Be The Bank

009 - Self-Made Success

May 05, 2021 Justin Bogard & Super E Season 3 Episode 9
Be The Bank
009 - Self-Made Success
Show Notes Transcript

2 Wealth Show S3 Ep9 - Self-Made Success

On Episode 9, Justin and Elizabeth interview Winston Templet.

Key Takeaways:  

  1. Integrity
  2. Be diligent about what you do
  3. Clear vision; set your goals

 Resources and links discussed  

Sponsored By: Integrated Health Solutions

We are passionate about your health and wellness and we know you want to enjoy a vibrant, pain-free, active lifestyle, but when you are in pain this seems almost impossible. 

In order to be pain-free, move fluidly, and enjoy an optimal level of functionality, you need a personalized yet integrated, research based and clinically proven approach and that’s what we do.  

To learn more visit us at
ihsindy.com
cryotherapyindy.com 

About the Hosts 

Justin Bogard – Note Investor specializing in performing Residential Real Estate Debt. He finds deals and acquires them for his own portfolio as well as educates investors while walking them through the process of owning a Real Estate Note!  

Super E – Real Estate Investor specializing in short-term rentals and the management of them. She connects investors with short-term tenants and manages everything in-between.

Connect with the Hosts: 

  • @2wealthshow – Facebook/Instagram 
  • @wealth_show - Twitter 
Justin Bogard:

Welcome to the 2 wealth show, a show that shares how you can create real wealth for you and your family. I'm one of your hosts, Justin Bogard. And my co-host is Elizabeth Sickles, AKA super E. I am a real estate note investor specializing in performing residential real estate debt. I find the deals acquire them for my own portfolio, as well as educate investors while walking them through the process of owning a real estate note. My co-host super E, a real estate investor specializing in short term rentals and the management of them. She connects investors with short-term tenants and manages everything in between. Our show is sponsored by bright path notes and Elizabeth May aura. You can find out more information by visiting our websites at brightpathnotes.com and elizabethmaora.com. Hey, welcome everybody. Justin Bogard, bright path notes. Welcome to episode number nine, super E, my friend. How's it going?

Elizabeth Maora:

It's going well. And Justin, we have a really incredible guest today. Um, Winston and I have been friends for four years now. Um, and

Justin Bogard:

40, I was like, wait a minute. I know how old you are not go that far.

Elizabeth Maora:

He has an incredible story to share with our listeners and I'm definitely different than any of the guests that we've had before.

Justin Bogard:

Okay, well, let's bring them on stage. Well, Hey Winston. How are y'all doing today? It's good to see you. Good to be invited.

Elizabeth Maora:

Yeah. Welcome. Thank you. You're welcome. So for our listeners, um, I mentioned Winston and I we've known each other for four years now and no five years. Um, February was five years. Excuse me. Been a while now that yes. And what's really great is Winston's story is different than anybody that we've had on the show and really goes against, you need a team of this person, that person and the, and everything, but he's built an incredible real estate portfolio portfolio he's in Tennessee. And so without further ado Winston template, thank you so much for being on our show. You're welcome. You're welcome. Can you tell our listeners, um, about how you got started in real estate?

Winston Templet:

Well, I had, um, I started a maintenance company where I was doing service work for restaurants back in 1992. And then in the early two thousands, I had a, a guy that used to work for him and he started and went into business, doing selling real estate and he had a trailer park and he kept calling me and asking me to buy this trailer park. And I kept telling him I don't do rentals. I don't do trailer parks. And he just was relentless. So eventually I kind of bought that trailer park just to get him off of my back. So, you know, after about a year having a trailer park and doing some rehab, making about 14,$50,000 of income a month as positive. And so then I went from there and we just started buying houses. I would buy how we have, and we would let my own guys come in and work whenever they weren't busy doing something else. So a little synergy within the company and we just, that's where we started. That's how we went.

Elizabeth Maora:

And I think something that's really key that once told me a long time ago was, um, you made the switch once in, in your first company with the HVAC. So heating ventilation and air conditioning from doing residential to commercial. Will you tell our listeners and our viewers, why you made that switch?

Winston Templet:

Well, I started off doing, I didn't start off doing residential. I bought, I actually bought a residential company in early 2000 and I kept that company for several years, but I just, I did not like the way residential worked when I was dealing with residential, you'd go in and they would, my competitors were advertising at a really small number. They'll come out to your house for$30,$20. I, one time, one of them was advertising$8 a month. We'll come out and do three tune-ups a year. And all they're doing is coming out and selling us off. And I don't work that way. I have, I have integrity about what I do. If I'm going to tell you what I'm gonna do, I'm gonna tell you what it's going to be. There'll be no upcharge when it's done. It's going to be exactly what I've said. And it was hard to compete because other people would call. I would tell them my service charge to come out was$80 or whatever it was. And it would say, well, they'll do it for 28. They're not coming out there for$20. You got to understand that people are making more than that. So it was just a losing proposition. So I got rid of that company and just strictly did commercial. Also, we were servicing, we serviced about 700 restaurants in Nashville, and that was pretty much from door to door. We did anything in a restaurant. This was early 2000. I started that company in 1992. So I sold that company in 2019. Oh, okay. Recently. Yes.

Elizabeth Maora:

But the point of that is that it really speaks to Winston's integrity. Um, and part of the reason why he's been able to build this huge real estate portfolio. And I just want to clarify for, for all of our listeners and our viewers is that his cashflow was 14 to 15,000 per month on that trailer park.

Justin Bogard:

Correct. I heard that in LA your first deal, that was your first real estate. That was the first real estate deal. Well, you know what you're doing? That was, that was definitely by luck, but we have tuned it and made some mistakes. And I tell you just getting the right people behind you, the right behind you, people, you know, learn from somebody else's mistakes, don't learn from your own mistakes. Cause that's quite costly. Exactly, exactly. I have many of those in my record. Yes. My own mistakes.

Elizabeth Maora:

Absolutely. And, can you walk us through and kind of, you know, let our listeners in on, because I wanted you to say it and not me to say it, but just what your path has been Winston in the real estate world and where, where you guys are now.

Winston Templet:

Okay. Let's can we dumb that down a little bit? I want people to understand everybody thinks I gotta, I gotta be a genius at this to do real estate. I just I don't know enough. Uh, uh, I don't have enough money and, and I, I would like to share a little bit of my background because I really, I really come from absolutely nothing. I mean, I, I didn't learn to read till I was 30 years old. I, I left home when I was 17 years old and I've been on my own since then. I moved from new Orleans, Louisiana to Tennessee when I was 22. And I mean, not for the first two years I was in business. I would live in a trailer with no running water. It had plywood over half of the windows in that trailer, man, nothing. And that's where I started from. So it doesn't require, you know, later on when I was 30, I learned how to read. And I'm an avid reader now, but you know, you can do it. It takes more heart to do what we do than anything else. It isn't, it isn't luck. There's no luck to it really. I mean, it really is to be diligent about what you do. I'm a goal oriented guy. I've set a lot of goals so that I know exactly what I'm going to do this year. And next year and five years from now, there's never any guesswork in that. So, but anyway, why not? When I started my mental wellbeing and bought the trailer park after that right there, I said, okay, we're going to buy some houses and rehab them. And we started buying houses and we would rehab a house and I never sold any of that. I kept everything that I bought and then I would buy another house and we would rehab it. And we got to the point that I couldn't find any, any houses that I thought was a good deal for me. So I told my wife, I said, find me a piece on land. I'm gonna, I'm gonna build a house. She said, we don't build houses. I said, we do now. That's the way it was. So she found, she found the most rinky dink lot, it was$7,000. It fell off the side of a Hill. You know, You don't when you buy the very last lot. Yeah. You're not in a subdivision. You're not getting a prime lot at all, but that's what it was. So I picked out this little 1400 square foot house plan and, and we just went to town and we built that hops. And I had about 120,000 in the house. When I finished with it, the house appraised, the house appraised for two 40, we sold it for two 40. And that was my very first house to build. And wow. You know, I didn't do the work to myself. I subcontracted the work. I manage the people. I like to manage people. So I manage the people that did the work and, you know, so we did that. And then I built another house. I mean, we built four houses at one time and we've just continued to do the exact same thing. So we I'll build a house and then I will pull the, I will pull the equity out if I need pull the equity out and then I will keep the house and I'm still making money on my cash flow. I still make the money on my principal reduction. I'm making money on appreciation. I still get my depreciation. So I'll make money on how does that? I have nothing. That's, I'm still making$25,000 a year off of them with nothing. And that is, that is our footprint. That's how we do it.

Justin Bogard:

That's awesome. That's a very repeatable process. And one thing I could tell from you Winston already with the short amount of time that I've been able to listen to you is you're very clear vision. And I think I,

Winston Templet:

Yeah, I'm 52 and I can tell you where I'm going to be at Saturday. And, and, and it's funny because it's broke down. I got broke down on a ten-year plan or a 20 year plan or 10 year plan a five year, three year. And then I break it all the way down to what I'm going to accomplish in the next 90 days. And I know what I'm going to do in the next 90 days. And then I know what to do in 60 days or six months. And it's very defined because if not, I get sidetracked. Um, I get side tracked quick, I think I got ADHD or something.

Justin Bogard:

I need to take a page out of Winston's book and be a lot more clear and have a lot more vision like Winston does. Um, speaking of being clear, I'm trying to focus in on those of you that aren't watching our video right now. There's a little, I guess it was a poster or a picture behind Winston and I can't read everything. And it says, but it says something like 97% who quit. And then can you finish the rest of the poster?

Winston Templet:

It was the 97% of people that quit will work for the 3% of people that don't quit. And, you know, basically since I was in my early twenties, I worked for myself, so I really put a majority of my life. I've never worked for people or for myself, but, uh, I love to help people. I help people start their own companies and, and I've helped people start businesses. They're competing problems, which they never competed against me. They would, they would open it up and they would go through their clientele or something. But I loved that. I loved helping people where real estate, I love seeing people succeed because I know what it took for me to do it. And it's amazing how many people you can try to help. And it really, they just give up, they give up just short of up succeed, and they get a couple of failures and they say, well, I failed failure. Isn't failure until you quit. You know, otherwise failure is just a stepping stone to success. So I like to, I like that, that, that, that means something to me because that's how I've done my whole life. And I don't understand the failure part. I just don't quit, you know, and I fail all the time, but I'm not, I'm not smart enough to do. Don would just keep, uh, I'll get deeper and deeper until I finally figured it out and I'll make it work.

Justin Bogard:

I like what you said about failing. That's a great statement. I oftentimes see other people could be Doing very well in any real estate space that they choose and they, and I think they quit and they give up too early because it's, it's perceived as being too difficult, too hard without trying to really solve the problem. So thank, thanks for saying that. And you're very inspirational. Um, Winston, well, we have that. Another thing I see, like, um, a lot of people will go in and they want to start a company, but they want to be the bus and they take the bus home and the boss goes to work at nine and the boss quit at three 30 in the real world. The real world is you need to be there before you need to be there after your employee, you need to get everything lined up. And it is a lot of hours. A lot of step-by-step you sacrifice family, you sacrifice your health, you sacrifice everything for success. Again, maybe when you're 50 years old, 45 years old or something like that right there, you don't have to work so hard. And so I've taken some time off and you can relax and, you know, work as much or as little as you want at that point. But not whenever you're young, I'm just starting. Now

Elizabeth Maora:

That's a great point. And I'll say just two, excuse me, two instance, point that he likes to help people. He and I met actually, um, we were both taking classes with rich dad while he and his wife also. Um, and we were in the financial class. So we met in February in Dallas. So February of 2016, I became friends and I went down and stayed with he and his wife. And then I was getting ready to close on my first two investment properties in fountain square. And I called Winston because I was getting, I was having fears before actually closing. I was thinking about stepping out of the deal. And he asked me, he said, did you run your numbers? And I said, I've ran my numbers like a million times. And he, and what was so great was Winston said that he always gets a little scared is not the right word, but there's always that, that pit in your stomach, whenever you're getting ready to sign for something again, and that was man, I made so much money on that deal. And I'm so grateful for Winston's advice. And you know that you take the time to take my calls now. Okay.

Winston Templet:

So numbers don't lie. The numbers don't lie. We may lie to ourselves and we may try and convince ourselves or something or convince ourselves in a project or out of a project. But when the numbers and the numbers will look, you're looking for on your profit margin and that's the numbers, you know what it is now you may fail because you failed to manage it properly. But if you do what you think you going to do and commit it'll work.

Elizabeth Maora:

Absolutely. Um, can you tell them about the, um, your newest development that you and your wife have started? How many doors are going to be in that?

Winston Templet:

Well, right, right now we currently hold 137 doors now. Um, and I'm not a hotter leverage guy, so we're leveraged about 10% on the whole 137. So we're not, we're not way out there. Um, so right now I have currently under construction. I have 5 duplexes under construction 2 single family houses, with fixing to pull out of the ground and three rehabs that we're working on now, I've been working on it on development deal. I bought some land maybe three years ago, and I've been working with my engineer to get a site plan. And so we got this site plan done for a 6,000, a park complex. So we have everything done. We have everything ready to break down. I'm waiting on. My architect is working on pretty apartment complex of what we want to do. And as soon as he gets that right there, then we will actually build that apartment complex. Now I'm going to syndicate that I haven't syndicated anything before that'll be my first syndication deal, but I'm going to pull it myself so awesome. And it's more experience. I just want to do this, you know, live, done deal. We've done some, uh, head of a 48 unit apartment complex that I bought that we had a rehab and we strip that apartment down to the dirt. I mean the whole entire five, four buildings, plus office, we stripped everything, the floors out over it, the girders, everything. We had a script hanging out of it and, and start from scratch all the drywall up and read the whole thing. And that's gotta be way more miserable than any new construction job. So I'm excited about, I may not go back to rehab again.

Justin Bogard:

Yeah. That's like 50, 50 rehabs in one project. Right.

Winston Templet:

It took me a year. It took me a year and

Justin Bogard:

That's actually a short amount of time. I think for that, that seems pretty good.

Winston Templet:

Well, I spent a year away from home. I, because it's, it's about three hours drive out of Chattanooga. So I stand down, I spent a year out of, out of my house, away from my wife and, um, and I just stayed there seven days a week till I got it done. So it was

Justin Bogard:

That that property was in Tennessee. Do you do most of your real estate? Uh, I think, do you live in Indiana?

Winston Templet:

I live in Tennessee. I live right outside of Nashville.

Justin Bogard:

I live in Tennessee. Okay. So do you do most of your property right there now in Tennessee, or

Winston Templet:

I have bought them some properties out of state and every time I do I sell them, um, I love Tennessee. Tennessee is a builder friendly state. There's tons of appreciation. There's tons of opportunity. And, um, I usually, I probably have at least five more pieces of property right now that I'm working on some land development with. So it's just one private than another, then another, there's no reason for me to go out of state because I usually, I will, I will end up with pretty much an infinite return on my investment almost every time. Nice, very nice. So all of the money, the apartment complex, I rehab out Pittsburgh, all of the money that I had invested in that right there. I pull all that money back out of the apartment complex and we still make about$15,000 a month profit off of it. And then I invest that money into other projects, which make me way more than the$15,000 that I lost him. So

Justin Bogard:

Just a little side question about that apartment building that you stripped down and rebuild back up. How long did it take you to some occupancy

Winston Templet:

In there? Was, was it pretty quick? Well, it was gonna be really quick and COVID come back into is, um, we finished that in February of last year. Now we, my wife and I changed roles. I left South Pittsburgh, came home, she left home, went back to South Pittsburgh and she started renting and I started taking care of this stuff here. And, um, so COVID really made it rough and it took us almost the full year to get them all rented. Oh, wow. But we didn't have any debt on it. So it wasn't that anything was consuming. That's why we was going to, I paid cash for everything. And, um, so, you know, if I would have been borrowing all the money then out of having to come up with, you know,$60,000 a month to pay a note or something. So, so that was the blessing. And the whole thing is we didn't have a lot of Avenue done at the time. Wow. Well, and you got the whole apartment building rented now, is that what you said? Yes. Yes, sir. Awesome. I think there's about four vacancies right now where she's, she's got some turnover. Very cool.

Elizabeth Maora:

And Winston, are you comfortable with sharing with our listeners and our viewers? So you started off, excuse me, in a trailer with no running water and most all boarded up windows and your personal property now.

Winston Templet:

All right. One more time. That question.

Elizabeth Maora:

Um, do you want to just talk about your personal property now compared to what you started with?

Winston Templet:

Well, so I started in a trailer, the house that we were living while I was gone out of town my wife's got an Airbnb in it and that's a 12,000 square foot house for 11,000, a little bit under 12,000 square foot house. And it was just her and I live in there. So I was gone. So she started Airbnb. And when I came back home, she was making$25,000 a month Airbnb in it. So I said, I'm not moving back up there. It's just got a two bedroom apartment in a basement. So we moved into the basement and then we lived there for the last year and I was, I got 45 acres right down the road. So we started building a shop over there and it's a little bit of traveling and a shop off they come up. So we just moved into that house about three, maybe four weeks ago. And then in the back of the property, we'll eventually come in and build another forever home back there, but we haven't done that yet, but we're going to just enjoy it for a little while

Elizabeth Maora:

It does. And so just to tell you, so I've stayed with them several times. I spent new years with them. So they're, so now their former personal residence is absolutely gorgeous and just kind of hit home to, to everyone is the fact that, you know, he's built a huge real estate portfolio and chose now, this is not an ordinary basement apartment by any means, but still, you know, the fact that they are so focused on their goals, that they're living in their basement. So it, and it's beautiful. And they have a, it's really like a resort house. It's,

Winston Templet:

There's a website for that one there's template house.com that she has a website on, on that house where she does. Okay. So it's thetemplethouse.com. Awesome. It may be that my wife does that instead of me slap one of those too. Okay. Well, thanks for sharing that. That's incredible.

Elizabeth Maora:

So if you want to have a wedding or you just want a big family getaway or a free getaway, and it's a great location, um, go and stay with them at the template house.

Winston Templet:

Now COVID, didn't affect that here because we do a lot of micro weddings there and it really didn't affect it. So where everybody else's wedding venues were shutting down, we were able to remain open because it went on we're in the County and they really, they're not worried about it too much. So we still booked weddings the whole time, usually 20, 30 people, maximum amount of people, but, but she kept her busy and kept it rented the whole entire time. That's awesome. That's, that's amazing to think about your personal residence, how much cashflow you can get out of it. So it truly is an asset, not a liability. Now, Justin, let me tell you something. If I had my way, I would smell that right now and I'm going to tell y'all why I could sell that house. And she's making, she's making 400,000 plus this year with that house and, and it's mostly,

Elizabeth Maora:

Oh, no.

Justin Bogard:

Winston, are you still there? I think the internet has, uh, has gotten us here. Yeah. Thank you. Thank you. So, so I put a last year.

Elizabeth Maora:

Oh, it's froze again. Winston.

Justin Bogard:

Okay. What's it might be having some issues with the, with the broadband there. We'll we'll give them a few seconds here. This is a great story, too. It is as, too bad that he got cut off right in the middle of that. So, um, okay. Well super E Do you have any closing, closing thoughts for today?

Elizabeth Maora:

Oh, I think Winston might be

Winston Templet:

Back. Okay. Can you hear us? Yeah. You got me. I had doors that were closed, so I opened those doors and it might help us a little bit on again. So what I was saying was what was, what would have been cool about it? I told her that I can sell a house and we can probably get 2 million for the house and I can take that$2 million. And over a very short period of time, I can double it. So you might make$400,000 a year with it, but over a four year period of time, I can turn it up. The value of the house. I can probably make better than 4 million over four years, but she stuck on her if she wants to still do it. So we're going to continue to do to their template house. So is, is it happy, happy wife, happy life, something like that, right. I'm a numbers guy. I run the numbers. If that makes sense. It makes sense, but it doesn't, it doesn't, and I'm not in love with, with any of it. You know, if I've got a house and it's done, I run my numbers on all my homes every year. And if the numbers ever get out of whack and the house, you've worked too much money for what I'm getting in rent, I'll sell it, I'll buy two houses and I'll make on the double, the rent off of that right there. So there's, there's a whole lot of opportunity with that. Absolutely. And Winston, thanks for sharing your story today. Thanks for being on, he had talked to you up and I had your reputation, you know, definitely proceeded you, you, you are, uh, an inspiration to, to anyone wanting to get into real estate game in general. And I like how you're just self-made and, and you work for yourself and you take care of your people, obviously. And, and that's what as grown your portfolio, the way that it is, I'm sure you have a ton more stories to share. Unfortunately, we're getting close on time here and we so appreciate you being on super easy. Do you have any closing thoughts for today?

Elizabeth Maora:

I'm going to ask Winston, do you have anything that, you know, one final, um, for our listeners, for them to walk away with

Winston Templet:

Set your goals, set your goals and stick to the goals you set and read a book on development over and over. I, I think I go through that data, the honeybee, I read that book and just an awesome book. It's an awesome book to teach you how multiple streams of income can change your life. It was called honeybee, the honeybee. Okay, awesome. We'll put that in the show notes for everybody. So thanks. Thanks again, Winston. Um, I'm Justin Bogard with BrightPath notes. I'm sorry. Gotcha. Thank you all very much. Absolutely. Yeah. Don't forget to check out the video feed. If you're listening to this podcast on our Brightpath notes, YouTube channel or Elizabeth Maora's YouTube channel as well. And I'm Justin bogard with BrightPath notes and I'm Elizabeth Maora. All right, thanks again, Winston. We'll see everybody. Next time

Justin Bogard:

2 wealth show is produced by Justin Bogard and super E sponsored by Brightpath notes and Elizabeth, with Elizabeth Maora. Thanks for listening and watching for our show.