Mon, 7 March 2022
Multifamily real estate is a big game. And if you want to scale quickly, you can’t do it alone.
That’s how Patrick Grimes went from 0 to 1,200-plus units in under two years.
He partnered with a senior operator to go further faster, leveraging his partner’s expertise to build a $250M portfolio in a very short time.
But how did he get an experienced investor to invite him into a deal?
Patrick is the Founder and CEO of Invest on Main Street and contributor to the #1 Amazon bestseller Persistence, Pivots and Game Changers: Turning Challenges Into Opportunities. Patrick also runs Protomation Systems, a consulting business that contracts with machine design firms to conceptualize, design and build custom manufacturing automation and robotic systems.
On this episode of Financial Freedom with Real Estate Investing, Patrick joins cohost Garrett Lynch and me to explain how he brought value to an experienced operator to get into his first multifamily deal.
Patrick shares his experience with the Law of the First Deal, describing how his role on the team shifted as his portfolio grew.
Listen in for Patrick’s insight on mitigating the risks of multifamily investing and find out why partnering up is the best way to scale your business and get on the fast track to financial freedom!
How Patrick got into real estate investing
How Patrick’s investing strategy changed after 2008
How Patrick got his wife involved in real estate investing
The steps Patrick took to get his first multifamily deal
How Patrick justifies the risk associated with multifamily
Patrick’s pivot away from deal finder into other roles
Patrick’s experience with the Law of the First Deal
Why Patrick chose the 506(c) option
The biggest challenge Patrick is facing as he scales
Patrick’s advice for aspiring multifamily investors
Connect with Patrick Grimes
Direct download: Financial_Freedom_with_Real_Estate_Investing_EP308.mp3
Category:Commercial Real Estate -- posted at: 1:00am EDT