BROADCASTS.com

b'Join us as we speak with Glenn Gonzalez, a maintenance man-turned-millionaire who has invested in multi-family real estate for the past 25 years. From managing a 60-unit apartment complex to building his portfolio and growing it to 6,000 units, Glenn shares his experience, insights, and strategies on how to find and finance deals in the current market. He explains his reasons for selling off his portfolio, including taking advantage of lower cap rates and increasing rent prices. Hear some of his strategies such as buying partnership shares from existing LLCs and finding distressed owners in need of financing. Additionally, he shares details on how he and his business partner are conservative in their underwriting and how they are searching for construction financing. He also mentions his favorite book and a team member who has helped them stay organized throughout their business journey. Get ready to learn about Glenn\\u2019s success story in multi-family real estate investing and gain valuable knowledge on ways to make successful investments!\\n\\n[00:01 - 06:41] Glenn Gonzalez: From Maintenance Man to Multimillionaire Real Estate Investor\\nGlenn Gonzalez is the maintenance man who became a millionaire through multi-family real estate investing\\nHe started in the industry 25 years ago as a maintenance man while he was going to college\\nHe transitioned to a part-time manager and part-time maintenance at a 60-unit apartment complex\\nHe worked for equity Residential, Pacific Property Company, and Marcus Mill chap\\n\\xa0\\n[06:42 - 15:30] Navigating Difficult Market Conditions: How One Investor is Positioning for Success\\nDeals were picked over and cap rates were 3-3.25%\\nCash on cash return of 9% from day one\\nCap rates have not adjusted with interest rates\\nLooking for deals with bridge loans that can\'t refinance\\nStructuring deals where investors can cash out their shares\\n\\xa0\\n[15:31 - 23:44] Obsidian Capital\'s Strategies for Conservative Underwriting and Securing Construction Financing\\nLooking for deals where current owners had shorter-term financing at lower interest rates\\nStructuring deals to buy out existing partnerships, cover the debt, or make a deal work\\nThe strategy of bringing investors together to pay cash for a property\\nUnderwriting conservatively with no rent increases and significant reserves\\nBuilding properties from the ground up in the Austin area\\nTaking advantage of other people\'s failed exit strategies\\nBuilding new properties from the ground up for less than open market prices\\nHolding investments for 10 years to ride out any market disruptions\\n\\xa0\\n[23:45 - 30:22] Closing Segment\\nFavorite book: The Bible and Maintenance Man to Millionaire\\nEssential tool/team member: Transaction Manager Vivi, who is now a partner in the deals\\n\\nConnect with Glenn by visiting www.ObsidianCapitalCo.com\\xa0\\xa0\\n\\xa0\\nInvest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through https://www.passivewealthstrategy.com/crowdstreet/\\nParticipate directly in real estate investment loans on a fractional basis. Go to www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your terms.\\nJoin our Passive Investor Club for access to passive commercial real estate investment opportunities.\\nLEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or clicking here to listen to our previous episodes.\\n\\xa0\\nQuotes:\\n\\xa0\\n"Most of the people that are making a lot of money in the multi-family business were the ones that owned it, not the ones that managed it." - Glenn Gonzales\\n\\xa0\\n"My job is to make money for other people. And when they make money, they pay me because they\'re happy. That\'s what I do." - Glenn Gonzales\\n\\xa0\\n"We like to create an environment in our office where people come to work because they like to come to work, not because they have to come to work." - Glenn Gonzales'