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

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 31 March 2021

⏱️ 72 minutes

🔗️ Recording | iTunes | RSS

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Summary

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

Transcript

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0:00.0	This is Real Estate Rookie Show, number 65.
0:04.3	We did everything, just so that we felt comfortable.
0:10.1	For us, comfortable as we could be.
0:11.5	So that's kind of why I feel like you need to get about 80% comfortable with something.
0:16.0	And then you can kind of move on and just make it happen.
0:18.0	Because no matter what you do in your life, you're never going to be 100% comfortable with it.
0:21.2	My name is Ashley Care, and if you're watching this on YouTube, it probably looks like I'm
0:29.1	crying.
0:30.1	So I'm here with Tony Robinson, my co-host, and at the end of this podcast, we just heard
0:35.9	a crazy, crazy story that I started laughing and started crying.
0:40.9	So it's not because it's sad.
0:42.4	I was just laughing so hard.
0:43.7	And now I just can't, my eye was at one stop.
0:47.5	That's how good the story was.
0:51.7	But today we have Tommy Policie on the podcast, and he shared so many kind of golden nuggets.
0:56.3	And I'd love his story, Ash, because he's, he's, he went like down such a unique path.
1:01.1	Like instead of just doing like the typical, you know, turnkey or burr, what we're usually
1:05.1	here in the podcast, he's got a laundry mat, he's got mobile home, he's got storage, he's
1:10.5	got 23 acres, he's got this, he's got that.
1:13.5	And he's, he's kind of going after the commercial route, as opposed to the traditional single-family
1:18.3	investment we see.
1:19.3	Yeah.
	...

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