Tommy Harr
speaker
78 appearances
1 recordings
1 series
first heard Apr 2025
last heard Apr 2025
Tommy Harr’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsNo recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.
Appearances
So if you're in a job right now, what can you take out of that to go into real estate investing and crush? For me, it was home inspections. So I was learning a real trade that nobody can be taken from me. And the common theme is houses. And the thing that wholesalers and sometimes even flippers miss is the fucking house. Like, how is that?
And that's kind of the light bulb in my head was like, these people don't know anything about houses. This is crazy. So it was kind of just this light bulb that everybody was coming to their GC or their inspector or their realtor to help them talk about the house, but they learned the marketing, the sales, but the house was the big piece that they were missing.
So I was like, oh, this is the angle I'm going to take. I'm going to run with this. And this is going to be my differentiator, but it has to, it takes time to build that. Like I was a terrible real estate investor for three years. I was just fumbling around. I didn't, I didn't have a mentor at the time. I just was thought I could do it on my own.
And had I had a mentor when I first started, I would be way ahead of where I'm at now. And I wouldn't have lost a hundred grand my first flip because they would look me in my eyes and said, Tommy, you're an absolute idiot if you buy that deal. So it's just the more, you know, believing in things, believing in yourself and also having somebody get you over that hump.
It's usually an ego thing. Like your, your situation is not unique to everybody else in the world. Like somebody has been where me and you have both been at. Cause I'm in the same position as you. And I'm like, okay, can we go fumble around and figure this out ourselves? Sure.
But why not just lessen the learning curve and go pay somebody for their time that can say, do this, this, this, this, and it'll get you to the next level. Right. But you actually like, there's two different people. They, they pay for it and they don't implement it. And there's like, oh, okay. But then there's people actually take heed to the advice and they run with it.
And those are the people that continue to grow. Yeah.
Yeah. And in the beginning of somebody's journey, if somebody's brand new here listening, It does work. That was the thing that got me through the first failure. And one, I'm not afraid of failure still. I still fail all the time. I still have deals that lose money. I mean, we talked about that when we were together last.
800.
So if it is 800 episodes and everybody on there is a successful real estate investor... That you you just suck at what you're doing now or you've not been in it long enough. So reassess what you have going on and do it better. But don't quit because this this this vehicle does work. And that was my mindset after that. I was like, OK, I know real estate works. I've seen it.
I know people out locally. I've been exposed to the fact that it does work. I just suck. I need to figure out a different angle for this. So I went back home, moved in with my parents again at age 24, and I just reassessed. I spent my last couple of dollars on postcards, started wholesaling. That deal didn't, I got three calls from $800 worth of postcards.
One of them ended up being a deal that I couldn't sell. So I raised private money from a family friend, flipped that house and made 50 grand, split it 50-50 with her, and then moved on. But if you quit after that first one, it's done. You're over. And you wouldn't then now have, in my shoes, $20 million worth of real estate or flipped over 300 houses and wholesale over 300 houses.
It's just impossible. You got to keep going.
Oh, transaction. And I'm always speaking from the eyes of somebody that has no money in the beginning because that's how I started. That's right. You have to start with your active income streams, wholesaling or flipping. Those are going to be the ways to buy rentals.
But I think in the beginning, it's also good to learn all of the exit strategies because I have a finance degree from the University of Dayton in Ohio. They never taught me about debt. They never taught me about good debt. They never taught me about cashflow on assets. So as I was learning about this stuff, my mind was just open to this. Oh my God, this is crazy.
You mean you can get debt on houses and people pay you rent and you pay that down and you make cashflow on it and they appreciate value. So when I learned that, I was like, this is the greatest fucking thing in the entire world. That's what I want long term. That's the way I'm setting up my family.
But you will go broke fast in an interest rate environment like today, especially trying to just stuff rental properties into a portfolio. You have to have an accumulation phase and you have to have an active income stream to get you to that point. But five, probably 10 years, you look back and be like, that was cool.
I now can restructure debt and I don't really have to work as hard if I don't want to. You have to have a 10-year time horizon.
Yeah. That's the stuff I fell in love with, man. Just the idea of reposition. I never understood repositioning the money too. Like the tax-free money you can get. And truthfully, I've been buying rentals for seven years now. Started with a house hack, then another house hack and just started accumulating. I'm not even to the repositioning phase yet.
I've just been accumulating these rentals knowing that in the future, now I'm stuck, air quotes, stuck on some debt that I bought, like some properties I bought in 19 to 21 that have amazing debt on them. And I struggle between, do I pull that out tax-free? But the stuff I have for the last four or five years,
Showing 41–60 of 78 · page 3 of 4
← Previous
Next →