Steps to Transition from Single Family to Commercial Multifamily - with Thomas Bayles | TLS074

In this episode, Thomas Bayles of Urban Growth Properties walks us through his journey as a mortgage broker for a decade to single family fix and flip and how he's transitioned to focusing on small commercial multifamily in the Los Angeles California.

>>>Interested in partnering with us on future opportunities? Connect with me at CanovoCapital.com.

SHOW TOPICS:
- Thomas' background as a mortgage broker
- Why he decided to move from the mortgage business to the real estate investing business
- What Thomas's business looks like today.
- How he made the transition from single-family fix and flip to small multifamily and eventually commercial multifamily. 
- Thomas gives the steps he took to transition into commercial multifamily

• Step 1. Start building connections with commercial lenders. 
• Step 2. Building relationships with brokers who work in the commercial space. 
• Step 3. Find an Investment model to analyze deals. 
• Step 4. Building your database of passive investors or joint venture partners. 
• Step 5. Find deals through direct to the owner or through brokers.
• Step 6. Networking with other multifamily operators and investors. 

- We talk about Thomas' first deal. A 12 unit property in Los Angeles. 
- How he found the deal, through a commercial broker but the property was off-market. 
- How he spent 2 years building a relationship with the broker that sent him the deal. 
- Deal Dig into an 8 unit deal in Echo Park CA. Bought if for 1.5m. Found it through a broker they met through Linkedin. It was an on-market deal but it had foundation issues that Thomas' team wasn't scared off. They raised $750k equity. 
- We talked about Thomas's goal for his business moving forward and why he starting to look into higher-growth markets. 

KEY QUOTES:
- "Apprenticeships go back thousands of years and it works. Find someone with experience to partner with"

ABOUT OUR GUEST:

Thomas Bayles developed a passion for real estate at a young age which motivated him to obtain his Real Estate License at the age of 20. He’s spent the last decade providing hundreds of millions of dollars in mortgage loans to clients purchasing in North-East Los Angeles.

 In 2012, Thomas leveraged his experience in the competitive Los Angeles real estate market and became the key investment strategist for Urban Asset Group, a Los Angeles based real estate investment company with an emphasis on growing initial investments through strategic and varied acquisitions. Since joining UAG, Thomas invested in over 30 properties in Los Angeles for over $40 million.

CONNECT WITH OUR GUEST:
www.UrbanGrowthProperties.com
IG @real.estate.of.mind.la

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