Quitting Corporate to Build a 23-Unit Rental Property Portfolio
When building a rental property portfolio, there’s not much of a limit on how high you can go.
While some careers have a capped amount of opportunity, real estate encourages constant advancement. Today’s guest, Gus Ofili, began his investing journey after the pandemic and now has nine properties with twenty-three units.
Gus turned to real estate after deciding to leave his nine-to-five at a bank. He didn’t hate his job, in fact, he was doing very well, but there wasn't adequate room to grow. Gus started realizing he was getting passed up on opportunities by people who dedicated at least a decade of their life to the bank. He couldn't see himself taking ten years of his life for a career milestone-so he quit.
Initially, real estate intrigued Gus because of the thrill he got from negotiating. He started taking classes to become a realtor while working his nine-to-five. As an agent, he sold fifty homes in his first year, seventy-one in his second, and 108 in his third year. While he did exceptionally well as a realtor, he wanted a backup plan and knew investing would be a fundamental part of his real estate career. He had the opportunity to sell a five-unit house, but when the first appraisal fell through, he began to see potential in the home, decided to buy it, and as the saying goes-the rest is history.
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Join the Real Estate Rookie Facebook Group:
/ realestaterookie
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10 Tips For Leaving Your 9-5 & Adjusting to Life as an Entrepreneur:
www.biggerpockets.com/blog/20...
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5 Tactics to Overcome Fear and Start Investing NOW:
www.biggerpockets.com/blog/ov...
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How Investors Can Harness the Good in Social Media:
www.biggerpockets.com/blog/re...
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Follow Gus’ Journey on Instagram:
@gusofilirealestate or / gusofilirealestate
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Connect with Gus on Facebook:
@gusofilieradawson or / gusofilieradawson
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Connect with Ashley and Tony on BiggerPockets:
Ashley: www.biggerpockets.com/users/e...
Tony: www.biggerpockets.com/users/t...
Episode 201
Show notes at: www.biggerpockets.com/blog/ro...
00:00 Intro
10:05 Leaving Corporate America to Pursue Real Estate
13:19 Current Portfolio & Getting Exposure Through Social Media
21:07 The Transition to Investing & His First Deal
31:21 Becoming a Leasing Agent
35:46 Scaling From Five Units to Twenty-Three
41:37 His Unique Property Management Approach
44:39 Rookie Deal Review
55:42 Rookie Request Line
59:50 Rookie Exam
01:02:24 Rookie Rockstar
#biggerpockets #realestaterookie #ep201
Пікірлер: 51
Don’t listen to the hate comments… your show is a gem 👍🏾
@nnice2250
Жыл бұрын
Facts!
Awesome story. I had a rental for 10yrs, sold it, bought another rental 8mos ago, sold it, now waiting for the next.
Great story and he was crushing it as a realtor and crushing it even more as an investor. Taking action is the key takeaway.
I’d venture to guess that you guys are significantly more personable and entertaining than whoever would leave a comment like that. Love this podcast! You guys rock!
Dont change, I learn from your intro. I like to hear what you are personally working on, makes me think of different situations and angles.
I love their chemistry. I also love the Rookie podcast because every guest provides tangible lessons learned.
@joanebaptiste-cummins3207
2 жыл бұрын
Made a great point on the year of the student. I've rented for years to students and only targeted grad students. The only time I had an issue was the one time I tried and undergrad student. This is in NY.
41:38 your responses to the property management question and the lady with the over flowing toilet. That’s the funniest response I’ve ever heard. BTW this podcast has changed my life. Their is so much value in your story. Thanks man!!!
I love Ashley laughing! It’s so genuine. Please don’t stop due to neg reviews! You seem so much fun!
Ha! I love you guys and your genuine chemistry. The show is amazing and extremely helpful. Please invite me to the next pool party. ❤️
Okay, I had to pull over on the side to write this comment. (I faithfully been a fan, listening to at least two podcasts a day). I don't know what that reviewer was talking about. I think you BOTH are incredible TOGETHER and separate when doing interviews. That is honestly rare in broadcasting for some hosts need the other host to balance them out. You both, on the other hand, have AMAZING charisma and real estate knowledge. So I do, find myself wanting to know more about your personal journeys. Forget that hater. Please keep creating value! -TamCam
Love the show you guys need to do more about self employed financing and how to get properties being self employed thanks listen to the show everyday at work
Love to hear these type of stories. Gives me inspiration to start my journey in REI.
Love your show, very enjoyable and very useful information , learning a lot, pls keep it coming 👍
Very valuable information and guidance thank you so much!
Loved this podcast... Keep it up guys I love this channel please don't ever stop. Talk about basic hard work and grind... Unbelievable numbers as a realtor also... Loved it... Great story.
Usually don't like listening to hour plus podcasts, but this one was very cool. Lots of info. Makes me wonder if I should have kept my real estate license 🤔. Anyway I'm looking to get Cashflow RE and looking at multi units too. So hearing about commercial banks, and other financing options was good. Also the networking, BNI, meet-ups, clubhouse. I never really knew what that was, although I heard of it. Better start going to my local REIAs. Do love your show. Thanks
BEST SHOW EVER!!!! Just got my first contract ❤
I think you guys have excellent chemistry. The haters are gonna hate. It just means you guys are doing well!
Ashley “the cashflow goat”!
The chemistry of Tony and Ash is perfect. I love you both and so much information. You both make me feel more confident about Real Estate investing.
Great interview with Gus! Lots of great information & tips. Thanks
I love hearing the beginning and I love her laugh. That one comment was sus.
We are here to learn not to critique the hosts. The haters are low key fans and jealous of yalls podcast.. Yall doing a great job guys, keep it up.
BINGO!!!! On that intro email!!! That was AMAZING TRUE for me!!!!
Always love it!!🥰
Interesting idea for restructuring the Florida deal because of the roof! I was in a similar situation this summer. I bought my first house (single family home I am planning to house hack in) and my insurance provider notified me after the closing that they would drop the policy unless I got a new roof within a month. The inspection report noted that it appeared to be nearing the end of its life, but it wasn’t as bad as other roofs I’ve seen while looking for a home and they didn’t tell me it was a major concern. I ended up getting a new roof and stayed with the same insurance (my auto policy was bundled through them too) but I’m curious if this is a common problem? I was expecting to get a new roof in 2-3 years, but not immediately after closing on the property. I’m shocked that after the closing they can do this, whereas the rookie reply stated they knew it wouldn’t be covered before the closing. If it’s just an issue with this insurance provider I don’t think I’ll use them in the future, especially for investment properties.
Gus is amazing ♥️♥️♥️♥️♥️♥️♥️
You guys are great !!!!!!!
Love this channel.
I was Just at Crash A Rama for my first time last week Ashley! Definitely a huge liability 😂
I wish Costa Rica had a market like that
Great show! Ignore the haters.
Negative you guys are great
Hi Ashley! I’m in your current position. I put in an offer on my first property, that’s going through probate. It’s been over 2 months and I haven’t been able to close on the property due to the probate process. Seller’s attorney is barely responsive. Any suggestions? Thanks.
Literally only here for the chemistry. I don’t even like real estate.
Not sure if Tony and Ashley will read this but that review that was read by Tony at the beginning of the episode is complete garbage. Don't listen to that at all. You guys are doing just fine. Really enjoy the show. AND the hosts!
I like you two as hosts. I think you're a better pairing than Ashley and Filipe. And the only only two I like better are Mindy and Scott. Keep it going.
Investing rightly today can save you a whole lot of stress in the nearest future
I'd like to buy a four plex for $70K. Why? The sellers did not have any idea of what it was worth?
The story does not add up. Selling 108 homes in or around Bangor Maine, a town with roughly 35,000 people?
@gusofili9137
2 жыл бұрын
100% true story. Feel free to check out all my Social Media for the proof !
Love the Program! Just Tell that viewer not to watch!
Lol why she put y’all on the spot like that 😂 but I agree it seems very disingenuous. It’s like your parents making you apologize and play nice with the friend you don’t like and got into a fight with as a kid.. But y’all drop the gems I need and get into all the details so I don’t care.
1:35 I totally agree Skip the comedy
When you cash 401k don’t you have like a penalty feeee?
@gusofili9137
Жыл бұрын
Yes you do. I still cleared it out and took the fees
LOL Hilarious comment to start off the show... That person was clueless...
I don't typically laugh at the comedy on an of the BiggerPockets Podcasts. However, people fail to realize what those niceties do for the vibe of the podcast. You guys could do the Morningstar or NPR thing where you start the podcast and just drone on about real estate. That would be terribly boring. I watch these with coffee in the morning and I like to see smiling happy people. I think most viewers would agree. PS. It sounds like that viewer has social anxiety. Its a bit odd to be that bothered by a conversation that you are not actively involved in. Also... you can skip it. Spread the word. I don't know if anyone has seen but there's a bar at the bottom of the page that allows you to just....skip! Don't thank me. This is how I give back.
Clearly they don't watch the BP Money podcasts, cause Scott and Mindy are CORNY! I personally love it though.