What a great episode with Tim Kelly - we discuss how you can break into the large multifamily space, how to build meaningful relationships with people who can help grow your business, and the importance of using Linkedin and social media as it relates to building a network.
Tim is an active duty Chief Petty Officer in the United States Navy and has been serving his country for 14 years. Now stationed on shore duty in Pensacola, Florida, he is fully pursuing his dream of owning and operating multi-family real estate and helping others realize their financial freedom goals!
Tim has been investing in real estate since 2011 where he purchased his first single-family residence with the intention of forcing appreciation and flipping for a profit. That was also his first “house-hack,” and he quickly learned the benefits of long-term buy and hold real estate were much more aligned with his goals.
Through analyzing hundreds of multi-family properties, Tim has built an incredible network of real estate professionals, owns, controls, or has directly been involved in over 1,000 income producing units and looks forward to acquiring 5,000 multi-family units within the next three years.
2:45- Tim discusses his life in the Navy, how he educated himself in real estate and developed an interest in multifamily.
4:55 We learn why Tim chose multifamily to gain passive income, as opposed to investing in single-family homes and smaller deals.
8:16 Tim shares the details regarding his first real estate deal and how he began to build his network.
13:50 We discuss the structure of Tim’s first apartment syndication, including the preferred return, IRR, and purchase price. Also, Tim talks about how he built a relationship with local brokers to find this deal.
17:13 Tim shares the biggest struggle in his first apartment deal and how the property managers he hired never adapted to the changes from single-family to large multifamily.
20:54 We learn how Tim renovated and repositioned his 42 unit apartment complex with a budget of just $200K.
22:53 Tim shares how Active Duty Passive Income (ADPI) educates and contributes to individuals in the military community.
27:00 We learn why mastermind groups are essential to success in real estate and other fields.
29:22 Tim shares the biggest hurdle to entering the real estate field, and how mentality can benefit, or be detrimental to an individual's decisions.
34:38 We learn the importance of social media and content creation and how it is underutilized (especially LinkedIn).
37:00 Tim shares how one post gave him access to hundreds of millions of dollars and how consistency contributed to his LinkedIn success.
48:55 Tim shares ADPI capitals goals for the rest of the year and the future.
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Download the Investor's Toolkit (investor pitch deck, cash flow calculator, scope of work template, and renovation checklist).