Distressed Real Estate: Keys to Success and Building a Multimillion Dollar Portfolio with Noel Parnell

Passive Wealth Strategy Show - Real Estate for Busy Pros

How can you successfully tackle distressed real estate investing when so many others fail?

Noel Parnell shares his journey from getting started with distressed real estate investing to now owning over 400 units. He provides specific tactics on how he was able to rehab properties down to the studs, manage contractors effectively, and scale his portfolio.

Noel Parnell, a Philadelphia native, has been interested in real estate for as long as he can remember. Always a visionary, Noel recognized an entry point into the field that he had once dreamed about during the peak of the 2007 Great Recession. What was a loss for some, was the launchpad for a dynamic and fulfilling career. Noel’s initial work was focused on rehabilitation. Relying on his strong work ethic, an intimate knowledge of his hometown and an innate business savvy, Noel acquired severely distressed properties and transformed them into beautiful homes.

During this period, Noel’s childhood interest changed into his passion. He became a dedicated student of the business of real estate, learning both through traditional study and hands-on practical experience. To date, Noel has engaged in over 100 real estate transactions in the United States and abroad. He has amassed a portfolio of over $6 million, which includes undeveloped/underdeveloped land, single and multifamily units as well as commercial properties. Prior to the takeoff of his real estate career, Noel worked as a scientist for GlaxoSmithKline as well as in program management for several prominent pharmaceutical companies. He was a member of the 2008 Olympic team for the US Paralympic Team. He is an avid runner, swimmer, cross fitter, jiu-jitsu and Muay Thai athlete. Noel has successfully leveraged the discipline, creativity and organization skills developed during these experiences to inform his current business strategy.

(00:03:10 - 00:05:53) Opening Segment

• Noel was motivated to invest in real estate after losing his job in the 2008 financial crisis.
• He started knocking on doors of distressed properties, trying to help homeowners avoid foreclosure.
• It took 3 years of persistence before he got his first deal.

(00:05:54 - 00:09:25) House Hacking and Learning Construction

• Noel house hacked a distressed property he bought from a retiring landlord.
• A bad contractor experience motivated him to learn construction himself.
• He studied real estate and construction books at the library to gain knowledge.

(00:09:26 - 00:16:56) Managing Contractors and Crews

• Noel takes accountability when contractors underperform instead of blaming them.
• He learns about his crew's culture and schedules to lead effectively.
• Following detailed processes and check-ins keeps projects on track

(00:16:57 - 00:22:29) Pivoting from Distressed to Multifamily Investing

• Noel fixed up about 95% of his 136 doors.
• He pivoted to multifamily to increase net worth faster.
• He still buys distressed properties for his son's portfolio.

(00:22:30 - 00:29:00) Closing segment

Best deal: A 20 unit complex in Houston, Texas

Worst deal: A house flip

Top lesson learned: Never accept the No from someone who doesn’t have the power to tell you Yes.

Quotes:

"Never accept the No from someone that doesn’t have the power to tell you Yes." - Noel Parnell

"When contractors underperform, it's on me to hire them." - Noel Parnell

Connect with Noel:

Website:

https://crowncapitalcorp.com/

Apply to Invest with Taylor at www.investwithtaylor.com

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