Accidentally Rich: The Secret Sauce to Tom Cruz’s Real Estate Success | The Jake and Gino Show

Jake and Gino Multifamily Investing Entrepreneurs

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5 • 831 Ratings

🗓️ 9 September 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of Jake and Gino, co-founder Gino Barbaro sits down with real estate investor and creative financing expert Tom Cruz. Tom shares his incredible journey, starting in 2012 with an accidental entry into real estate due to his dog’s breed restrictions, and now owning a portfolio that generates over $650K in monthly passive income!

Transcript

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0:00.0	Hello and welcome.
0:12.0	My name is Gino Barbrough, one of the co-founders of Jake and Gino.
0:15.1	And in this today's show, we got somebody in the basement of his home.
0:19.7	Got some nice cars behind him.
0:21.4	Today's guests embarked on a wholesaling journey back in 2012
0:24.8	and discovered a need for low-income affordable housing in his area instead.
0:29.7	Tom Cruise utilized creative financing and began purchasing properties.
0:33.4	Today, his portfolio generates over 650K and passive income monthly.
0:39.2	Welcome to the show.
0:40.2	Mr. Tom, how you doing, brother?
0:41.5	Good, man.
0:41.9	Thanks for having me.
0:43.3	Let's start with the journey.
0:44.3	Let's start with the pain.
0:45.2	Let's start with the wholesaling, like that little hamster we were just talking about.
0:48.9	At least you got in.
0:50.1	What made you want to get into real estate, Tom?
0:52.9	Man, it was by accident. So I bought a condo originally with the Obama tax credit, you know, the 3.5% on FHA.
0:58.8	So I got in really cheap.
1:00.3	I lived there for a few months.
1:01.8	I decided to buy Adobe McPincher, a dog, and I found out that he was a prohibited breed after I bought him.
1:07.7	So I couldn't live in that condo anymore. Like I was either had to get her to the dog and get rid of the condo. So I was so upside down on the condo. This is all after
	...

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