From The Bottom To 5 Billion Dollars In Real Estate | Tom Hoban
Millionaire Mindcast
Matt Aitchison
4.8 • 721 Ratings
🗓️ 3 October 2022
⏱️ 79 minutes
🧾️ Download transcript
Summary
In this episode of the Millionaire Mindcast, we have a wonderful guest Tom Hoban who shares tastes of wisdom and tons of value talking about loss deals and its expensive lessons, how to attract potential capital partner, interest rates movement, figuring out someone resilience, tips on leveraging your very first deal for real estate newbies, and his journey to 5 billion dollars’ worth of real estate!
Tom Hoban, is a successful entrepreneur, an expert in real estate investing, Chairman & co-founder of the Coast Property Management, and Coast Group of Companies, one of the region’s largest and most respected property management firms, managing more than $8 billion in real estate assets in multi-family, office, flex, mixed use, self-storage, retail, and industrial, serving property owners, investors, and developers. Its real estate investment firm, CEP Multifamily, leverages that platform to serve those who seek a passive investment means to access the marketplace.
In early times of his career, Tom became a syndicator, direct investor and an operator. He spent 35 years in the commercial real estate business, working with property management business with his brother as the business partner. They love being a job creator and owning a community that touches many people's lives through their property management platform. Presently, Tom experiences massive success while making impacts to the world.
Some Questions I Ask:
Take us back to where did the 5 million dollars’ worth of real estate start?
How do you protect your deal on the downsides?
How do you overcome that newness and look to take that next step up?
How to overcome the initial hurdle of executing the plan?
What is the good rule of thumb for a balance sheet guarantor for every tear of purchasing power?
What are the good ways to structure deals for people that can’t do it by themselves to be in the game?
How do you sell yourself, your deal, and your brand to capital partners?
What is your overall economic outlook going forward?
In This Episode, You Will Learn:
Matt takeaways from a downside deal
How to reduce risks and avoid big pitfalls in real estate deals
What Tom have learned from his deals
Tips for real estate investing newbies
How do Tom structure deals and fees
Common mistake that people do in negotiating deals
The importance of market knowledge and access to deals
Quotes:
“You actually have wisdom because you hang around other people with wisdom.”
“The more experience and wisdom you can surround yourself with to guide you along the way, the better your chances are of avoiding big pitfalls.”
Connect with Tom Hoban on:
Email: info@hobanfamilyoffice.com
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Show Brought To You By: TheRichLifeAcademy.com
Episode Sponsored By: TheRichLifeStore.com
Questions? Comments? Do you have a success story you would like to
share on the show? Send us an email to
Questions@MillionaireMindcast.com
Transcript
Click on a timestamp to play from that location
| 0:00.0 | this might be great for anybody else, you know, kind of getting started is get past you. |
| 0:04.8 | They wouldn't be taking the meeting if they didn't have some sense that you're an okay guy and |
| 0:08.5 | you know what you're doing, right? Get past you and get right to the deal as quick as you can. |
| 0:12.7 | Not close hard, but, you know, people are investing. They see lots of deals, right? |
| 0:17.6 | Yeah. And they're busy and they just don't have a lot of time for all the reasons you're such a great |
| 0:21.6 | guy and they should just take a chance with you. |
| 0:23.6 | That's great. |
| 0:24.6 | They know that you're a big part of the deal. |
| 0:25.6 | They wouldn't be talking to you if not. |
| 0:27.6 | Tell me how the deal works, right? |
| 0:29.6 | What's the risk in return? |
| 0:30.6 | And then especially if we're starting out in the business, you know, do you really, as a young person who may have blind spots, look like the kind of guy that has a lot of |
| 0:38.2 | blind spots or only a few? |
| 0:53.7 | I'm excited to welcome back to this show. My man, Mr. Tom Hoban, how are we doing? |
| 0:55.0 | Hey, good, man. |
| 0:55.7 | How are you, bro? |
| 0:56.4 | You know, I just gave you a little narrative and backstory on how things have been going |
| 1:01.1 | in my world, which has been, you know, turbulent time, which I know, we'll probably |
| 1:07.3 | dig into at some point today. |
| 1:09.2 | But I'm excited for kind of our listener today, |
| 1:13.1 | at least when we were talking, because you and I can go for hours on many different directions, |
| 1:18.0 | when you find somebody that shares common values, is a wise sage like you are, who gives a ton of |
... |
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