#143: Patrick Grimes-Single Family vs. Multi Family, Which is Safest?
“By investing in single family, you are potentially risking all your other assets not only putting your personal credit on the line, but also exposing yourself legally from a liability standpoint.” -Patrick Grimes
Today I am interviewing Patrick Grimes. He is the CEO and Managing Partner of Invest on Main Street, a private equity firm focusing on passive investments in commercial real estate. His portfolio has over 3,100 units in Texas and the southeastern United States. Patrick has presented at my FIBI Multi Family meeting and is one of the Co Authors of the book “Persistence, Pivots and Game Changers” and is also a Forbes Author where he writes and shares his expertise on real estate and investing.
Patrick Gimes: Aside from being a real estate investor, is an Engineer and holds a BS in Mechanical Engineering from the University of the Pacific. He also holds a Master of Business Administration and a Master of Science in Engineering from San Jose State University. For 15 years he has worked with machine design firms to help build one of a kind automation and robotic systems.
TOPICS COVERED IN THE EPISODE
- How did Patrick get his start in real estate
- Why he started in single family
- How did Christina help Patrick in the beginning
- How to use other skills to improve your real estate career
- How Patrick transitioned from single family to multi family
- Why Patrick had to start over after the 2008 crash
- What is debt forgiveness
- The importance of attending networking meetings
- The commitment of showing up
- Why you need an education and a network, not money
- What it’s really like investing in single family
- What can go wrong
- Why do you need a 2 person LLC
- How do you protect yourself
- What is cross collateralization
- How do multi family syndications work
- Can you invest passively
- What will happen if a downturn comes
- Stagflation has already began
- Using Self Directed products for you future
Listen now and find out how Patrick found his Real Estate Breakthrough!
The Real Estate Breakthrough Show with Christina Suter is where we talk about the reality of real estate, the mindset you need and the tips and tricks to get you moving forward in investing. Join us every week and learn everything you need to know to invest in real estate education and create real wealth for a lifetime.
Find out more about Patrick here:
Website InvestOnMainStreet.com
Email Patrick@investonmainstreet.com
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