In this episode, I interview Eric Tomei. Eric is a personal friend of mine and a very successful real estate investor who focuses on fix-and-flip investing. Eric is a full-time physical therapist by day, and runs his real estate business with a partner in the evenings and on weekends. Although he is investing “part-time,” he still handles as much volume as many full-time investors. Eric is a truly good guy, and a very knowledgeable real estate investor. Listen to the episode to find out how he manages to balance his work life, family life, and his investing business.
Eric shares that the turning point in his life was when his father passed away in 2006. He had always had an interest in real estate, and the death of his father spurned him to take the leap and get into real estate investing. After going to a weekend real estate boot camp, he met his future real estate investing business partner.
He and his partner have flipped over 65 houses in the last few years. Eric was actually a money investor for his current partner before they became partners in their company.
Eric’s advice for beginners is to not let personal issues or a busy schedule keep you from pursuing your dreams in real estate. He has a wife, two children, and a full-time job, and he still fits in real estate, in order to build the company that he has always dreamed of.
Eric credits good systems with the ultimate success or failure of his business, or of any business. It is only through these systems that he has developed with his partner that they are able to run their business successfully. Eric’s partner, by the way, also runs a successful brick and mortar business in his local community.
In the last two months of 2013, Eric and his partner plan to purchase fifteen more properties.
Eric says that he and his partner find the houses that they ultimately fix-and-flip by creating good relationships with realtors in their target market. They use more than one realtor because they are flipping houses in four different counties in Southeast Michigan. Eric has recently gotten his real estate license in order to have an advantage when it comes to doing due diligence and identifying good investment opportunities quickly.
Eric shares that the best deal he has ever done in terms of profitability came from one of his patients at the physical therapy clinic. He credits talking about his real estate investing business with everyone he meets as they reason he was able to get that deal. Speaking to everyone you know about real estate and what you’re doing in real estate is highly undervalued, but incredibly important.
Eric’s opinion is that the only way to be successful when starting out in real estate is to continuously push forward and persevere through the setbacks. Through that perseverance, you will find success.
Eric’s advice for new investors is to have a narrow focus. There are a lot of ways to invest in real estate, but if you don’t choose one and become very good at it, you will have a hard time finding success in real estate. Eric also has what he calls a “Daily Five”. The Daily Five is the top five things that he wants to get done in his business that day; whether it’s sending an important e-mail, making an important phone call, or connecting with someone that he needs to connect with.