“Don’t fall in love with your tenants. That’s what everyone does in the beginning. You have to treat this as a business and raise your rents at least every couple years.” -Joe Homs
Today I am interviewing Joe Homs who is a seasoned real estate investor who began his career under the mentorship of his father. He is a broker, realtor and investor with 41 years of experience and has been flipping houses predominantly in Orange County, California. He hosts a local meetup called Orange County Real Estate Investor Networking and has presented at my FIBI Pasadena meeting.
Joe Homs: Purchased his first property at 20, made his first investment at 22 and received a degree in Business Administration. He has been a licensed real estate agent for the past 15 years and a broker and flipper for the past 7 years. He has survived 3 real estate cycles all while maintaining a job as a police officer until his retirement at the age of 50. You can find him as a frequent forum contributor on Biggerpockets.com.
TOPICS COVERED IN THE EPISODE
- The possibilities of investing in real estate while working a 9-5
- Rehabbing condos
- Why getting your real estate license is like getting an education
- Purchasing properties using a tax deferred self directed 401k
- Why you should do the work yourself
- Why having the right tenants matter
- Liability repairs
- What are tenant responsibilities
- Becoming a long term professional landlord
- Tenant expectations
- Don’t fall in love with your tenants
- Bigger Pockets
- Why family equals financial freedom
- Holding vs flipping
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 Joe here:
Bigger Pockets Joe Homs