Building Wealth Through Mobile Home Park Investments - Episode 68
Today, we're diving into the world of real estate, but with a twist. We had the awesome opportunity to chat with Walter Johnson, a real estate expert who has found his niche in mobile home parks. Walter wasn't born into the real estate world. He stumbled upon it in his teens, thanks to a mentor, and took a leap by investing in his first property in Arizona. He saw the potential in mobile home parks for creating wealth and community improvements and never looked back. Walter's journey from borrowing $1,500 from his girlfriend to building a multimillion-dollar portfolio is nothing short of inspiring. If you've ever wondered if there's more to real estate than just houses and apartments, this episode is for you.
About our guest:
As the Founder and CEO of Sonos Capital, Walter Johnson has carved a notable path in the real estate investment sphere over the past two decades, managing transactions that have amassed millions. His profound expertise in the field has not only earned him a place on the Board of the Manufactured Housing Communities of Arizona but also led to his election as a Board Member of the City of Mesa, AZ Housing Committee, with the honor of being sworn in by Mayor John Giles. Johnson has received national recognition for his efforts in providing affordable housing and fostering communities for middle-class families. Currently, he dedicates his efforts to guiding busy professionals and passive investors towards opportunities in Mobile Home Parks and Communities. For a deeper insight into his impactful work, visit Sonos Capital's website at www.sonoscapital.com or check the link in his featured section.
https://www.sonoscapital.com/
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TRANSCRIPT:
Naseema: What's up, my financially intentional people super honored to have Walter Johnson join us and Walter is an entrepreneur, real estate guru, specifically in the area of mobile home parks. Interested to hear his story and get to know. What it is about real estate that can really shape your path to financial independence.
So welcome to the show, Walter. How are you?
Walter Johnson: Thank you for having me. Yeah. Thank Of course, of course. I want to talk about like your background. How did you get into real estate? Where is this something that was, wasn't your family? Like how did it all get started?
Yeah. No, so it wasn't my family. I just by,
I had a real estate mentor when I was in my late teens and that turned me on to real estate. Now it wasn't necessarily turning into real estate as far as fix and flips. It was actually the idea of owning a whole bunch of a massive amount of like single families homes. Cause that's what [00:01:00] he did at the time.
And that would led me on my path.
Naseema: So you learned about it in your teens, when did you start really investing in real estate for yourself?
Walter Johnson: So I learned it by my teens. I would say 19 or 20. I moved to Arizona when I was 21. My cousin got a job out here and I came to celebrate with him. So I picked up a newspaper and found, houses were a lot cheaper in Arizona than what they are in Southern California we're
Naseema: Okay.
Walter Johnson: A new house for 100 grand versus 450, 000 Mm hmm. Mm hmm. California. With my knowledge, I actually had bought my first house a year later. And as a single family home, brand new. And I bought single families and apartment buildings. I had a majority single family homes. And so when I was probably about maybe 25, 26, I think my net worth was right around about 2 million, but it all consisted of single family homes.
So that's when I learned [00:02:00] having, 30 or so or 20 some odd single family homes wasn't ideal because they're all spread all over the place. And it's, it's a lot of work to actually have them. So a light bulb went off and that's when I really started getting into it. Actual multifamily,
Naseema: Okay, let's rewind because you said that you had a net worth of two million spread out across like different real estate, different single family homes, right? Okay, that's not common. So let's talk about Those first couple of deals, how did you find those deals?
You were in your 20s. Were you working with a group? Explain a little bit more about that.
Walter Johnson: No, I actually wasn't working with the group. I did it by myself. I saved money. It wasn't girlfriend at the time, she lent me she had a, she was going to issue. She had a she would get money, like a grant from ASU, but I think she got one for 2, 000. And she said I'll try.
I believed in you. So she gave me 1, 500 to put down on my purse house. And [00:03:00] so that house I kept for a couple of years. We bought it for 140, 000 and I sold it for I made six figures. I think we sold it like 289 or something like that. So we did well. And then I bought an apartment building right after that.
And I, and I sold it 4 months later. I think I made like 260 or 270. So you can see these huge, these huge spreads on these homes. And so what I've started doing is actually just buying them, but instead of, sell them. I just kept them. And that's how it your net worth can increase.
However, it's, it's I don't recommend single family homes for investments.
Naseema: That's amazing. To say, , you got a $1,500 loan from a girlfriend and that turned into a multimillion dollar portfolio in your twenties. That's incredible. For context, what years were you first buying these?
Walter Johnson: I bought my first so the first investment I bought I put the [00:04:00] money down. You put the money down, you wait for it to get built. I think I put that down in September of 2021. Got billed for another eight months later.
Naseema: This is all relatively recently that you just started investing.
Walter Johnson: Yeah. I would say 2000,
2001 2002, excuse me, excuse me.
Naseema: I was thinking it had to be towards that time because of the prices that you were naming, especially. But that was also, we were coming out of this housing market crash and stuff. So it was a kind of different environment to buy in, right?
Walter Johnson: Had a mid 90s housing downturn, and then we actually had the dot com bubble.
Naseema: the.com bubble that was then. Okay. All right. So two early, two thousands. And then you were able to take the proceeds from that first house, buy an apartment building. So those two you did not hold, but you took the proceeds for that, and [00:05:00] then you started buying and holding single family homes, and then that got you, got you to the net worth of 2 million.
Walter Johnson: Yes I didn't necessarily take the, the, the proceeds I was saving money as well.
Naseema: Okay. Mm-Hmm?
Walter Johnson: But when you buy a single family home, let's say you put down 100, 000 because you buy, let's say you make 700 bucks a month, but now you're broke, so to speak, right? Because you already put money, you don't make that much money on single family homes.
So it was constantly of saving money to actually buy the next. The next property, right? And it wasn't producing that much cashflow. And that's when I actually,
Naseema: Yeah, so then you came to Mississippi, that single family home, buy and hold wasn't it. How did you figure out what you wanted to do next?
Walter Johnson: so I had, so I was a mortgage broker at the time. So it allowed me to actually leave my office and look for a property in the daytime. Yeah. I did have that opportunity to leave an office that some people, some [00:06:00] employees can do but you're buying a house. And it's 30 minutes away from your office or your home.
Then you have to look at another home, for maintenance. It can get in the way of your job or your family or your weekends.
Naseema: Mm hmm.
Walter Johnson: I had a client of mine named Jerry and says, have you ever looked at mobile home parks? And I was like, no, no, no. I never looked at that. Cause I thought at the time I was like, I have the pretty stuff.
I got the land, I got the apartment buildings, I got the houses. I got a house, wrinkle house off the lake. I got some condos. I was like, I got the cool stuff. And so I never, thought about it until probably about 2000 and I'd say 2012, 2013, I was looking at parks and what, how income producing.
Parks, mobile home parks actually work and it was just, it blew my mind. So I sold my last apartment building in 2016 and bought a part about a year later.
Naseema: Yeah. Mobile homes aren't typically what [00:07:00] people would call desirable real estate, right? Stigmatized for when people think like the common people that don't know about real estate, you think about mobile home parts. You're like, I don't know what kind of people live in a mobile home, but they're not.
Necessarily really pretty to look at and so I can understand why you're just like, Oh, it's just, this is a thing. It's something that's stigmatized. But what was it about? The difference between owning single family homes are apartment buildings and mobile home parks that really tipped it for you to go in that direction.
Walter Johnson: Go into their garage and that's it with parks.
You actually turn around a park when you put in new homes and you're cleaning up the park. It's actually a direct benefit to them. They actually see it and you become part of that community. Just say another 1 is that, let's just say I'm working on this 100 space, 102 space mobile home park and buying it for.
2 million. And by the time we put in about 40 homes and increase the rents to what [00:08:00] they currently should be in today's market and decrease the expenses, it'll be worth 7 million. So to create that type of, 5 million equity is really tough to do in single family homes.
Naseema: yeah, definitely. And I love that. Like building up community pieces. Typically people get into real estate for, they want to generate passive income. They want to do all these things, but to get into real estate and, be motivated by building communities and improving communities is certainly admirable.
Typically, what areas are these mobile home parts that you invest in?
Walter Johnson: Currently the one I just mentioned right now, this is actually in Arizona, but we look at several States. I'm located in Arizona. I, I, I'm a big component of being in your backyard as well. You invest in your backyard as well as other states. So we look at about 13 states as well.
Naseema: Okay. And so when you're evaluating the mobile home parts, do you take existing [00:09:00] mobile home parts and then put in a whole bunch of work to improve the land, the mobile homes themselves? Walk me through that process a little bit.
Walter Johnson: So we'll look at a mobile home park and we'll look at the conditions and how many vacant spots there are. And we look to fill up vacant spots when new or used homes. We typically don't keep the park owned homes, what they're called. That means that the park actually owns those homes.
If we actually do. By a park that actually has parkland homes, we usually look to sell over it to own or get rid of them.
Naseema: So what does that mean? Does that, so if the people in that park own homes individually?
Walter Johnson: Yeah. People that own the homes or own the park at times can own the homes in the park. You don't actually want to keep those homes or take ownership. It's because your expenses, you don't make any money with owning a mobile home [00:10:00] because when you own the home, right? Like you have your landlord now.
Naseema: So you just own the park, meaning that you own the land that the mobile homes are on. Okay. It's different from single family homes.
So when you're looking to buy a mobile home park, they're already existing, but you're just buying the land in which the homes are on.
And then you're going in there and you're doing improvements on the land themselves, like the infrastructure okay.
Walter Johnson: Yeah, not necessarily improvements. We're just putting in a new, newer use homes, decreasing this and increasing the income based on the market.
Naseema: If you're not interested in being a landlord, so you guys don't own the homes you sell those off. Like, how does that work?
Walter Johnson: Yeah. So we'll sell them. They have lenders that actually lend to buyers of mobile homes, or we do what's called a rent to own, they'll pay so many rent payments and they'll actually own it. And if it's just cheap enough, we'll actually just give them the home. Let's just [00:11:00] say 5, 000.
We don't want the headache of actually managing that home. So we'll just give it to them.
Naseema: You essentially just own the land.
Walter Johnson: Yes.
Naseema: Okay. And then, so with mobile homes, with people who are owning those homes, they have to pay a certain amount of money a month
Walter Johnson: Yeah. The only
Naseema: to, to be on the land.
Walter Johnson: but it's either called space for a lot, right?
Naseema: So therefore you're not a landlord of. The, the mobile homes, you just are collecting a lot, right? And that's where your profit margins,
Walter Johnson: Yes. I would say we're laying on top of that.
Naseema: Okay. Okay. Do you ever develop new parks? Go to an area by drop by lane and then
Walter Johnson: No, no. the city, most cities in the U S actually the cities and the counties do not. Approve mobile home zoning is because of the cities and counties actually don't make money on mobile home parks due to the taxes Because you don't it's raw land. Let's just say for the most part, but you don't own the home and [00:12:00] the taxes for Mobile homes is it's not a lot of money.
So let's just say if you have a mobile home and it's for 40, 000 and the taxes, let's just say, are 1 percent so that the county or city is making 400 a year so they don't particularly care for mobile home parks.
Naseema: And then mobile homes, obviously are called mobile homes because they're mobile, but the
mobile homes that you guys. That's what I was going to ask. So these are, these are homes that are, they're going to stay there. It's not like for people who are coming in and bringing homes and then, Leaving these homes are, yeah,
Walter Johnson: Yeah, they stay there. It takes about 15, 000 to move a mobile home or manufactured home into another park and most people don't do that.
Naseema: so taking the word mobile out of it it's really just a manufactured home. Yeah, just a smaller scale that are on these lots. What specifically makes [00:13:00] what's the difference between you can buy a single family more manufactured home versus what's considered a mobile home.
Walter Johnson: They don't make mobile homes anymore. So it was mobile. Once they move, usually they actually just stay in the park. So mobile home. Let's just say is just a term that's actually been around for quite some time, but they're called manufacturer homes.
Naseema: Okay, so it's just vernacular it's just semantics, it's just, okay. All right. Just making sure, like I said, I gotta get caught up where you at, cause,
alright, let, walk me through first of all, you have a syndication group and talk, walk us through, like, how you started that and then what a typical deal looks silence. Silence.
Walter Johnson: vehicle to actually make money from cash from, from day one. So when you actually look at a let's say a single family homes, I know I'm beating those single family homes, but [00:14:00] that's actually what's popular and it's the lowest barrier to entry.
In real estate, when you actually look at that, and let's say you buy one and you're making your full 500 bucks versus 800 a month, you're actually not looking at the expenses. And what you're doing is that you're actually hoping that it increases the value in the upcoming years, right? if that's the definition of speculation, so you're speculating that it's actually going to go up.
Now we can actually take the 2008 recession and saying, how many actually of those rental properties went to the bank? Now, if they're great investments, a lot of, we didn't hear about, apartment buildings go into the bank unless they were over leveraged, but we didn't hear about that or mobile home parks.
So. That's a, my site, my soapbox on single family homes. So when I bought my park, I did extremely well on it and I said I want to do this 10 times. And so what I wanted to do is create a syndication so I can actually have other investors, accredited investors, actually invest in cashflow properties that [00:15:00] really do well.
Naseema: you remind us what an accredited investor is?
Walter Johnson: Yes. And accredited investor is that the individual that actually makes 200, 000 a year Or 300, 000 a year household and has a net worth of a million dollars or more minus their primary residence
Naseema: It's either or, or both.
Walter Johnson: either or
Naseema: Okay. So to become an accredited investor do people have to go through like a certain process through a bank or they just have to prove that they
Walter Johnson: yeah, they haven't proven it through CPA or there's actually financials or there's third party verification services.
Naseema: Okay. Okay. So once somebody has established that they are accredited and they're interested in doing a mobile home part deal. What does that process look like?
Walter Johnson: Yeah, they'll just reach out to me. We actually make a have a great conversation about what they're looking for. Their investment goals are how much capital they're looking to. To contribute and what are [00:16:00] their expectations? I think that's really important, especially in the investment world property investment world.
And if that makes sense, then we move forward. If it doesn't, we'll, part ways as friends.
Naseema: So can you explain to me the difference between a mobile home part syndication and a single or not single, but like a multifamily like syndication, like the big apartment buildings that people are doing? Typically, what is entry level investment amount, or is there anything different when you look at returns, how people are paid out, like, all of those things.
Walter Johnson: Yeah. So it's, it all varies about how somebody actually creates their fund.
Naseema: Okay.
Walter Johnson: up to, to that I would say, that sponsor saying, this is what I want to create and this is what I want to advertise to the world. Our two potential people that want to join my syndication. So ours is 50, 50 cashflow, 50, 50 equity split.
Once we actually sell a mobile home park, we split 50, 50 of sales proceeds [00:17:00] and they get a 10 percent deferred rate of return. So it's very attractive for our credit investors to buy or to actually join us in a syndication. The reason why we're actually able to offer those is because mobile home parks actually generate a strong enough cash flow to where we're able to disperse a lot of that profits to our investors.
Naseema: 50, 50, when you say 50, 50, you mean 50 percent goes to the capital group and then the 50 percent goes to the pool of accredited investors.
Walter Johnson: That is correct, yes.
Naseema: Okay. And then you said a 10 percent what is that called?
Walter Johnson: So the capital that they invest, they get a 10 percent for return on their money.
Naseema: Is that,
Walter Johnson: the 2%.
Naseema: is that annually? Monthly? Like how does
Walter Johnson: It's it's they get a quarterly distribution.
Naseema: Okay. Okay. So somebody comes in typically like how many accredited investors do you work with per deal?
Walter Johnson: It all depends. It all depends on where we're at and [00:18:00] what we want to allow. We fill up pretty quick, but it all depends.
Naseema: I know you have a current deal that you're working on. Can you walk us through what that structure will look like? I'm coming in. I'm a nurse. I got I get accredited and I want to work with you guys. What would be the process? Okay.
Walter Johnson: one is, let's just say you're like, Hey, I like the numbers. It does really well. I usually focus on base hits. I think that's a great way to build up a real estate portfolio, but this one's actually a triple or home run.
I would say that
Naseema: Okay.
Walter Johnson: the owner's pretty due to his health conditions, he's looking to to he's motivated to sell it. And so what that looks like, it's the cashflow is great. It's in the six figures after we pay off our, after we pay our debt and we're able to infill lots with new or used homes and add significant amount of value.
So that's, when you can buy a park for two million and put homes [00:19:00] into it. And in a few years later, it's worth 7 million. I think that's a home run.
Naseema: For me coming in, I come up with 100, 000. First of all, if this is your first investment, 100, 000, 100, 000 capital can sound like a lot, right? But there are some ways that you can access 100, 000 that you may or may not know about, right? If you have a solo for you could do not a solo 401k.
What is it called? Yeah,
Walter Johnson: Yeah, you can do it. If that's the case, IRAs, yeah, they can
Naseema: Yeah, so it's self directed. I'm sorry. So you can use a self directed IRA. So if you currently have an IRA that you have money sitting in, you can use some of those funds to participate in deals like this. Are there other ways people come up with the financing for the deal?
Walter Johnson: Their retirement accounts several retirement accounts of course, cash. And their bank trust fund. So things of that nature. Yes.
Naseema: Okay. Okay. So I'm coming to you. From me, just [00:20:00] being an investor besides coming up with the capital, what other things are expected for me to participate in this syndication?
Walter Johnson: That's pretty much it. We keep it real simple. We actually do the heavy lifting. I wouldn't say it's, I wouldn't say it's passive income for us. Cause we're actually working. We're boots on the ground. It's passive investments to our investors because they get a quarterly distribution and they get their cash out of the property, but we're actually working daily on, on our properties.
Naseema: And typically within your capital group, how many deals like this are, do you guys have going on at the same time?
Walter Johnson: Usually what we try to do, since we're dealing with big properties, we don't try to get our hands full, get overextended with actual acquisitions. That's one. But two is that you don't come across a lot of deals that often not how it works. So currently we have this one and we're actually looking at another park here in phoenix.
So with this 102 space and with this other park [00:21:00] will probably be full for this year.
Naseema: So that means like you, you would acquire a new one, but you have acquired those ones from the past and then you keep those in your portfolio, but then you just maintain those.
How
Walter Johnson: Yeah, we keep them. Yes, we keep them for several years. So if we buy a park, we're not looking to fill it. It just it takes a long time time actually get a park filled up. Change things.
Naseema: So typically as an investor, when I come in I'm looking at like a span of years just getting these returns. So the 50, 50 split, does that come in when it sells or does it come in just from the profits that you're getting?
Walter Johnson: It's both. So it's 50 50 based on the cash flow of the part. And then you have an equity, but you don't receive the equity until you actually, until we sell to the net. And then we have the net proceeds and you receive that and that's the equity when we sell. So we look to refinance usually about 3 years and we'll [00:22:00] pull some cash out there.
Not all of it because we have some loan to value restrictions, but we'll pull some cash out and then keep it for another few years and sell it.
Naseema: When you guys look at getting loans for mobile home parks, is there a specific type of loan that you have to get that's different from if you were to buy an apartment building syndication.
Walter Johnson: No, it's, I wouldn't say it's different. There's different criteria. Yes, that is true, but no, it's some some commercial lenders do parks and apartment buildings, multifamily.
Naseema: So as an investor in this like. When you buy a single family home, like you have all this underwriting, you have all of these things paperwork, all of those things, like, how is that process from investment to sealing the deal?
Walter Johnson: You do have paperwork and documentation and.
Naseema: Mm hmm.
Walter Johnson: Is as you would in a single family home, but the single family home, [00:23:00] when you're buying a single family home, whether it's for yourself. Or whether it's, you're buying it for a rental, they're actually looking at you particular as a borrower. When you're buying, let's say a park or commercial property, they're actually looking at the property saying, how is this going to perform?
So there's, there's different parameters compared to a single family home versus a multi family. One thing as well is that they actually want to see experience. So it's not, when you buy a single family home, they don't care as long as because they're basing it on you. Usually when you're buying a commercial property, a park, or let's say multifamily, they want to see your resume.
Naseema: But, they want to see individual investors resume, or the the portfolio what the group has done
historically, or Okay.
Walter Johnson: person that's looking to borrow the money
Naseema: Okay.
Walter Johnson: he, has done in the past, so they look, what projects have you done? How knowledgeable it's all depends.
Naseema: All right. So typically working with accredited [00:24:00] investors, what is like the demographics, like what kind of people can typically qualify for these kinds of loans and projects? What's usually their background, the people that come to work with you guys?
Walter Johnson: Advisors. You have doctors, you have CPAs, you have attorneys, surgeons, dentists, business owners. So it's all walks of life.
Naseema: Okay.
Walter Johnson: Yeah, I like that. Not only the residents in mobile home parks are all walks of life, but our investors are as well. So it makes it a very colorful opportunity.
What I mean colorful would actually you meet people with different personalities and different backgrounds and actually it's a well rounded I would say investment fund
Naseema: So why do you think it's more important now than ever to be financially secure into get into investments like this?
Walter Johnson: I would you know stress and I think you know your audience would agree is that what we actually seen during covet and then right after covet as [00:25:00] well to where we had jobs layoffs You had amazon laying off. You had facebook laying off. You had google laying off those are people's jobs on their feet their families and I You know, I don't think relying on a job is, is a very wise decision.
And here's the reason why I say that is if you want financial freedom is that when you actually have a job you're relying on, which is an employer, right? Or you have two jobs, but that's an employer. You have one or two people actually providing for you financially. When you buy, let's say a mobile home park, you have 76 employers.
And I think buying multifamily or mobile home parks is actually less way less risky than having a job.
Naseema: Wow, that's a very interesting take, but I like it, like I like the diversification of, having income coming from different places. Places. And so to have this as a possibility or opportunity to be able to, build your investment [00:26:00] portfolio, I think is really a strong idea.
Walter Johnson: You're on to something to, highlight what you just, your question is that when we actually look at the real estate trends and look at the CPI, which is consumer price index, it hasn't gone down. I think it went down 1 percent in the seventies or so seventies, early eighties, which means is that that's actually what we're paying for the cost of goods.
Now, I don't know, but we've never seen, rent or our homes actually go down. During the pandemic. A recession, yes, but that's not anomaly there that they happen, but for the most part, if you actually look at the appreciation of a real estate, it's usually always going up usually. And I think
Provide, have something in five, 10 years, I think that's actually the way to go.
I don't think rent's actually going to go down and go down that much cheaper. I think they're going to just stay up and continue to go up just based on what the inflation and based on historical indexes.
Naseema: So you said something very interesting earlier about not wanting to [00:27:00] be a landlord? And I know, especially during Cove, the landlords were getting a lot of the brunt of the financial. He had taken a lot of financial hits because there were laws where you had to give people passes on paying rent.
You couldn't kick them out in California, especially in the Bay area. If you're a landlord and somebody isn't paying rent, like it's a really, it's very expensive to get someone out, even in Canada, actually much that mom is having this issue Having people at her house that she doesn't want there that, but they're refusing to leave and she has little to no recourse.
So I think that's actually something that people are just shying away from real estate because of that. But this seems like an option for those people that don't want to deal with the landlording and part of real estate and having to deal with it.
Walter Johnson: That's a fantastic perspective and fantastic. I guess something to [00:28:00] bring up. You're talking about the eviction memorandum that actually happened during over until we couldn't kick anyone else out when, if you look at mobile home parks, mobile home parks actually had a 96 percent collection rate apartments had a 74 percent collection rate.
The reason being because mobile home parks. They own their home. So they actually have skin in the game. The last thing they want to do is not pay. And actually our homes that, they get evicted, what your, those pause on evictions, a lot of that was pressed in and that'll, get political here, but in a lot of blue States, you have to, the California is the, the Washington's, the Oregon's, those blue States actually really focused on that.
But, and then actually that it went to the supreme court, and it lost because you're affecting the business now making money. So I don't think those memorandums actually come back like they were during COVID, but I think you actually make a valid point.
[00:29:00] People can't shy away from those. And I don't invest in, I would say blue States invest in red States.
Naseema: Not being political at all.
Walter Johnson: no, that's looking, yeah, but, but when you're looking at, you're owning property, you like, are responsible ultimately for that property. And when you can't remove somebody from your property it's happening because now the onus is on you, you're paying attorneys for all this stuff.
Naseema: So a lot of people, especially in the middle class as well, is tied up in real estate. And it takes away it collapses that middle class because those people are now financially devastated. So I think it's important to know That, these are just really good things to consider when you're looking at buying homes, renting out homes, becoming a landlord, all of these things.
That's what people typically associate with real estate, but there's other options out there.
Walter Johnson: What happened [00:30:00] with that memorandum is that I got here in Arizona. One, the government said mobile home parks are actually essential workers. So we were able to
Naseema: Okay.
Walter Johnson: the rural lawyers and people working from home or they wanted to travel.
So we weren't losing people because we were gaining people, we were losing incomes because we were people were just, Hey, I'm going to travel. I don't have to be in the office. The government gave me, they, they actually said, send your own business, your rental. You have a certain portfolio.
And so they cut me a check for, I filled it out. How many people left, how many, how much money we actually lost. And they cut me a check for 50 grand. So, we're essential and I think, other property owners probably had that, but we were okay.
Naseema: Because you can prove that
within the
Walter Johnson: a
Naseema: Yeah.
Walter Johnson: nightmare is what people think it was.
Naseema: Okay, [00:31:00] a little bit interesting to know. So as far as people coming to work with you, people wanting to work with you, meet you possibly get in on this indication that you have open right now, what is the best way for people to get in contact with you?
Walter Johnson: Sure. Sure. They can email me. It's a Walter at Sonos capital S O N O S capital. com. Or they can reach out, they can call my office area code 4 8 0 6 7 4 2 0 3 5. Those are the
Naseema: And, okay, and if there's one money lesson that you want people to take away from this episode, what would it be?
Walter Johnson: I would say really look hard and saying, this is actually how much money I want to have in, let's just say passive income or real estate. And I would, and I would shoot for that. It's possible, it's doable and I would create be around people that's actually doing it to help your journey.
But I definitely would say, make that dream a reality.
Naseema: I love that. Change your circle of influence. I would always aim to be the dumbest person in [00:32:00] the room. That's like my motto. Thank you, Walter. I learned a lot on this episode and thank you for being patient with me and breaking things down because this is a new space for me. So I really appreciate you.
Walter Johnson: Yeah, absolutely. Hey, thank you for having me on once again.
Hey there I’m Naseema
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