How can we tap into underutilized resources to help solve the affordable housing crisis?
Angel Williams interviews real estate investor and entrepreneur Tari Thomas about her journey into real estate investing and creating shared housing solutions. They discuss Tari's early entrepreneurial spirit, how she got started in real estate, and her motivation behind creating her shared housing company TheresRoom.
Tari Thomas is the founder of There’s Room, LLC, a socially conscious start-up business. There’s Room's mission is to solve the affordability gaps of city living one room at a time. Inspired by her sister’s own challenges with finding affordable housing, Tari started There’s Room, LLC in 2018.
A 16-year veteran of Intel Corporation, she has been recognized as a go-to leader for quickly synthesizing complex business problems that mobilize strategy to actionable results. During her tenure, Tari managed numerous new product development initiatives impacting over $250M in revenue.
[00:01:00 - 00:07:00] Opening Segment
- Tari was always enterprising, selling candy and throwing parties in high school to earn money for college. Her family supported her hustle.
- She studied engineering in college but wasn't sure what path she'd take. She just assumed she'd get a regular job.
- Moving to Arizona, Tari saw how affordable real estate was compared to renting. She bought her first home with 3% down at age 24.
[00:07:00 - 00:12:00] Hooked on House Hacking
- Seeing how quickly her home appreciated in value, Tari caught the real estate bug.
- She house hacked, living in a property for 2 years before renting it out and repeating the strategy. Tari read books and consumed info, determined to get rich in real estate.
- The buy-and-hold strategy enabled her to build up equity and scale. But Tari always wanted to try new strategies and do it bigger and faster.
[00:12:00 - 00:17:00] Turning Empathy into Innovation
- After her brother-in-law passed away suddenly, Tari's sister needed an affordable housing solution.
- Tari saw the struggles of the working poor who make too much to qualify for aid but not enough to afford a market rental.
- Researching multifamily, Tari had the idea to tap into existing rooms across the city to create shared housing options.
[00:17:00 - 00:20:00] Filling the Affordable Housing Gap
- TheresRoom provides a master lease to homeowners and then subleases private rooms, making housing affordable.
- Tari learned Arizona was the 3rd worst for affordable housing. She saw an opportunity to help.
- Shared housing is one creative solution to the crisis. Tari aims to keep innovating in the space.
[00:20:00 - 00:21:00] Following Her Systematic Mind
- Tari realized her engineering degree aligned with her system-oriented mindset.
- She's motivated by solving problems and fitting pieces together. Tari excels at seeing connections.
- Real estate became the perfect outlet for her analytical abilities mixed with her entrepreneurial drive.
Quotes:
"I'm an educated risk taker." - Tari Thomas
"Once I see something and it’s like, okay, how can I find out the rhythm and system of how this works? And then just milk it and just do it." - Tari Thomas
Connect with Tari
Website: https://www.theresroom.com/
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