating fund' helped speed up the rehab, allowing us to complete it two weeks earlier than planned.

That's impressive! How did the property turn out after the rehab?

We were thrilled! The property had new flooring on the lower level, a rec room in the basement, a revamped kitchen with stainless steel appliances, and a bathroom that, honestly, is nicer than the one in our primary residence. We also loved the deck and matching shed the crew built in the back.

It sounds like a fantastic transformation. Looking back, what did you learn from this first deal that you'll carry forward?

Every deal is a learning experience. This one taught us the importance of preparation, like ensuring utilities are set up, and the value of a good team. It also reinforced the need for effective communication and having backup funds to keep things moving smoothly.

Thanks for sharing, Floyd. Your journey offers valuable insights for both new and seasoned investors. Keep up the great work!

Thank you for having me.

Connect with Floyd

You can see more of Floyd's progress at yellowdoorinvestors.com. Floyd is also active on instagram and Twitter under the handles @investographr.