Deep Dive into Real Estate: Interview with Jon Farling
May 10, 2024
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Jon Farling, host of The Do More Podcast and a savvy real estate entrepreneur, shares his impressive journey from academia to managing a substantial rental portfolio and a hard money lending business. He discusses transforming a small meetup into a vibrant community of 6,000 members while emphasizing the importance of mindset and sustainable practices in real estate. Farling also reflects on cultivating a strong work ethic in his children, sharing strategies for resilience and self-improvement that can benefit anyone navigating the real estate landscape.
Colin Schwartz's entrepreneurial journey in real estate was inspired by reading 'Rich Dad, Poor Dad,' which reshaped his career aspirations.
His proactive investment strategy included personally reaching out to absentee property owners, resulting in significant deal closures and valuable connections.
By creating an engaging local real estate meetup that prioritizes education and interaction, Colin fostered a community of nearly 6,000 members.
Deep dives
Colin Schwartz's Background and Early Endeavors
Colin Schwartz lives in Omaha, Nebraska, with his wife and three children, focusing on multifamily real estate. He has built an impressive portfolio with approximately 2,400 rental units valued at around $250 million and a hard money lending business that has issued nearly 400 loans totaling $17 million. Colin's entrepreneurial spirit began at a young age when he started selling cupcakes as a child and learned valuable lessons from early life experiences, including the importance of hard work. After a difficult academic journey, which included losing scholarships and attending multiple colleges, he ultimately earned his bachelor's degree and worked a variety of jobs while pursuing his passion for real estate.
Transitioning from Corporate Life to Real Estate
Colin's journey into real estate began after a life-changing moment sparked by reading 'Rich Dad, Poor Dad.' This book made him realize that his corporate job was limiting his potential, prompting him to seek new opportunities in real estate. He aimed to learn as much as possible about multifamily properties and started networking and reaching out to seasoned professionals in the field. After securing a line of credit against his home thanks to his supportive wife, he began acquiring rental properties, focusing on minimizing risk through strategic investments.
Hands-on Approach to Real Estate Investment
Colin emphasized the importance of being proactive in his investment strategy, which included sending out marketing letters to potential sellers. He personally handwritten 191 letters to absentee property owners, resulting in multiple responses and successful deals. This hands-on approach allowed him to make connections and gain valuable knowledge from those conversations, facilitating quicker pivots in his strategy. Colin's dedication paid off, leading to consistent growth in his real estate portfolio after closing on numerous deals following a structured plan.
Creating Community Through Meetup Groups
Colin identified a need for a more engaging real estate community and launched a local meetup group, which quickly grew to nearly 6,000 members. By transforming the typical meetup format—often characterized by cold coffee and uninspired presentations—into a lively platform that fosters interaction and collaboration, Colin created an environment where participants could connect and share valuable resources. He leveraged social media to enhance the group's outreach, emphasizing the importance of education without the pressure of a sales pitch. This initiative solidified Colin's reputation in the industry and provided a steady stream of opportunities for both him and the members.
Nimbleness Through Property Management
Recognizing the essential nature of property management in real estate success, Colin decided to manage his own properties to ensure operational efficiency. By handling everything from leasing to maintenance, he positioned himself to respond quicker than others in the market. This strategy not only generated a steady income stream from property management but also allowed him to refine his processes and build relationships with tenants. His experience in management ultimately led to handling over 1,300 rental units, paving the way for future scalability and growth within his ventures.
In this Episode of the Keeping it Real Estate Podcast Collin has a 1 on 1 with a member of a previous mastermind he attended, Jon Farling, host of The Do More Podcast. Tune in as they do a deep dive into the real estate industry.
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