After graduating with an engineering degree and then an MBA from Ohio State, Paul entered the management development track at Ford Motor Company in Detroit. After five years, he departed to start a staffing company with a partner. They sold it to a publicly traded firm five years later. Along the way, Paul was Finalist for Ernst & Young’s Michigan Entrepreneur of the Year two years straight (1996 & 1997).
Paul later entered the real estate sector, where he flipped over 50 homes and 25 high-end waterfront lots, appeared on HGTV’s House Hunters, rehabbed and managed rental properties, built a number of new homes, developed a subdivision, and started two successful online real estate marketing firms. He also built a number of other companies and made quite a few medium- and high-risk investments along the way.
Three successful developments, including assisting with development of a Hyatt hotel and a very successful multifamily project, led him into the commercial multifamily arena. Paul is married with 4 children and lives in Central Virginia.
What you’ll learn about in this episode:
The shift in belief that owning a home is no longer the American dream
How homeownership has plummeted from 69% to under 63% in the last 24 months
The wonderful opportunities for multifamily investors
Why more millennials are renting compared to buying
What a typical 100 multifamily unit costs to invest in
Determining multifamily property values
Some of the huge barriers to entering the multifamily business
Why it’s so important to get to know the ‘mom & pop’ owners
The importance of understanding motivations when making deals
The difference between investing and speculating
Resources:
REInvestorSummit.com/bigapartments
REInvestorSummit.com/mypodcast
REInvestorSummit.com/noteservicing
REInvestorSummit.com/101
REInvestorSummit.com/coaching
