Our guest on the show today is Glenn Gonzales, multifamily mogul and author of Maintenance Man to Millionaire: Real Estate Wealth Creation for Everyday People. Glenn has over 25 years of experience in the multifamily real estate industry, coming from humble beginnings doing jobs like painting, repairs, and keys logistics. He worked his way up slowly from that point on, and eventually secured positions as a property manager and regional manager, before going on to run his own management company.
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Glenn shares a few stories from his book with us today, such as how he syndicated his first deal in Puyallup through his boss and another friend and ended up earning a million dollars off of it. On his second deal, Glenn went ahead on a totally gutted building, even sacrificing his family savings to pay for the loan commitment fee. Fast forward a few years and today Glenn has overseen the operations of over 7,000 units across 38 properties in five states. Glenn is a wealth of knowledge, weighing in on his strategies for securing investors as a newbie, the main contributors to his successful business, and how important it is to do one’s homework before opting into a new deal. He swears by the value of having a good team and maintaining solid relationships. Glenn also talks about some of the characteristics he looks for in deals considering the current end-of-cycle climate. Glenn’s hard-earned experience and years in the game make him a pro worth listening to, so tune in for this insightful interview.
Key Points From This Episode:
- An intro to Glenn’s book and how he got into multifamily through maintaining buildings.
- What caused Glenn to aim higher than managing properties: the money investors earn.
- How Glenn syndicated his first deal and made a million dollars in profit from it.
- Glenn’s second deal involving syndicating for a gutted building in San Antonio.
- A strategy for finding investors as an inexperienced syndicator: get referrals.
- How Glenn overcame his fear after having to put his own cash into the San Antonio deal.
- What getting a 48% IRR on the San Antonio deal did for Glenn’s reputation.
- Advice for how investors could vet syndicators to check that they are committed to a deal.
- A few things for W2 listeners hoping to be syndicators to remember: be sure about deals.
- Glenn’s buying criteria and why: long-term holds due to it being late in the cycle.
- Tough moments for Glenn: maintaining patience and finding investors as a newbie.
- Strategies for investors and syndicators to attract each other better.
- How Glenn is preparing for the downturn: workforce housing, longer notes, and bridge loans.
- Tips for improving your business: assemble a team of experts.
- The number one contributor to Glenn’s success: relationships.
- Ways Glenn gives back through a mastermind and The Apartment Association.
[bctt tweet=”I started off in the multifamily business painting apartments, fixing toilets and stoves, picking up trash, and letting people in when they got locked out of their apartment. — Glenn Gonzales” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Glenn Gonzales
Mr. Gonzales has 25 years of experience in the multifamily real estate industry. He has overseen the logistics of over 7,000 units in 38 properties spanning five states. He has a proven track record of profitable multifamily, commercial, and residential real estate investments. Glenn also possesses a strong network of investors and industry experts. His niche is multifamily property management and operations, which includes asset renovation and stabilization.
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