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Listen "E06: How to Develop a Successful Long-Term Real Estate Portfolio with Gary Jonas"
Episode Synopsis
Ready to invest in a rental property? Whether you’re looking to invest individually or you’re looking for a partner to invest with, the key to a successful real estate portfolio is to do things long-term. House hacking might still be the best strategy for beginners dipping their feet into the world of real estate. But what should you do when you want to scale from 1 to 100?
Joining this conversation today is real estate investor Gary Jonas. Gary is a visionary and partner at The HOW Group, the one-stop shop for everything real estate, serving Philadelphia and its surrounding regions. Gary is here to provide his golden insights into getting started with real estate investing, the recipe for a successful partnership, and some things to consider when you’re thinking about scaling your investments.
Here are some power takeaways from today’s conversation:
Gary’s real estate beginnings: house hacking
What it takes to develop a long-term real estate portfolio
Getting started with real estate investing
What makes a successful partnership
The right mindset for scaling
How to keep yourself grounded
Seeking out mentors
Dealing with a more sophisticated investor vs. a less sophisticated investor
Episode Highlights:
[05:05] What It Takes to Develop a Long-Term Real Estate Portfolio
If you're planning to grow your real estate with a two-year plan or a three-year plan, I have no advice for you, I can't really help you. If you've got a 15-year plan, I can help you, because that's what I think it takes to really develop a successful long-term real estate portfolio.
[05:25] How to Get Started with Real Estate Investing
House hacking could still be the best strategy for a young person getting started with real estate investing. First, buy a multifamily property with up to four units. That way, you can still get an FHA loan and put 3% down on a four-unit property. You can live in one of the units and then rent the other three out. Generally, that's going to let you live for as close to free as possible.
Then you move out of the house and rent it out so you can move to a bigger house. Buy a second property. Have a couple of people move in with you, and you do that process again. Now, you own two properties with some decent equity. You do some things over a couple of years and create some equity. So now, that creates options for you.
[11:38] What It Takes to Have a Successful Partnership
You can't keep score. In every partnership, there’s always going to be somebody who has to do a little more than the other. And even if you’re putting the same effort as the other person, either of you could still be outperforming. Now, everything in the partnership is about keeping score. And when that happens, eventually, you're going to disagree on who's providing what value. Now you have a problem. Instead, change your metric to EFFORT, which is what you should really care about.
Resources Mentioned:
www.howgroup.com
Joining this conversation today is real estate investor Gary Jonas. Gary is a visionary and partner at The HOW Group, the one-stop shop for everything real estate, serving Philadelphia and its surrounding regions. Gary is here to provide his golden insights into getting started with real estate investing, the recipe for a successful partnership, and some things to consider when you’re thinking about scaling your investments.
Here are some power takeaways from today’s conversation:
Gary’s real estate beginnings: house hacking
What it takes to develop a long-term real estate portfolio
Getting started with real estate investing
What makes a successful partnership
The right mindset for scaling
How to keep yourself grounded
Seeking out mentors
Dealing with a more sophisticated investor vs. a less sophisticated investor
Episode Highlights:
[05:05] What It Takes to Develop a Long-Term Real Estate Portfolio
If you're planning to grow your real estate with a two-year plan or a three-year plan, I have no advice for you, I can't really help you. If you've got a 15-year plan, I can help you, because that's what I think it takes to really develop a successful long-term real estate portfolio.
[05:25] How to Get Started with Real Estate Investing
House hacking could still be the best strategy for a young person getting started with real estate investing. First, buy a multifamily property with up to four units. That way, you can still get an FHA loan and put 3% down on a four-unit property. You can live in one of the units and then rent the other three out. Generally, that's going to let you live for as close to free as possible.
Then you move out of the house and rent it out so you can move to a bigger house. Buy a second property. Have a couple of people move in with you, and you do that process again. Now, you own two properties with some decent equity. You do some things over a couple of years and create some equity. So now, that creates options for you.
[11:38] What It Takes to Have a Successful Partnership
You can't keep score. In every partnership, there’s always going to be somebody who has to do a little more than the other. And even if you’re putting the same effort as the other person, either of you could still be outperforming. Now, everything in the partnership is about keeping score. And when that happens, eventually, you're going to disagree on who's providing what value. Now you have a problem. Instead, change your metric to EFFORT, which is what you should really care about.
Resources Mentioned:
www.howgroup.com
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