This time our, guest post is from the successful investor and real estate blogger, Joe Stampone. Joe discusses how a family business led him to a career as a real estate entrepreneur. Here’s his story:
In installment No. 3 of our series on how real estate investors got their first deals, we hear from Alex Franks, a full-time real estate investor who went from personal trainer to single-family home wholesaler to buyer of 100+ unit multifamily deals backed by foreign investors who teaches real estate investment to others. An inspiring story!
The “My First Deal” series explores how successful self-made multifamily real estate investors got their first deal done and took their first step toward escaping the corporate grind. In the second installment of this series, we meet engineer turned real estate investor, Reed Goossens:
Closing your first deal is critical. Before you’ve done it, most brokers, investors, and lenders won’t work with you. Once you’ve closed a deal, everything becomes easier. But if no one will work with you until you’ve closed a deal, how can you ever close a deal? It’s a Catch-22 situation.
You’ve finally closed your first deal. What do you do now? Yeah, I didn’t know either. And it nearly caused me to blow my first deal. Then I got serious. I went pro.
Guest Blogger: Joe Stampone of A Student of the Real Estate Game
I spend a lot of time talking with real estate entrepreneurs who have successfully closed a few deals and built their company infrastructure. While they knew it would be difficult, they’re always surprised by what it takes to build a company. The ability to source, underwrite, and execute real estate transactions is a small piece of running a real estate investment firm.
Going from lawyer to full-time real estate entrepreneur was tough. Here’s how I did it.
Landlords get starry-eyed when rents are going up. Rising rents signify strong apartment demand and can bring in higher revenues. How could they possibly ruin your bottom line?
You just signed a contract for your first multifamily property, and you are super-excited to start life as a professional investor. You’re incurring legal fees and you’ve just sent the bank a five-figure good faith deposit so it can start paying lawyers, engineers, and environmental specialists to start work on the deal. You’re committed now.
Jonathan Twombly and The Mortar were recently featured on the popular blog, A Student of the Real Estate Game, run by investor Joe Stampone.