Welcome to Strategy Saturday; I’m Charles Carillo and today we’re going to be discussing how I got started in real estate investing.
Welcome to Strategy Saturday; I’m Charles Carillo and today we’re going to be discussing how I got started in real estate investing. I try and avoid talking about myself or promoting our real estate investment company on the podcast. But today, if you’ve not heard my story on other podcasts, I will briefly explain my first two real estate investments in how I got started am from a small town in Connecticut. My father was a real estate investor starting in the 1980s. He has been investing now in real estate for nearly 50 years. He owned about a hundred multifamily and commercial units, some with a partner and self-managed them all the, a small team. He never used a third party property management company starting in elementary school. I would accompany my father to his properties where he would speak to superintendents and I would speak to hallways. As I got older, I would follow him to housing Corp while he was putting in offers or negotiating with contractors or collecting rent or handling property management of his C and D class properties.
He sold most of his portfolio when I was in middle school and in high school around the same time that I knew I want to become a real estate investor a few months after graduating from college in 2006, I purchased a three family property about a mile and a half from the college I just graduated from and lived in one unit with a roommate while renting out the other two. Now we, you know, this as house hacking, but back then we didn’t have a term for it. My father was there to answer questions and assist, but he really kept the project at an arms length and allowed me to really learn hands-on what was happening. The property needed a lot of work in one of the units. I remember the third 40 unit, the tenant had lived there since the 1970s, and it was still renting a phone from the telephone company, literally like 30 or 40 years.
He lived in that unit. So you can imagine what condition it was in and how much work it needed. And the previous owner that I was well, that was buying the property from the seller. He moved because he was a big landlord in town. He moved this tenant to another property of theirs and went through all three forests. That tenant had actually been there before. The seller had owned the property with a previous seller and was told to watch out for that, that gentleman that was living in that floor and to help them out if anything needed. So he said, I’d move him. He had his people come and handymen and moved him to another one of another building of his. And as we went through all three floors, one by one, got them ready to rent, which was a huge process that took much longer than it.
Should’ve mainly because I didn’t allocate enough money for rehab. Initially I put money away every month from that property. And over the next 40 years finished the property renovation. When I finished, I replaced the roof. That was the last thing that I was waiting to do. In 2008, I purchased another three family, literally a block behind this one and was much more turnkey. I purchased it from a flipper and they renovated most of it, but there’s still a few things I finished little by little, but it was a mostly turnkey property. I had to go through and add more in, I switched over a lot of the furnaces from oil to natural gas. I put new windows throughout the whole property. So I did a lot of work to it, but initially it was fine. From the beginning, I think for the first few years it just ran fine. And then when I started doing upgrades before handing that off to a third-party manager this is by far the best performing property. I own a hundred percent to this day. So I hope you enjoyed a little information on myself. And please remember to rate review, subscribe, submit comments, and potential show topics at global investors, podcast.com. Look forward to two more episodes next week. See you then [inaudible]
Nothing in this episode should be considered specific, personal or professional advice. Any investment opportunities mentioned on this podcast are limited to accredited investors. Any investments will only be made with proper disclosure, subscription documentation, and are subject to all applicable laws. Please consult an appropriate tax legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of Syndication Superstar LLC exclusively.
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