24 | Proof That a Deal Can Come From Anywhere If You Look For Them with Carlos Gutierrez
b'
Today's guest on the Making Money in Multifamily Real Estate Show is Carlos Gutierrez
Carlos is a real estate investor and entrepreneur. He began his real estate career as an agent in the North Virginia area, grossing over $30 million in sales over three years. He then expanded his career with multiple simultaneous capital expenditure real estate rehab projects throughout the Northern Virginia and South Carolina areas. Since then, he has continued to grow accumulating multifamily and he has predominantly single handedly grown a real estate family portfolio with investments of over 450 multifamily units in the Southeastern area of Virginia
In this episode we cover:
- Carlos\\u2019 history in real estate, starting with an interest in flipping which led to brokerage and now multifamily investing
- His first deal, which was found by Carlos always looking for opportunities
- What it\\u2019s like to talk to a \\u2018Mom and Pop\\u2019 owner and expectations with those talks
- Local banks and how motivations that they have can extend beyond just numbers
- What happens once you actually close the deal!
Quotes from the episode:
- \\u201cWe were able to actually get a good relationship with a local bank who kind of wanted to invest in this area because they were seeing the area growing and getting better. So they had... Not only were they able to lend on it, they wanted to see the area get better. I would say it was like a C, minus C area that was growing into a C plus area. So we were able to create a relationship with that bank. That bank, even though it wasn't the greatest terms, it worked for us at the time. They did, I think it was 5% interest, 20 year amortization, five-year call, I believe it was and no prepayment penalty.\\u201d
- \\u201cIt's funny because this deal, you spend so much time and effort putting the deal together then that you kind of put, especially your first one, that you kind of put everything else behind you and you don't put like, what do you do after you buy the deal, finding the contractors, putting all the contracts together, getting all the leases, leasing all the units up, working with the rehab crew, working with the bank to get them to release the rehab money, all that stuff. In the beginning I knew kind of what I was getting into with flipping because that's kind of the same deal, but it's at such a bigger... It's such a bigger a construct that you kind of forget about it. And that's what I've kind of learned over the years of doing it. Like putting all the steps together so they kind of go flawlessly. With this first deal, I was working so hard to get the deal under contract and get it closed that I kind of put everything else to the side, not thinking ahead. \\u201c
\\xa0
Reach out to Carlos:
- Email: carlos@cg4rproperties.com
- Website: http://cg4rproperties.com/
\\xa0
Thank you for taking the time to listen. If there is something I can do to help you or your business or you would like to introduce yourself, please get in touch:
\\xa0
\\xa0
\\xa0
*****Thank you so much for listening to the Making Money in Multifamily Real Estate Show! This show covers everything to do with Multifamily Real Estate Investing to help you, the listener, become an expert in your real estate ventures. The host, Dave Morgia, brings on guests who are already experts in their respective fields to discuss what principles and practices they follow that have helped them achieve their success so far.