#57: Jeff Tack's Journey from Billion Dollar Portfolio Manager to Serial Real Estate Entrepreneur

What's up? What's up? Episode 57. We're interviewing Jeff Tack of Woodward Real Estate Partners. This dude is a fixed income pro. There aren't many people like this dude in Chicago. This guy knows the markets really, really well. He worked at ABN AMRO in the South Bank for over a decade. He managed a $20+ billion portfolio there. Then at Credit Agricole, where he also had a huge portfolio. At Crestline, he had over $10 billion. He was managing huge amounts of money! We learn how he thinks about making those transactions: How to manage that money? How to make money in a big way? But now the dude has left that world. He's now an entrepreneur doing his own real estate thing. This dude was buying up cribs in the recession. He bought a lot of them. All of them in Michigan. His first one, he paid 16 grand. As he calls it, “half a Camry.” And then just kept waving at them after that. And now we figure out what's he doing with it. And how can we be doing stuff like that. Maybe the Great Recession's gone, but he still has some great advice on how to make money in real estate. So yeah, tune in. Listen to the episode. Sit back. Relax. Peace! SHOWNOTES 01:40 – Jeff Tack's job background and profile 03:25 – ABN AMRO investing on secure products 05:10 – $10 trillion mortgage loans in the US 06:40 – Jeff's $25 billion portfolio at La Salle 08:00 – Comparing investing to drug dealing 10:50 – US mortgage market: world's largest, most liquid market 12:10 – Jeff on losing and gaining a lot of money 13:45 – Massive transactions fees 16:00 – How not to steal a billion 18:30 – The goal is to make money 19:35 – Fixed Income market is bigger than the stock market 21:35 – Good debt and bad debt 22:30 – Jeff's memorable story as a portfolio manager 26:15 – Becoming a serial entrepreneur + taking advantage of the Great Recession 28:35 – First house Jeff and his partner bought for $16,000 30:45 – Now is the right time to buy a house + getting rich via real estate 31:45 – On mobility and renting vs. owning a house 33:20 – Looking for opportunities to buy 35:55 – Millennials not buying houses + housing loan options 38:30 – Jeff's property management company + construction business 41:10 – Real estate benefits + jumping on opportunities Connect with Amer and BNOS: Visit the BNOS PODCAST: https://podcasts.apple.com/us/podcast/business-news-and-other-%24/id1438358922?mt=2 Visit the Amer Abdullah BLOG: http://amerabdullah.com/ Like BNOS on Facebook: https://www.facebook.com/businessnewsandothershit Follow BNOS on Twitter: https://twitter.com/theamerabdullah Follow BNOS on Instagram: https://www.instagram.com/theamerabdullah