Episode Summary:
In this conversation, Craig Fuhr and Jack BeVier are joined by Tarry Summers, a serial entrepreneur and real estate investor. They discuss various topics including lending products, the real estate market, and Tarry’s experiences in different ventures. Tarry shares his insights on buying properties in Columbus, Ohio, and the changing dynamics of the market. He also talks about his investment philosophy and the importance of liquidity. The conversation highlights the need to adapt and evolve in the real estate industry. Tarry Summers shares his journey in real estate investing, emphasizing the importance of having cash flow and building relationships. He discusses his transition from house hacking to full-time real estate investing and the strategies he used to finance his deals. Tarry highlights the significance of consistency and maintaining relationships in the industry. He also touches on the current market trends and the potential for finding deals on the MLS.
Overview of Episode 53
Craig Fuhr and Jack BeVier discuss new lending products and share optimism about the current real estate market. Jack reveals that despite inflation concerns, values remain strong, and flips are profitable.
Tarry Summers’ Real Estate Investing Strategies
Tarry Summers, a real estate investor from Columbus, focuses on single-family homes in blue-collar neighborhoods. His consistent strategy of buying similar properties has led to continued success.
Lessons from Failures and Flexibility in Real Estate
Tarry admits that while his brewery venture failed, his real estate investments thrived. He shares how adapting his strategies over time, like choosing post-WWII homes and avoiding septic systems, has proven effective.
The Importance of Relationships in Real Estate
Tarry stresses the value of relationships with realtors and wholesalers. His strategy involves calling five realtors a day, which consistently leads to deals.
The Numbers Behind Real Estate Investing
Tarry explains how he buys properties for $135,000 or less and significantly increases their value through renovations. Real estate investing strategies, like flipping, have become more relevant due to rising home prices.
Persistence in Real Estate Investing
Tarry highlights the importance of patience, noting it took 11 years to hit his stride. Consistency and persistence are key to long-term success in real estate investing.