After graduating with an engineering degree and then an MBA from Ohio State, Paul entered the management development track at Ford Motor Company in Detroit. After five years, he departed to start a staffing company with a partner. They sold it to a publicly traded firm five years later. Along the way, Paul was Finalist for Ernst & Young’s Michigan Entrepreneur of the Year two years straight (1996 & 1997).
Paul later entered the real estate sector, where he flipped over 50 homes and 25 high-end waterfront lots, appeared on HGTV’s House Hunters, rehabbed and managed rental properties, built a number of new homes, developed a subdivision, and started two successful online real estate marketing firms. He also built a number of other companies and made quite a few medium- and high-risk investments along the way.
Three successful developments, including assisting with the development of a Hyatt hotel and a very successful multifamily project, led him into the commercial multifamily real estate arena. Paul is married with 4 children and lives in Central Virginia.
What you’ll learn about in this episode:
- The shift in belief that owning a home is no longer the American dream
- How homeownership has plummeted from 69% to under 63% in the last 24 months
- The wonderful opportunities for multifamily real estate investors
- Why more millennials are renting compared to buying
- What a typical 100 multifamily unit costs to invest in
- Determining multifamily property values
- Some of the huge barriers to entering the multifamily business
- Why it’s so important to get to know the ‘mom & pop’ owners
- The importance of understanding motivations when making deals
- The difference between investing and speculating