No Salaries, No Vacation Tracking: Our Partner-Only Model with Tom Kaiman, Founder of Mia Rose Holdings

Tom Kaiman is the founder of Mia Rose Holdings, a St. Louis-based real estate development firm with nearly $1B in assets under management and over 3,000 apartment units developed. Before becoming a prolific builder, Tom was a professional hockey player and earned a degree in civil engineering. His unique background in sports, construction, and entrepreneurship has shaped his mission: to build high-quality multifamily housing at a lower cost basis while prioritizing team alignment and community impact.In this episode, Tom shares his full-circle journey from skating rinks to development sites, highlighting his investment philosophy, construction-first strategy, and passion for long-term wealth creation. He breaks down how Mia Rose self-funds pre-development, structures deals with recourse loans, and aligns team incentives by making every partner an owner. He also discusses the challenges of real estate timing, the power of reading, and why understanding money supply and inflation is critical for every investor. Whether you’re a developer, investor, or entrepreneur, this episode delivers tactical insights and hard-won wisdom.Connect with Raj:Twitter: ⁠twitter.com/ItsRajTut LinkedIn: ⁠https://www.linkedin.com/in/rajtut/ Instagram: ⁠instagram.com/ItsRajTut TikTok: ⁠https://www.tiktok.com/@itsrajtutConnect with Tom:LinkedIn: https://www.linkedin.com/in/tom-kaiman-07ba9612/Timestamps:00:00 Why Mia Rose spends more on units than amenities01:13 Meet Tom Kaiman — From hockey to nearly $1B in AUM02:16 Childhood, family, and hockey career path04:21 Civil engineering and first job with Walton Construction05:10 How Rich Dad Poor Dad sparked an entrepreneurial drive06:48 Building the Maryville University Hockey Center08:46 Nonprofit structures and public-private partnerships10:26 A five-year project that changed his view on development15:02 Applying team-first thinking from hockey to real estate18:17 No employees — How Mia Rose built a partner-only firm20:39 Why success is addicting and retirement isn’t the goal26:12 The Mia Rose development formula: 4 deals a year31:03 Finding land and vetting city relationships33:13 Why 150–200 unit suburban walkups are the sweet spot34:29 Exit strategy and why affordability matters37:18 Spend in-unit, not on chandeliers39:00 Lessons from early deals and constant model evolution42:12 Pre-development risk and self-funding explained44:22 Why they subordinate development fees45:58 Friends and family raise — but family office is next47:16 What makes a deal work today (or not)49:40 Target returns: IRR, equity multiples, and risk50:40 How being a builder is their competitive edge53:02 Staying hands-on in construction pricing57:07 Direct sourcing and focus trade-offs59:38 Cutting markup chains without losing control01:00:00 Flywheel strategy: 4 builds a year, into perpetuity01:02:54 Hole-in-one advice: Read more, understand money01:07:00 The 41% money supply stat that shocked TomIf you're looking to sell us a 40+ unit multifamily property in the St. Louis region, or another part of MO/IL, please email [email protected] with us at our Website: https://storyboardliving.com/LinkedIn profile: https://www.linkedin.com/company/storyboard-living/#RealEstateDevelopment#MultifamilyRealEstate#ConstructionLeadership#StLouisDevelopment#PassiveIncomeStrategies#AffordableHousingMatters#EntrepreneurMindset#CommercialRealEstate#BuildToRent#TeamCulture#RealEstateInvesting#InflationHedge#FiatCurrency