Ritter on Real Estate “Not Every Property is Going to Be a Homerun, But You Will Hit Them” with Charles Carillo
Charles Carillo was introduced to real estate by his dad at a young age, and although it didn’t immediately appeal to him, since finding his feet in the industry in 2006, he has never looked back. He shares the story of how he took his very first property from 0% occupancy to 100% occupancy in 90 days. Although the work Charles did on that property is still his proudest moment, he has come a long way since then, and as managing partner of Harborside Partners, he is now in charge of numerous properties. Charles explains why having more properties in your portfolio is far safer than having less, offers advice for making the property management process as seamless as possible, and gives examples of metrics that he uses to determine how his sales are doing. We also delve into the reasons that Charles prefers to work with investors who have worked through part downturns, the importance of setting goals, the elements that give you a competitive advantage in the real estate sector, and more. Remember, you aren’t going to be hitting home runs all the time with real estate investing, but when you do it will be worth the wait!
Key Points From This Episode:
- The introduction to real estate Charles received from his dad, and why it didn’t appeal to him at first.
- Why Charles will only buy in certain asset classes.
- How Charles’s company has grown from 2006 to the present.
- The factors which motivated Charles to enter the real estate industry and how his approach differed from his dad’s.
- Benefits of scaling up and owning lots of units.
- Advice for making property management as easy as possible, whether you are doing it yourself or using a company.
- Ways you can still keep a level of control of your properties if you are using a management company.
- Team members and VAs are vital parts of Charles’s business.
- Where Charles does his marketing for his properties.
- Examples of metrics that Charles’s uses to determine how his sales are doing.
- The elements which give you a competitive advantage: capital, relationships, and more units.
- Why Charles likes working with investors who have gone through downturns in the past.
- Charles shares why the first property he bought was the proudest moment in his career, and probably the craziest.
- Real estate investing isn’t all about the home runs.
- Charles’s top two book recommendations.
- Why setting short-term and long-term goals has been so helpful to Charles.
- How you can get in touch with Charles if you want any advice on setting your own goals!
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Production by Outlier Audio