333: A Guide to Getting Started in Commercial Real Estate (+ Laundromats?!) With Ken Wimberly
Commercial real estate like you’ve never heard it before!
On today’s episode, Brandon and David sit down with Ken Wimberly, the owner of a Keller Williams commercial brokerage and a commercial investor himself. Ken shares some incredible tips on how to get into owning commercial property, including how to find quality tenants, how to structure the lease, and how to protect yourself from a changing market.
He also provides great advice on building relationships and identifying who NOT to partner with. Ken goes on to talk about how he went from working in a pizza restaurant to cashing his first check for 50K as a broker—with absolutely no training program! He shares some incredible advice for opening a laundromat, making huge returns, and successfully investing in other people’s deals, too.
If you’ve ever been interested in how to do big deals without big headaches, this episode is for you!
In This Episode We Cover:
- How he builds relationships
- How he learned the commercial business sitting across from a mentor and listening
- How he buys laundromats Investing in commercial spaces
- Using OPM to buy land and selling a 5K investment for 150K
- How he earned a commission of $50K on a deal he couldn’t do
- How he chooses his business partners His morning routine
- What to look for in a potential partner to disqualify them
- How newbies should start off investing in commercial property
- How to balance investing with family time
- How he structures deals
- Tips on owning a business inside your commercial building
- How he invests in other people's deals
- And SO much more!
Links from the show:
- BiggerPockets Forums
- BiggerPockets Webinar
- BiggerPockets Commercial Lenders
- BiggerPockets Podcast 190: Building 61 Different Passive Streams of Income with Pat Hiban
- BiggerPockets Podcast 322: 3 Things Every Leader MUST Do to Scale with Ben Kinney
- Google Alerts
- BiggerPockets Business Podcast