logo
episode-header-image
Oct 2020
50m 33s

32: Debt Free with 2 Rentals and Countin...

BIGGERPOCKETS
About this episode

Frontline healthcare worker... Air Force Reservist... real estate investor!

24-year-old Prescott Williams is a renaissance man committed to building real wealth through real estate while serving his community and his country. Today he walks us through his first 2 deals, and the 3 deals he's currently working on in the Hattiesburg, Mississippi area.

Prescott shares some great shortcuts for investors who work full-time – from creating a "rental requirement list" with your personalized criteria to publicly posting your real estate goals (you never know who will send you a lead!).

A lot of our guests choose their real estate agent as their MVP, but for Prescott it's his mortgage lender. You'll learn how he finances his rehabs and new construction deals by partnering with a small local bank – a strategy you can model (if you're willing to put in a little legwork!)

Give Prescott a follow on Instagram @prescott_williams -- and follow us by joining our Real Estate Rookie Facebook Group: just search "Real Estate Rookie" and answer the screening questions to join 15,000 other like-minded investors.

In This Episode We Cover:

  • Prescott's strategy for graduating college debt-free
  • Finding a flexible local "portfolio" lender
  • Persuading his parents to take out a HELOC to help him get started in real estate investing
  • Sleeping on an air mattress while renovating a house
  • His "rental requirement list" criteria
  • How he uses the "1% rule" (rent = 1% of purchase price) to guide his purchasing decisions
  • The stress-free way to handle maintenance calls
  • How he's gotten deals just be posting his goals on social media
  • And SO much more!

Links from the Show

 Check the full show notes here: http://biggerpockets.com/rookie32

Learn more about your ad choices. Visit megaphone.fm/adchoices

Up next
Oct 8
5 Ways to Buy Rentals Without a Huge Bank Account
Most rookies think you need a mountain of cash to buy a rental property, but the truth is that the financing strategy you choose matters much more than the size of your bank account. Today, we’re breaking down five of the best (and sometimes overlooked) ways to get your hands on ... Show More
38m 3s
Oct 6
4 Overlooked Real Estate Investments That Pay Big in 2025
There are dozens of ways to make money in real estate—including some tactics that are currently flying under the radar and quietly making smart investors a ton of money in 2025. The best part? Many of them are easier to implement than you probably think, and in this episode, we’l ... Show More
43m 39s
Oct 3
BRRRR for Beginners & The “Lazy” Method to Raise Rents (Rookie Reply)
Welcome to another Rookie Reply, where Ashely Kehr and Tony J. Robinson answer questions from the BiggerPockets Forums and Real Estate Rookie Facebook group. This time, we’re covering questions like: A more beginner-friendly BRRRR method for those without six figures Strategies t ... Show More
32m 55s
Recommended Episodes
May 2023
407: 8 Rentals in 8 Years and Unlocking MASSIVE Tax Breaks with One Career Move
Think it might be too late for you to enjoy the spoils of real estate investing? Well, you’d be wrong! Regardless of age, background, or financial circumstances, it’s never too late to switch careers and become a real estate investor. Just ask today’s guest!In this edition of the ... Show More
58m 38s
Feb 2018
267: From Professional Soccer Player to Rental Property Investor with Nat Borchers
How does a world-class soccer star set himself up for a lifetime of financial freedom? Rental properties! That’s the story on today’s episode of The BiggerPockets Podcast, where we sit down with Nat “The Beard” Borchersto learn how he built a sizable portfolio of rental propertie ... Show More
1h 21m
Mar 2020
374: What Real Estate Investors NEED to Know About the Coronavirus, the Economy, and the Problems At Your Door
Rent's due... or is it?From quarantines to eviction moratoriums to a plummeting stock market, COVID-19 has upended seemingly everything -- and today we talk through what it all means for real estate investors.J Scott, author of Recession-Proof Real Estate Investing, and Scott Tre ... Show More
2h 11m
Apr 2023
REI177: Building Wealth One Deal at a Time w/ Patrick Donley
Patrick Donley sits down with Nick Hill and Dan Foch from The Canadian Real Estate Investor podcast where they interview Patrick on how he got started in his real estate investing career, his real estate investing strategies, the pros and cons of running a fix and flip business, ... Show More
1h 1m
Apr 2023
754: EVERYTHING You Need to Get Your First Real Estate Deal Done in 2023
Ready to buy your first rental property in 2023? If you’re going to reach financial independence, retire early, and own your time, you better get started. But you can’t build a rental property portfolio without buying your first, second, or third deal. So, how do you go from real ... Show More
53m 50s
Sep 2022
668: 10 Units in 3 Years and Giving Back While Getting Ahead w/Zasha Smith
Reaching financial freedom doesn’t mean grinding away for decades to finally retire. It may only take a couple of deals for you to create enough traction to quit your W2 or go full-time into investing. But what if you have a family and children to support? Surely there’s no way t ... Show More
1h 9m
Feb 2024
898: Making $175K in Instant Equity on Her First Real Estate Deal w/Lacey Russell and Sam Haack
What if you could make six figures on your first real estate deal? “Yeah, right! Where am I going to find a property like that?” you say. What if we told you that instead of finding a home-run rental property, you could build a better one? Now, not only do you have some instant e ... Show More
37m 52s
Jan 2024
Proven Budgeting Habits for Building Long-Term Wealth
Building wealth is easier than you think. This week, I’ll weigh in on the “soft saving” trend and share some investing tips that will set you up for success in 2024. Plus, George Kamel joins me in the studio to tell you about how he went from negative net worth to millionaire in ... Show More
36m 57s
Feb 2024
The Finance Expert: Simple 6 Step WEALTH Formula ANYONE Can Use To Become a MILLIONAIRE! | Jaspreet Singh
Today, finance expert Jaspreet Singh dives into the world of financial responsibility, mindset shifts for wealth building, and the art of savvy investing. Lewis and Jaspreet unpack complex financial concepts using everyday language and relatable personal examples. From the import ... Show More
58m 5s
Feb 2024
Striving for Success: Emory Andrew Tate III's Path to Millionaire by 2025
Striving for Success: Emory Andrew Tate III's Path to Millionaire by 2025Get inspired and motivated every morning with our podcast, featuring insights from successful individuals on changing your mindset and achieving your goals. Don't miss out on this opportunity to start your ... Show More
11m 1s