The next time Terrence and Erica Murphy visit their local Starbucks, it might be to collect a rent payment. The couple just purchased a retail strip center in Asheville, NC that houses the coffee brand and Buffalo Wild Wings.
“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 shared via Instagram.
They purchased the building directly from the developer, now they have corporate backed leases in place from two large food and beverage companies.
“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,” Terrence told Because of Them We Can.
Terrence was drafted in 2005 as a second round draft pick, overall 58th, by the Green Bay Packers as a wide receiver. He officially retired in 2007. He says his perspective shifted after reading “Who Took My Money” by Robert Kiyosaki.
“It changed my life. We started buying rental houses, then rehabbing them, then redeveloping blocks. That led to us both getting our real estate licenses. That then led to starting our own brokerage called TM5 Properties,” Terrence said.
The couple’s first investment purchase was two dilapidated duplexes. They currently have eight real estate related companies and have spent the last decade applying the lessons they’ve learned along the way.
“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.”
The couple’s example of perseverance and determination is one their three children and others can learn from.
As for others who want to get into real estate investments, Terrence believes the answer is in seeking knowledge and committing to the process.
“Self educate. Focus on reading as many books as possible, listen to podcast then focus on becoming an expert.”