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Torcana Real Estate Investment with Colin Murphy
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Torcana Real Estate Investment with Colin Murphy

Author: Colin Murphy

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Hosted by Colin Murphy, the Torcana podcasts are for anybody who wants to learn more about building a rental property portfolio with strong cash flow and stable tenants.

In plain English and with lots of real-life examples, Colin & his guests talk about the lessons learned and mistakes made when buying, renovating, managing and selling millions of dollars worth of rental properties. They focus on the nuts and bolts of real estate investing and try to give actionable and practical tips with every episode.

How do you analyze deals?
What is the best way to invest out of state or overseas?
How can you find good managers and contractors?
What are the major mistakes to avoid when renovating and renting?

Tune into our podcasts for your answers!
36 Episodes
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Torcana Podcast 36: Interview with my Business Partner David Shaw, Tampa Real Estate and Renovation Expert In today's special podcast Colin Murphy invites his long term business partner David Shaw to chat about his career, how he became involved in real estate and his views on what it takes to become a successful investor. A wide range of topics were covered in this show which included: - How Colin and David originally met each other in Ireland - How they started a new business at the start of the downturn in 2008 - The challenges they overcame when reinventing the business again in 2014 - How to scale a property flipping business - The importance of feedback from the ground - How to avoid getting screwed by contractors - How to handle the (inevitable) stress and mistakes in the real estate business - The key habits of successful investors - And much more! Further Information www.torcana.com colin.murphy@torcana.com david.shaw@torcana.com
Torcana Podcast 35: How to Overcome Big Risks & Fears When Investing Host Colin Murphy is back in the podcast booth after a summer hiatus to talk about the fascinating topic of risk and how important it is to accept it and to have a healthy appetite and respect for it. The risk or more accurately the fear of risk is the reason a lot of people don't invest in real estate or stop investing at the first sign of trouble. We often trip over ourselves when it comes to investing because of the way we subconsciously think about losses and gains. Our brains are hardwired by millions of years of evolution to be more afraid of losing than afraid of missing out on a gain. It is an instinct that helped our ancestors protect today's food rather than risk it for more food tomorrow. When people were hunter-gatherers who lived on the edge of survival every single day, that was a very helpful instinct to have and for the majority of our existence as a species, it served us well and didn't disappear just because we had agricultural and industrial revolutions. Getting back to the 21st Century, the technical term for how we subconsciously place far more importance on avoiding losses than accumulating gains is called loss aversion and it affects a huge range of decisions we make all through our whole lives. Example 1: Many people either hoard too much of their wealth or invest it in ultra low-risk products that generate little interest or protection against inflation. Example 2: People to avoid selling a stock that is falling because they cannot accept the reality of a loss and paradoxically, the same fear causes people to sell a stock too quickly after it rises just to lock in some profits. Using theses and other incredible real-life examples, including how casinos & big corporations exploit our fear of losing to their own advantage, Colin discusses how to move beyond these ancient instincts when making both small and big decisions. Recommended Books "Thinking, Fast and Slow" by Daniel Kahneman
Hi everybody and welcome to Torcana Podcast 34! Those who have been waiting patiently for a new guest since Kathy Fettkes great podcast in Episode 31 will be delighted to hear that I have. Jared Garfield is today's guest and he is one of the top real estate investors and educators in the country. Jared and his teams have closed, renovated and managed over 3,000 properties in 5 states. He also runs a successful real estate coaching platform and has trained more than 1000 clients as they build real estate portfolios. In a wide-ranging interview, Jared and I covered a wide variety of topics including: - How Jared got hooked on real estate when his grandfather allowed him to fly around Utah in a small plane looking at real estate opportunities - The painful lessons he saw his grandfather learn about market cycles and how he applies them to his own successful business today - We examine the differences between overpriced and underpriced markets - We look at what types of properties baby boomers and millennials will be buying & renting in the coming years and how you can profit from them. - And much more! Further Links Free report: jaredgarfield.com/report Jareds Podcast: http://roiwealthwatch.libsyn.com/ Jareds Website: http://roiturnkeyproperties.com/ Contact Torcana Show Host Colin Murphy colin.murphy@torcana.com www.torcana.com
The theme of today's show is the five important steps to get to financial freedom. One way or another, I think we all aspire to have financial freedom. That means different things to different people, but for most of us, it means having enough money arriving in your bank account each month to cover your bills and responsibilities whether you're actually working or not. Financially free people can retire whenever they want, but most keep working on stuff they love doing. I think that's a place we would all like to be right? 1. You need a good team You can't get rich on your own. If you did, then you a) you must be brilliant and b) you could have done it a lot quicker with some help. In order to build a real estate portfolio, particularly out of state, you need, in no particular order - property manager - lender - realtor - turnkey provider - bookkeeper & CPA - attorney - insurance agent - mentor / senior person to rely on If you're a property flipper like I am, did you need all of the above and several more such as contractors, roofers, AC guys, electricians, plumbers, title agents, wholesalers, admin assistants and last but not least, like-minded business partners who you can push you forward or hold you back depending on your impulses. 2. Live below your means for a long time To accumulate wealth you need to live below your means year after year after year and consistently invest that excess. It sounds obvious when you say it out loud but a lot of people who have aspirations to get rich don't do it. They invest very little or very infrequently or spend everything they earn (and sometimes more) because they put lifestyle ahead of wealth. Getting a pay rise and using the money to get a nicer car or go on a nicer holiday is easy and its what we're encouraged to do by big corporations. Learning to save enough to invest is a habit that can be learned by anybody. Some people might have that habit naturally, but it can be learned by anybody. There are plenty of sensible millionaires in their 40s and 50s who will freely admit they were stupid with their money in their 20s and didn't start using their income productively until they were much older. 3. Don't take too long to create that nest egg It could take 40 years if all you're doing is putting money in a 401k. A 401k can give you financial freedom but its super slow and to be honest, its a little lazy. I think it is a bad idea to rely on someone else to take care of your finances. Getting a team is important but everybody should take responsibility for their own finances. If you're in a well paid corporate job, it is a good idea to take advantage of a 401k, but it should only be one stream of many. There are lots of ways to get financial freedom outside of the 401k world. Real estate is a big one, but there are lots of investment opportunities out there if you take the time to find them. Doing it in 5 years involves a lot of risks and good luck. 10-20 years is very doable with the right amount of planning and discipline. If you are literally starting now, then assume it will take 10-20 years and to build a multi-million dollar portfolio that will generate enough income for a comfortable lifestyle. That's if you're taking it seriously the whole way through. 4. Leverage is your friend, but don't go crazy on it I'm a big fan of leverage. It is great that you can use the banks' money to buy multiple properties at a fixed interest rate and use the tenants' money to pay your principal and the interest. That is is a good deal! Millions of regular folks have gotten very rich by taking advantage of it. However in the short and medium term that "good deal" adds nicely to your net worth and pretty slowly to your income. Unless you have a massive portfolio, you only generate "financial freedom" volumes of income from real estate when those mortgages are paid off. So there is a balance to achieve and it will depend on your age and appetite for risk. For example, if you were in your late 50s and hoping to retire in 10 years, don't go remortgaging your properties to buy more. Pay off the ones you have and live on that free and clear income. If you're in your 30s and early 40s, then you should put a priority on accumulating assets but make sure they all have adequate reserves and equity cushions. Whatever you do, don't ever release equity on a house to improve your lifestyle. I buy properties in foreclosure auctions from people who do that. Don't remortgage your house to buy a car, take a vacation or renovate the kitchen. If you are taking on debt, only do it if you are investing it in something that will pay a substantially higher return. 5. Anybody can do it but keep educating yourself and hang around with the right people. You don't need to be a genius to achieve financial freedom at a much younger age than most people. You don't even need to be above average intelligence. Anybody can do it and anybody has. What you need is some discipline in managing what you earn. You need to keep educating yourself by reading the right kinds of books, listening to the right kinds of podcasts, and even more importantly, hanging out with the right kinds of people. If nobody in your circle of friends is taking investing seriously, then your chances of doing it are pretty low. I'm not suggesting you dump your buddies, but do start looking for ways to spend time with people further ahead of the curve than you are. Go to networking events, mastermind events, REIA meetings. Don't just ask people to give up their valuable time to help you either. Flip that thinking and instead offer to help people that have something to teach you. Those that give, receive. Contact Colin colin.murphy@torcana.com www.torcana.com
Podcast 32 - Timing the market vs time in the market Earlier this month I was a co-host at an investor conference in Tampa. I had a lot of fun meeting a mix of old friends and investors just getting started on their journey. One of the things I noticed on the sidelines, particularly among the first-timers, is that they were worried a lot about what might happen in the near future. Some worried that prices were going up too fast, some that they were about to fall steeply. Others that rental yields were falling too fast or that interest rates were getting too high. I'm going to dig into the importance of these issues today and if there is one key theme it is that "time in the market" is much more relevant than "timing the market". Enjoy! colin.murphy@torcana.com www.torcana.com
I have an awesome guest on todays show! Kathy Fettke is one of the most respected voices out there in the Real Estate industry and someone who I've had the honor or knowing and working with for almost 3 years now. Many of you will have heard of Kathy, but for those who haven't, she is the CEO and Founder of Real Wealth Network, an organization dedicated to helping members get the most current and cutting edge information they need to succeed as real estate investors. Kathy is a frequent guest expert on such media as CNN, CNBC, Fox News, NPR, CBS MarketWatch and the Wall Street Journal. She is the author of the #1 best seller, Retire Rich with Rentals and is host of The Real Wealth Show. She is also a very active real estate investor! We covered a lot of topics in today's show including: How Kathy got started in Real Estate How her company is helping thousands of people to build passive income streams through rental properties The mistakes Kathy sees people making when prices are rising fast Her thoughts on the current market and key investment strategies for 2019 Opportunity Zones and why they are going to be a big deal this year How Kathy manages a super hectic schedule and her advice to others looking to find more time for investing PLUS: Learn about the time Kathy accidentally bought a house that was about to be condemned! Show Links Real Wealth Network Website https://www.realwealthnetwork.com/ Kathy Fettke Profile https://www.realwealthnetwork.com/team-members/kathy-fettke/ Live Event in Tampa 9-10 February https://investor.realwealthnetwork.com/connect/live-events-2/ Map of US Opportunity Zones https://esrimedia.maps.arcgis.com/apps/View/index.html?appid=77f3cad12b6c4bffb816332544f04542 Real Wealth Network Webinar on Opportunity Zones https://www.youtube.com/watch?v=PzO61ZyJDSA Kathy's Podcasts https://www.realwealthnetwork.com/learn/?wpv-category=real-wealth-show-podcast-podcast www.torcana.com
On today´s show I had the pleasure of welcoming Keith Weinhold to the Torcana Podcast! Keith is a well known investor and educator who is host of the GetRichEducation Podcast and the website getricheducation.com. He is also a writer for Forbes Magazine, a best selling author and a successful real estate investor. We covered a wide range of topics on episode 30 which included: - How Keith got started - The economic and demographic trends investors need to be aware of - The key habits and traits of successful investors - How Keith organizes his time and manages multiple businesses from a base in Alaska - The FIVE ways real estate investors get paid from rental property - PLUS a very funny story about some of Keith's earliest tenants Useful Links https://www.getricheducation.com/ https://www.getricheducation.com/podcast/ Five Ways you Get Paid: https://www.dropbox.com/s/vlfshqqvx1mboeh/Five-Ways-Real-Estate_Pays-You.pdf?dl=0 Link to my interview on Keith´s Get Rich Education Podcast: https://www.getricheducation.com/episode/214-cash-flow-appreciation-in-one-market/ Contact Me colin.murphy@torcana.com
In todays podcast, Colin Murphy answers 25 of the best questions he is most often asked by prospective investors. For example: What is overall impact of hurricanes and how do they affect Tampa rentals? What are typical property management charges? Do we sell properties in good school districts? How much money should you set aside for vacancies & maintenance? What capital appreciation are we seeing right now? How do I get over analysis paralysis? And many more! To make things simple, all of the questions are divided into five categories: (1) Insurance & Hurricanes, (2) Property Management, (3) Local Neighborhood & Property Types, (4) Cashflow & Appreciation, (5) General Strategy. As always, feedback from our listeners is always very welcome, as are reviews in your preferred listening platform! If you´d like to contact Colin directly, please email colin.murphy@torcana.com
In today´s show, real estate investor Colin Murphy discusses how he analyses property markets, avoids common pitfalls and only buys homes that have the highest potential to make stable rentals. Among other things, Colin recommends - Looking for markets with fast growing populations and strong job markets - Sticking with landlord friendly cities with reasonable tax rates - Buying in local economies that are big and diverse - Buying in neighborhoods with lots of first time buyers and owner occupiers - Identifying the lower middle class homes that have rental and resale demand in every cycle - Avoiding unique houses and coastal locations. - Focusing on concrete homes built after the 1970s. - Becoming an expert in specific geographic areas. And much more! Contact details: Colin Murphy Torcana.com colin.murphy@torcana.com
After a long absence Tampa Florida investor Colin Murphy is back in the Torcana Podcast booth to discuss the best ways to balance a strong cashflow (which we all need to pay our bills) with solid capital appreciation (which is how we make real money). Among the many topics touched on in this short podcast are: 1. How investors often compare deals in different markets using year 1 cashflow predictions only. 2. How a high growth market can add annual equity equivalent to an entire years income 3. How population and job growth underpin a solid market 4. The five ways we earn money from real estate More information: colin.murphy@torcana.com www.torcana.com
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