Empire Lessons From Buying 10,000 Apartments, Jets & More w/ Brad Sumrok
from Living The Red Life
by Rudy Mawer
Published: Mon Jun 10 2024
Show Notes
Today I've got Brad Sumrok in the house. Termed "The Apartment King". We discuss the conventional wisdom surrounding education and real estate investment. Brad explains how societal norms lead many to unquestioningly spend large sums on a traditional college education, only to find limited job prospects afterward. Reflecting on his own experience, Brad details his journey through the corporate world, achieving degrees and following the expected path until it left him unfulfilled and financially insecure. His turning point came after reading Rich Dad Poor Dad, which inspired him to explore real estate as a viable alternative to traditional employment.
Brad shares how attending seminars and seeking mentorship transformed his career, allowing him to amass a portfolio of over 7,800 apartment units. Initially intimidated by large real estate deals, he emphasizes the importance of starting small and gradually taking on bigger projects. His story highlights how multifamily properties, starting with a 32-unit building, offered a more streamlined and profitable path than single-family investments. He also underscores the value of investing in oneself through education and networking, as these personal investments often yield higher returns than any single asset class. The episode stresses the power of community and continuous learning in achieving long-term success.
CHAPTER TITLES
1:16 - Brad's Background and Real Estate Journey
2:29 - Initial Real Estate Exposure
3:04 - First Real Estate Conference Experience
4:02 - First Investment: From Single-Family to Multifamily
4:44 - Scaling Investments: Raising Capital and Larger Deals
6:10 - Financing and Management of Large Multifamily Properties
6:52 - Transition to Education and Mentorship
8:21 - Building a Community and Event-Based Learning
9:04 - Challenges and Relationships in Business
- Mindset and Lessons from Large Deals
- Community Impact vs. Individual Success
- Is Real Estate a Great Investment?
- Investing in Yourself: The Key to Success
- Closing Thoughts & Encouragement
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