The Multifamily Wealth Podcast #11: Leveraging Partnerships and Creative Financing to Build a 90+ Unit Portfolio by 23 with Harper Jones
Today's episode with Harper Jones is a great one if you think you can't invest in real estate when you're younger - Harper has built a sizeable real estate business using creative financing and partnerships, all before the age of 23!
Harper is located in Knoxville, TN, and invests in real estate where he focuses on wholesaling and multi-family investments. He prefers to get creative with real estate deals when possible. Alongside real estate, Harper is part of CreateTailwind as a strategist to teach people how to become their own bankers. He teaches people how to utilize this strategy in their day-to-day life and with their investments.
Struggling to find good multifamily deals? Looking to close deals with less of your own money? Want to operate like the pros and maximize the cash flow of your assets? Join The Multifamily Wealth Community, where we help multifamily investors start, build, and scale their businesses… specifically, those looking to grow from 1-10 units to 250+ units.
Are you looking to invest in real estate but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners partners with passive investors looking for the returns, stability, and tax benefits investing in real estate offers, but not the work - join our investor club to be notified of future investment opportunities.
Show Notes:
3:51 Harper shares his experience in door-to-door sales and how he learned programming to earn income on the side.
5:37 We discuss how Harper utilized direct mail to start his wholesaling business, which led to his first multifamily acquisition.
10:50 Harper shares his next few deals in college and how he structured his deals
15:19 We discuss how Harper builds additional relationships through conversing with landlords and brokers.
22:28 Harper shares how a “personal approach” such as writing hand letters, door knocking, and calling landlords can help scale one's business.
25:30 Harper shares why he used a 6% preferred return, followed by a 50/50 GP/LP Split.
33:16 We discuss how age can be detrimental or advantageous to one’s business and how age is more of a mental barrier than anything.
47:00 We talk about how stimulus checks and the current state of the economy will impact rent collections and the multifamily real estate market.
49:30 Harper shares how he negotiated and used creative financing to acquire a motivated seller's full portfolio through a very sophisticated deal structure.
66:14 We discuss Harper’s goal of closing more deals and stacking more capital over the next 6-12 months.
68:25 Harper shares what he would do differently if he was restarting his real estate career.
CONNECT WITH HARPER:
His podcast about the Knoxville seller finance deal:
Part 1 Overview: https://createtailwind.com/2020/04/21/harper-jones-the-crossroad-of-infinite-banking-and-real-estate/
Youtube Video analyzing/reviewing the deal: https://www.youtube.com/watch?v=j3KqkkDblhs
https://www.linkedin.com/in/harperajones/
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