Shawn Bullard is a rising star as a real estate developer and entrepreneur. A native Philadelphian, Shawn grew up on the city ‘streets’ and knew one day when he was a success, he wanted to help the city he loves. Throughout his life, Shawn always had the drive for success.
He was All American in track and field and then attended Temple University. He walked onto the football team and became a full scholarship athlete. Upon graduating with a degree in Sport and Recreation Management from Temple University, he went on to spend two years playing for the National Football League. After a bad injury, breaking his femur in a game, decided on a career in real estate, while still in college.
Shawn’s Q and A to learn more about his entrepreneurial career
Q: You are a success in real estate, how did you choose this career?
A: I choose a Real Estate career because it was a passion. I understood the concept and I knew I couldn’t work 9 to 5 for a company. It came to me easy and I wanted to study it. I hated studying like must people but real estate I could study all night. Also, I saw it as a full time a career, and not just a few years like sports. So, once I broke my femur playing football in college that ended my dream of having a long NFL career. I saw real estate development as the life- long career and I dreamed of mine.
Q: Please give tips to our readers on how they can also get into real estate anywhere around the globe?
A: Follow the migration of people. That goes for a state, a city or even a country. Buy as low as you can as you can those are the only numbers you can control. Understand how much the project will rent or sell for in that country or state. Also, I would buy in areas that are sure things and not in areas riskier. If you’re in-state or out of state partner or hire a great property management company in that foreign location.
Process and repeat — systemize this approach to every deal all over the globe and you should be very successful.
Q: Do you suggest flipping, renovations and renting, long term leases or short-term vacation rentals?
A: I’m a renovation and new construction developer. You get the benefits of appreciation and depreciation. Also, the cash flow of each property. People don’t always need to go on a vacation but everyone globally needs to have a place to live.
If you do want to venture into short term rentals, my Airbnb are very successful. Take the time and effort to stage your property like a hotel and you will see the results you’re looking for.
Q: How many hours a week should someone expect to devote to the rental properties?
A: It’s a 24/7 business until you are financially ready to give the responsibility to a property manager, or you grow to a size you can hire someone else to manage for you.
Q: What do you do if a renter destroys a property?
A: We always try to give most security deposit back to our tenants, when deserved. When damages happen, we have to charge their security deposit. But not just for the damage, but also, for the time to manage getting the item fixed and replaced. So, if a door is broken and needs to be replaced, just replacing the door isn’t the only cost. You have to factor the door, how much it will cost to paint the door, tax on the door and installation on that door and transportation time on that door.
Q: Do you need excellent credit to delve into real estate?
Yes, you do! When I started, I had a 560-credit score? I found out I couldn’t finance nothing not even a bicycle. I ended up partnering with a friend that had good credit. I used that time together to get my credit score up before going off on my own. At my level now credit doesn’t play as much as a factor. It’s more about my portfolio, PFS and experience. But with that said, I still keep my score in the high 700s. I get the best rates and terms. Banks won’t even look at you unless your score is over a 660. So, credit can be more important than cash.
Q: Are you involved in any new projects?
A: Yes, a new renovation project on the 900 block of 2nd street in Philadelphia. I am thrilled to be one of the developers involved in this area. This area in Northern Liberties Philadelphia is one of the most impactful commercial and residential areas in the city. It is similar to building in the Meat Packing District in New York. This is big for anyone involved but especially a minority developer.
Q: Your goals in real estate for the next 5 years?
I want to be worth enough that I can give back to more underprivileged families. Also make more revenue to create better housing products for work force driven families. We plan to own and manage over 1000 units in Philly and expand into south Florida in the next 5 years. To make better living situations and education in our communities. Also continue to inspire more black developers and entrepreneurs and intercity youth. We know this will help make our society a better place to live. Also educate men and women minority developers of all challenges ahead.
Last but not least, the launching of “ZADDY” my Health Wealth and Wellness brand to the world