Real Estate Rookie

Multifamily, Mobile Home Parks, and Commercial Deals: All in 2 Years! with Tommy Polise

av Real Estate Rookie | Publicerades 3/31/2021

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 CoverHow to get commercial financing if you’re just starting out in real estateFinding a great partner that will work with you, even when you make mistakesWhy single family homes may work for some investors more than othersThe appeal of doing large commercially financed deals How to do a thorough inspection when you’re closing on a large propertyCalculating your “worst case scenario” and knowing your risksDeveloping the confidence to pursue bigger and more complicated dealsAnd So Much More!Links from the ShowBiggerPockets ForumsBiggerPockets Real Estate PodcastBrandon TurnerClubhouseZillowBuildiumBiggerPockets Podcast 348: Full-Time Job, Full-Time Mom, and Full-Time Wealth From Rentals with Ashley KehrBiggerPockets Podcast 423: Who Not How: Stop Doing the Things You Hate, Free Up Time, Be Happier and Richer with Dan SullivanBiggerPockets Business PodcastReal Estate Rookie Facebook GroupCheck the full show notes here: http://biggerpockets.com/rookie65

Om Podcasten

Ready to build your real estate empire… but not sure where to begin?Think of us as your personal trainer.From detailed breakdowns of real-world deals… to one-on-one coaching sessions and a warm, welcoming community… hosts Ashley Kehr and Tony J Robinson bring on a wide range of guests to tackle the “newbie” questions you've wondered about but might be afraid to ask.Looking to 10X your real estate investing business this year? This show isn’t for you.Looking for your first, second, or third deal -- or envisioning a more modest portfolio? Step right up. Every Wednesday, we’ll arm you with the tips, tools, and roadmaps you'll need as you embark on your journey toward financial freedom.