The 5 Fundamentals That Lead to
Some would call Terrance Doyle a “baller”. Not because he’s done hundreds of millions of dollars in real estate transactions, or because he has done over 600 flips, or because he helps lead the Tribe of Multifamily Mentors. Terrance played college basketball, which grew into working as an NBA sports agent, garnering him access to famous coaches, players, and executives.
Terrance and a couple of his college teammates started a franchise after college, and needed somewhere to park cash. Another teammate helped Terrance buy a foreclosure at a public trustee sale, which he flipped for a sizable profit. This is when he knew that the real money was made in real estate. Between 2008 and 2014, Terrance did over 600 flips, in multiple different areas of the country.
As he learnt to build relationships and rapport with buyers, sellers, lenders, and contractors, Terrance started taking on bigger and better deals. He’s done $35,000,000 in transactions since the start of the pandemic and relies on the five basic fundamentals of real estate: know your market, be aggressive, be faster than the competition, have solid lenders, and make sure your ducks are in a row.
I heard that Denver is such a hot market since I started in 2014. In fact, when I started in 2014, people told me I would never be able to find off market deals that fit my criteria. I heard that every single year. My line to everyone on our team is, if we just stick to the fundamentals, if we follow up with sellers, if we follow up with brokers, if we stay in touch and we deliver on what we say we going to do. I trying to apply the exact same principles, regardless of the asset class, or how much more institutional or competitive it gets.
You listening to BiggerPockets radio, simplifying real estate for investors, large and small.
What going on everyone, it Brandon Turner, host of the BiggerPockets podcast, here with my other host of the BiggerPockets podcast, David, the value pick green. What up, David Green. How are you doing, man?
I may not be the sexiest pick, but I probably the most valuable pick. Accurately said.
That will make much more sense later in today show. Because today we are interviewing a guest who is a former sports agent, is that what we call him? He was a basketball agent and he transitioned from that into real estate investing, started with smaller deals, flips, got into the medium size apartments, got into some larger deals and we dive into his entire journey today. It is a phenomenal show. Something you going to love. Terrance Doyle is our guest today. Very, very cool, bright guy. We just cover a ton of really good stuff today. Everything from, how to invest in an expensive market. What do you do when the market crazy? Should you just not invest? Should you expect lower returns?
Terrance says, no. And he tells you five or six things that you should do instead. That plus a whole lot more to come. But before we get to that, let get to today [crosstalk 00:02:00] quick tip. Today quick tip is exact same as a quick tip that we just released on the last episode, the one that came out on Sunday, is this coming Sunday, we been announcing it now for a couple of weeks in a row. This coming Sunday, we are releasing a special episode of the BiggerPockets podcast. It all about the actionable process driven things you should be doing in your business to land a deal in the next 90 days. It is the 90 day challenge webinar that I normally do live.
We going to actually be doing it here on the podcast. I did this a number of years ago, I don know, four years ago, three, four years ago. And people, so many people went and made huge changes to their business and bought property and just went to a whole new level because of it. We updated it, we revamped it and we launching it here on Sunday. So pay attention for that coming up here in a few days. All right, that said, I think it time to get into today show. Anything you want to add before we bring in Terrance, David?
No, I thought this was a fun show. I thought you and I and Terrance all had a pretty good rapport and got along. This is one of the funnier shows that we done. What does come up, at this, what does come up during the show is that BiggerPockets has more resources than just this podcast. There is entire YouTube channel with tons of BiggerPockets, personalities, and people that are trying to teach you by sharing what they doing. So get on there, subscribe to BiggerPockets YouTube, find the people that you connect with the best, that you vibe the most with and start learning from more than just me and Brandon.
There you go. Good second quick tip. Terrance is actually one of the hosts of a new show on the BiggerPockets YouTube channel. So you hear more about that later. With that said, let get into our interview with Terrance Doyle. Terrance, welcome to the BiggerPockets podcast, man. Good to have you here.
Thanks a lot for having me. I been watching you guys since the start of my real estate career 2014, and I a big fan and super honored to be here with both of you guys. So thanks for having me.
Thanks, man. Well, let jump into it. The start of your real estate career, you mentioned it, so let go there. How did you first discover this idea of real estate investing? What were you doing before? Walk us through that beginning mental journey.
Early on, in college, like we were talking about earlier, I had the opportunity to play college basketball. I was the short white guy at the end of the bench that kept his GPA up so that the team was compliant with NCA regulation. That was my role. I played it pretty well. I played college basketball in college. Two of my teammates and I started a company, we franchised it in 2006. And so, we were single, 21, 22 making a couple bucks. In 2007, late 2007, one of my other college teammates came to me and said, hey, we going to start buying foreclosures at the public trustee sale. I was living with roommates, had no idea what a foreclosure was or a public trustee sale, but it sounded really interesting. And so I was the first investor.
We bought a house at the Denver public trustee sale for $58,000, two or three months later, we sold it for 98 and some change. I was like, oh my gosh, this is, this is phenomenal, let do more of these. So between 2008 and 14, I was able to connect some different things. We did about a hundred of those a year. We did roughly 600 flips between 2008 and 14. I still did not know anything about real estate. I just knew that if you went to the auction and you knew how to underwrite, you could make some good money. And so that was my first experience with that. I wouldn really call it real estate investing. It was more, if you had access to capital and had a beating heart, you were going to make money.
Yeah, exactly. Those were the days, much has changed as we all know. 2014 and we had had some good success, I was really wanting to get married, and just the partnership we had had a good run for six years and we wanted to do some different things. And so I really wanted to branch out and do larger deals and really just get to know real estate for myself. And so I branched out and really discovered that being able to speak fluent Spanish, my family, my mom is from Bogota, Colombia. I spent a lot of time there growing up and that turned out to be a really pivotal, competitive advantage for me. I was able to put together this group of Hispanic subcontractors. I was able to build a scalable solution where we would just do the same flooring, same paint, same cabinets, in every single property.
I was definitely not an artist. That was something that just came natural to me and I was able to see, hey, there a lot of value here. Let me lean into this. That was really the start. I was able to find properties and had this really amazing construction process that we built, and that was really the start of it on my own in 2014.
Okay. When you were getting in, in 08, 09, 10, going through the recession there, what was your role in that business at the time? Were you running things? Were you just a piece of it? Where did you fit in? Was that your full time job? Did you have another one? What was going hermes birkin replica + korea
It was not my full time job and I was basically just connecting. We had a pretty good capital source and we would move fast with cash, is what we like to say. I connected operators in Tampa, Indiana, Vegas, and LA, and we were the capital. We had other boots on the ground that they would go to their local auctions. They knew the market, they had their own construction team and we would just fund them. My full time job at that time was, I was an NBA sports agent. In college, I played college basketball like we talked about, I got a chance to intern for the president of Nuggets, when I was in college and really just got passionate about the business of sports and everything around that. I signed my first NBA client in 2009 and real estate was always supporting everything.
We made some money in sports, but we made our real money in real estate and I always knew that. Before, athletes, it was really popular for them to be in businesses and to be more entrepreneurs. That was kind of my thing. I had started a business in college, two of my really close friends played in the NBA. I was the guy around them that was helping them, negotiate their shoe deals or negotiate their finance agreement with their financial advisor. We did things like, we got into Facebook stock, pre IPO. We were just able to leverage, I really saw athletes as, with their platform and their influence in local markets as an opportunity to leverage them into other businesses and to real estate and the franchises.
I just really had an appetite and a desire to cultivate that. And so that was my full time job, 2008 to 2013. It was a very, very difficult, very competitive industry. One of the things that really separated me, because when I was 22, 23, 24, you recruiting these athletes and it like, I was going to Florida state. I was going to Illinois, all these big time schools and you competing against big time companies with grown man with massive resumes and really well spoken, it high, high sales. Some of the most talented salespeople in the world are either college coaches or sports agents. These guys are crazy, crazy, talented, unbelievable communicators, high energy, can really solve problems at a high level.
It was extremely challenging. But one of the things that I learned that has really helped me in real estate was the ability to add value. And so what would happen is, I would build relationships with these college coaches and I had to be able to separate myself from everyone else that was coming to meet them, to basically get an introduction to one of the players on their team, because that how it happens. Is, college coaches recruit players in high school, they get really close with them in the family, and then when the player is ready to go pro, the family normally, and the player comes to them and says, hey coach, who should I interview? Who should I sign with?
And so having deep relationships with college coaches is key, similar to having really good broker relationships, right? That is key, because they going to refer you to, they going to tell the seller, hey, this is the right buyer. I was able to, I really cut my teeth and I would say perfected the skill of being able to build relationships quickly, earn trust really quickly, and find ways to add value. And at that level, what interesting is that, they not going to come out and tell you what their problem is or how you can add value, you really have to read between the lines. But that was something that I was able to really develop that I think when I went off on my own in real estate, I was able to apply that same scale of, what is this broker problem and how can I add value, so the next time they have a deal, they going to send it to me?
That smart. That smart. I was going to ask, actually want one of the questions was, what skills did you pick up on during that time that made a difference today? That smart. What tactics or tips do you have for people who want to start building better relationships with brokers, agents, lenders, whoever, that you can teach them? What works well for you?
It something that I continually thinking about. I think, the number one thing is you have to ask questions. When you sit down with a new broker or lender, I think some of this comes from being from the Midwest and just the way people are, just very personalized, I want to ask them as many questions as I can to get them talking about themselves. Right? I want to get to know them genuinely, want to get to know someone, asking questions as you guys have talked about numerous times on the show, people love to talk about themselves. So get them talking. I asking questions and I just taking notes and observing, and I just following up and being consistent. I think if someone does those two things, is just ask questions and is genuinely interested and follows up in a consistent manner, I think you going to move to the top of the list there of someone they going to remember.
And then as you do those two things you noticing and documenting, making mental notes of, hey, this person said that they looking for a house or this person said, they looking for a contractor or this person said, they short $10,000, to close on this house or whatever the detail may be. But people are always going to have problems, no matter what industry you in. And so if you can document that, build a relationship and just look for ways to solve their problems, you going to separate yourself from everyone else that wants the same thing from them.
It just came, like I said, that one of the things that was amazing about sports, was being able to meet coaches, build a relationship, gain trust, and see what I could do to add value to them and solve a problem. And then naturally they were like, hey, I want you to meet this player and this family on my team, I think you be great for them. They even started to refer former players that were unhappy with their representation. And so I think that that has translated into real estate possibly better than anything else, that I learned in sports.