Ep 35 - You don’t have to be a millionaire to succeed in real estate. You need the vision and the guts to want to make it work every single time.
In this episode, Brian Grimes shares how he quit his 9 to 5 to go full-time into real estate. His passion for providing housing to Americans led him not only to set up a successful business but also to bring high-quality homes at an affordable cost.
Brian K. Grimes, Jr. CFP® is an Ivy League-educated real estate entrepreneur and coach. Upon graduation from Columbia University in 2011, he embarked on a career in Financial Planning at AXA Advisors before transitioning to high-net-worth asset management at Bridgewater Advisors. In 2015, Brian launched his own real estate development company in his hometown of Philadelphia and has since gone on to gut-renovate 300+ rental properties across the country using the BRRRR strategy. He is raising his sons, Brian III and Tomas, in the Bronx with his wife, Zila Acosta-Grimes. 24/7 Cash Flow University was founded by Brian to teach students how to create passive income and escape their 9-5 desk job. Through his 100 Key$ Master Class, Brian teaches students how to full-gut renovate, acquire, and stabilize cash-flowing rental property portfolios. The course contains Brian’s proven methods that allowed him to scale his operation from 1 deal to over 100 properties per year. Most 100 Key$ Master Class students that implement Brian’s strategies are able to retire from their day jobs within 12 – 36 months. ________________________________ FREE Discovery call for The Microfamily Investing Accelerator https://calendly.com/noirvest/microfamilymavericks ________________________________ [00:01 - 06:31] Who is Brian Grimes?
- Brian’s mission: to help create impact and extend affordable housing into communities
- He started his career in financial planning after graduating from Columbia University, then into the real estate world
- Improving the quality of housing not only benefits the tenant but additional cashflow for the investor
- He founded the 24/7 Cashflow University teaching students how to escape the 9 to 5 job through real estate
[06:32 - 10:47] Creating Density Through Co-Living Spaces
- Dentrification: Adding density back to the community by rebuilding a single property to a shared living units
- With this model, you are able to provide affordable and quality housing to people who cannot pay a full rent
- The property owner also benefits from the increased rent roll
- Brian discusses navigating the city ordinances and other considerations while setting up these spaces
[10:48 - 21:20] The Importance of Vision in Real Estate
- Seeing opportunities where most people can’t
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- Finding a solution to the affordable housing crisis in the C-class neighborhoods
- Brian goes to the nitty gritty of full gut renovations and how they are transforming these properties to be long-term assets
- Paying directly the cost of labor and materials cut down unnecessary expenses
- How Brian survived the pandemic and was able to scale in spite of the shortages
[21:21 - 28:03] Putting All Your Energy on Yourself
- Some millionaires invest not expecting a high return but a steady return without losing capital
- Here’s the reason why Brian decided to go full-time into real estate and quit his 9 to 5 job at 30
- You don’t have to be a millionaire to get into real estate, you can start small
[28:04 - 30:10] Closing Segment
- Watch out for part 2 of our conversation with Brian!
Key Quotes
“When you're in a real estate game, and you've gone through some market cycles, you'll...
