Flashback Friday Ep 35 - Big Cashflow With Unique Strategy And Affordable Housing

In this Flashback Friday episode, Brian Grimes shares how he quit his 9 to 5 to go full-time into real estate. His passion for providing housing to Americans led him not only to set up a successful business but also to bring high-quality homes at an affordable cost. Brian K. Grimes, Jr. CFP® is an Ivy League-educated real estate entrepreneur and coach. Upon graduation from Columbia University in 2011, he embarked on a career in Financial Planning at AXA Advisors before transitioning to high-net-worth asset management at Bridgewater Advisors. In 2015, Brian launched his own real estate development company in his hometown of Philadelphia and has since gone on to gut-renovate 300+ rental properties across the country using the BRRRR strategy. He is raising his sons, Brian III and Tomas, in the Bronx with his wife, Zila Acosta-Grimes. ________________________________ Interested in investing in small multifamily? Learn more about The Microfamily Mavericks mentorship program here: ⁠https://www.microfamilymavericks.com/casestudy⁠ Check out our podcast website! ⁠Thesharethewealthshow.com⁠ Want to leave feedback or suggestions on our show? Take our survey: ⁠https://s.surveyplanet.com/c1xu5qdv⁠ ________________________________ [00:01 - 06:31] Who is Brian Grimes? Brian’s mission: to help create impact and extend affordable housing into communities He started his career in financial planning after graduating from Columbia University, then into the real estate world Improving the quality of housing not only benefits the tenant but additional cashflow for the investor He founded the 24/7 Cashflow University teaching students how to escape the 9 to 5 job through real estate [06:32 - 10:47] Creating Density Through Co-Living Spaces Dentrification: Adding density back to the community by rebuilding a single property to a shared living units With this model, you are able to provide affordable and quality housing to people who cannot pay a full rent The property owner also benefits from the increased rent roll Brian discusses navigating the city ordinances and other considerations while setting up these spaces [10:48 - 21:20] The Importance of Vision in Real Estate Seeing opportunities where most people can’t Finding a solution to the affordable housing crisis in the C-class neighborhoods Brian goes to the nitty gritty of full gut renovations and how they are transforming these properties to be long-term assets Paying directly the cost of labor and materials cut down unnecessary expenses How Brian survived the pandemic and was able to scale in spite of the shortages [21:21 - 28:03] Putting All Your Energy on Yourself Some millionaires invest not expecting a high return but a steady return without losing capital Here’s the reason why Brian decided to go full-time into real estate and quit his 9 to 5 job at 30 You don’t have to be a millionaire to get into real estate, you can start small [28:04 - 28:50] Closing Segment Watch out for part 2 of our conversation with Brian! Key Quotes “When you're in a real estate game, and you've gone through some market cycles, you'll start to understand this stuff and that there are times where credit is available. And people are lending and doing 80% cash out refinance, and then things can tighten up in a heartbeat. So you have to stay pretty liquid. Keep your ear to the ground and know what's going on in a macro level.” - Brian K. Grimes Connect with Brian Grimes through ⁠LinkedIn⁠, ⁠Facebook⁠, ⁠Instagram⁠, and ⁠YouTube⁠. Go to ⁠24/7 Cashflow University⁠ and check out their newsletter, webinars, and more. Let’s get connected! You can find Nicole on ⁠LinkedIn⁠, ⁠Instagram⁠, or ⁠Facebook⁠. Visit her website ⁠https://noirvestholdings.com⁠