Reid Fogler grew up surrounded by conversations of real estate. He watched what individuals in the industry were doing and the impact they had on the larger business scene at hand. When he went away to school, Reid noticed how the rich kids seemed to always have parents who were connected back to real estate — upon that realization, Reid decided that real estate was the job for him.
“I wasn’t good at academics, but I wanted to be a rich kid [like my peers]. All those kids had dads who were realtors.”
Transferring from Appalachian State to the University of Florida, Reid saved money on his college tuition. This gave him the opportunity to use some of his college fund — an inheritance he received from his grandfather when he was 12 — to invest in his first property. With a mortgage of $627 and three roommates (each paying $200 a month in rent), Reid discovered how nice property investments could be. This began his interest in purchasing other homes and properties within the Gainesville area.
“You gotta use the opportunities you’ve been given.”
Every entrepreneur makes mistakes, and Reid Fogler will quickly tell you that he’s included in this group — but he’ll follow up with the encouragement to not make the mistakes of others. When he entered the real estate market, he listened closely to the stories of people who came before him. This allowed him to dodge the mistakes others had made, making the way for his own mistakes (and successes).
This strategy has worked — Reid has only lost money once, and now he has a 15.1% return on his investments. Now, he’s working to make sure he shares his mistakes with those coming after him.
Woodbury Row is one of Reid’s larger property investments. His contract with Woodbury came to be the same day as his first son was born — a good day in December of 2001.
Now, Woodbury Row is Reid’s main property. While he still has another 30-50 front doors, Woodbury Row is the priority and the project that will continue to be built upon for years to come. Real estate, with the intention of renting buildings out for cash flow, is something Reid thinks everyone who’s interested in should attempt. He suggests starting with residential properties then working your way toward commercial properties.
“Try one. Go buy yourself another home and lease your old house out. Do it for a year. If the residents don’t drive you crazy by the end of a year, buy a second home.”
Reid understands that not everyone has the attitude to deal with a 2 a.m. call from a tenant. But he fully believes that everyone should try it out — you never know what could happen.
Listen to the 138th episode of the WHOA GNV podcast to hear more of Reid’s story.
