65: Multifamily, Mobile Home Parks, and Commercial Deals: All in 2 Years! with Tommy Polise
Real estate investing works differently for different people. Some people like to gradually buy small properties, then start looking for larger deals, and then go into commercial financing for big deals. Tommy Polise always knew he wanted to buy real estate and had spent five years analyzing markets and educating himself, but never bought any properties. In 2019, that changed. Tommy had been looking into single family homes but found that he’d only be walking away with a small amount of pure cash flow each month. While he now feels that single family homes are a great investment, at the time, he didn’t think the cash flow was worth the effort. So he and a partner went in on a multifamily deal together. It worked out well and he gained some experience and connections, so he decided to go bigger and better. Now, two years later, Tommy and his partners are sitting on 30 units. This includes single family homes, multifamily properties, and a land deal that includes 10 mobile home lots, 8 storage units, 3 single family homes, and a 5 unit apartment complex. He even has a laundromat with a residential property attached to it as well! So how does a real estate rookie like Tommy go from 0 units to 30 units in the span of 2 years? Tommy says you need to develop good relationships, get great partners, understand your financing, and continuously take risks! In This Episode We Cover How to get commercial financing if you’re just starting out in real estate Finding a great partner that will work with you, even when you make mistakes Why single family homes may work for some investors more than others The appeal of doing large commercially financed deals How to do a thorough inspection when you’re closing on a large property Calculating your “worst case scenario” and knowing your risks Developing the confidence to pursue bigger and more complicated deals And So Much More! Links from the Show BiggerPockets Forums BiggerPockets Real Estate Podcast Brandon Turner Clubhouse Zillow Buildium BiggerPockets Podcast 348: Full-Time Job, Full-Time Mom, and Full-Time Wealth From Rentals with Ashley Kehr BiggerPockets Podcast 423: Who Not How: Stop Doing the Things You Hate, Free Up Time, Be Happier and Richer with Dan Sullivan BiggerPockets Business Podcast Real Estate Rookie Facebook Group Check the full show notes here: http://biggerpockets.com/rookie65 Learn more about your ad choices. Visit megaphone.fm/adchoices