From Successful Lawyer to Successful Real Estate Entrepreneur
Doing What You Enjoy is Key to Success and Happiness
Paul Neil is an independent business owner with HomeVestors® of America, Inc. in Phoenix, Arizona, which he started in 2020 after practicing law for twenty-one years in both Arizona and the Virgin Islands. His primary focus is on fix-and-flips, and he has recently started building his personal real estate portfolio.
Life Before HomeVestors
Paul attended the Pepperdine University School of Law and for 21 years practiced with several of the largest laws firms in the Phoenix area, specializing in civil litigation, commercial litigation and HOAs. Ironically, after his first year of law school, he realized he did not want to be a lawyer, but he had already accumulated $30,000 in student loan debt with more to come.
In a profession he felt was not a good fit for his interests, he established three criteria to leave the legal profession:
(1) his new career would need to let him spend more time with his family
(2) his new career would allow him to be in control of his life
(3) he would need to match or exceed his income from practicing law while simultaneously building long-term passive retirement income.
Enter HomeVestors!
The Beginning of Cane Bay Properties
In 2020, Paul was introduced to HomeVestors by a friend and a fellow HomeVestors independent business owner. He quickly bought his first property in November 2020 and never looked back.
In 2021, Paul bought 25 homes, most of which were fix-and-flips. “I enjoy walking into a house and seeing the potential,” said Paul. “We play a vital role because we not only improve houses and help people in difficult situations, but we aesthetically improve neighborhoods and communities.” In 2022, Paul bought 24 homes, meeting his established goal of buying an average of 2-3 homes per month.
The Phoenix real estate industry began to change quickly during the latter part of 2022 because of economic uncertainty and back-to-back interest rate hikes. Paul’s buying slowed as a result. While Phoenix is one of the most profitable markets and also one of the most competitive, it was also one of the first markets to get hit when the market started to change. In response, Paul implemented advice from Michael Ludlow, his HomeVestors Development Agent, to successfully navigate the fast-evolving market.
Present Day
Nearly three years in, Paul feels HomeVestors has generally satisfied his three criteria for leaving the legal practice to fix and flip real estate. He works more than he originally anticipated but that is admittedly by choice given his personal income and retirement goals.
The real estate market in the Greater Phoenix Metro Area has improved enough that Paul and his wife, Racquel, have begun building their personal portfolio of rental properties, with Racquel leading the charge.
The Neil’s recently purchased their second HomeVestors franchise, Teague Bay Properties, in Northern Arizona.
Advice from an Expert
“I followed the HomeVestors systems from the very beginning and relied heavily on my Development Agent for his expertise and mentorship. One thing he strongly advised as the market shifted last year is to not chase the market down. He taught that ‘Sometimes you just have to rip-off the band aid and drop the listing price on losing properties to a number that is materially below what you believe is the existing market value. If you’ve truly done that then the buyers will come.’”
“My other Golden Rule: No deal is better than a bad deal.”
Homevestors
What exactly does it mean to be a HomeVestors® business owner? Owning a real estate business is life changing and naturally comes with risks! When you become a HomeVestors business owner, you get immediate access to motivated seller leads, financing resources for qualifying purchases and repairs, one-on-one coaching with your local Development Agent, proprietary software for analyzing properties and deals, and access to a nationwide network of coaches and peers. Your house-buying business is yours and you run it as your own venture with a focus toward your individual business goals.
If you are interested in a franchise, call 866-249-6932, email Sales@homevestorsfranchise.com or visit www.homevestorsfranchise.com. Each franchise office is independently owned and operated.
