BiggerPockets Real Estate Podcast 333: A Guide to Getting Started in Commercial Real Estate (+ Laundromats?!) With Ken Wimberly
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Jun 6, 2019 Ken Wimberly, owner of a Keller Williams commercial brokerage, shares insights from his journey from pizza delivery to real estate success. He offers invaluable tips on getting started in commercial property, finding the right tenants, and structuring leases. Ken emphasizes the importance of mentorship and networking, while highlighting the potential of investing in laundromats. He also discusses how to identify unsuitable partners and balance business with family life, providing a roadmap for aspiring investors without the headaches.
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Pizza Venture Failure
- Ken Wimberly's pizza restaurant failed due to a real estate mistake: leasing double the needed space.
- This overhead burden, coupled with slower-than-anticipated growth, led to bankruptcy.
Brokerage Beginnings
- After bankruptcy, Ken became a commercial broker, learning by listening to his mentor's conversations.
- His first commission check was small, but the next was substantial, showing the power of persistence.
First Land Deal
- Ken's first commercial land deal fell through when his cousin, the intended financial partner, couldn't raise the money.
- Ken still earned a $50,000 commission by quickly finding a new buyer.
