Terrence and Erica Murphy just purchased a retail center in Asheville, NC that houses the brands such as Buffalo Wild Wings and a fan favorite, Starbucks. The couple decided to buy the strip center from the developer directly, and it is a huge benefit to be able tp collect rent from two corporate powerhouses.
On Instagram, Terrence said, “We both came from single mom households, both paid our way through college with scholarships, made no excuses for our upbringing and we started our real estate investing careers when we were 23 & 25.” Terrence told reporters at BOTWC, “I graduated from Texas A&M University as not only an athlete but 3 time academic all conference and my wife graduated from University Texas at Austin. After being drafted to the NFL I was playing in the NFL and then had a career ending injury on Monday night Football where I was temporarily paralyzed. After rehab and retiring from the NFL I was forced to self educate myself and gain financial literacy on what was next for me.”
After reading Who Took My Money, by Robert Kiyosaki, Terrence decided to shift his financial thinking. He said the book changed his life. From there, he and Erica began buying rental properties, fix them up, and they also have rehabbed entire blocks. This type of work allowed the both of them to pursue their real estate licenses. This then led to the creation of TM5 Properties, the couple's own brokerage.
Their first investment purchase was actually two neglected duplexes that needed a lot of repair work. To this day, they have eight real estate companies and have spent the last ten years learning from their mistakes and building upon them.
Erica said, “It’s very important for us to understand not only the American dream to own a personal home, but to also give ourselves options in life and not be stuck on the path to one income stream. We must diversify and also invest in appreciating assets and income producing assets.”
For those who are interested in getting into the real estate game, Terrence believes the key is self education. "Focus on reading as many books as possible, listen to podcast then focus on becoming an expert.”