Have you been told that all you need to do to find success in real estate is to persevere but are still left feeling lost and frustrated? In this episode, you’ll discover the key components to achieving real estate success that go beyond just perseverance – from mastering underwriting and due diligence to leveraging the wealth-building wisdom of Robert T. Kiyosaki and Grant Cardone – so you can finally make the breakthrough you’ve been searching for.
“Lean into it even if you’re uncomfortable; that’s usually a sign that is the thing that you need to do.” – Derek Vickers
This week on the Business Legacy Podcast, my special guest is Derek Vickers. Derek is the founder of Viktory Real Estate Group, has built a successful career by adopting a relentless commitment to his goals and overcoming adversity through perseverance. Derek’s journey began in Virginia, where he realized the importance of building a legacy for himself and his family. After moving to Florida in 2012, he pivoted from a difficult start in insurance sales to becoming a regional manager with 100 salespeople under his leadership. Derek’s dedication to success led him to the world of real estate, specifically mobile home park investments, where he has since excelled by navigating the challenges of managing and acquiring properties.
In this episode, you will be able to:
- Triumph over life’s obstacles by staying committed and persevering in the real estate industry.
- When investing in mobile home parks, grasp the significance of underwriting and due diligence.
- Tackle infrastructure hurdles and adapt to the changing landscape of interest rates.
- Develop wealth through the asset-building wisdom of Kiyosaki and Cardone.
- Impact lower-income communities by cultivating a legacy of financial education.
As a former insurance sales leader with over a dozen reps working underneath him, Derek Vickers has experience in sales, business management, and dedication to his clients. He was able to take his passion for helping others and real estate to create Vicktory Real Estate Group in 2020.
Day in and day out, Derek and his team of Mobile Home Park (MHP) experts, find, acquire and sell MHP properties across the country. By being able to provide value-add properties to the VRG real estate portfolio, Derek and his team are able to improve the living conditions of the 5000+ residents and 200+ lotsthat live in VRG parks.
The ability to improve the lives of so many, provide affordable living to those that are the most disadvantaged, and provide protection from developers that look to change affordable living properties to expensive developments is what keeps Derek and his team working hard each and every day.
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Chapter Summary below
00:00:00 – Introduction,
Host Paul Dio welcomes guest Derek Vickers, founder of Victory Real Estate Group, and asks him to share his backstory and how he got into real estate.
00:01:24 – Starting in Real Estate,
Derek shares his origin story, including how he moved to Florida with just $300 in his pocket and started selling insurance. He talks about his desire to build a legacy for himself and how he eventually got into real estate, specifically mobile home parks.
00:06:50 – First Deal,
Derek talks about his first deal in mobile home parks and how it fell into his lap after the original deal he was going to work on fell through. He shares his thoughts and feelings as he made the decision to jump into the deal, even though it was a big value-add project in a scary park.
00:09:57 – Adjusting to the Current Market,
Derek talks about how the buy box for real estate investors has gotten smaller due to the increase in interest rates and higher prices. He discusses the importance of being mindful when putting a property under contract, doing third-party reports, and dealing with banks that may not show up on closing day. He also mentions the challenge of finding deals with higher returns in a market flooded with cheap money.
00:13:24 – Advice for Accredited Investors,
Derek provides advice for accredited investors looking to invest as an LP, including the importance of researching the person they are investing with and looking at their track record. He also emphasizes the need to understand the risks and challenges of owning mobile home parks, such as the potential for high infrastructure costs.
00:14:34 – Importance of Experience and Underwriting,
Derek emphasizes the importance of ensuring the person you trust with your investments has experience and knowledge of the industry. He also stresses the need for accurate underwriting, especially in mobile home parks, where expenses are often higher than expected.
00:15:31 – Best Business Decision,
Derek believes his best business decision was to leave his previous company and start his own brokerage. He regrets not doing it sooner and wishes he had trusted his intuition.
00:17:13 – Worst Business Decision,
Staying in a bad situation for too long was Derek’s worst business decision. He urges entrepreneurs to trust their instincts and not let comfort hold them back.
00:18:40 – Legacy and Impact,
Derek wants to be remembered for helping lower-income individuals better understand financial literacy and become successful entrepreneurs. He believes it’s important to share knowledge and resources to help others achieve their goals.
00:21:26 – Financial Literacy,
Grant Cardone and Robert Kiyosaki were Derek’s biggest inspirations in understanding finances, assets, and liabilities. He learned that assets are key to building wealth and making a positive impact on the world.