333: A Guide to Getting Started in Commercial Real Estate (+ Laundromats?!) With Ken Wimberly

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 6 June 2019

⏱️ 102 minutes

🔗️ Recording | iTunes | RSS

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Summary

Commercial real estate like you’ve never heard it before! On today’s episode, Brandon and David sit down with Ken Wimberly, the owner of a Keller Williams commercial brokerage and a commercial investor himself. Ken shares some incredible tips on how to get into owning commercial property, including how to find quality tenants, how to structure the lease, and how to protect yourself from a changing market. He also provides great advice on building relationships and identifying who NOT to partner with. Ken goes on to talk about how he went from working in a pizza restaurant to cashing his first check for 50K as a broker—with absolutely no training program! He shares some incredible advice for opening a laundromat, making huge returns, and successfully investing in other people’s deals, too. If you’ve ever been interested in how to do big deals without big headaches, this episode is for you! In This Episode We Cover: How he builds relationships How he learned the commercial business sitting across from a mentor and listening How he buys laundromats Investing in commercial spaces Using OPM to buy land and selling a 5K investment for 150K How he earned a commission of $50K on a deal he couldn’t do How he chooses his business partners His morning routine What to look for in a potential partner to disqualify them How newbies should start off investing in commercial property How to balance investing with family time How he structures deals Tips on owning a business inside your commercial building How he invests in other people's deals And SO much more! Links from the show: BiggerPockets Forums BiggerPockets Webinar BiggerPockets Commercial Lenders CBRE BiggerPockets Podcast 190: Building 61 Different Passive Streams of Income with Pat Hiban BiggerPockets Podcast 322: 3 Things Every Leader MUST Do to Scale with Ben Kinney Google Alerts GoBundance BiggerPockets Business Podcast Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Bigger Pockets Podcast Show 333.
0:04.0	My $5,000 that I had invested into that deal,
0:07.0	I sold for $147,000 because we created value.
0:11.0	You're listening to Big pockets radio, simplifying real estate for investors large and small.
0:18.1	If you're here looking to learn about real estate investing without all the height, you're in the
0:22.3	right place. Stay tuned and be sure to join the millions of others who have benefited from bigger pockets.com.
0:29.0	Your home for real estate investing online.
0:32.8	What's going on everyone? This is Brandon Turner,
0:34.7	host of the BiggerPockets podcast,
0:37.4	here with the Man and Plaid, Mr David Green.
0:40.8	What's up, buddy? Not much, man. It's going good. I was just watching that video that you
0:45.8	edited for me while I was there in Hawaii and you. We had a little surprise ending
0:49.6	it's pretty cool. That was kind of cool and we're not going to tell anybody what the surprise
0:53.2	ending was. We're going to make them go watch the video. So what was a video called? It was like,
0:57.6	I'm going to get the exact name, but it's five tips for rent a property. Yeah.
1:04.0	They have renting.
1:05.0	There was five tips for renting out your home, I think that one was,
1:08.0	with the special ending, something like that.
1:10.0	Anyway, check it out, BiggerPockets.com
1:12.0	slash YouTube or YouTube. Such BiggerPockets. like that. Anyway check it out bigger pockets dot com such bigger pockets either way you'll end up on the
1:15.4	YouTube page and watch the video David Green put out we had a fun ending but
1:18.8	anyway no that was fun I guess play director for a day I'm not usually playing
	...

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