Our guest is Tim Vest, a multifamily investor with over 100 doors and the founder of Harvest Properties Group. In this episode, we talk about Tim’s investing journey, how to build your multifamily portfolio, and different strategies to succeed in the industry. If you’re planning to take the leap from single-family to multifamily investing, then this episode is a must for you!
Learn more about Tim Vest and his journey at reiclarity.com!
“I saw the power of real estate and the effect it had on my money, and that just got me going.”
02:26
Tim was always entrepreneurial. After graduating college, he started working in the tech industry. Soon, he got interested in real estate investing and jumped into land development around 2006. Ever since, real estate investing has been Tim’s wealth strategy.
Tim is doing angel and crypto investing, but real estate is his primary source of income. For him, it’s the safest investment because it builds cash flow today but can also create generational wealth.
“There’s a million ways to get a deal done. And in every one of those scenarios, there’s a way to participate.“
13:19
Tim is still working in a tech company but he’s planning to leave this W2 job in a few months. Even though he makes a good income, he rarely uses his own capital for his deals.
He‘s involved in syndications and JV deals. According to him, there are many ways someone can participate in a deal. Sometimes it’s bringing the money, but sometimes it’s finding the deal or bringing sweat equity.
“I’m not saying capital is not important but right now there’s a huge premium on good deals.”
21:59
Tim is in the multifamily space. He talks about his experience with the industry in recent years. According to him, the focus has shifted from finding the capital to finding the deal.
Tim’s advice on how to find good deals:
- Have a good relationship with smaller brokers.
- Don’t get into deals where the seller asks for hard earnest money. However, if the deal makes sense, build in a 30-day period or more before the deposit goes hard.
- Build a good relationship with your service team, like your property managers, insurance advisor, and accountants, as they can help you with your next deals.
- Underwrite deals very conservatively.
Mentioned in the show:
- https://harvestpg.com/
- His LinkedIn
- www.shineinsurance.com/reiclarity
Learn how to grow your portfolio and reach incredible success the right way! Visit us here for everything you need to know: www.shineinsurance.com/reiclarity.
Special thanks to Tim Vest for taking the time to share so many great insights with us
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