Transitioning from single-family to multi-family real estate can be challenging but rewarding. Our discussion brings insights from three experienced real estate professionals: Kayli, Jason Bible from Texas, and Craig Jackson from Nashville. They share their personal journeys, struggles, and strategies, offering valuable advice for anyone looking to make a similar transition.
Meeting Our Guests
- Kayli – Your host for this engaging discussion.
- Jason Bible – Co-host with a wealth of knowledge in real estate, hailing from Texas.
- Craig Jackson – Our guest from Nashville, sharing his unique experience in the real estate market.
Overview of the Discussion
Our conversation touches on various aspects of transitioning from single-family to multi-family real estate. We delve into personal experiences, highlight specific challenges, and discuss strategies to overcome them. Craig Jackson provides an in-depth look into his journey, starting from a flooring business to becoming a key player in the Nashville real estate market.
Craig’s Early Career
Craig Jackson’s story begins at 16 when he dropped out of high school and started a flooring business. Over the years, his business evolved:
- Flooring Business: Initially focused on flooring, Craig soon expanded his services.
- Remodeling and Construction: From working with water and fire damage companies to becoming a general contractor, Craig’s business grew.
- Multiple Ventures: By 2015, Craig had around 22 employees and was running flooring, landscaping, and cleaning businesses.
Getting Started in Real Estate
A chance encounter during a closing in 2015 piqued Craig’s interest in real estate. Within 45 days, he assigned his first few contracts, making $16,000 on his first deal. This initial success hooked him into the real estate world, and he hasn’t looked back since.
Difference Between Wholesaling and Assigning Contracts
Understanding the difference between wholesaling and assigning contracts is crucial for real estate investors:
- Wholesaling: Involves closing on a contract and then reselling it for a profit.
- Assigning Contracts: Simply involves assigning your equitable interest in a property to another buyer. This method is less capital intensive but requires a solid network and good negotiation skills.
Other Business Ventures
While Craig has considered Airbnb, he’s cautious due to local regulations and government pushback. He remains focused on:
- Small Assignment Fee Transactions: Quick cash flow through repeated small-scale transactions.
- Large-Scale Developments: Including projects like a 215-unit development and a 200-unit project west of Nashville. These larger projects promise significant returns and growth opportunities.
Importance of Mentors
Finding a mentor can significantly accelerate your growth in any business, including real estate. Craig emphasizes:
- Experience Matters: Look for mentors with solid experience in your desired field.
- Navigated Recessions: Choose someone who has successfully navigated through economic downturns.
- Long-Term Vision: Mentors can help you think bigger and avoid common pitfalls.
Craig’s Mentor and Guidance
Craig found a mentor who had been in real estate for over 50 years. This mentor taught him valuable lessons about timing and patience in the market. Some key takeaways include:
- Patience: Waiting for the right opportunities rather than rushing into deals.
- Learning from Failures: Failures are part of the journey and help build character and knowledge.
Current Focus and Strategy
Craig’s current strategy involves:
- Assigning Contracts: To generate capital for larger, more lucrative investments.
- Pursuing Multi-Family and Storage Facility Investments: These sectors offer promising returns.
- Developing a Real Estate App: Aiming to innovate how real estate investing is done.
Nashville Market Overview
Nashville is experiencing positive growth and demand driven by factors like:
- Corporate Expansions: Companies like Amazon bringing thousands of jobs.
- Tourism and Entertainment: Nashville’s vibrant tourism industry continues to attract visitors and investors.
Areas of Concern in Nashville
Unlike some overheated markets like Dallas, Craig doesn’t see significant areas of concern in Nashville. The city offers cost-effective investment opportunities and remains relatively affordable compared to other major markets.
Factors Attracting Investment to Nashville
Nashville is a magnet for real estate investors due to:
- Population Growth: Increasing demand for housing and commercial spaces.
- Airport Expansion: Improved connectivity, making it an attractive destination for businesses and travelers.
- Business-Friendly Environment: Nashville’s policies favor real estate development and investment.
- Landlord-Friendly Policies: Easier eviction processes compared to many other cities.
Final Thoughts and Insights
Craig Jackson’s journey from single-family to multi-family real estate offers valuable lessons for aspiring investors. His emphasis on patience, mentorship, and strategic planning underscores the importance of a long-term vision in real estate. Nashville’s thriving market, coupled with strategic investments, promises significant opportunities for those ready to take the plunge.
Investing in real estate, particularly in a burgeoning market like Nashville, requires careful planning and an understanding of local dynamics. With the insights shared by Craig, Jason, and Kayli, you are better equipped to navigate your real estate journey, whether you’re just starting or looking to expand your portfolio.
Stay tuned for more insights and updates from the world of real estate. Whether you’re interested in wholesaling, multi-family investments, or innovative real estate technologies, there’s always something new to learn and explore.
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