#160: A New Look at Real Estate Investing with Patrick Grimes
Patrick Grimes is the founder and CEO of InvestOnMainStreet.com, a private equity firm that provides tax-shielded and inflation-hedged passive investments in alternative investments.
What does that mean? Well, since 2007 — which, you may remember, was right before a massive housing crash — Patrick has purchased distressed real estate assets, renovating and stabilizing them for long-term cash flow. He’s raised over $50 million to acquire a portfolio worth more than $600 million, including about 5,000 units in multifamily apartment communities in emerging markets across Texas and the southeastern United States.
And because diversification is always important, Patrick also has an energy portfolio that includes 100+ natural gas and oil wells in 5+ locations across 5 states.
We’re talking all about how Patrick got into this world, what he’s learned along the way, and busting some of the myths about real estate investing.
This episode is brought to you by The Artist’s Work Ethic. Check it out here!
Highlights of our conversation
How Patrick started looking into alternative investments. (3:57)
Some of Patrick’s favorite tinkering projects as an electrical engineer. (6:04)
Busting the myth of the real estate “American Dream” and exploring different kinds of real estate investments. (8:15)
What Patrick looks for when evaluating potential investments. (13:36)
Why multifamily investments are more recession-proof than the stock market. (16:07)
A look at 1031 Exchanges and how they can help you build wealth. (20:29)
How Patrick has worked to build his personal brand. (24:45)
Have a fear of public speaking? Here are some tips that might help. (27:46)
Patrick’s top three outdoor activities. (33:18)
Where to find Patrick Grimes
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